In almost every other topic posted on AF, there will be at least one mentioning of the fact that the CFA program is no golden ticket. I am hoping for a little clarity on it though. I know it’s all a matter of opinion, but is that statement geared towards people who actually attain charterholder status with experience or those who have no experience at all but have passed all three levels? To elaborate if someone in an entry level position currently, will being a charterholder open up doors for promotions both in firm outside the firm? Or does the old “no golden ticket” adage still apply? I’m interested to hear opinions.
If you are entry level in a financial capacity and are interested in investment management/portfolio managment. CFA will definitely help you rise faster, as well as feel you have a better grasp of the things you ought to be doing and communicating.
The “no golden ticket” is mostly for people currently outside of finance or in operational roles who think that someone may hand them $50MM or more to manage simply because they passed these exams. If that is what those people are gunning for, then the CFA makes sense to do, but it won’t be enough on its own - it needs to be combined with a lot of networking and a not-so-small dose of luck. But it will help.
You want a quote? Haven’t I written enough already???
Studying With
Couldn’t Agree more with above opinion.
Disclaimer:- I am a Level 3 candidate, not a charterholder and am looking to break into the industry.
Studying With
I can speak as someone who doesn’t quite have the 4 years of experience yet, and as from someone who does not work in finance. After passing, the only comments I’ve ever received from colleagues were either “Good job!”, “Wow you’re smart” or “Why are you still working here?” No raise, no promotion, no bonus. Not that I was expecting any of those. That’s just my experience, though.
NO EXCUSES
Critique my resume: http://www.razume.com/documents/27593
Like electronic music? Check out my latest mix: http://www.mixcloud.com/bpdulog/mix-5/
CFA Charter is basically a feather in the cap in mid-career finance, sorta like continuing education. For someone outside of Finance looking in, passing L3 may grant an interview over others who do not have it. Beyond that, it’s just a certificate program that says you know something about valuation and portfolio management, nothing more. It’s amazing how oversold it is.
The perceived importance of CFA is mostly just effective marketing…the same kind of marketing that made families believe that the best way to start the day is by ingesting cornflakes that are actually oversugared snacks that give kids a sugar rush…
______________________________________________________
You must be the square root of two cause i feel irrational around you
http://alphahive.wordpress.com/
Trying another analogy: If getting a job is akin to winning a fight, the CFA simply gives you a bigger gun. It does not enable god mode, which some candidates think it does.
But yeah, bchadwick nailed it.
^ I like the gun analogy, but I would edit it to this:
Passing the CFA exams is like upgrading to a larger handgun. It looks more intimidating and it is more powerful, but a marksman with experience will still destroy you even if they have not upgraded, and employers will always hire the experienced shooter.
Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.
Studying With
There’s been a lot of posts on this subject, personally I don’t see the CFA as a golden ticket, more an economy ticket.
Don’t get me wrong, it’s not easy and is valuable it’s just that nearly every job description I see these days has CFA in the profile section. Whether this is wishful thinking on the recruiters part or ont I don’t know, but I do get the impression that the CFA is close to becoming a necessity.
Certainly guys advancing into front office where I work are pretty much expected to go for the charter if they don’t have it or something similar.
A person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken.
Studying With
it IS a golden ticket in some developing countries
Studying With
How about a situation where someone is the financial industry, but not in the IB/AM side? What about financial services? Would you agree that level 1 or level 2 under your belt should be a good ticket to making the lateral transition, but if you haven’t made the transition by level 3 you’re probably stuck in financial services? Thoughts?
Studying With
“front office people logic” - back-office people are idiots
you basically have an incurrable STD and no matter what you do to turn your life around, you will never get there level of sophistication/ intellect.
honestly you are better off removing any reference on your resume from working in operations.. kinda like not including a summer job in high school where you worked in food service.. back office is not relevant and will be used against you
Studying With
I think those back office positions are even hard to get nowadays. I’ve applied for so many operations roles and haven’t received any call backs. At best, I can obtain a similar salary; at worst, I take a 10-15% pay cut. The primary motivator for me is not having to travel 80-100% of the time. I even started applying to admin roles. At this point I’ll take whatever I can get because I know I’ll be local until September. After that, who knows where I’ll be sent….
NO EXCUSES
Critique my resume: http://www.razume.com/documents/27593
Like electronic music? Check out my latest mix: http://www.mixcloud.com/bpdulog/mix-5/
All finance positions are hard to get these days. Which is why you have people in finance in all sorts of roles doing the CFA program
Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.
Studying With
Agree. There are lot of funds especially in the kind and old UK which are managed by people who have not got even basic economic underground - not mentioning professional financial education. So, the promotion (or entering into) is just a matter of luck. However, if you are lucky enough to meet smart people who are interested in obtaining appropriate human capital to manage their money - you will be certainly chosen provided your CFA background.
There is no single golden ticket.
The closest I can think of is:
- Strive to be the best in your field, this includes pursuing the CFA and other useful certificates
- Work hard but don’t stress your self out completely.
- Keep up to date.
- Keep networking and meeting new people in the field.
- Practice what you preach: Keep your own finances in order, pay off debts, live within your means, invest your own money at the same high standards you’ll treat a client’s money.
There is a golden ticket! What if you are George Soros’ son? Or what if you have $1 billion to throw into a VC fund? These circumstances are just very rare - much more rare than the CFA.
“I’m a CPA! I got money b***h!”
i can speak from experience….after getting the CFA, I was chased after by the HR department at Goldman…however, sensing that GS was on its way down and losing its culture (something I picked up while doing the CFA) I decided to start my own firm…..
After advertising my CFA to a group of institution salespeople, I managed to raise $500 million dollars in AUM….key here was that I mentioned I passed the CFA all 3 levels on the first attempt….once you tell them that, they know you’re a select few….
If you have passed the CFA and have not been offered a job, there might be something wrong with you….
I am not looking for a golden ticket…I would be happy with just finding some purpose to it all…maybe a silver ticket will do
______________________________________________________
You must be the square root of two cause i feel irrational around you
http://alphahive.wordpress.com/
Studying With
if youve seen this in the UK, you wont believe the idiots managing money in Brazil
Studying With
ok lets put this in perspective how many people sit all three exams in june/december? probably a few thousand right? how many people have their charter? probably a few thousand right?
Having the chater does not make you god, nor is it a golden ticket… it just means you have read a few text books and managed to score 70% and above in the exam. employers care about it your compentency, but its more about how much value you can add to a buisness…and that means:
1. knowing people in the industry
2. reading widely (this one is important)
3. building a brand
I think people these days do things for the wrong reasons… this may be one of them, and i’m starting to worry…. i’m attempting the charter to be on the same page as my portfolio managers, to have some sort of idea what i’m talking about when he talks about VaR numbers or Kurtosis of the previous return distribution, simple as that….
If you have an interest in the finanical markets, you dont need the CFA charter to show people you are interested, it should be through the things you read, the people you hang out with and the brand that you build to employers…
Studying With
sounds legit
Studying With
+1.
No offence meant to anyone but I find it a bit hard to believe that Goldman Sachs would be chasing anyone to work for them just because of the CFA charter. Maybe its something else that caused them to chase you FrankArabia?
No, it was the CFA……
Like most things in life, it is what you make of it.
‘Beware of all enterprises that require new clothes.’
~ Henry David Thoreau
The CFA makes you, you don’t make the CFA…..
Passing all 3 levels on the first attempt has absolutely no correlation to how you will perform as an asset manager. I think you are full of shit Frank.
Studying With
He got you. That was clearly a troll post.
NO EXCUSES
Critique my resume: http://www.razume.com/documents/27593
Like electronic music? Check out my latest mix: http://www.mixcloud.com/bpdulog/mix-5/
that’s not what the guys at goldman said…..
It’s legit. $123,295,467 of that AUM is my money and I placed it with Frankie because of his 3/3 on the CFA. I’m a charterholder myself, and therefore can produce superior investment returns, but I didn’t go 3/3 so I knew Frankie could produce more superiorer returns. I also know the Goldman thing is legit because a friend of my wife’s third cousin once removed used to be in HR at Goldman and confirmed it for me.
You can fondle the cube, but it will not respond.
Studying With
what’s goldman?
Pages