Right now I am leaning towards the CFP as I think it will open more doors. Do yall agree?
Man this forum has gone downhill. It is now simply an ongoing debate between MBA, CFA, CFP, actuarial studies, CIPM, FRM, QCF etc etc etc.
Definitely more accessible to the blind…
si senor
Flux Capacitor Wrote: ------------------------------------------------------- > … I think > it will open more doors. How so ?
jdne5b Wrote: ------------------------------------------------------- > Flux Capacitor Wrote: > -------------------------------------------------- > ----- > > … I think > > it will open more doors. > > > How so ? With the CFA, you have a chance that the door will be opened and then you’ll be hired. With the CFP, the door is opened on the way in, and then immediately thereafter on the way out when they realize it wasn’t a typo and in fact you’re applying for an analyst position with a financial planning certificate.
This is an apples to oranges comparison. If you want to sit in a retail bank branch and sell mutual funds to people looking to save for retirement, get a CFP. You’ll be slightly more qualified to give advice than the teller standing a few feet away. Your days wills be filled with questions about front end load vs back end load funds and account opening paper work. If you’re lucky, every now and then a mutual fund salesmen will call you up and buy you lunch. I think I’d rather eat my own hair than work as a CFP.
Hayek Wrote: ------------------------------------------------------- > This is an apples to oranges comparison. If you > want to sit in a retail bank branch and sell > mutual funds to people looking to save for > retirement, get a CFP. You’ll be slightly more > qualified to give advice than the teller standing > a few feet away. Your days wills be filled with > questions about front end load vs back end load > funds and account opening paper work. If you’re > lucky, every now and then a mutual fund salesmen > will call you up and buy you lunch. I think I’d > rather eat my own hair than work as a CFP. CFPs make 20x more money than CFAs… KYS!
Flux Capacitor Wrote: ------------------------------------------------------- > Hayek Wrote: > -------------------------------------------------- > ----- > > This is an apples to oranges comparison. If you > > want to sit in a retail bank branch and sell > > mutual funds to people looking to save for > > retirement, get a CFP. You’ll be slightly more > > qualified to give advice than the teller > standing > > a few feet away. Your days wills be filled with > > questions about front end load vs back end load > > funds and account opening paper work. If you’re > > lucky, every now and then a mutual fund > salesmen > > will call you up and buy you lunch. I think I’d > > rather eat my own hair than work as a CFP. > > > CFPs make 20x more money than CFAs… KYS! Only the ones in sales.
Yes, the commission from selling mutual funds in a retail setting can be very good, but at the end of the day you may as well be selling used cars or kitchen appliances. All you are is a salesman.
Most positions in finance boil down to being a salesman.
Everyone is always selling something. If u r more of a people person than a nerd, get a cfp. All of us are geeks and nerds on here.
Flux Capacitor Wrote: ------------------------------------------------------- > > CFPs make 20x more money than CFAs… KYS! As someone who has worked in retail finance, alongside CFPs, and now works in institutional finance…You have got some very strongly formed wrong opinions. The average salary difference between CFA charterholders and CFPs is probably on the order of tens of thousands of dollars. Let’s see what google says. [40 seconds later] http://degreedirectory.org/articles/What_is_the_Average_Salary_of_a_Certified_Financial_Planner.html http://www.nysun.com/business/while-ivy-league-mbas-impress-hottest-three/42355/ Don’t get me wrong - I’m not hating on CFPs. I think it’s worthwhile, if you want to work in retail finance and speak directly to individual investors. Heck, it’s a breath of fresh air to see people who pursue or have the CFP; it means [at least superficially] that they take dealing with retail client money seriously and are interested in keeping their skills sharp. Most retail brokers pass the series 7 and never take another step towards improving their capabilities. However, do they earn as much as the average CFA? My instincts (and quick-and-dirty web search) say this isn’t the case. If you want to pursue the CFP, then go for it. The fact that there are other designations - some of which might have higher average earnings - should not be your #1 factor weight in making the decision.
to be honest, living in Canada specifically, anyone with a CFP w/o a CFA, CA, CGA, or CPA is known as a numbskull and a leech. i can’t speak for outside of Canada but i’m sure it has a similar stigma. the bottom line is, can you honestly live with selling people overpriced product for the rest of your life? can you live with speaking to people who don’t understand what compound return means? if you have the nuts and bolts to finish a CA or CFA, do it. if you aren’t smart enough, then get a CFP. there’s no decision to make…
Flux Capacitor Wrote: ------------------------------------------------------- > > CFPs make 20x more money than CFAs… KYS! That only applies to average CFAs, and we all know from the behavioral finance section of the curriculum that there are no average CFAs.