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Australia: do I need cfa designation if I’ve already got my 2years master of Finance degree from the university of Melbourne?

Australia: do I need cfa designation if I’ve already got my 2years master of Finance degree from the university of Melbourne?

As I’ve mentioned above, I feel like in Australia employers don’t really value master degrees much but experiences.

However, as I’ve already got one of the best master degree in finance in Australia. And 70% of the knowledge and concepts are overlap with cfa whole 3 level materials. 

Below are my questions:

1 Does cfa designation really gonna help me for my future development in Australia if I’ve already got my master of Finance?

2 How do employers value master of finance degree compared with CFA designation in Australia?

3 Some one told me CFA is cheaper version of master finance( which I don’t agree at all). Some one said CFA keep your knowledge up to date and showing your commitment and interest in finance while you working at same time. What do u think? 

4 what’s other benefits for getting CFA Designation?

kind Regards 

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Master of finance is similar to CFA. 

Personally, if i was hiring, and i saw someone with a masters in finance from a good school, and someone with a CFA, i would think of them no different in terms of education. 

If you’re looking to add to your CV, then do something extra curricular which will help you get noticed. Climb a mountain, become a part time DJ, or get some work experience in the field you’re to work in. 

plumber > stripper > experience > CFA > MBA

Exactly. A general/generic master in finance is largely redundant with the CFA.

If you want to complement a Master in Finance with sth it has to be different: accounting, quant, coding, linguistic, soft skills…

If Melbourne Uni’s Master of Finance program contains 70% of the CFA material, why don’t you think the CFA could be equivalent?

I was tossing up between Melbourne Uni and Macquarie Master of Applied Finance but decided on the CFA instead since becoming a charterholder is what I ultimately wanted. Also Melbourne Uni’s fees for the course are $70k… geepers.

Thanks for your reply, in terms of career development. What do u reckon should I pursue cfa or not? Even I’ve got my master, I noticed a lot of management level financial professions got their cfa designation. After You got your charter, was there really a lot of job opportunities offered to you by CFA community? I am currently working for a wealth management firm as back office supporting role, not really related to finance/investment, do u think cfa gonna help me get in a investment role? Many thanks 

Thanks for your reply, in terms of career development. What do u reckon should I pursue cfa or not? Even I’ve got my master, I noticed a lot of management level financial professions got their cfa designation. After You got your charter, was there really a lot of job opportunities offered to you by CFA community? I am currently working for a wealth management firm as back office supporting role, not really related to finance/investment, do u think cfa gonna help me get in a investment role? Many thanks 

Since I’ve got my master finance already, do you think it’s worth to pursue cfa again? For career development 

wyn51blue wrote:

Thanks for your reply, in terms of career development. What do u reckon should I pursue cfa or not? Even I’ve got my master, I noticed a lot of management level financial professions got their cfa designation. After You got your charter, was there really a lot of job opportunities offered to you by CFA community? I am currently working for a wealth management firm as back office supporting role, not really related to finance/investment, do u think cfa gonna help me get in a investment role? Many thanks 

why don’t you just ask the more senior people in your company? many pros…

+faster answer

+you stroke their ego, cause they think you value their opinion, gain cookie points with said person…

+secret factor

I saw bunches of jobs ad says prefer masters finance and/or CFA, do u think it’s worth to get both?

Recruiters view Masters and CFA equally, especially from Melbourne. I feel that the doors definitely opened slightly after getting my charter and allowed me to pivot my career. I would focus on networking at this point to land a role you want and then use the CFA to progress. Although if you started with Level 1, you could then attend the CFA networking drinks which could open up more opportunities that way. Melbourne has an good CFA society.

Thanks again for ur reply rexkicker

i totally agreed that I should first focus on networking or learn up something like financial modeling first. But, since u mentioned about in Australia employers value cfa similarly with master of finance ( I completed 2yrs master of finance at Melbourne uni, also master of accounting at an average uni, bachelor finance at latrobe uni) Do u think after I got in a role i want, in the future, should I still need to pursue CFA Charter?or If i better come up with sth different like MBA CAIA CPIM?

If CFA and master finance are equivalent in some degree, pursuing both gonna be redundant/overlapped ? Or still can be complementary ?

ultimately I want work in investment/finance area for life time.

many thanks my friend 

Thanks again for ur reply rexkicker

i totally agreed that I should first focus on networking or learn up something like financial modeling first. But, since u mentioned about in Australia employers value cfa similarly with master of finance ( I completed 2yrs master of finance at Melbourne uni, also master of accounting at an average uni, bachelor finance at latrobe uni) Do u think after I got in a role i want, in the future, should I still need to pursue CFA Charter?or If i better come up with sth different like MBA CAIA CPIM?

If CFA and master finance are equivalent in some degree, pursuing both gonna be redundant/overlapped ? Or still can be complementary ?

ultimately I want work in investment/finance area for life time.

many thanks my friend 

In general CFA and Masters of Applied Finance are typically viewed as on par with one another in the Australian investment industry. Both are more highly regarded than the Melbourne Uni Masters of Finance degree, not that it’s a bad qualification in any way. I would make sure that your colleagues aren’t getting confused with the MAppFin (think Macquarie Uni, Kaplan etc.). 

Regardless of which you choose, each of these qualifications will help you ‘break in’ to the industry insofar as they provide the necessary padding to your resume. That’s about it though, there’s no magic ticket and it’s a very small industry here. My two cents though - you need to think about getting out of the back office sooner rather than later… FWIW CFA is the cheaper option.

(Source: c. 5 years buy-side experience in Australia)

thanks for ur reply~

sad to hear that cause my master of finance Melbourne uni was 2yrs full time degree. LoL 

I was about to do CFA but unsure about if they are highly overlapped and doubting about whether 2 similar finance qualification will add me value or not.

do u reckon CFA + master finance will be a good combination/complement each other? Or they subtitutes even CFA’s better, should I come up with sth else to learn? Is that worth for me to spend another 3 years For CFA after the ms finance, thanks I really wanna figure it out.

many thanks 

I would say register for the CFA exam if you’re interested in pursuing a career in the investment industry. Beyond the time commitment what’s the downside? Registration is cheap, crossover with your prior studies is reasonable so hopefully much of the CBOK is largely revision, and it’s more highly regarded than your current Masters degree (which to reiterate once again, is different to the Masters of Applied Finance which is largely viewed as on par with the CFA Charter). If you would rather do the MAppFin go for it - broadly speaking you will get the same level of ‘status’ (using the term lightly) however the cost will be significantly more - this is entirely your call and could very well be worth it when you factor in the networking opportunities you will have with your classmates.

In terms of learning something else - definitely… But do it on your own time, with respect to your career advancement there is a diminishing return for an increasing number of official qualifications.