I imagine this will be an unpleasent, but highly viewed topic.
If I decide the CFA is not for me after several unsuccessful attempts, where does this leave me?
Should I change careers, consider a career in sales, or stay in the investment management industry without a CFA and cower every time someone mentions the charter?
I would appreciate your input as I believe several of you have also thought this through.
It leaves you where you want to be left. You’ve come to a conclusion, you made a decision which you feel is best for you…CONGRATS! The CFA Charter sure is nice to put at the end of your name, but it is not necessary to be successful. Everyone does it for their own reason but not everyone NEEDS it. If you enjoy investment management stick with it and do your thing! If you want a designation for credibility look into the CFP. Is it extensive yes, but it may be a better fit. If you want to go into a different industry do it. You are no longer a slave to the institute, and that is something that has to relieve some weight off your shoulders even though I can imagine lack of success must give you the opposite. Best of luck with whatever you do.
It leaves you where you want to be left. You’ve come to a conclusion, you made a decision which you feel is best for you…CONGRATS! The CFA Charter sure is nice to put at the end of your name, but it is not necessary to be successful. Everyone does it for their own reason but not everyone NEEDS it. If you enjoy investment management stick with it and do your thing! If you want a designation for credibility look into the CFP. Is it extensive yes, but it may be a better fit. If you want to go into a different industry do it. You are no longer a slave to the institute, and that is something that has to relieve some weight off your shoulders even though I can imagine lack of success must give you the opposite. Best of luck with whatever you do.
Go for the MBA, many people who get stuck at level 2 just jump and get an MBA at a good school. At the end of the day, an MBA is a sure thing once you get into the program. As long as you do your work, you will get your letters. There’s no minimum pass grade or bell curve for graduation.
I mean an MBA is the easiest way to put letters after your name…sure. You really need to think of what kind of distinction you will need (if any) to get where you want to go. For example, the reason I am in need of the CFA designation, is that my undergrad degree is too broad. I need something other than desire to get me into the industry I’d like to work my way up in. It was the CFA designation or MS in Finance. I’d rather put more time in and spend under $10k than drop $100k and have an MS. Plus to me anyone can get another degree. All you have to do is go along with the workload and get passing grades to be able to put the letters after your name…CFA is far more rare than an MBA or MS, and it’s all self-directed. Real advice, figure out where you want to go then think about what you need to get there. Econ professor of mine back in the day drilled in the concept of “looking ahead and reasoning back”. It is definitely a concept that applies here.
Ask yourself and be honest - do you really believe that the CFA makes you a better PM/Analyst? Are you good at your job? CFA isn’t the be and end all everyone says it is… If I can ask - how many times have you retried it? and at which level?
I took level 1 four times. I struggle with the time contraint and accounting, among other things. I finished with a band 7 on the last test.
Honestly, if you put in a sincere effort and failed L1 four times, you need to get out of the financial analysis business. Maybe try marketing. There is something about finance that just doesn’t work for you.
sounds like you are already in the field. if that’s the case then you are already ahead of others who are trying to break in. the next question is how competent are you at your current position? if you are good at what you do in finace right now, i would conclude that you are probably just not an exam taker. in that case you may want to advance by learning new things on the job and networking your way up the ladder. on the other hand if you are not so competent at your current position (in finance i assume) and can’t pass level one then it’s time to take a second look at yourself.
I actually work in manager due diligence and have been for many years. Yes, I think I am very good at my job. However, some people look at the world like JoeyD, which negates my skill somewhat for those. What I am most concerned about is facing the CFA throughout my career-through promotions or interviews. I have found that if your boss (or prospective boss) has their CFA, they will want you to have your CFA. It has become sort of a Harvard club (your in or your out).
don’t let the CFA charter define you. You have to define it. i suppose you are not in the “Harvard club”. do you let that bother you? if you can’t find your way in, make one - (someone’s wise saying, not mine)
It’s definitely a club…It’s the cool fraternity at the big school. You don’t need to be in it to get the good looking sorority girls but it doesn’t hurt by any means. At the same time you still have to perform regardless of if you are in the cool frat or if you aren’t…If you perform regardless you will succeed…If you do not perform at a high level you will be certain to fail with or without being in the fraternity (with or without the CFA Charter). Your life is what you make of it. Get back on the horse and ride. You don’t become successful by thinking, you become successful by doing. Losers make excuses, winners make it happen.
What is this # band people keep talking about. 9th band 7th band what does it mean?
If you fail, the CFAI gives you a band from 1-10 so you can better determine how close you were to passing. Band 9 or 10, you wer pretty close. Band 3 or 4, not even remotely close.
When you fail, the bands tells you how good or bad did you do on the exam, For example, band 10 is that you almost pass the exam while band 2 for example means that you have not study nothing. Just somethin CFA tells you to know where you are when you fail.
does it also tell you how well you did when you pass? Ex 90th percentile or or something of the sort?
If you passed I thought it just told you that you passes plus what percentile you scored in each section (<50%, 51-74%, >75%)
I appreciate your input. The problem I see is that I can’t run from this issue as long as I stay in this industry (in this position). This will chase me throughout my career. I appreciate the pep talk, but at the end of the day, if managers expect this of me, they can make my life difficult or at a minimum, unpleasant. Also, future interviews for senior level jobs? Without a CFA in any big city, I can forget getting a job in investment management, due-diligence or investment consulting. The only shot would be a junior level job and even then they would expect me to be a candidate or that I passed L1.
What about CAIA? Have you looked into this designation?
I haven’t. Several of my friends have done that. I looked through the study materials once. Do you think it’s worth the time and effort?