A Big Doubt

Just wanted to find out if anyone feels the same as me. I just wrote the CFA Level 3 exams in June.

Dont get me wrong, I loved the course. Especially Level 2.

Anyways, long story short, given the state of the economy and ever increasing enrollment in the programme, I feel that the qualification is loosing its allure. I have been applying for entry level jobs In Australia and in the Asia Pacific region since I passed Level 2 in 2011 with no luck. To be honest, I feel that with no experience, even passing CFA Level 3 with no experience does not even help you get entry level jobs.

I know this has been discussed to the death before on this forum and in many other avenues. But just wanted to find out, if, at this point in time, there is anybody else in my boat.

I just gave my L3 in June. I have been trying to break into asset management. I have 5.5yrs of work ex in FX sales. And i am in the same boat as you. So I think probably completing the exam would open up opportunities. But I do get the feeling that there is lesser demand for the program

Hello fellow passenger…been rocking in that boat for a long time now

“To be honest, I feel that with no experience, even passing CFA Level 3 with no experience does not even help you get entry level jobs.”

Yes.

Crossing my fingers, I did write very good except missed last question in the morning session due to lack of time. I am not going to worry about it until August.

Realistically, I am having very tough time getting even entry level work at Financial industry. Sometimes I feel like I have wasted too much time dreaming CFA will open up doors to investment industry.

Probably CFA charter is no different than ordinary MBA. I already have an MBA and MS but none of them helped me getting even a phone call for past three years.

Bottom line, I dont give up. Dont mind kissing dead moose butt to get into financial industry.

Are you working now Wally23? I find it hard to imagine someone with MBA/MSc being in the same boat on the same trip!

Yes I have a well paid job in IT, but I am very passionate about investing. I do my own and doing great. IT industry is booming in US and have plenty of oppurtunities. By the way it is MS not Msc . You must be from England huh?

haha then you are on a VERY different boat…you are overqualified for an entry level job…

Same here as you Wally23. Just sat for the level 3. I have an MBA and MS. not a lot of luck to get an investment job. I’m currently working in Marekting/Pricing and I’m considering FRM next november.

All – Recall that the finance industry just imploded. Look at all the layoffs that has happened in the field in the last 3 years. There is so much supply of experienced applicants that are out there. Passing L3 will do little if anything for you. It is going to be who you know if you do not have the experience. Its still good to get because one day you will need this on your resume. It is just another notch that separates you from other applicants. Just remember that notch will not come into play until the economy turns around and legislation stops attacking this field. Do not get me wrong, the latter is necessary but in moderation.

  • Yes^3

Also, for some of you experienced people, in some ways, the experience is actually a negative. If you have done IT, back office, accounting etc for years, people start to bucket you into that type of job. It’s rare to see someone in operations for 4 years+ or so suddenly move to asset management as a junior person.

Firms would actually much rather hire a smart fresh grad from a top university and a few relevant internships instead.

As everyone has mentioned, experience is KING right now. So, the ops guy who passed L3 will never beat someone with direct working experience

3 years ago I decided to switch career path. The Charter was one of my choices. I was judging the future growth opportunity based on how hard the exams are. I chose the hardest one of course thinking if I can manage to pass them all while many of my brilliant friends have failed along the way, I would offer a higher competitive advantage than they and would have better job outlook.

Reality is not remotely similar to my expectation.

Question to those with their MBA and still not in the financial industry. What was your MBA concentration and did you do a finance-related internship during the summer between of your first- and second-year?

I think that internship is key to getting that experience in order to “break into” finance.

So to summarize, it is prognosis negative. At least as of now.

Do u reckon that creating your own experience by starting a blog or website and developing your skills, investing philosophy and hopefully reputation is of any use?

CFA Level III pass is an asset to get you jobs. But what some seem to think that is that would be the deal-maker, the magic bullet that gets you from 0 job offers to 10 - that is obviously wrong.

What gets you the job in the end is how you make overall use of all available networks, and how you utilise & sell all avaialble qualification and skills you have, plus how you conduct yourself in your interviews. The CFA is simply one component and will always be, same as any other qualification.

on the same boat…

A lottery ticket is an asset to get you the $360M jackpot.

The CFA has not lost its “allure” at all. Competition for the few available jobs has ratcheted up. I would argue that the CFA is more important given that a lot more jobs explicitly state that they are only looking at CFA charterholders.

Exactly!

Bingo.

Maybe it used to be something that gave you an edge over a lot of your competition whilst now it is something that will just allow you to get out onto the playing field.