I know this question sounds crazy in the CFA forum. But I am an accountant in public accounting firm. I am studying for my CPA and CFA at the same time. Right now I have passed level III, and I figured my audit experience may not count as ‘relevant work experience’, I am thinking about making career change.
Wondering does anyone know what kind of career/position that needs both CFA and CPA? I am looking for a career that can integrate the two designations. Also, do you know if public accounting experience count as ‘relevant job experience’ required for CFA?
Actuary here. Do you work with financial statements? Do you make recommendations of investments/credit/risk actions? Does your work contribute to investment decisions?
I was in the same boat. I have my CPA and just cleared my L3 exam. I worked in accounting and audit for asset management (if you work in a firm you can choose to pick your industry) and was able to use my hours for both my CPA and CFA.
I haven’t passed L3 yet, but since I am attempting it next year and planning to give it my big shot, I am starting to think about the experience requirement too! I am a Chartered Accountant (the British equivalence to a CPA), currently working in compliance in an investment fund and previously worked in external audit (audit of financial statements) of financial services clients in the Big4. After doing some research, I believe that such experience could be relevant but it all boils down to how you present your experience and cover letter.
Thanks for replying. I work with financial statements and audits. I can have a chance to transfer to transaction department or valuation department, which involves more investment/credit/risk actions. As I work for national firm, the job duties are pretty segregarated, so I do not have much chance to involve with making investment decisions unless I changed department
Thanks for replying. I work with financial statements and audits. I can have a chance to transfer to transaction department or valuation department, which involves more investment/credit/risk actions. As I work for national firm, the job duties are pretty segregarated, so I do not have much chance to involve with making investment decisions unless I changed department
Yes we have very similar situation. However, as my firm is national firm, but my local office deals with mostly not-for profit and govement sector, I do not have much chance to access to asset management section. But I am thinking about changing to a bigger office that has transaction department that deals with the M&A, or I will switch to another firm that has more involvement with asset management. Did you ask for your managers in accounting firm to sign off the experience? I am not sure whether they are willing to sign off my experience if I switch firm though…
Hey hey, similar boat here. I think CFA experience is less strick then the CPA requirement (as we are required to have 1200+ assurances hours signed off by designated accounting firm), so it really boils down to how I write my experience. My concern now is that as ALL of my experience are audit, it is not very persuasive to say 50% of them are CFA approved, and I do want to start moving myself to asset management, so maybe career switch is something unpreventable in the short future.
Judging by my research, I think many auditors have gotten their work experience approved (I’ve also seen many on LinkedIn and some of the people who worked in my firm). My current role is probably more relevant experience, but I only have one year so far in this place. I really think that combining my previous audit experience with my compliance experience will get me approved. Just research it, there are auditors out there who are charter holders! For ACCA, also the experience requirement (3 years) has to be gained within an approved audit firm.
On another note, I am glad there seems to be quite a few in the same boat, I thought I was the only crazy auditor pursuing the CFA lol
Here is the sample provided by CFAI “I perform financial statement audits of investment companies and in the process test the custody and pricing of the portfolios. Used Bloomberg and learned the accounting of several security types, including equities, bonds, options, and future”. You can modify so that it fits your situation.
Yea I’ve seen some auditors are CFA as well (I peaked other’s LinkedIn as well). I’ll try to send my experience once I have reached 4 years experience (next year) and see how it’ll go. Yea we crazy accountant sitting for CFA haha! Good luck on your Level III prep, you’re almost there
When you mention work experience in credit risk/actions… can someone elaborate more on that type of role. Because I do some credit risk / controlling and need to know if it would be relevant job experience
Also, I do not make the investment decisions myself but I provide support and Financial statement analysis with my recommendations, I am not the key decision maker. Would this count as relevant work experience ?
