TMurf Wrote: ------------------------------------------------------- > I worked in corporate FP&A for two years. It was > torture. I’m grinding it out in FP&A right now. It has it’s bright spots, but for the most part, it’s torture. Both myself and my fellow analyst are doing CFA and trying to get the hell out of here ASAP.
mwvt9 Wrote: ------------------------------------------------------- > Its just a designation. > > When hiring people have to make decisions with > partial information. The CFA helps in that > regard. You are less risky to a company because > they know that the CFAI has already tested you. > > If you are good at what you do people will notice, > the CFA will just help get noticed more quickly. It may be just a designation, but try getting an analyst job without it. Someone once likened obtaining the charter to “getting your union” card, which is not a bad analogy.
Mr.Good.Guy Wrote: ------------------------------------------------------- > Two many people view it as a magic ticket. You > have to open doors yourself, be motivated and get > out there. You are not going to receive your > charter and magically land your dream job. WHAT??? Why didn’t someone tell me this six years ago. I quit.
my charter has nothing to do with my current position. when i got my charter i sent an email to the core group of higher ups letting them know. they said, good for you!
I think the CFA has become a victim of its own success. Up until the 2000s we had may-be a few thousand candidates registering for the program global. Now. Toronto alone has something like 3,000 kids showing up to take the exam each year. And later in the year, some 350 Torontonians receive their “vaunted” Charters. At the same time the demographic of the average CFA candidate has changed and the changes were in my view most rapid during when I did the program. During level 1 I was basically the youngest guy in the room at about 25. For Level 3, I felt as though I was old enough to be the parent of some of the other kids at the exam site and I think in and around the late 1990s, the CFA became a very sexy designation to earn rather than a gloablly recognized mark of acheivement, which is what AIMR always wanted it to be. Its as though the avg. 23/24 year old these days views it as a “ticket” to a big ticket job while the men and women who earned their charters in the 1980s and 1990s were already devoted to the profession and committed to bettering themselves by earning the CFA. So it was a question of commitment. Then, people knew CFAs as those who were dignified and hard working while this generation’s batch equates the CFA to higher income first or a reward for passing a couple of exams. I think a lot of today’s CFAs unfortunately just want to get their Charter and sit back and relax and I know this because I too felt that way when I got mine. So to a certain extent the existing CFAs have to make the designation better for the new guys otherwise the outlook is bleak. At the same time, the very designation has become commoditized because everyone in Toronto or NYC has one. On a personal note, I actually saw a vehicle on the road today with license plate [no joke] “Willy R”…it’s a sign gents…market has bottomed. Willy
Willy, do you plan on doing your MBA?
Nope. What fur? That designation is even more useless than CFA. Willy
WillyR Wrote: ------------------------------------------------------- > Nope. What fur? That designation is even more > useless than CFA. > > Willy that’s what i was getting at. You could easily substitute MBA for CFA in your preceeding post and it would have made no difference. I’m realizing more and more that networking is 10 times more important than a CFA+MBA combo. I bought the high (Nasdaq at 5000?) with the CFA.
Passing CFA II was integral in me moving to a front office role a couple of years ago. That, and working like crazy. CFA helps. Working to improve things for your boss and networking (especially if you have something to bring to the table) help a ton too. Both in combination make good things happen. Agree with Willy’s post above: passing CFA levels alone doesn’t say too much. It’s all about the total picture and being a complete person (however you want to take that).
Exactly, this profession is all about people skills and shirt tie combinations. I’ve been saying this for years on AF. If you happen to have a related pedigree: CFA or MBA then great. But the key is people skills get you jobs and your own hard work gets you promoted. Willy
I can only imagine where I’d be if i spent the 700+ hours studying for L1/L2 networking and trying to befriend people in high places. After passing the first two and seeing the lack of interest by employers, I think buying a few rounds of drinks at bars on Wall Street would’ve probably helped me further in finding a new and better job. I interviewed for an assistant portfolio management position where the actual portfolio manager asked me what a CFA was. I had a very high level Port. Manager who manages one of the largest value funds worldwide ask me “what do they even teach you w/ that designation?” I always liked the CFA premise b/c i felt it was “the great equalizer”. Meaning, it didn’t matter how much your Dad donated to the school, where you went to school, what your backround was, or how well connected you are…you had to earn it. Studying and passing was something you had to do on your own. A true meritocracy, not subject to nepotism or favoritism…well, after seeing some positions come and go to nephews and cousins, I sometimes regret my decision to embark on this odyssey. Most everyone I know who has a decent position on Wall Street got there through their Dad, Uncle, Brother, Cousin, or college buddy. Half of the guys who work at my trading firm are related, and 3/4 of the Specialists at the NYSE are a Specialist’s son. Unless you know someone, your probably fuc*ed…sad but true.
PeteyPete Wrote: ------------------------------------------------------- > I interviewed for an assistant portfolio > management position where the actual portfolio > manager asked me what a CFA was. I had a very > high level Port. Manager who manages one of the > largest value funds worldwide ask me “what do they > even teach you w/ that designation?” Do you mind me asking what was the name of this shop? I can’t imagine there not being tons of charterholders at big mutual fund shops (Fidelity, American, Legg, etc.).
BiPolarBoyBoston Wrote: ------------------------------------------------------- > PeteyPete Wrote: > -------------------------------------------------- > ----- > > > I interviewed for an assistant portfolio > > management position where the actual portfolio > > manager asked me what a CFA was. I had a very > > high level Port. Manager who manages one of the > > largest value funds worldwide ask me “what do > they > > even teach you w/ that designation?” > > > Do you mind me asking what was the name of this > shop? I can’t imagine there not being tons of > charterholders at big mutual fund shops (Fidelity, > American, Legg, etc.). I’d rather not say, but they are among those you mentioned in name recognition and assets under management. That comment was made by the investment chief and head portfolio manager. Your right in assuming that there are many CFA’s employed by this firm in the research capacity, but most of the management and port. managers aren’t charterholders.
It’s not that commoditized, only about 5,000 pass the level 3 exam in the US.
former trader Wrote: ------------------------------------------------------- > WillyR Wrote: > -------------------------------------------------- > ----- > > Nope. What fur? That designation is even more > > useless than CFA. > > that’s what i was getting at. You could easily > substitute MBA for CFA in your preceeding post and > it would have made no difference. And, enough years ago, same could be said for MD, or JD, or CPA, or BA, or high school diploma.
equity_analyst Wrote: ------------------------------------------------------ > > It may be just a designation, but try getting an > analyst job without it. Someone once likened > obtaining the charter to “getting your union” > card, which is not a bad analogy. This is my point exactly. If it is requirement to get an analyst job, then it surely isn’t the golden ticket that the original poster once thought it was. In my situation the CFA will do nothing for me as far as moving up the corporate ladder, but I find the knowledge gained to be more than repayment for the time invested. The underlying studies are still very useful (and I don’t think you were agruing against this).
so having a solid golf game > CFA? Maybe in some respects. What about perception though? When employers or people make an investment in you they need to be able to justify this to others. A top MBA and/or CFA makes that easier to do. When trying to raise capital a strong track record is a necessity while the MBA/CFA puts investors minds at ease and adds credibility. When’s the last time you saw a hedge fund or PE firm where the staff wasn’t loaded with Ivy Leauge degrees and various desiginations? Perhaps there are some, or even more than some, but I think what I described is the norm. I also think WillyR was spot on in his post.
Ah, man. I hate golf. Maybe I’m just destined for failure. 
And again, let me reiterate, I’m not counting on the charter as a “golden ticket.” I’m just hoping that it does provide some real upward mobility in terms of a career in finance. If not I’m investing my life savings in Wonka bars in search of the “golden ticket” that keeps coming up.
You gotta love golf. It teaches you to be calm, not get too emotional, skillful, and to be rational with your shot making ability… kind of like investing! (insert “Impossible is Nothing” video)
If you thought the CFA took a ton of time. . . try to develop a great game of golf.