I am a level 1 candidate. I am 24 years old and I graduated from University majored in Finance in 2011. Since then, I have been working at a small-medium sized company specializing in electrical equipment. My title is administrative assistant. I know it seems to be totally unrelated to CFA at all. That was the title I was hired for. But later on a controller replaced the admin director who left the company. I now work very closely with her. My daily tasks involve lots of Accounts payable and receivable. I make invoices every day and keep track of the flow of A/R and take charge of potential client’s credit application. I am responsible for the complete AP cycle from entering the supplier invoices to issuing checks. I enter business transactions in excel model every month for tax-claiming purposes. I undertook a project to analyze an account discrepancy (only one so far) for the president and VP to find out where the problem lies and propose solutions to tackle down this specific problem. Then, little by little I start to gain the exposure to the company’s general ledger account.
I know they do not relate to any money management. But as I read from the sample member job titles, accountant is one of them. I am wondering if the fact that I work a lot in accounting can contribute to the membership once I passed all 3 levels.
My next step, after passing level 1, is to find a job more related to CFA. But I am not interested in managing money (financial/investment advisor), nor those kind related to selling mutual fund, securities, etc. After passing all three levels, I want to pursue a CMA as well. I am wondering if anybody knows what kind of job can match work experience requirement of both CFA and CMA?
They do list accountant. And I think if you were working with individuals on transfer tax planning, then that might qualify. Also, if you were in the financial reporting department of a company, that might qualify. If you were accounting for acquisitions/divestitures or accounting for derivatives, that might qualify.
However, I seriously doubt that AP, AR, and credit and collections would count as “investment decision-making”. But you never know until you try.
Also, I think that if you have the CFA Charter, the CMA would probably be of marginal value. However, if you’re hell-bent on getting it, then try looking into a Corporate Development or FP&A (Financial Planning and Analysis) role in one of the big companies in your area.
Accountant is listed, and when the day comes around, I plan on using it for the charter experience. I’d say that what you’re doing right now doesn’t, or shouldn’t qualify. I think there are more detailed descriptions of those job descriptions along with a paragraph justification of what you did in that job. For instance, when I worked for a public accounting firm I spent time working with mark to market calcs, derivatives, stuff like that that is more applicable to CFA. Full cycle AR/AP is more bookkeeping and isn’t really applicable to CFA.
Thx Greeman72! I just hope I can get into corporate development or FRA role with my experience. I think I am too junior for FRA cuz I had no accounting background except CFA and two accounting classes taken at University. Wish best luck for other department. My job right now is way too simple I find. What type of jobs related to '‘investment decision-making’ do you think I can/should get with my background after passing level1 this june?
It depends a lot on where you live. If you live in New York City, then my answer would be different than if you live in Wamsutter, Wyoming.
Also, I would worry less about whether the experience “counts”, and worry more about what you want to do. Do you want to work in FP&A? Do you want to do A&D? Do you want to work in a hedge fund? Do you want to work as a portfolio manager for US Trust? You’re 24–you’ve got 40+ years to get experience.
One last thing–getting four years experience means nothing if you don’t pass Level 1, Level 2, AND Level 3. Pass the tests–starting with Level 1.
Yeah I wish I can get into a job more applicable to CFA. What is ironic today is that one has a hard time to gain experience without relevant experience!
Hey I live in Montreal and MIGHT move to Toronto in the next 1-2 years. I am not sure what I want to do cuz I didn’t try much yet. I am a girl and I want a job with a full sense of security. Like my job now doesn’t give me sense of security. Like if the economy goes bad, I will get laid off…way before the R&D ppl and the controller…
The reason why I want to get a professional job is exactly the opposite of what you stated. The fact I passed all 3 leves wouldn’t be too much useful if I had been working as admin assistant for 4 years. I wanna find a job an get my charterholder right after passing all levels…maybe I am too impatient…that is my problem…lol 0_o
Focus on talking about how you spend all day working with financial statements, excel and managing money. BS a little. Nobody is gonna really verify it. Also if your supervisor will back you up then there really is no way you can get called out for embellishing.
Someone feel free to correct me if I am wrong, but I am pretty sure title has nothing to do with it. I was under the impression that at least 50% of your work had to relate to investment decisions. I work in the investment accounting and reporting department for an asset manager and in my opinion most of the roles in our department would not qualify. Right now my team advises on the accounting for specific new deals, consolidation, and impairment decisions on investments. So I feel comfortable my accountant title will apply, but this is solely based on my day to day work and nothing to do with title.
you are correct title has nothing to do with it. Because there’s no way for CFAI to verify 50% of your work, people try whatever they can to best write their job experience so it “qualifies”. Qualifies essentially means you convince whomever is reading it that it qualifies.
I’ve seen ridiculous jobs qualify as work experience, stretching it so much, it’s the same as lying on the resume. I don’t agree with people doing this and it just results in a lot of people earning the charter when they shouldn’t.
But you can’t stop it, so what can you do?
Ultimately, the CFA charter isn’t a golden ticket to a good job, and real work experience trumps the 3 letters by far any day. In an interview, people can figure out pretty quick if you were greatly exaggerating on the resume
I am 27 year old and currently working as RM in Retail Banking from last 2.5 years. I am CFA level 1 candidate and I have done my MBA in finance. It would be really helpful if some one can answer or comment on following questions
Whether CFA would help me in giving a growth to my carrier?
Will my current work experience will add any value ? As CFA is totally different to what I am doing right now.
What jobs can I get with this experience after clearing my CFA level 1
Based on limited info my $0.02 1- Highly doubt that, unless you switch to some other role 2- No 3- Your best shot would be risk management or corporate banking at current org. Don’t obsess over IB/ER/AM, it’s a step-by-step process. Even corporate banking would be long shot if you’re managing retail assets, might have to move to commercial assets and from there you can make move to corporate banking.