Hi guys, I am basically a Chartered Accountant, at the moment a Shattered Accountant! I need a bailout in the form of your opinions and thoughts: I have around 10+ years experience in the financial services sector- around 6+ years as Accounts/Finance-in-charge of a financial services company and the next 4+ years as a IT Business Analyst with various investment banks. I am slightly confused because I am getting conflicting advice from people on these questions: 1. Whether a CFA charter will add any value to my career at this stage i.e. given the fact that I already have 10+ years experience? 2. I guess I will be getting a charter immediately after clearing Level-3 since I have relevant 6+ years of accounting experience. 3. Once I qualify, do I need to start from scratch or will I get due consideration for my accounting or Business Analysis experience which I admit may not be too relevant from a CFA point of view? 4. Is there any way I can leverage my 10+ years experience (including 4 years in ITl) while getting into a research or a portfolio manager position? 5. If I were to start from scratch, I guess I have to be prepared for a ‘massive’ undercutting as far as comp package is concerned, isn’t it? Mine is currently at 65k+ British pound sterling per annum I want to use CFA as an option to get into research while at the same time I want the employer to give due weightage to my huge experience as well. Is this possible or am I living in a utopian world? Thanks,
Let me be blunt but honest. CFA is meant to leverage your career. If you don’t have a career in portfolio management or related (risk, whatever), the added value of a CFA is minimal because they’ll want you to start at the bottom anyway. And those are the jobs that you can also get without having worked your ass off for three brutal exams. And if you don’t get them, you won’t get them with a CFA level 3 on your resume either so in that case it’s time well saved. So answer to your questions: 1. Minimal 2. Not sure, work experience is changed every few months so it seems but to my knowledge it won’t 3. Nobody will give an accountant a mandate to manage x million of money. Not a decent company anyway 4. Probably not for the money you’re making right now. 5. Exactly. In the current market we pay junior analysts in London some 40k. Simply because we can get very well educated individuals with that offer. And honestly, based on the little that I know I wouldn’t know why youre In short, you’ll need to understand that accounting experience will NOT be useful. Neither will IT. So with a very decent salary you’re having now, you’ll really want to do it and face the consequences or forget about it and go for a controlling role and see if you can work yourself up from that.
Just curious, wouldnt he be more likely to be accepted as an analyst in Equity Research?From what I know, but not being from that field (Im in Risk), one needs a strong fundamental background in Accounting/Finance to be able to evaluate a company considering macro factors. Not sure if thats the function that interests you but just an idea.
Thanks for all your post guys. Just out of curiosity- what is the average experience of guys on this forum? Also, what is the maximum work exp one is having here? Let the oldest man stand up----i dont want to be the only one you see!!
Ask Smarshy, he is complaining about his age all the time. I’m 28 and five years experience, I’m the guy our front office must convince every time they want to make an investment (read: Risk).
32, 7 yrs (Risk, Commercial Lending, Audit, Financial Planning and Analysis) with the most recent first.
I’m 39 years old - working as investment analyst at a long-only asset manager. I’m seeing lots of layoffs among the brokers and fund managers - there’s going to be very tough competition from this pool of candidates. Plus, any jobs in investment/finance are not likely to be very stable at this moment. If you currently have a stable job in accounting, don’t move into equities. Just stay in your current job and don’t risk your cash flow. You can log into efinancialcareers.com to get an idea of what’s happening in the finance job market at the moment - not too encouraging. Hope this helps!
Yes, that helps- really heartening to know that I am the lone (old) man standing! I am 37 years old-having 12+ years experience in accounting, finance and IT consulting. Basically, a CA. By the time, I clear L-3 I will be 40, not sure how much value add will CFA provide at that time!
Crish, Don’t worry, I just completed my 40 and I have similar background as yours. CA and III level of CFA. 14 years of experience (8 years in accounting and finance in corporates and 6 years in IT consulting with big4) You are not alone
crish_r2008 Wrote: ------------------------------------------------------- > Yes, that helps- really heartening to know that I > am the lone (old) man standing! > > I am 37 years old-having 12+ years experience in > accounting, finance and IT consulting. Basically, > a CA. By the time, I clear L-3 I will be 40, not > sure how much value add will CFA provide at that > time! next to none.
You really freak me out. Seemingly, CFA is not sth will help me with landing better position and making money. But thank you for unveiling the hard truth. mcpass Wrote: ------------------------------------------------------- > Let me be blunt but honest. CFA is meant to > leverage your career. If you don’t have a career > in portfolio management or related (risk, > whatever), the added value of a CFA is minimal > because they’ll want you to start at the bottom > anyway. And those are the jobs that you can also > get without having worked your ass off for three > brutal exams. And if you don’t get them, you won’t > get them with a CFA level 3 on your resume either > so in that case it’s time well saved. > > So answer to your questions: > > 1. Minimal > 2. Not sure, work experience is changed every few > months so it seems but to my knowledge it won’t > 3. Nobody will give an accountant a mandate to > manage x million of money. Not a decent company > anyway > 4. Probably not for the money you’re making right > now. > 5. Exactly. In the current market we pay junior > analysts in London some 40k. Simply because we can > get very well educated individuals with that > offer. And honestly, based on the little that I > know I wouldn’t know why youre > > In short, you’ll need to understand that > accounting experience will NOT be useful. Neither > will IT. So with a very decent salary you’re > having now, you’ll really want to do it and face > the consequences or forget about it and go for a > controlling role and see if you can work yourself > up from that.
Yes, mcpass might be right I am afraid— even I had exactly similar thoughts and was thinking a zillion times before taking the plunge but I got enamoured by the CFA syllabus which did me in! Now that I am a registered student, it only makes sense to go the full length and use CFA as a supplementary degree to say the least. Unless, of course, I land an offer close to 65k(my current level, looking highly improbable though-not now, even when markets improve) and start treading a new career path altogether Looks like guys like YPAP and me have very little options. I wonder what motivated YPAP to take this decision at this stage? By the way, how many out there have a ‘substantial’ level of ‘unrelated’ experience, still pursuing CFA as a career change tool?
crish_r2008 Wrote: ------------------------------------------------------- > Yes, mcpass might be right I am afraid— even I > had exactly similar thoughts and was thinking a > zillion times before taking the plunge but I got > enamoured by the CFA syllabus which did me in! > Really don’t think this is a good move 1) because of the state of the markets 2) because your fin mgmt experience is zero, so you will be competing at age 40 for entry level positions against guys in their early 20’s for peanuts. > Now that I am a registered student, it only makes > sense to go the full length and use CFA as a > supplementary degree to say the least. Unless, of > course, I land an offer close to 65k(my current > level, looking highly improbable though-not now, > even when markets improve) and start treading a > new career path altogether > Yes, because rationing based on sunk cost will get you where you want to go. Stop thinking like an accountant. > Looks like guys like YPAP and me have very little > options. I wonder what motivated YPAP to take this > decision at this stage? > I just don’t know why you waited this long to make this decision if this is really what you want to do. > By the way, how many out there have a > ‘substantial’ level of ‘unrelated’ experience, > still pursuing CFA as a career change tool? Tons. Unfortunately safety in numbers doesn’t apply here.
For me I know that I will not be going to Investment Industry but I am looking to move to Corporate Finance consulting. I am thinking that with CFA I can move within consulting and go for Corporate Finance consulting. I already have experience of Corporate Finance but that is six years back. The reason it took me too long is that I was doing some more, I passed my LL.B. and than my CPA. I just want o finish my CFA and thats it.
Yeah don’t follow your dreams. That way when you are dying on your bed you can think I should have never listened to someone with the handle mcpass and BlackSwan. LMAO
There’s a little place called reality, we’re just presenting an accurate depiction of what happens 99.9% of cases, I think he asked for the truth, I’m not doing him any favors by sugar coating it. Sure, I’d like to be a rockstar, maybe he has a dream of retiring before he’s 90, who knows.
Yes reality is a little place as it resides with the individual. I don’t pretend to know anyone’s reality. I have no doubt that his reality is different from mine and I would venture to say different than yours. That being said I know some, not a lot, but some who transferred from different role and industries. It will take hard work, networking and luck but it can be done. Besides the answer will not be known until he tries. And that is my main point. It isn’t a criticism of your advice. I just don’t think he should alter his goals because of what two people say on an internet forum. BTW are you saying my dream of becoming the next Jimmy Page is over???
Why is taking a slightly lower salary in a new career field (if that will indeed be the case) viewed as a bad thing?
- I believe it will be significantly lower salary 2) I strongly believe he will not be able to land the job within the next 2 years 3) He asked if passing CFA exams would get him there=NO 4) I was taking everything in context of his age (40), assuming it takes him 2 years to reposition himself, and 6 years to gain any real experience, he will be almost 50 and nearing retirement before getting anywhere near where he wants to go. Over that time he will be working much longer hours for less money. Interviewers of course will peice this together when looking for aggressive go get 'em candidates and future leaders in the company pipeline, factors that will go against him in an interview. I just gave him what I thought was the best advice.
Thanks a lot for all your advice- yes, some of them are harsh but if that is the reality, so be it. However, a couple of points: “…2) I strongly believe he will not be able to land the job within the next 2 years” I will not be landing a job within the next 2 years anyways because the earliest I will be completing L-3 is only in June 2011. What I fail to understand is that why my experience of 8 years in accounting will not be counted especially since FSA forms a significant part of the CFA curriculum. I have done all those ratio analysis, balance sheet analysis, debtors management etc etc during those 8 years. If they are giving so much weightage to FSA during the exams, why won’t they give due consideration to my FSA experience as well? A major contributing factor towards my decision (to do CFA) has been an edge (presumably) in terms of my FSA experience. Am I wrong in this judgment?