CFA to accelerate banking career

Hi all,

I landed a job in Asset lending for Ultra High Net Worth Clients in a globally reputable bank. This is my first banking job and I definitely would like to stay and develop within in banking. However, I do not have a Finance degree, only a Master of Science (in Business) from a pretty good European business school (I am from Europe and work in Europe). Will doing the CFA help me to accelerate my career and at least partly help me to make up for my lacking finance background?

The issue is that considering that my job is within transaction management and that I’m not really involved in financial analysis or decision making, the job probably won’t imo count as CFA experience. But will having passed at least 2 (better 3) levels improve my chances to move to a more investment related role within the bank in a couple of years in order to get the charter later?

Thanks for your help!

The only comment I can make with reasonable confidence is having the CFA charter can’t hurt. You’d be surprised what ends up qualifying for work experience. So don’t be quick to think that what you’re doing currently can’t potentially contribute towards the work experience requirements to earn the charter (check with the CFAI directly though).

I don’t think there’s much benefit to saying you passed the first or second exam. Maybe only for having passed all three and you’re simply waiting to accrue the necessary 4 years of experience. It’s charter or no charter, IMO.

Thank you. I think it would be the easiest way to improve my finance background. Being in the bank already helps a lot actually in terms of internal mobility. And I’m now in my mid 20s, so if I don’t do it know, I’ll never do it.

The only thing that is holding me back is the experience issue. They might accept it, true, but it’s definitely a borderline case. In case they don’t, it will take at least 7 years to fulfill the charter criteria (around 3 years in my current role + 4 years in a relevant role afterwards). Does it make sense to wait that long for their charter and not complete before my early/mid 30s?

I dont know but in my opinion, If an individuals ability to get financing is a part of their decision to invest in an asset; You provide services in the investment decision making process. You have to look at the whole picture of what your client is doing. Your service is a part of their overall strategy. It appears that the CFAI doesn’t require direct involvement with the client. You can provide services or work products that help them make decisions. Most HNW clients are careful about how they spend too. So, loan terms are important to them. It impacts their choices of assets, and whether or not they will invest in those assets. Regardless of the type of asset. Those choices also have an impact on their other investment coices and decisions. Their financial planner will point that out to them. I know, because I’m a financial planner that advises HNW clients.

Thank you. I agree that it is related, but it’s the financial, economic and/or statistical data part that is giving me doubts, because I’m more involved in actually transacting the deal (more the legal side) at the moment. But I would definetely like to move to more investment related tasks later on, that’s why I’m considering to do the CFA. The question is will having 3 levels without the charter will help me to break into such roles. If my current experience is not approved, I could get the charter later on then (after the 48 months in a new role).