^Very impressive. What did you major in during college and what’s your work experience?
At that point I had about 1.5 years of work exp as a credit analyst, first for johnson & Johnson, then for wells Fargo. I majored in business admin, no concentration from a no name school with an embarrassingly low gpa (switched gears after I graduated). Did cfa l1, then the cma while waiting for results, then l2 cfa, then MSF at a slightly above avg school (much better gpa), then l3 cfa, then the CPA sections. Now I’m a market risk analyst at a different bank.
Black Swan, care to share how you mastered this process of acing stuff in minimal time? You seem like the opposite of most (I think it’s easier to get a higher GPA than pass these tests!).
Black Swan Wrote: ------------------------------------------------------- > At that point I had about 1.5 years of work exp as > a credit analyst, first for johnson & Johnson, > then for wells Fargo. I majored in business > admin, no concentration from a no name school with > an embarrassingly low gpa (switched gears after I > graduated). Did cfa l1, then the cma while > waiting for results, then l2 cfa, then MSF at a > slightly above avg school (much better gpa), then > l3 cfa, then the CPA sections. Now I’m a market > risk analyst at a different bank. How hard was CMA (starkly similar backgrounds - LII candidate now with MSF)? How valuable do you think it’s been? I’ve been ‘lightly’ considering that.
i have a CPA and am scheduled to take L2 of the CFA. Here’s the deal - CFA is much, much harder. Honestly, its not even close. If you go for both, however, do the CPA first. After you’ve passed the CPA, the accounting portions of the CFA will be a total breeze. As far as the career paths, etc. of someone who has both - i don’t know. I just went for the CFA because i genuinely wanted to learn more about finance, particularly financial instruments, and this is a great way to do in. In addition, the CPA seems to basically be table stakes in the field of accounting now - if you don’t have it, there’s something wrong with you. CFA can help make your resume pop a little bit, not many people have it.
smileygladhands Wrote: ------------------------------------------------------- > i have a CPA and am scheduled to take L2 of the > CFA. > > Here’s the deal - CFA is much, much harder. > Honestly, its not even close. If you go for both, > however, do the CPA first. After you’ve passed the > CPA, the accounting portions of the CFA will be a > total breeze. > I am in the same boat and agreed with you. CFA is a lot harder than the CPA. One thing that makes a huge difference with the CPA these days is how it is administered. You could study a month for each section, take it in the windows allowed in one year and pass everything. The new (4-5 years old) way to test the CPA in windows during the year and by individual sections makes it a lot easier than the CFA.
yeah, i’m an old timer and took the last pencil and paper test- had to at least sit for 2 parts at that point in time, couldnt bang them out one at a time.
Black Swan Wrote: ------------------------------------------------------- > At that point I had about 1.5 years of work exp as > a credit analyst, first for johnson & Johnson, > then for wells Fargo. I majored in business > admin, no concentration from a no name school with > an embarrassingly low gpa (switched gears after I > graduated). Did cfa l1, then the cma while > waiting for results, then l2 cfa, then MSF at a > slightly above avg school (much better gpa), then > l3 cfa, then the CPA sections. Now I’m a market > risk analyst at a different bank. i’m gonna call bullshit on this - to take the CPA you need an accounting degree
You’re absolutely wrong, so many people in PA told me this, but I registered and sat. If you want, email me and I’ll send you the NTS (notice to schedule) forms to sit the exams. Most of the ambiguity regarding CPA reqs comes from their own hazy wording in the req documents. Anyhow, been too busy to post much lately. For those of you who had questions, email me as well and I’ll get back to you that way. I don’t BS on this forum, I know too many people here in person. q.benjamin@gmail.com
I dont think most states require a degree in accounting, but many will require a certain number of accounting hours. That doesnt mean you have to have a degree. Each state is different (mine is from TX).
I tried to register for the CPA with a BA in Finance and a MBA with Accounting concentration and the state board had a problem with none of my accounting classes had a “Managerial Accounting” title. It was freaking hilarious. I needed to have the Chair of my Accounting department in the MBA program contact them and describe the courses that I took so they would be ok with all my credits. Every state is different so I believe somebody without an accounting degree could sit for the exam in some state, but in general, they will really need a lot of accounting credits. In my state you cannot sit for the exam right now with a basic Accounting undergrad, many people go for the MSA to get enough credits. Isn’t it like a 150 credit requirement in most states these days? Anyway, anybody that is considering the CPA needs to understand well if they can sit for it before start studying.
The 150 is to actually get the license. Some states will let you sit before you get to 150, you just won’t be officially licensed. Black Swan - That is strange you could sit without an accounting degree. I had to send in official transcripts for accounting degree in my state.
My boss was in my office this morning (he is a CPA) and basically made the argument that the CPA was “as hard” as the CFA. While I am not a CPA, I find it hard to believe that the CPA could be as hard as the CFA. It seems to me that the CPA is easily passable if you put in the required hours (there is one on every street corner right?). With the CFA (L2 and I am sure L3 is the same), you can put in the required hours and still not be close to passing. Plus, the CFA is a 3 year commitment, the CPA is a 6 month commitment. Not even close in my opinion, but I am a not a CPA so what would I know.
i am a CPA and have so far passed level 1 and 2 of CFA, taking level 3 in a few weeks and i can say that the CFA exams (all levels) are vastly more difficult than the CPA exam for many of the reasons listed in the above posts.
Tack me on as one more CPA saying the CFA exams are harder.