CFA vs MBA advice

I failed the June Level 1 exam, but my score band was high indicating that I was probably on the bubble. My boss doesn’t think it’s worth the agony of pursuing the CFA anymore. Our busniess model has changed and portfolio managers will no longer be actively trading on a daily basis. He is pushing the MBA route heavily and I’m not sure what to do. I want the CFA more than ever now, but the MBA sounds enticing too. You guys have any advice?

Do both, Retake Level 1 in December for $468 and take the GMAT within the next month or 2. I’m doing just that.

mba useless unless from top 10 , cfa great tool for learning , cost effective ;;;go for it

i agree with level 1_dec

MBA is a discipline and it depends on your own to make it worth it or not. There can be big difference between two classmates after the MBA. But CFA is a standart that anybody who gets it are almost the same level and nobody would question the knowledge level of a CFA charterholder. I would always prefer CFA over MBA if they were mutually exclusive for me. I’m doing the both now.

The MBA is not useless. I’ve known plenty who do not go to top 10 schools and end up successful in the end.

As the statistics section in L1 books teach us, do not confuse correlation for cause.

ditchdigger, knowing is one thing and getting a chance to apply is another. god job comes with top uni’s mostly

I’m inclined to do both. I took GMAT last year. Now working on CFA L1 for Dec 2008. Even with score of 720, I’m uncertain about my chances at top 10. (I belong to one of the highly competitive pool of applicants) I will do it even if i could not manage through top 10. CFA and MBA complement each other well. Top 10 MBA is great but top 30 is good too. IMO. Passing L1,L2,L3 only requires good academic ability and lot of hard work. To get into top 5-10 schools, you not only need good academic ability but also lot of leadership potential demonstrated through your work history / community service etc. It also depends to what extent you can distinguish yourself from other applicants. All the best !! HTH

charu_mulye Wrote: ------------------------------------------------------- > To get into top 5-10 schools, you not only need > good academic ability but also lot of leadership > potential demonstrated through your work history / > community service etc. It also depends to what > extent you can distinguish yourself from other > applicants. Very very true. If you can prove that you are the best tennis player around and play nationals, then you are 50% through the HBS filter… Likewise, you have a cancer aid foundation NGO registered under your name… you are good to go.

It’s really what you make of the time spent learning. I finished my MBA this summer and while it wasn’t from a top 10, the school is respectable and I gained much more knowledge thenI had from undergrad, multiple contacts, feel prepared for the CFA, and also have the letters which helps. Both are a serious commitment’s but obviously the MBA is structured while the CFA is DIY so it depends on your own drive.

forget about your boss. he is pissed he doesnt have the CFA. In 20 years, he will be in a casket or on a beach sipping cheap daiquiris, you will be MD at a firm somewhere. get your MBA and get your CFA. Dont let others hold you back. seriously. a lot of older people you meet regret not doing the CFA before life hit them (sick mom, 2 kids on the way, massive mortgage payments)…do it now while you are young and knock it outta the park. sorry to be so blunt, but you have to set your own way in life. ever see DEPARTED? yeah, me too: “no one is gonna give it to you, you have to take it!”

If you are changing careers (engineer to finance or want to get into marketing), MBA works great. If you are already in finance and want to stay in finance, CFA is the way to go. When taking CFA, you are not foregoing your salary nor are you paying outrageous MBA fees, so from a financial perspective, CFA makes a lot of sense. Of course, a benefit that isn’t as easy to quantify is the network from a top b-school.

SRBlades: I have an MBA from a Top 10 School (Michigan) in finance. Number 1: Do what YOU want, not what your boss says. You and only you are responsible for your career path. if you think you were that close to passing, take it again and knock it out. Don’t let someone’s opinion of what THEY want you to do deter you. Regarding those comments that you have to be from a Top 10 school, and/or an MBA is useless; that’s total BS. I’ve worked with folks from Top School schools as well as those from lower tier at some major companies here in Chicago . There are smart folks (and not so smart folks) on both levels. After 4-5 years, this won’ matter anyway. What does is your work experience. Get that CFA now man. I got my MBA in 1991 and wish I had taken it in the 90s when the pass rates were much higher (and I didn’t have a wife & kids which cuts into study time). Good luck to you.

dinesh.sundrani Wrote: ------------------------------------------------------- > charu_mulye Wrote: > -------------------------------------------------- > ----- > > To get into top 5-10 schools, you not only need > > good academic ability but also lot of > leadership > > potential demonstrated through your work history > / > > community service etc. the interview is VERY important. MBA work is team work, if you can show that you can work with people, it is all the better. dont underweight the interview

Daj and Kent; Thanks, the both of you have been helpful. Daj, how did that interview go on results day? Any follow up?

interview went fine, but bank moves slow. they put another guy thru 7 rounds over 8 weeks and finally said no to him. so i am in no rush with them. They are a small firm abnd by defnition, small firms take a LOT longer to hire. Most big shops put you thru 3 rounds and bam, you are in. small firms are a pain the ###

I agree with this. I was on the border at Wharton and took an “optional” interview when I was visiting family on the East Coast. I got an acceptance letter less than 2 weeks later. Best $48 train ticket I ever purchased. Got to the school or the interview and ask to sit in some classes. That will help you get a feel for the place. Can’t hurt!

Thanks for all the advice, I really appreciate it. In response to the commentary about doing what I want instead of my boss; I did not mean to imply that he was pressuring me in a negative way. He’ll fully support either decision I make and I respect his opinion, that’s why I listen to him. I probably wouldn’t get into a top 10 program, but top 20 is almost certain. I’m only a few 2 yrs out of undergrad so I may try to go back to the MBA (my original, long standing goal) and come back to the CFA when I’m done. Most of the PM’s here have done it and I’d say it’s worked out pretty well for them…

I learnt much more from my MBA than CFA and am glad I took time out to learn what I learnt at b-school. In the CFA you are studying to pass an exam. The MBA is a far more interactive learning experience where learn about the various disciplines in business. If you intend on pursuing an equity research/PM career track, MBA adds much more value than CFA.