I’ll agree with you highparkCFA that I don’t understand how people fail CPA exams when you can tailor the timing/order to your schedule. As with the CFA, it is all about prep time. If it is all about the top 10 MBA, does anyone think having a CPA or CFA will help in the admissions process into these programs?
I run a fund of funds and although some of the managers have it here and there, it peaks up in more of the altenative areas: global real estate. I do not work for RBC, I work for a small alternative shop in the Western GTA. Willy
I think that moving forward, I might want to earn my CPA designation. I have my CFA but I think that for some of the larger Corp., finance jobs the CPA is a good thing to have and given my lack of a Canadian CA, the CPA is a great option. Willy
kevinf12 Wrote: ------------------------------------------------------- > If you want to pass CPA I would use Becker Review > (I did)…it is solid and you will pass. highparkcfa Wrote: ------------------------------------------------------- > Used the combo of Kaplan CPA Review and CPAexcel. thanks guys, I’m not taking the CPA yet but I’m not sure with review guides to use. The most popular are kaplan and becker, right? What are the major differences between the two? Do any of you or the others have prior accounting experience? I’m probably going to take the exam but not have the accounting experience that counts.
Becker Review… Peter Olinto is my hero.
CPA and CFA are a great combination and complement each other for they are both the top designations in their respective industries. The CPA gives you the understanding of what goes into the number crunching process that the financial analysts look at. The CPA will help you on the FSA portion of the exam, so any CPAs taking the CFA will have a head start in this area. I’m working on both (I’m already a CPA) as well and from everyone I talk to, its very valuable to have both.
The insurance licensing process is very rigorous
My first car was a Toyota Corolla, now 8 years later, I am driving Porsche Carrera (a 996 model if you are into Porsche). To me, a CPA reminds me of the Corolla while a CFA is the Carrera. The Corolla is long gone. I don’t even want to be seen having a Corolla parked next to the Carrera on my driveway. Alpha Seeker, CFA
my earlier response from more from my own personal interests (buy side). clearly for something like investment bkg corp fin, the combo is great. even for wealth mgmt. but if you’re looking to be a buy side analyst or PM, i’m not sure what it would really add to your ability to read the markets and economy better. hmm…maybe for FSA in bottom up ER, i suppose.
edmund_lord Wrote: ------------------------------------------------------- > The insurance licensing process is very rigorous Don’t laugh…I failed a state insurance exam yet passed CFA L1 (and the CFP - didn’t seem as easy to me as others might say, okay…now let me have it).
“My first car was a Toyota Corolla, now 8 years later, I am driving Porsche Carrera (a 996 model if you are into Porsche). To me, a CPA reminds me of the Corolla while a CFA is the Carrera. The Corolla is long gone. I don’t even want to be seen having a Corolla parked next to the Carrera on my driveway. Alpha Seeker, CFA” pfffffffff…yeah right AS. Willy
I think the CFA/CPA would be great for banking and very helpful for any job that requires “fundamental” financial analysis (e.g. analyst positions at IM shops). It would be especially valuable if you are younger (<27) because you would likely have better analytical skills than the other analysts/associates at that level. Basically it provides the foundation for everything you would do at a junior level (assuming you are adept with excel as well). As for trading, I don’t think it would have much value added. Certainly not the CPA, although the CFA a little more so.
AlphaSeeker Wrote: ------------------------------------------------------- > My first car was a Toyota Corolla, now 8 years > later, I am driving Porsche Carrera (a 996 model > if you are into Porsche). > > To me, a CPA reminds me of the Corolla while a CFA > is the Carrera. The Corolla is long gone. I don’t > even want to be seen having a Corolla parked next > to the Carrera on my driveway. > > Alpha Seeker, CFA Oh Really??? Well, there are plenty of CPAs out there that drive Porsche Carerras if not more expensive cars out there. What an elitist!! You really give CFAs a bad name. Rohufish, You’re right. The CPA doesn’t really add much value to the knowledge of the markets since finance essentially analyzes what the CFOs and accountants report and the examination has no coverage on economics or the markets. That’s where the CFA helps you greatly in obtaining that understanding.
Mister2, read my post intelligently. I didn’t imply CPAs drive certain cars and CFAs drive certain cars. I was stating the value and prestige of these two certificates are like Corolla and Carrera. When someone has both a CPA and a CPA after his/her name, it sends a mixed message. I bet you for those people who have both titles, majority of them get their CPAs first and want a step up so they get a CFA. To any fair minded person, if a CFA has to get a CPA to further his/her career, that really gives CFA a bad name… If you are still not happy with this answer, hear this: happy bean counting, buddy.
Whether or not he read your post intelligently, you still sound lke a douche. Try telling a partner at a big 4 or a CA/CPA who has their own practice your little comparison.
Is anyone else seeing the holes in the Corolla to 911 trade referenced above? Like isn’t there a Jetta 2.0 Turbo or GLI to 325is to M3 carry trade somewhere in there. Corolla to 911 is just too transparent. Willy
Just to end the debate, CPA & CFA can only be positive. I really don’t see how the additional credential could be viewed as a negative. Just looking at one firm that appears to value CPA & CFA combo, T Rowe. Here are their LC portfolio managers, all have the combo. Looks more like Ferrari to me. Larry J. Puglia, CFA, CPA RobertW. Sharps, CFA, CPA P. Robert Bartolo, CFA, CPA
I think the CPA, CFA combo is mostly a thing of the past. Those who end up with both designations probably weren’t seeking both in the first place, as you need to be on two different career/education paths to achieve either designation. You see a lot of old guys having both because the work experience and education requirements for both designations were a lot less 20 years ago. I guess a CPA, CFA combination is most indicative of someone who changed careers somewhere along the way.
What about people in corporate advisory at one of the big 4? Would you not expect this to be a common thing there?
Pittfin, I have the CPA/CFA combo and the market reception has been nothing but positive. It won’t be an advantage whatsoever in quant fund or something like that, but could be to your advantage if interviewing for an IB or PE role or with a fund that has a heavy focus on fundamental analysis (think long/short equity neutral). The key selling point is that your CPA background gives you some sort of “leg up” in understanding financial statements and will give you the tools to dig one level deeper (think due diligence in PE, fundamental analysis in ER). I’m not sure where you are in your career but if you are an off-cycle candidate for an IB analyst/new associate role, you can sell your CPA background from the standpoint that most IB type modeling is very close to FSA and your knowledge of financial statements will help you get up the curve quickly.