I was reading the linkedin group “CFA Careers”, more specifically the activity feed and related comments. I would say 90% of them are related to “Can CFA get me a job?”, are people this feeble? Does the CFAI allude to marketability as a virtue of the charter? I’m a little confused, I guess I thought CFA would show my focus on investment research but was pretty realistic with myself to how much weight, if any, it carried. What do you think? I think that dilution is extremely high among candidates b/c of these claims that a charter will get you a job…
If they can’t get a job, then there’s no reason to worry about dilution - not to mention if the point is that it’s of negligible value now (i.e. it can’t get you a job), then it shouldn’t much matter if it gets diluted further. My view is ‘the more the better’. The process to obtain the charter also ensures some protection against dilution - there’s also plenty of other things to worry about before this imo.
The CFA material is outstanding. I’m not worried about dilution of the credential since it’s currently viewed as knowing an individual is well versed in the basics of finance. The exams aren’t easy and there is an experience requirement. Even if numbers continue to swell it will continue to be viewed by hiring managers in a positive light. Actuary exams, while harder than the CFA exams are full of sh*t material.
Well, the CFA used to be thought of as a gold standard for asset management type skills; now there are more people doing it, and so it is starting to become an entry level requirement (or at least willingness to undergo the process). But the problem is that the industry (in the US) as a whole is shrinking, so it doesn’t help get a job as much as it might have in the past. That doesn’t mean it isn’t valuable. I agree that the curriculum is very good. I like the fact that I learned a lot about investing even though I didn’t do finance as an undergrad and it didn’t require me to get an MBA (too much time in school already).
They need to get tougher on the experience requirement…too many accountants and BO people getting their experience approved…that will help.
Many of those people will fail and get weeded out at Level 1. I went into studying for the Level 1 December exam with this attitude and my results showed it. I have now realized that it isn’t about getting a job, but rather the education it brings and dedication it demands. I have changed my attitude this time around and studying is going much better and it is much more enjoyable. But in terms of dilution, there isn’t a whole lot that can be done. 50 years ago you were set with a bachelors, 25 years you were great with an MBA. Now what do those get you? In a country with decreasing jobs and increasing population, you have to do what you have to do.
richardbchilds Wrote: ------------------------------------------------------- >you have to do what you have to do. I like totally agree, man.
Probably the best decision I ever made was to pursue what I was passionate about, no matter what the cost, without considering alternative methods of learning the material outside of a $120,000 degree. This is why I have abandoned my quest for the CFA, stopped thinking about B-school, and decided to pursue getting a masters in Military History, as well as a doctorate in Philosophy. I’m thinking of pursuing a pursuing a part-time certification in interpretive dance, as well. In a brutal twist of irony, my forthcoming book is tentatively titled, “DEATH BY DEGREES: The rising cost of needless overeducation in America.” You’ll be able to tell it’s mine because the entire bottom third of the cover is taken up by my professional designations and degrees. I just hope the first printing will cover the interest on my student loans; these things really add up. -SSF, CFA L3 candidate, B.A., B.S., PhD, CPA, MBA, CAIA, Series 7 licensee, Master Urban Gardener, Certified professional ice carver, Certified competition barbecue judge, Level 1 sake specialist, Certified welding inspector and JAAAGGBG* designee. *Just-an-all-around-great-guy, by golly (awarding of certificate pending work experience approval).
I wouldn’t judge the quality of any larger group/organization by its representation on Linked. 99.9% of the posts are someone trying to sell you something worthless, someone expressing their lame political opinion, or just someone without a general clue. The CFA Members group isn’t too bad since its better managed and restricted.
Flux Capacitor Wrote: ------------------------------------------------------- > I was reading the linkedin group “CFA Careers”, > more specifically the activity feed and related > comments. I would say 90% of them are related to > “Can CFA get me a job?”, are people this feeble? > Does the CFAI allude to marketability as a virtue > of the charter? I’m a little confused, I guess I > thought CFA would show my focus on investment > research but was pretty realistic with myself to > how much weight, if any, it carried. > > What do you think? I think that dilution is > extremely high among candidates b/c of these > claims that a charter will get you a job… People who are that early in the process of determining whether they want to pursue the charter are unlikely to have any negative impact on the quality of tha charter, as many will not complete the program. Out of the fifteen or so relatively keen people I know that started studying for the charter back in 2007 only three have written all three levels with one of those three having completed the exams and the other two writing level three for the second time. The reality is that this is a difficult series of exams and you either have to be very smart, very motivated or both to get through the program because most don’t make it through.
Linked in has a forum?
I think the amount of charterholders in Asia will soon crowd out its value in Asia the same way they did with Asian MBA’s. Still, that hasn’t done much to dilute the value of Top Tier MBA’s from US universities and I think if you are one of the people in the good jobs in finance you won’t care who’s getting the charter. And as everyone realizes that they can’t just get a job by having a CFA charter they will go pursue the next thing.
^ Yea those asians are crazy when it comes to studying. Their greatest strength is memorizing tons of stuff
The criteria to sit for the test should be more stringent. Much like the CPA, I’d like to see a minimum number of college credits completed (more than what is required for an undergrad degree) combined with a minimum number of finance, economics, and accounting courses completed.
murders&executions Wrote: ------------------------------------------------------- > The criteria to sit for the test should be more > stringent. Much like the CPA, I’d like to see a > minimum number of college credits completed (more > than what is required for an undergrad degree) > combined with a minimum number of finance, > economics, and accounting courses completed. Why? Random thoughts, by Danny Boy: (1) it assumes you already have a job (work experience) or have significant experience working in the field to actually have the charter. (2) I wouldn’t care if everyone had it since the material is worthwhile. If anything, level one will become an entry level requirement for graduating finance majors from non-target schools (3) there is no set career path for a charterholder like there is for an actuary. There aren’t well defined salary bands for years of experience and all that jazz because the finance world is just too large (4) you don’t get any legal power with the CFA. All it has done, and will continue to do, is signify a certain level of applicable experience and knowledge. The barrier is still higher than a non top B school which is likely why many companies would prefer you have a CFA than an MBA from San Jose State. Everyone can take the exams but it takes dedication and at least minimual intelligence to pass, unlike some MBA programs out there.
murders&executions Wrote: ------------------------------------------------------- > The criteria to sit for the test should be more > stringent. Much like the CPA, I’d like to see a > minimum number of college credits completed (more > than what is required for an undergrad degree) > combined with a minimum number of finance, > economics, and accounting courses completed. I agree with the last post; why have a minimum number of finance, economics, and accounting courses completed in order to sit for this exam? If you know the material and haven’t cheated, why should it matter whether you went to a community college and took some courses or just taught yourself. You might say “how do you know that you actually know that stuff,” and the answer to that is “well, you passed three levels of a very challenging exam, and if you didn’t have a minimum level of competence, then you wouldn’t be able to pass it.” As for the CPA. I’m not sure why that criterion is still there. I believe they are relaxing the training criteria in that they accept a larger number of courses for credit to be able to sit for the CPA exams. I’m not 100% sure on this, but I think I heard this from people who do more accounting oriented stuf. I think the CPA exam is restrictive more out of a regulatory capture mechanism. Because you *must* have a CPA in order to practice audit and certain other accounting functions, making these requirements is a mechanism to create barriers to entry and reduce competition. Since there is no regulatory requirement to have the CFA charter in order to do financial analysis, there is really little value in restricting one’s ability to sit for the exam. If you want to reduce competition, then just make the exam harder.
joehogue Wrote: ------------------------------------------------------- > I wouldn’t judge the quality of any larger > group/organization by its representation on > Linked. 99.9% of the posts are someone trying to > sell you something worthless, someone expressing > their lame political opinion, or just someone > without a general clue. agreed - anyone who is active on there is looking for a job/lead. could that be the reason for the fretting?
bchadwick Wrote: ------------------------------------------------------- > murders&executions Wrote: > -------------------------------------------------- > ----- > If you want to reduce competition, > then just make the exam harder. i’d argue that if you want to make it more ‘professional’ and less ‘competitive’ you could just increase the price to say $15k per round. that would almost limit entrants to professionals who could get company financing or who already have a demonstrated level of success.
mar350 Wrote: ------------------------------------------------------- > bchadwick Wrote: > -------------------------------------------------- > ----- > > murders&executions Wrote: > > > -------------------------------------------------- > > > ----- > > If you want to reduce competition, > > then just make the exam harder. > > > i’d argue that if you want to make it more > ‘professional’ and less ‘competitive’ you could > just increase the price to say $15k per round. > that would almost limit entrants to professionals > who could get company financing or who already > have a demonstrated level of success. I don’t understand how much money you can pay is the determinant of intelligence? People who can afford that probably 1) already know the material and are less interested, 2) are too busy with work and family to go through with it, or 3) the charter will get them nothing in terms of career development. Like many others have said, these people will get thinned out. No need to worry.
richardbchilds Wrote: ------------------------------------------------------- who said anything about intelligence? we’re talking about a professional skillset here. if your firm will pay a reimbursement for an mba, why wouldn’t they for a cfa? 15k really isn’t a lot for a firm.