So I have my own firm and my own clients. I am also under 30. I was thinking of getting a CAIA, but I am not sure.
What is the point of these exams if I am self employed?
My goal is to have control of my future, and hence why I went solo into the asset management industry. I am always challenged by attaining growth for my firm, but so is everyone else.
I guess I am wondering if anyone else went for any further education once self employed?
“What is the point of these exams if I am self employed?”
“Having own firm” and “being self employed” is not an end in itself, it is rather one of the initial steps to achieve desired growth and exploit your inherent talents in order to “have control of “ your “future”. From my experience I can say once you are on your own sooner or later (specially if you are successful and in demand) you will want to “exploit” possible avenues and tap the diversified areas for professional /financial growth and expansion. This need may not be apparent during the initial years but the moment your specialization market trends change and/or you reach the plateau of new business potential (which believe me is neither predictable nor can be safely evaluated as on date in this globalised and ever changing economic scenario – the needs of the finance related fields and industry changes in an almost wacky way every 5-7 years giving rise to new potentials and possibilities!) –at that time you strongly feel the need to be professionally competent to handle a little more diversified portfolio to exploit the emerging scenario under the umbrella of your “own firm” - it is then these (now) seemingly ‘unnecessary’ knowledge, skill and ‘certified’ qualification will prove to be an asset.
As your ‘business’ grows and the client base (specially corporate clients) expands these credentials of the firm’s promoter/owner like CA/ACCA, CFA, CAIA etc repay the investment of time and money many-fold and the dividends are higher. I have had the feedback from some new big corporate clients that initially they came to me only because one of my satisfied clients vouched for our services along with citing my professional qualifications & affiliations ( obviously but for the credentials the intro would have been less reliable for them). In the long run it adds to your professional standing and credibility.
One crucial reason for doing /getting it at early stage is at later stage you will have neither the time nor the inclination to acquire it even if you feel the need then and even if you decide to go for it the effort and time required then will be many times more. Remember, if you are successful and ambitious the ’future’ is nothing but a sum of new potentials, surprises and challenges, more equipped you are to handle them better are your chances.
On a semi-related note, be aware that CAIA does not have the recognition that CFA does. 99.9% of folks in asset management know (and respect) what CFA is, while only maybe 20% are aware of CAIA.
What does your firm do? It would make a difference between whether CFA, CAIA, or CFP would serve best.
There’s something strange about the “I have my firm, is there any point in learning more?” attitude. Surely you want to serve your clients better (or at least more efficiently for yourself).
Do you think the knowledge will be useful? Because, that is supposedly the purpose of all the exams. Also, maybe the certification will help you meet business contacts through CAIA dinner or something.
If you want to constantly answer the question, “WTF is a CAIA,” then get it.
If you want to pay $350 annual fees a year for nothing, then get it.
Otherwise stick with the CFA, CFP, CPA only. Those designations ring clients bells. The others do not.
mygos, I like your response. I can always use more credibility.
CFAvsMBA, my reason for CAIA is that it is not as long as a CFA. You also need only 1 year of work experience to get the charter. I’ve been managing money for other people for 3 years now, but with the CFA you need 4.
Just really seems like a massive time investment that at the end will only boost my credibility in a very small investment world. So I am sure the CAIA could be a good substitute?
I’d rather do a CAIA, then if I want a time out, put my firm on pause for 2 years and get a Top 20 MBA.
I’d rather hire somoene else with a CFA. Dunno why, but my gut feeling tells me to avoid the CFA because it does not seem worth it plus people who usually have a CFA are very nerdy quant types. Gotta worry about my social appeal, you know?
Doing the CAIA instead of the CFA is like buying a bicycle instead of buying a car.
Sure, maybe it’s less of an investment and can perform some of the same tasks, but it’s not the same.
I’d only recommend the CAIA if you work exclusively in alternative investments, and don’t think you could complete the CFA.
I did the CAIA program just for personal knowledge. I highly doubt I will ever pay the membership fees and use the letters unless my employer pays for it. If the pursuit of knowledge is what you are looking for, then by all means do every designation under the sun.
If you want your letters to carry some weight, pursue the CFA charter. It will be a few more years before the CAIA really gains traction.
DudEnoway, since the CFA takes min 18months to do then if u take 2013 June level 1 and continue working then you will have ~5.5 years work experience if you pass all exams first time.
Also I wouldn’t consider the CFA very quatitative either its focuses more on fundamental research.
Outside USA, I think the % who are aware of CAIA is even lower. They don’t have an exam centre in Malaysia yet, whereas exams like FRM, CIPM, PRM, etc. are conducted here.
Lol!! This could be a great icebreaker with new clients.
Well even the SEC website does not have an exam exclusion for a CAIA like they do for the others, so you have to take a Series 65 or Series 7 & 66. I took the Series 65, which wasn’t easy either! (Mostly because the questions asked are no where to be found on the study guides)
But anyway, depending on how the economy does in 2013, and my schedule, I am pretty sure I will dip my feet into the CAIA first. I am hoping it does gain traction. You gotta remember that I operate in the real world, and clients only really care about my track record. I’ve passed enough hard exams to not want another grueling marathon session exam. My college was tier 1, not the best of the best, but up there on the West Coast.
I can point you to lots of firms that are going out of business because of their poor performance and they employ tons of CFA’s, etc.
haha exactly!
it is surprise to know you are from malaysia too!
Can’t take the ‘country’ at face value - you can put whatever you like in your profile! But I’m really from Malaysia, and there are a few more.
anyway, thanks for the prm exam 3 notes on quizlet!
Wendy, have you ever purchased and kept a luxury car beyond a 4 year mark?
Once the warranty runs out, those cars aren’t as great as they once seemed. The sheer stress of time and money you dump into them just to keep them running is a lot of work…
I get what your saying, but a bicycle is simple… I actually own a bicycle from the company called Simple. It’s simple.
I like simple…
Seems like the OP had his mind made up no matter the responses…
I saw your post on the other thread. What kind of firm do you run? Is it an RIA?
CAIA will not help you, as it is pretty specific to FoF analysts. You should get a CFA, especially if you’re running your own firm. If for no other reason than to learn.