Negative Impact on Candidate after failing L1 TWICE

[itera]

Some of the MBA and CFA debate is misguided here. Simply put: they don’t target the same careers. Of course there are peopel with both types of degrees in all finance jobs… but CFA is more valued at AM and ER. and an MBA is more valued in IB and PE.

[sokenyou]

That’s what I read from book and the website: mergerinquisition that MBA is more valued in IB, PE/VC or even M&A, but CFA is more PM and ER. I don’t know what really is out there so I asked a couple of people. They can only speak for their careers so far, but the conclusion is

Some can possibly switch careers by passing all levels of CFA but not an easy task at all

Some say MBA is a safer bet although CFA & MBA lead to different careers, but once I have a job in the finance industry, then I can decide whether to go for the Certification (although it might be too late for someone at my age)

Thanks again for your opinion

[sokenyou]

I did think why I want to go the 2nd attempt. When I signed up back in March. I thought I can do this. What I told myself was regardless I make the career change, passing CFA L1 is good as I can have confidence myself and I acquire the knowledge which you never when you can use it.

But after the final review class, I know I am not ready. I can force myself to go write the exam, but failing it won’t do me any good either as this is the 2nd time. I know what it is like…

Anyway, thanks for your comments

@Sinduja

Hi sokenyou,

I read through all the advice you received, (some of which seems misguided to me)and hope it helps you make the right decision. However I was wondering maybe your prep methods may be the culprit?

MBA is not an alternative to the CFA neither is it the other way round. You decided to write the CFA L1 exam the second time for a reason- try to figure that out. With regards to job prospects there are several CFAs, MBAs, CFA+MBA’s, CFA+MBA+Phd’s who are now available on the job market. The point imho of getting any degree only makes sense when you sign up for it, after that you are on your own.

So my free advice is to understand what your reasoning was to sign up for a second attempt and then figure things out from there.

[sokenyou]

Thanks NaNa. I know MBA is totally different from CFA. MBA is a well-rounded Business Degree and CFA is a certification exam. Either way, I want to make the career change and my interests are in ER, PE/VC, IB and M&A, but I only know what they are through reading a few articles and this book about careers in Bay Street / Wall Street.

That’s why I mentioned both because to my knowledge, those are two possible ways to get my feet in the door.

I have to re-evaluate what it takes and where it will take me if I am going for an MBA.

Thanks a lot for your advice

@NANA_Hachiko

@Sinduja

Hi sokenyou,

I read through all the advice you received, (some of which seems misguided to me)and hope it helps you make the right decision. However I was wondering maybe your prep methods may be the culprit?

MBA is not an alternative to the CFA neither is it the other way round. You decided to write the CFA L1 exam the second time for a reason- try to figure that out. With regards to job prospects there are several CFAs, MBAs, CFA+MBA’s, CFA+MBA+Phd’s who are now available on the job market. The point imho of getting any degree only makes sense when you sign up for it, after that you are on your own.

So my free advice is to understand what your reasoning was to sign up for a second attempt and then figure things out from there.

I second that. i dont’ think one should take MBA “because CFA is too hard and MBA is more realistic” - i mean, if you end up going into the same industry, i don’t see how you would want to invest so much time and money on something just because it’s easier or doable when perhaps from the beginning you should know it’s not a career for you.

If you want to go into high finance and you can’t pass CFA, i don’t think it’s for you, quite honestly, even with a MBA, you won’t go far.

If you want to go into management, on the other hand, then CFA isn’t for you and perhaps MBA is more for you.

[NANA_Hachiko]

Another thing to keep in mind is also evaluating what you want to do vs what you are good at.

Sometimes what you want to do may not be what you’re good at, and it’s not somethign other people willing to pay you to do.

For example, i want to be a supermodel and the next gisele, but i am not tall enough and i will never make it.

Certain things you just can’t force it. try your best and if it doesn’t work, try something else.

[former_trader]

^ Gisele is overrated!

[NANA_Hachiko]

@former_trader

^ Gisele is overrated!

If i wake up tomorrow and look half as hot and rich as she, i wouldn’t mind

[former_trader]

You should aim higher…both in terms of looks and money.

[NANA_Hachiko]

@former_trader

You should aim higher…both in terms of looks and money.

I do’nt think making MORE money than Gisele will make me any happier.

Surely she may not be able to buy a space shuttle like Richard Branson, but she can for sure buy herself a ticket when the space shuttle is built.

When you have that kind of money, you almost don’t need more…

[sokenyou]

Thanks NaNa for sharing your thoughts. Appreciate it. We have never met, but I am sure have found what is best for yourself and able to retain it… Happy for you

@NANA_Hachiko

Another thing to keep in mind is also evaluating what you want to do vs what you are good at.

Sometimes what you want to do may not be what you’re good at, and it’s not somethign other people willing to pay you to do.

For example, i want to be a supermodel and the next gisele, but i am not tall enough and i will never make it.

Certain things you just can’t force it. try your best and if it doesn’t work, try something else.

[darthplow]

@itera

If you study well, learn the material, and will pass.

If preparation is inadequate, then not passing is the natural outcome.

Word of note though, passing L1 or L2 or even L3 alone will not suddenly open doors that allow you to land a good job in finance. seriously. And that holds even more truth at age 35.

I disagree, the CFA designation will open alot of doors. Ive seen it happen

[former_trader]

@NANA_Hachiko

@former_trader

You should aim higher…both in terms of looks and money.

I do’nt think making MORE money than Gisele will make me any happier.

Surely she may not be able to buy a space shuttle like Richard Branson, but she can for sure buy herself a ticket when the space shuttle is built.

When you have that kind of money, you almost don’t need more…

…Or you can always marry Richard Branson…but for that you have to be hotter than Gisele.

[itera]

@darthplow

@itera

If you study well, learn the material, and will pass.

If preparation is inadequate, then not passing is the natural outcome.

Word of note though, passing L1 or L2 or even L3 alone will not suddenly open doors that allow you to land a good job in finance. seriously. And that holds even more truth at age 35.

I disagree, the CFA designation will open alot of doors. Ive seen it happen

BS. I’ve worked in multiple front office positions in IB,AM, ER at several firms from small to mid to bulge bracket across many many years.

The charter is just icing on a cake. I repeat: Passing these exams will NOT suddenly open doors to a good job.

If you saw someone get a door open, it was 95% his qualifications and 5% the charter at work.

[geo]

@itera

If you saw someone get a door open, it was 95% his qualifications and 5% the charter at work.

Correction: It was 64% connections/network, 34% qualifications and 2% charter.

[bchad]

@former_trader

@NANA_Hachiko

@former_trader

You should aim higher…both in terms of looks and money.

I do’nt think making MORE money than Gisele will make me any happier.

Surely she may not be able to buy a space shuttle like Richard Branson, but she can for sure buy herself a ticket when the space shuttle is built.

When you have that kind of money, you almost don’t need more…

…Or you can always marry Richard Branson…but for that you have to be hotter than Gisele.

I don’t think you have to be hotter than Gisele for that. Once you get to a certain level of physical attractiveness (and the line is is far less than Gisele’s), one’s ability to land someone like Richard Branson has a lot more to do with things like personality, the ability to hold an interesting conversation with the guy (not necessarily meaning intelligence, but that usually helps), and the ability for both partners to imagine a compatible future together.

[sokenyou]

Thanks Geo, but how did you come up with those percentages?

@geo

@itera

If you saw someone get a door open, it was 95% his qualifications and 5% the charter at work.

Correction: It was 64% connections/network, 34% qualifications and 2% charter.

[geo]

@sokenyou

Thanks Geo, but how did you come up with those percentages?

@geo

@itera

If you saw someone get a door open, it was 95% his qualifications and 5% the charter at work.

Correction: It was 64% connections/network, 34% qualifications and 2% charter.

It was a joke. But it’s not far from the truth. Especially in Canada, where I see you’re from as well. It’s all old boys club here. You want in? Better know someone. Someone ahead of you in line for the spot knows the hiring guy, and he’s probably got equal experience. The Charter doesn’t overcome relationship advantages. And there is always someone with a relationship advantage here. It best be you or you’ll be on the outside looking in.

You’re an engineer (I’m assuming a P.Eng type). There is so much opportunity out there for you, yet you’re looking at an industry in a huge contraction. If you want more business exposure, check out project management opportunities or what not, there is literally insane levels of demand for those skills (also something an MBA would help you out with). Probably better pay, less hours and way more opportunity than finance. Just saying. Maybe that’s not your cup of tea and that’s fine. Just laying out some realism here.

[sokenyou]

Thanks Geo. Sorry for the late response. I haven’t checked out this conversation as I thought there are no further comments on my question already, but thanks a lot for the information and opinion on what I wish for.

Sincerely,

K

@geo

@sokenyou

Thanks Geo, but how did you come up with those percentages?

@geo

@itera

If you saw someone get a door open, it was 95% his qualifications and 5% the charter at work.

Correction: It was 64% connections/network, 34% qualifications and 2% charter.

It was a joke. But it’s not far from the truth. Especially in Canada, where I see you’re from as well. It’s all old boys club here. You want in? Better know someone. Someone ahead of you in line for the spot knows the hiring guy, and he’s probably got equal experience. The Charter doesn’t overcome relationship advantages. And there is always someone with a relationship advantage here. It best be you or you’ll be on the outside looking in.

You’re an engineer (I’m assuming a P.Eng type). There is so much opportunity out there for you, yet you’re looking at an industry in a huge contraction. If you want more business exposure, check out project management opportunities or what not, there is literally insane levels of demand for those skills (also something an MBA would help you out with). Probably better pay, less hours and way more opportunity than finance. Just saying. Maybe that’s not your cup of tea and that’s fine. Just laying out some realism here.