To suggest that the Level III CFA exam is equivalent to a PhD in finance is . . . silly.
No way is the CFA charter equal to a top 20 MFin program. Let’s start to list some of the best MFin programs - not necessarly in order, and not everyone (don’t want to start a seperate debate):
Princeton
CMU
Columbia
Cal Berkeley
NYU
MIT
Cornell
Boston U
Chicago
Michigan
Georgia Tech
U of Toronto
No way is CFA 1-3 equivalent to these schools. I know that in certain places it is accepted as such, but that does not mean that in reality the education you get is. Look at the curricula that these schools use. These schools teach you how to do the things that the CBoK covers. But the CBoK teaches you how to think about the major assumptions used, theory, inputs, and output interpretation, not how to actually do them. The CBoK is designed for you to have an intelligent conversation about finance topics with your clients, not how to actually do any of those things - let’s pick one topic the CBoK spends a lot of time talking about - Global Macro Arb. With just the CBoK can you really put together a Global Macro Arb model and use it to find arb oppertunities in the market to make money for your clients?? Are you skilled in credit analysis to determin the true credit worthiness of a company and then see if there is an investment oppertunity vis a vie the KMV model, how about interest rate forecasting using the BMT model? Nope - but you have heard of these terms and understand more or less the theory behind them. The difference is that these schools teach you this theory, drill the math proof into you, and teach you how to model it in a semi-real world environment. Maybe CFA 1-3 is closer to a 50+ Mfin, but not a top 20. No Chance.
Perhaps top 50 may be more accurate, the many of the top business schools base their finance program on the level I and level II curriculums.
You’re being too polite.
Perhaps I merely couldn’t figure out how to spell preposterous.
There should be an investigation on “edupristine”. Everyone of his posts is pimping in a suspicious way the program.
Thanks for all the commnets. Exactly my thoughts which I listed out as the first reply already.
edupristine is shilling.
Edupristine is a partner from India.
CFAL1=MBA finance (for hacksaw school in India)
CFAL2=MBA finance from good schools in India
CFAL3=Phd in finance from hacksaw university in India.
I am assuming edupristine was speaking considering CFA’s reputation in India.
I know a few people in that program so whystudy’s posts seem to fit my impressions of them.
At least it’s not a total waste of money, they are still Level 2 Candidates.
Whystudy: are there any MBAs in Canada worth doing if you want to move into higher level finance in Toronto?
TdotCamdidate,
Program content only determines part of the program quality, I myself have been shopping for a strong finance program around both in NA and Europe. Amongst the criterias I consider are of course content, but also reputation of the school, the academia (Researchers or Industry Professionals), cost, duration, career placement services and alumni network. Below are a couple of striking points:
Queens HEC Paris Rotman Henley UK IE Spain
Course offering same same same same same
Reg. Ranking 4th 1st 1st 4th 2d
In. Ranking NA 1st NA 30th 3rd
Academia Mixed Mixed Mixed Mixed Mixed
Cost USD 40K 80K 80K 40K 70K
Duration (mths) 10 10 18 9 10
Placement (stats) 65% 90% 70% 70% 75%
In light of the above there is no significant difference between those top MFin programs based on the content only. By the way leading MFin program including IE and Henley incorporate CFA 1 and 2 preparation to their program, so does Queens. Rotman uses it as a waiver for the GMAT score.
Thought these facts will help weight the comments you have received thus far.
what??!?!?!?!?! CFA L3 is equivalent to PhD in finance?? wow. I almost fell out of my chair laughing.
we got some wild folks here on AF. Top of the line.
If only every employer seen it this way, level 3 on par with a phd haha.
Dude, in this industry you need to overkill everything to make sure you get to where you want to be. The people who I beat out for each job I’ve had were the ones trying to “squeeze by”.
^ +1 I wonder why people have this belief that companies will select an ‘ok’ candidate in a job market that is incredibly cut throat and competitive. This isn’t 2007 in oil country where jobs and money were falling from the sky. Its a tough market and you’ll be fighting tooth and nail with very qualified folks. That said, I know folks with the Queens MFin and CFA in good jobs. But they had great experience beforehand and didn’t have a “squeeze by” attitude.