If you want to take a shot at the CFA program then just do it. If you want to go for a MBA then just do it. There is absolutely nothing wrong with trying to better yourself as an individual.
I just find it odd that people are on a level 1 forum dishing out “harsh truths” that are on level 3. You either aren’t very important in your field or unemployed.
seriously?? you think there are far less CPA’s out there?
I feel the technical skills CFA has given me have been the most important thing. I didn’t major in finance, so it was a big step. I suspect Righteous Hacksaw would say the same.
CFA is good, but side by side with experience, is my read.
At my fund nearly everyone has a CFA. We just brought someone on who has a CPA and CFA. Conversations during interview process was that he must know financial statements better than other interviewees. Not one mention of CFA because it was somewhat assumed that he had that like it was assumed he went to college.
I think there are many more CPAsif you count global across all types of firmesy but not many that work in the buy side or even that many within equity research. Most big sell side firms have one accounting expert on the staff to help analyze FASB rulings, etc.
Adult child !!!
Hi, Haven’t posted in a long time, but didn’t want to leave this topic in a discouraging state. The OP has some valid points, but only you know what is best. I just sat for level 2 for the second time this June. When I started (and even while sitting for level 2 the first time) I was not in finance. Through networking I now work at a major bank in a good entry level role. I can say that aside from being referred passing level 1 is what really solidified my offer. Even though I work in a role where it is not required all the managers respect it and when I’m on the phone with FO people I can understand their needs better. This has led to me being offered an interview there. The benefits can be found if you’re looking, but what it really helps to do is develop YOU. I don’t come from a target school or have a finance degree so it has helped to show my quality. Which kind of circles back to my original note that the OP is correct. I’ve received benefit from this exam, but it hasn’t guaranteed me anything or gotten me an interview. Once I’ve received interviews it has helped. When I’m networking my new understanding makes me appear more astute than the average person. At my job my managers take me more seriously because it shows dedication to the industry. It can’t be used to replace glaring holes in your resume (after all it literally only occupies one line).
The sheer economics of the CFA Program says it all. There are like an abundant number of Certfications and other Chartered Programs available globally, but becuase this product has given better results (jobs, higher salaries, etc.) it is a highly recommended and sought after Program in the Finance fraternity. Being in the education business myself, in the last 12 years we have seen more than 20 Financial Certifications/Charters being offered and overtime the word spreads and the results can be seen that the qualifications that give the jobs are the ones with the greatest demand.
In India, out of the plethora of courses, only the CA (CPA equivalent), CFP and CFA seem to be really worth it. The number candidates appearing for the CFA exams here has grown like 5 fold in the last 3 years. We can see similar growth globally. This underlying success of the CFA program in the professional careers is creating the domino effect of increasing number in candidates wanting to appear for this exam every year.
So, is it really worth the effort? Hmmm… while there is a bunch that prefers to take it easy, I see another lot that has put in efforts. Efforts that have culminated into becoming CEO’s, Doctors, Lawyers, Gold medalists, Grand Slam winners and CFA Chareter holders.
Cheers!
Jai whats your take regarding CFA program as a finance faculty ?
Success is one third what you know, one third who you know and one third who you blow. That’s the conclusion I get from this thread. If you have two of those then you’ll be fine. It’s up to you to decide which two you will pursue.
Although we haven’t started training for the CFA program yet, In my opinion, the CFA program has a great curriculum, apt for any individual keen to make a career in the Financial Markets. It does give a solid foundation. The manner in which the CFA Institute tests the candidates, brings out the best in each. You really really have to know the stuff to get the passing score. It definitely is not one of those exams where you open the book 2 days before the exam or try to memorize your way into it, if you know what I am talking about. And I believe in India, many of the employers understand this.
actually i meant doing CFA will help a person in his career as an acadamecian /finance faculty to a largne extent
Well you could look at this way, 5 years back there were only like 2-3 CFA education providers. Today there are atleast 10, some with a Pan India presence. And there is the demand for private tutoring also. Having said this I have noticed that most of the faculties teach as a part time thing. Their real job is usually with Financial companies. So its a good additional income on the side and a great hobby for some.
^ When there’s a gold rush and a million people coming to dig and very few that make it rich, you want to be the one selling the shovel’s.
Just my 2 cents.
I passed the CPA at 22, currently work in accounting. I’m now doing the CFA because I enjoy learning and I feel like it would better fulfill my desire to have a well-rounded financial knowledge.
Not for the sake of landing a job in finance nor for boasting. I just simply enjoy learning.
Everybody has their own reasons OP, so stick to yours and let people pursue as they see fit.
The OP is definitely taking a condescending tone, and could use some more tact, but the points that he makes are definitely valid.
Most people (me being one) don’t realize how difficult the exam is, and how much it will take out of you over the next 3-4 (or more) years.
When I began the CFA exam, I had already passed the CPA exam, and I thought, “Well, it can’t be harder than the CPA exam, because the CPA exam is extremely difficult in its own right.” How wrong I was.
Just because you dont see air , you dont stop breathing. Just because you dont see the end, you dont stop trying
^that might be the most banal, useless platitude I’ve heard in a long time.
I think your signature and my signature are like the fire / ice combination.
I’ve had a finance job for 6 years in IT. On a whim, I signed up for the Level 1 CFA in September of 2009 to take the test in December of 2009. I had no idea what I was in for.
Being in IT for my entire career, basically the entire thing was new to me. I used Schweser alone to study for the test and I studied close to 400 hours in the 3 months that I had. It was the hardest thing I ever did and it was painful - I mean, really, really painful. Studying for hours every night after work, sitting at my desk literally dizzy from exhaustion going over the material over and over again.
The Level 1 December 2009 test had a 33% pass rate, and I was one of the ones that passed. Part of me was actually disappointed that I passed, because that meant that I could go right on to Level 2. Well I decided against it. Going on interviews, most IT people never even heard of the CFA program - even at the investment banks that I was interviewing at. I came to the conclusion that all that studying and learning did literally nothing for me in my real job, and did nothing to impress anyone that I might want to hire me.
If I value my time at $150 per hour that means that even though my employer paid for the program and all the study materials that I blew about $60,000 passing Level 1. I’ll get nothing in return for that, so I figured I would just stop. I still work at the same finance company I’ve worked at the last 6 years and now I do side consulting for $150 per hour about 15-20 hours per week. It’s a golden time to be in IT and not so good time to be in finance, so I’m focusing on things that will actually help my career… the CFA is not one of those things. I’m looking at this from a different angle than the OP, but I agree with him.
That’s your own negligence. Can’t blame the CFAI for you investing so much time in something that’d do nothing for your career. I hope you begin to make better use of your time in the future.