For 1 entry level position there are certainly more than 200 applications…
Even if you will be invited for interview you need to have a lot of luck to attract hiring managers(such a factors as time of the interview, mood of hiring managers are just essentials)
I was invited 2 times for the interview and each time they havent asked me something to check my knowledge of finance actually they asked only HR questions like “what are your strenght and weeknesses?” .
I will probably start work as construction worker and meanwhile I will prepare to lvl2 exam , but is it really make sense?
Most finance interviews (and job interviews in general) will not ask you technical knowledge questions in the first or second interview. This is not just an Eastern European thing, it’s an industry thing. The only places you are going to get asked technical knowledge questions is in programming jobs or quant jobs. The difference is that there you will not be interviewed by an HR idiot. In those positions you are usually interviewed by the person who will be your boss and/or people you will be working with every day. For any other kind of job (finance or not) you will have to get through an HR idiot that will ask you behavioral questions. From your posting, it sounds like you did not practice your behavioral interview skills at all. Get a book that explains what behavioral interviews are, and they will have some practice questions for you. The only way to get good at these kinds of interviews is to practice.
Do you really think that I haven’t practiced how to answer on those crappy questions?
I treat every single interview as huge opportunity to leave poverty so I am as good prepared as possible …
Likewise in case of CFA exam when I collect enough money to pay for lvl2 exam I will study as hard as possible (even limiting my sleep time) to not waste this cash …
Sometimes getting a job depends on personality more than anything on paper. Some people come across defensive because they mix desperation with abrasiveness.
One critical factor that nobody has mentioned is regional differences. The value of the CFA is totally different depending on the country you are working in. In Canada, for example, every single person working in asset management has the charter, from compliance to back office to the people that get the coffee so if you want to get any sort of role you’ll be a lot better off if you have it. In other regions it could even be seen as a negative if you aren’t in research or portfolio management.
If you’re working in Poland and you want to move to a more developed market in europe (freedom of work in the eu, no visa or sponsorship required) then the CFA might help you do that as employers in the UK, for example, won’t have a clue about your university. the CFA might stop your cv getting seived out.
Fundamentally, I believe that if your employer is willing to pay for the qualification and it doesn’t have too much of an impact on your job/career/life then go for it. But don’t expect it to be a silver bullet. Focus on the knowledge you’re gaining from the material, the practical application of that knowledge, the networking opportunities, the instant connection you get with people you meet that have already obtained the charter. Don’t focus on the 3 letters or the extra line you can put in your cv when you’re a candidate.
I work in Institutional investment management, my employer has paid every penny and all I’ve missed out on are a few hours extra sleep every week day morning, a few nights out and lazy sundays sitting on my arse doing very little. I’ve also actually enjoyed studying the majority of the material so its undoubtedly worth it for me.
The mistake a lot of people make is that they start the CFA, get their head down and focus on the exams. 2-4 years later they re-emerge and realise that they haven’t focussed enough on their day job/ networking internally and externally/ their family/ their hobbies etc and they are really no further forward that when they started.
I think that any propper discourse regarding the whole “is CFA worth it?” conversation must start with the true fact that everyone’s situation is case specific. Sooooo…here is my case, tell me what you guys think.
I am a 2012 Graduate of a top ten UNDERGRADUATE business school. I capitalized undergrad because I wanted to make it clear that I do not have an MBA. I am currently working in a middle-office role for an asset manager, and I (as you can imagine) am not in love with the work I do, but it pays rent, and my bosses like me. Alot.
I know that most back office and middle office functions (other than maybe HR and IT) qualify as relevant experience, so I am good to go in that regard, but my principal question is this: How effective is the CFA charter when trying to get the HECK OUT of the back office? I did not study nearly as hard as I should have in college, so I graduated with a 3.1…I understand that a 3.1 is a low GPA for what I want to do (Equity Research) but I think the CFA will help. I will sit for level 1 in December 2013, then hopefully level 2 in June 2013.
Disclaimer: I am fully aware that the CFA is by no means an automatic golden ticket to a front office gig and a sex figure salary; I get that. It will also involve networking and stellar interview skills. But I have kept in touch with some well connected professors from my school and I would like to think that I am a very charming individual.
I like looking at my life on a year-by-year basis. And the fact of the matter is this: If one year from this time, I can be sitting here at age 24, with the first two levels under my belt…I think I will be in great shape…Or am I wrong and the CFA is a waste? and Ill be in the back office forever? Please give me a truthful representation of what I am up against.
depending on the company you work for, I think you have a fighting chance of making the move. but be aware, it won’t be easy and you’ll need to be in the right place at the right time.
As long as you are already in the field and there are other people around you with the same designation (in this case the CFA charter), then it’s worth a shot to stay competitive - especially if you want to try different roles in the future.
I think what i was trying to say is, if you have extra capacity and money, education is never a bad thing, you can study French instead of CFA and it will still benefit you somewhat.
But for those who are struggling to find a job, and actually struggling to pay for the CFA exam, then i think it’s important to ask yourself, are you doing CFA as a passion or a necessity? if you’re doing it as a passion because you like finance so much then by all means, be a “starving artist”. If you do it because you watn to get a job at the end, then i think it’s counter-intuitive, because CFA journey is soooo long (risk is definitely too high for some), there are more efficient way to make money and to support yourself.
It is also important that you actually do your job WELL! because trust me, passing level 2 but doing a bad job at work do not make you a better candidate for promotion! Have a great work history/ reference first, and use CFA as a compliment is a better strategy IMHO.
I think my biggest issue was that I “drank the kool-aid” a little too much as an undergraduate student (in more than one way) and thus, I thought that just because I had >3.0 from a top 25 school, I would get any front office job that I wanted…
Actually I have no job at all so work in London City is like a dream…
Today I have interview with manager and feel that once again I failed…
He asked me where I want to work in the future, I said that I don’t know because I am young and I don’t have much experience then his face was like “unfortunately you failed” - I wanted to be honest
If I don’t find any job until September I will probably start to work as construction worker and when I 'll collect sufficient amount of money I will sign up for lvl 2 exam …
Great link to answer this question. In summary, it is the best thing to have, but low probability of passing, and here’s a quick interpretation of whats best to have as a credential, experience > CFA > everything else. MBA is ranked 2nd, but it needs to come from a 1st tier or 2nd tier school. Not sure what that means but prolly top 100 mba?
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