Why did you decide to go for the CFA?

CFA General
#1

A recent post got me thinking about the reason why I’m going for my CFA. I’m not trying to get into Wall Street, I don’t plan on going into an investments career any time soon, and I don’t think the CFA will give me a significant career boost at the company I am headed to after graduation in June. So why I am doing this? The CFA is probably the only one thing that I would work this hard for (maybe also an MBA?) - I love the material, I think the knowledge will absolutely benefit me regardless of what business path I take, and maybe down the line I might want to do something with investments.

Why did you guys decide to go for your CFA? Career reasons? Knowledge? Let’s hear it.

#2

For me, it’s probably:

  1. Relatively low monetary and time cost

  2. Can put on resume

  3. Some useful knowledge

Probably in that order.

#3

How was it a low time cost for you?

#4

I think the comparison is vs an MBA, in which case it is a low time cost.

For me, I’d been in school so long, I didn’t want to go back to school for another degree, but I did want to learn how investment managers think so I could be more active and productive in the industry, plus a bunch of financial professionals told me that this would be a good complement to my existing skill sets. This was before the financial crisis, however - they may not suggest the same stuff today.

However, I am glad I did it, because it plugged a lot of investment knowledge holes that I definitely had before I did the CFA without requiring me to do an MBA or MSF program.

#5

The material and the credential. I think general interest in the material makes it much easier to get through the program.

#6

I am glad to hear you feel you made the right choice. I wouldn’t think the CFA is THAT much more of a time saver than an MBA though.

#7

“Relatively” low cost. I spent maybe 450 hours total in the program. It’s not a small amount of time, but compare that to doing an MBA, training for marathon, doing a part time job, or any other hobby that you would do for 3 years.

Edit: actually, more like 2 years, but you get the point.

#8

wow i think you spent less time for the entire thing than i do for a level.

#9

  1. My MBA has not paid dividends

  2. Thought progress through CFA would help in job search (it has not)

  3. I generally like most of the topics/knowledge in the CFA curriculum

  4. I don’t want to vegetate

#10

Well… that’s kind of depressing lol, apart from 3).

#11

Nowadays, everyone want to be a top investment banker throught gaining CFA charter, but nobody knows the door has been shut.

Another reason has been the herding behaviour, a group following the leaders in an irrational manner.

#12

CFA was never especially useful in IB, even in the glory days.

Asset management: that’s a different story.

#13

Did it for:

  1. Potential for higher earnings

  2. More attractive to potential future employers (move the resume up the stack) and qualify for better roles

  3. Material is interesting, and the letters after the name is a nice “I know what I am talking about” stamp (respect)

In that order. Results so far have been positive for #1 and #3, no reason for me to have to explore #2 at this time, though recruiter calls did pick up.

#14

You don’t choose the CFA. The CFA chooses you.

#15

I think everybody at some point has hit that bottom. But I’ve alway found more reasons to do it than not. The reasons people listed above are all relatable. Although when you’re in the mist of it all, you can’t help but think if this will be worth it all, the time, money, chances of passing, chances that future employer will even require a CFA. It is a tiring process but I tried not to think too much about it – just keep going. In the worst case, the knowledge will still serve me good, and give me a sense of purpose (as I am not talented in anything else).

#16

  1. Strong interest in material.

  2. Not paying a dime.

  3. Could potentially help open some doors in the future.

#17

  1. Interested in topics/asset management

  2. Relatively low cost

  3. The designation has credibility/shows you are somewhat smart if you did not go to an IVY etc.

  4. Shits and giggles

#18

  1. Trying to parlay my finance career into equity research or asset management

  2. MBA curriculum is an absolute waste of time for me. I’m not interested in marketing, brand developemt, team building and other courses non-finance related

  3. low cost

#19

Exactly the same reasons. Graduated a year and a half ago so also felt I may as well do it while I am still young.

#20

  1. I am young (23) and love the different career pathways that utilize the material learnt in this program (asset management, equity research etc)

  2. I like a good challenge

  3. Paying less than 5 grand for a nice resume booster will definitely pay dividends in the later years of my career either through pure investment knowledge or respect for the designation