I am currently at a top BB in a finance rotational program and will be going to LSE this fall for a MSc Accounting and Finance. I already have a CPA and am thinking about studying for the CFA, as I am interested in equity research/asset management. My question is, do you guys think it’s worth it (in terms of money and time) to pursue a CFA Charter if I already have a Masters and a CPA? I am currently studying for lvl 1 but I feel that a lot of the material is irrelevant to what I will be doing (ethics for example) and honestly all this studying is burning me out. Is a CFA charter a necessity in asset management or would it be sufficient to read books to get the technical knowledge and just perform well on the job?
For AM and ER that you mentioned interest in, nothing beats the CFA charter. No one will care about your CPA or Masters next to the CFA. I’m guessing your rotational program is not in either of these, and it’s some rotation in back office?
I know a guy in my city with a bachelors in math and a masters in finance writing level 1 this June…I think with your background there will be some redundancies but I can’t see how you’d be on an equal level applying for asset management jobs vs guys with the CFA charter.
japped187 Wrote: ------------------------------------------------------- > My question is, do you guys think it’s worth it > (in terms of money and time) to pursue a CFA > Charter if I already have a Masters and a CPA? I think that there’s a declining payoff to these designations. For somebody that is working in finance or wants to work in finance, having a masters-in-finance, a CPA, or a CFA will provide credibility and open lots of doors. However, once you already have one of these designations, adding the second will only somewhat improve your resume. Adding a third will have even less marginal impact. I disagree with the statement “No one will care about your CPA or Masters next to the CFA.” I think you will be pleasantly surprised how keen ER analysts are to hire an associate with a CPA. Many analysts are experts in a particular industry (technology, energy, etc), but struggle with the financial statement adjustments. If you’re confident that you want to pursue a career in AM or ER, then the CFA is probably something that you will want to tackle eventually. However, in the short term don’t feel that you need to dive headlong into CFA studying, if it is going to interfere with your work or your masters. For an entry level ER or AM position, you are already vastly more qualified than most candidates.
^ I doubt you actually work in ER or AM. Back office of goldman or another investment bank is FAR more likely to hire someone with a CPA than entry level ER or AM.
japped187 Wrote: ------------------------------------------------------- > I am currently at a top BB in a finance rotational > program and will be going to LSE this fall for a > MSc Accounting and Finance. I already have a CPA > and am thinking about studying for the CFA, as I > am interested in equity research/asset > management. > > My question is, do you guys think it’s worth it > (in terms of money and time) to pursue a CFA > Charter if I already have a Masters and a CPA? I > am currently studying for lvl 1 but I feel that a > lot of the material is irrelevant to what I will > be doing (ethics for example) and honestly all > this studying is burning me out. > > Is a CFA charter a necessity in asset management > or would it be sufficient to read books to get the > technical knowledge and just perform well on the > job? LOL. How can ethics can be irrelevant?
iteracom Wrote: ------------------------------------------------------- > ^ I doubt you actually work in ER or AM. > > Back office of goldman or another investment bank > is FAR more likely to hire someone with a CPA than > entry level ER or AM. Yes, but my MSF from LSE will allow me to get FO positions. I feel that attending a prestigious university (target school) is much more important/effective in getting an entry level job in FO than certifications such as CFA, CPA, etc. I talked with a guy in equity research (top place, Harvard MBA, no CFA) about whether it’s worth it to pursue CFA and he told me that it’s mostly a branding thing and that given my background it probably wouldn’t be necessary. Just wanted more opinions. The MSF already gives me the necessary branding, and I’d rather read books to gain product knowledge then sit through a bunch of exams that have a lot of irrelevant topics. Also, I don’t think CFA alone will help much in getting a job in FO at a BB. Know lots of kids that sit for all 3 exams thinking it will be a ticket into a FO job but end up with nothing. From what I see, the majority of kids studying for CFA are those without the right background (non target school, BO, etc) that want to get into FO, but like I said, attending a target school is much more important if you want to get into a BB. CFA may help if you want to get into a boutique though…
mik82 Wrote: ------------------------------------------------------- > japped187 Wrote: > -------------------------------------------------- > ----- > > I am currently at a top BB in a finance > rotational > > program and will be going to LSE this fall for > a > > MSc Accounting and Finance. I already have a > CPA > > and am thinking about studying for the CFA, as > I > > am interested in equity research/asset > > management. > > > > My question is, do you guys think it’s worth it > > (in terms of money and time) to pursue a CFA > > Charter if I already have a Masters and a CPA? > I > > am currently studying for lvl 1 but I feel that > a > > lot of the material is irrelevant to what I > will > > be doing (ethics for example) and honestly all > > this studying is burning me out. > > > > Is a CFA charter a necessity in asset > management > > or would it be sufficient to read books to get > the > > technical knowledge and just perform well on > the > > job? > > > LOL. How can ethics can be irrelevant? Being ethical is obviously important, but having to study a section on “ethics” and taking a test on it is something I rather not do…
Well, if your background is as badass as you are describing it to be, then the CFA should be a breeze for you. Plus, a BSD like you is probably making tons of cash. So, the CFA will be cheap in terms of effort and money. Might as well just do it.
Wendy Wrote: ------------------------------------------------------- > japped187 Wrote: > -------------------------------------------------- > ----- > > My question is, do you guys think it’s worth it > > (in terms of money and time) to pursue a CFA > > Charter if I already have a Masters and a CPA? > > > I think that there’s a declining payoff to these > designations. > > I disagree with the statement “No one will care > about your CPA or Masters next to the CFA.” > > I think you will be pleasantly surprised how keen > ER analysts are to hire an associate with a CPA. > Many analysts are experts in a particular industry > (technology, energy, etc), but struggle with the > financial statement adjustments. - the newest associate at my firm has his CPA
japped187 Wrote: ------------------------------------------------------- > mik82 Wrote: > -------------------------------------------------- > ----- > > japped187 Wrote: > > > -------------------------------------------------- > > > ----- > > > I am currently at a top BB in a finance > > rotational > > > program and will be going to LSE this fall > for > > a > > > MSc Accounting and Finance. I already have a > > CPA > > > and am thinking about studying for the CFA, > as > > I > > > am interested in equity research/asset > > > management. > > > > > > My question is, do you guys think it’s worth > it > > > (in terms of money and time) to pursue a CFA > > > Charter if I already have a Masters and a > CPA? > > I > > > am currently studying for lvl 1 but I feel > that > > a > > > lot of the material is irrelevant to what I > > will > > > be doing (ethics for example) and honestly > all > > > this studying is burning me out. > > > > > > Is a CFA charter a necessity in asset > > management > > > or would it be sufficient to read books to > get > > the > > > technical knowledge and just perform well on > > the > > > job? > > > > > > LOL. How can ethics can be irrelevant? > > Being ethical is obviously important, but having > to study a section on “ethics” and taking a test > on it is something I rather not do… Well, then just study the parts you like, and get yourself promoted where you’d most prefer based on learning the things you’re most interested in. Sounds like you’re all set.
Sound like come recruiting day, you will lose out when firms compare you to your colleague with the same background plus the CFA. Bottom line: CFA won’t hurt. Unless you’re comfortable with where you are career wise (be it current pay or path), you need to get whatever credentials that will leverage you for the next jump. I find it funny that someone who doesn’t even have a job in his desired field yet thinks a certain credential isn’t “needed.”
I don’t think it will hurt you, but dude, if you haven’t bought into the idea of purusing the CFA, don’t bother. it looks like you do not see the value in it, and that type of attitude from the onset will almost ensure you will not be successful. I love the comment about ethics…ridiculous…
One needs to add that passing a test on ethics doesn’t guarantee you will be ethical, but it does mean that if you are found to be unethical, you can’t claim ignorance of the issues as an excuse. That’s why it’s there. For young people in the industry, walking into conflicts of interest out of ignorance is probably more common than genuine malfeasance (though that happens too).
I am going to go with the others…doing CFA wont hurt you, even if it wont overwhelmingly help you. I did both CPA and CFA and really because I decided I liked working in the finance/accounting dept of a company the CPA is far more valued and if I stay this path I doubt the CFA will ever help. But, I have had the every-now-and-then comment in an interview or otherwise that it could provide a small amount of value that wouldnt be there otherwise. Worth the time? All depends on the person…
japped 187, stick to the back office of credit suisse and forget the CFA buddy.
kevinf12, Will your work experience ever qualify to get the charter?