Back Office CFA???
I saw this headline on the bottom of my bloomberg today in the area that just keeps scrolling news, and I thought it was a spoof from some website like Dealbreaker, but its real.
http://online.wsj.com/article/SB100014241278873240817045782314537417142…
http://www.cfainstitute.org/programs/claritas/Pages/index.aspx
Its called Claritas. They have a website where some annoying British woman talks about how you will be so smart and ethical.
Now the CFA gets a lot of shit on the forum, and probably rightfully so. I think the accounting information is great, and the basic intro to stats, economics, bond pricing, financial statement analysis is great. The portfolio management and advice on analyzing stocks is criminally bad. I'm taking Level 3 this June, only just because I put the time in the first two before I realized that people don't really care. I know levels 1/2 are a sunk cost, but i guess its a misplaced pride thing.
Anyhow, the idea that they are also offering this ridiculous piece of bullshit is a bad idea I think. You do have to put a lot of time into CFA and not be mildly retarded to pass the tests. It does help in recruiting for mutual funds, insurance companies, pensions, equity research, etc. Adding another certificate just cheapens the whole certification thing. There is a reason why insurance and real estate brokers are a joke, they all have 18 different bullshit designations that nobody takes seriously.
Ugh, as someone taking the Level 3 in June that this makes me pissed at the CFA Institute. It does cheapen things. I can't complain too much, passing Level 2 when I did definitely helped me get interviewed/hired/+better salary for the job I have now than if I wouldn't have had it. So the CFA isn't all bad.
i hate this. This is what FINRA exams (CSI here in canada) are for.
Fucking CFAI
Agree with the above, but still, this sounds like just a certificate... nowhere near the actual CFA designation. If someone is evaluating your candidacy they would surely comprehend the difference, no?
The CFA is already the back-office CFA. Go on any CFA candidate or charterholder forum (especially on LinkedIn) and it's flooded with IT, operations, and accounting professionals. This is not a criticism of those people, they met exactly the same requirements as anyone else. The number one thing the CFA could do to make the designation more useful to charterholders in front-office roles would be to be much stricter about what counts as qualifying work experience, though of course they won't because it's not how their incentives align.
Totally fair and I don't claim to have all the answers. I'm in the same place as Grey Fox personally; I will likely finish my designation but doubt it will ever actually be required or helpful in my career again.
I'm not sure why it should matter. The IT/operations/accounting professionals are submitting resumes and doing interviews just like the rest of us in order to have their experience evaluated by the people doing the hiring to see if they are a good fit for the job.
Is there any reason to think some bureaucrat in Virginia will be better at evaluating work experience than the interviewer?
If someone wants to go through the time and sweat of studying for the thing and they have 4 yrs qualifying experience, then I say let them have it.
No reason it should, just making an observation.
Given my experience with charter-holders and non-holders in both front- and back-office roles I would not give any weight either way for having the designation if I were responsible for a hiring decision. Just my two cents.
I am aware that this is ironic given my username.
Up..ok, was searching for Claritas on WSO, and this seems to be the only post that's so far comprehensive.
So any real deal on this certificate? or new updates? or reviews? I'm aware registration officially starts next month.
How bout all you CFA holders out there? what's your take on this?
My company just started requiring this for new hires and offered to sponsor any current employee who wanted to have a go so i figured what the hell. At this point i have looked through about half of the material and honestly there might be one thing i didnt know. Just one. Granted i studied finance and econ in undergrad so im biased but it seems like a waste of time for anyone but someone brand new to the industry or who didnt study finance/econ in college. The recommended 100 hours seems lofty seeing as i have had the material for a little under 2 weeks and and more than half through it.
I have to agree with the others on here that it seems to cheapen the designation. Its presented as some sort of get your foot in the door type of certificate, but the format (120 multiple choice over 2 hours) make it pretty much a joke and leave room for idiots to guess their way into it.
I wonder how many people will write on their CV: Claritas Investment Certificate, CFA.
This is kinda putting me off doing the next two levels.
Sit rerum libero labore velit tenetur. Nihil nostrum et incidunt non temporibus voluptas minima. Voluptas numquam repudiandae modi blanditiis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...