Consensus seems to be that the CFA® is not a substitute for an MBA and that it's pretty useless for bankers. I would like to hear people's thoughts on the value of a CFA® for traders. If you work at a small fund and want to move into S&T at a BB or a better hedge fund, will a CFA® be of any help? Or is an MBA the only path towards that end? Also, will a CFA® allow one to switch from trading to Asset Management?
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a little help...they like titles...better CFA than nothing..
Masters in Math/Quant Fin would be better for Trading, like the guy above me said, titles never hurt, but if you're looking to invest in some education I would look at a Masters in Math/Quant Fin at somewhere like Princeton, MIT, UChicago, NYU Columbia.....I'm sure I missed some off that list....but yeah.
They have good job placement too if you are at those schools.
Can't hurt...whether it is worth your time...that's for you to decide. This is discussed almost every single day so please try searching.
its not just "can't hurt" guys.. if you a CFA, it says a lot about your overall quality in the finance field. Recruiters consider it a lot even just for passing the level 1 (for an undergrad) I think its one of the hardest certification one can get.
but definitely MSF/MFE focuses more on trading.
What I've heard is that it is only beneficial for desks that involve fundamental analysis, so IG and HY.
Think the CMT (chartered market technician) would help at all? Its a three level exam dedicated to technical analysis. Might be worth taking a look into. A lot of TA's go this route.
How selective are those masters programs?
Seems like they're big on math background and math prof recs but what if we've been out of school for a while and don't have any profs who would remember us?
UC has a $7500 "catchup" course.. could get recs from them? Maybe do similar courses at a community college (for probably 1/6th price)?
I've looked at uchicago's "catchup" course. The problem with that course is that they don't offer a grade. So even if one takes it and applies to their masters program in financial mathematics, I'm not sure how beneficial it would be. How can the admissions committee evaluate your mathematical aptitude when the course doesn't have a letter grade?
It depends, they won't look at your application if you didn't major in Math, Physics, Engineering, or Econ and some combination. You need to have certain math backgrounds for those schools, they are pretty black and white about it, that's especially true for MIT Princeton and UChiago.
If you did Finance and minored in Math they may consider you, but you would need to have a top GPA.
That being said, strong work back ground i.e. if you worked at a BB for a while or HF or other trading firm, that could get you in....but at that point you may have better luck with getting into a good MBA program.
Also, my understanding of those cath up courses is that you take them upon being accepted, it's like your appetizer before you begin the program. Everybody who gets accepted has to take it, even Math Majors.
If it's something you are considering, check out their websites, and give the addmissions people a call, they a generally very informative.
Looks like catchup thing is an option if you didn't have proper background, but is separate from the 1 month review before the program starts (only for people accepted). I did major in EE + Econ but ~3 years after taking classes wouldn't really feel comfortable asking for a rec. and wouldn't expect a particularly good one (maybe only more memorable students would be selected for these programs anyway).
Could you take night classes while working to both brush up, get any math you never picked up in undergrad, and get recs?
buy side trader's usefullness of CFA, Series 7 (Originally Posted: 08/22/2007)
I'm working at a buy side shop trading on a daily basis. I like my job but was wondering if it was worth getting a Series 7 or CFA in order to later move to sell-side place in a more senior position.
you dont need a series 7 to get a job on the sell side. most likely if you get an offer they will make you take the series 7 within a month or 2 of joining. CFA isn't very useful for trading...and is more for key for moving from sell side to buy side
will likely require you to take the 7
CFA for a trader? (Originally Posted: 07/06/2007)
Is a CFA useful for a trader that has future plans of going into a HF?
It may give you a slight edge getting into a hedge fund. But in my opinion its not worth the bother unless you have a lot of free time on your hands and your company will pay for it.
In the end, the quality of your work experience will be much more important than some certification going into a hedge fund
CFA is pointless in trading.
bump
If you're ever interested in getting other people's money (roadshows, going after institutional money, etc) the CFA will be valuable. If you're able to fit in a PT MBA at say, NYU, it will be just as valuable. When it comes down to it, why not?
if you have the time go for it but don't spend your own money doing it.
Your own money? It's 3k max...
that's 3k i could be spending on alcohol.... plus i was told CFA level I is pretty useless? all hearsay. i dont think a single trader has a CFA in our shop. the structuring group may have some though.
What groups is the CFA most useful for?
Buyside. Almost a requirement these days. Sellside research as well.
CFA and Trading (Originally Posted: 12/07/2009)
I'll be working closely with traders (not in S&T) at a bank this fall. Eventually I'd like to move into S&T then perhaps a hedge fund down the road. Will taking the CFA help me move into S&T and/or into a hedge fund?
CFA doesn't really matter much for trading
I wouldn't say that it's extremely applicable to the every day grind: However, it does add some "quantitative" ability to your resume if you're looking to trade more complex products.
Agree with oversold. The CFA gives you an overall understanding of many of the products that are sold and traded on the floor. It has helped me significantly and gives you upward mobility regarding promotions.
won't matter in terms of salary raise, promotions, laterals, etc. if you get one, it'll be because you're interested in the material and want to learn, esp if your firm will reimburse you for it.
Helpful for fundamental desks such as IG and HY.
How do I get a trading job and do I need my CFA? (Originally Posted: 05/31/2015)
Hi,
I am seeking an entry-level job as an equity analyst. My question is what is the qualifications to become an equity analyst at a small financial firm, investment bank, proprietary shop, or trading firm?
Have a good day!
Best,
The Charging Bull
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