CFA, MBA, or MSF

I'm currently a senior at my college majoring in accounting. I finished all my major classes and what's left are just general classes, but I came to realize that I don't want to do accounting as a career. I found my corporate finance class really interesting because it dealt with more analysis of a business rather than just finding numbers in accounting. Since I started my accounting major early, I have extra time to, maybe, take the level 1 CFA or study more finance.

My goal is to start working at an investment bank. However, I don't know which would be the best educational route to take to enter such an industry in my situation. I like the idea of taking the CFA level 1 exam because it's the most inexpensive option, but I'm worried about the job placement afterwards. I've talked to a couple of colleges that offer masters in finance and they have career counselors that'll work one on one with students to launch their careers. From research, I notice that most people who work in investment banking or hedge funds have MBAs. So if I do go with the CFA option, I'll probably do the MBA as well later down the road.

So my question is:

Should I take the CFA level 1 during my senior year, or apply for a master of finance degree after college, and which will be better off to start a career in investment banking?

 

Try hard enough as in, if you're just doing resume drops online, you're likely not going to get anything. And because you missed out on summer internships for the most part (There are some still, but not many) you're pretty much down to networking.

This can be anything from cold emails, cold phone calls, linked in, etc. Just talk to people. That's the main thing.

I'm planning on moving to Michigan, so my networking is finding the banks in Michigan, then emailing a person from the firm, and then trying to meet up with them or get them on the phone.

make it hard to spot the general by working like a soldier
 

There are a couple of options - none of which involve getting a CFA.

1.) Go work for a big 4 accounting firm in the Transaction Advisory Services/Transaction Service (M&A due diligence) role. If you network, its definitely possible to exit to a bank (even if its within the Big 4 Acct Firm). I would try to exit as quickly as possible but even if you are there for a couple of years you can still exit to an analyst role at a bank.

2.) Get your MSF and go straight into banking.

Obviously option 1 you have the luxury of income without incurring more educational debt, neither is a "sure fire" bet but both are definitely reasonable options. But networking is the key!

 
Best Response

I'm starting as an IB analyst next week and have passed all 3 CFA exams. The marginal benefit per hour spent on CFA as far as helping with IB recruiting is negligible. Definitely helpful if you want to go to the buy side or research.

Many threads on this topic already; I would recommend searching for CFA in here or checking out the M&I posts on it. Happy to answer any questions you have about CFA.

 

Is it worth taking level I to show interest in finance? I did accounting, then worked for an investment bank (back office), but I got out to go to law school. I did well, but I am going to drop out because I am at a tier-2 school, don't want to be a lawyer, and I'll be paying too much of a premium to transfer to t20. I was planning on taking math and comp science classes basically as something to do (it does match with an MFE which I am considering) while I study for the GMAT, take at least level 1 of the CFA, and work for the next two or so years. I want to end up doing something more quantitative in nature. The work I am doing now is legal work, but I am keeping it for now at least because it is flexible.

 

I wanna take the level 1 CFA exam to show my interest in finance.

But, it seems like to get a job in IB it's all about networking. Or at least most of it, right?

Additionally, the CFA level 1 wouldn't show interest to recruiters?

 

I'd focus on networking and trying to get a boutique offer or something close to banking (TAS, Valuation, credit analyst) and then lateral within 6 months or a year.

If none of these are obtainable then maybe look at an msf. Make sure youre ready to crank, network and convert on these opportunities though. Last thing you want to do is graduate with a masters and no job.

 

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