You can take it during your last year of college, I actually graduated the December after I took level I exam, but to register for level II you have to be graduated, so it wouldn't make sense to take it any earlier than your last year, since if you graduate in May/June that would be too late to register for level II and you don't really want to push it off another year.
I think obtaining an entry level job in Asset Management would be more beneficial than only the CFA, if you show interest in obtaining it, that will help you discuss your goals and show you're willing to develop your skills. I am still looking to move over to AM side from middle office, but given my company I should still have a chance to do it. Haven't finished level III yet, but should help me have that discussion.
Doesn't help much for IB, but it may for portfolio management. Like cubsfanatic said, it's better to get experience than worry about degrees/credentials.
Much of the time, you take a finance concentration that is centered around taking the first level once you finish up which would be during your last semester. It's much easier to knock that out then try and go back after a few years and study everything while working full time.
I think you need to do a bit more research regarding who has CFA's. That isn't particularly hard, just jump on the site for a random Asset Management company and you'll find plenty. Generally, if you are looking to be a portfolio manager and/or asset management type analysts it is something that helps you but I would be extraordinarily wary of of thinking of it providing you jobs once you pass all three levels. Bear in mind, you don't even get the designation without a few years of work experience. It is a credential which in my opinion acts like a GPA for finance skills. It also opens up a network of other CFA's to you and, theoretically, underpins your conduct to a 'higher ethical standard' because that is a core part of the curriculum. Again, it comes down to branding. It's an incredible amount of work and I respect whomever is able to complete it (FYI, I'm failing level one in June).
One thing I do want to mention is that your time becomes more and more valuable as you start working. If you think about it, you will only have maybe 4 or 5 hours a day to yourself to do whatever. There is a huge opportunity cost to the CFA. There are a lot of other skills that you could develop over that same amount of time.
As to what doors does it 'Open', I think that it is very firm dependent as to the effect it can have on your career. People who have it, want others to have it. Go figure. So if you are in an organization where everyone has it... guess what? That will probably be something you need to pursue to keep moving up.
CFA does not open doors, YOU open doors. I personally think it's one of the best self-study programs out there. Very well-structured and comprehensive, but exams always lack depth you need in real world situations.
Focus on breaking into the industry through a combination of relentless networking and knowledge accumulation, then CFA can add some credibility when you make it senior.
I would agree with theses comments, I'm sitting for the level II in 3 weeks and I almost regret having signed up for the level I. I definitely see it as a resume booster, but there are plenty of other things to do with the time I've put in. Writing an investment blog would be an example of one thing I wish/could have done instead.
I've started it so I would just want to finish it at this point. There are benefits to it, I don't know if I would have used 4 hours each day to be productive in my free time. Also, in the past I have read financial books and not really understood all of the concepts and studying for the CFA has given me a better base to understand the material.
It just gives you a bit more structure and shows you can jump through one more hoop. Whether or not it helps me get a job is yet to be determined, I'm waiting for my fiancee to find out where she's going to be going to grad school and will start networking when that time comes.
The test is definitely more geared towards Asset Management/equity research, but that's pretty available information that shouldn't be too hard to obtain by just searching on linkedin. Don't bother if you want it for IB. If your interested in being an actuary, there's a very long test for that, much harder than the CFA to fill your time.
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
It helps if you have the right foundation on your resume. It’ll get you an interview, but not without showing the passion through a directed effort in your career.
I’ve seen BO/MO folk get trapped in their jobs despite having the CFA since they failed to make career moves early on to brand themselves. On the other hand, my slow and steady transition from BO to a credit rating agency, to getting interviews at top-tier asset management firms was enhanced and was probably made possible by pursuing and then obtaining the CFA charter.
The CFA won’t make you a shoe-in for any jobs. You will still need to augment your learning to ace interviews, especially where modeling and on-the-fly analysis of companies is concerned. It gives you a foundation and shows that you’re teachable, but it doesn’t make you a perfect candidate.
I think it's a good supplement in one's career (particularly if you're going down the line of asset/inv/portfolio management). Also a solid talking point during interviews (particularly if the interviewer as also gone through or is going through the exams). I didn't want to get a MBA and I really like investment management so it sorta made sense to me. As far as initiating job opportunities (apart from the additional CFA network), I'll echo what has been said on this thread.
Sitting for and passing your CFA can also be really helpful and validate your understanding of finance and passion for it.
Depending on the school you go to, perhaps your better bet is to get hold of the alumni database and find alums at the larger firms and reach out to them for coffee. Most alumnus don't mind meeting undergraduates and giving advice, and if they like you and think you are sharp, they will offer to help.
There are useful job channels at Tapwage to help you monitor open jobs.
Hopefully this gets you started on the types of jobs and companies you can look at and what the typical requirements are.
The jobs available after you take the CFA are the same ones available after you take it. I would recommend getting the four years of required work experience first, and then sitting for the exam.
The jobs available after you take the CFA are the same ones available after you take it. I would recommend getting the four years of required work experience first, and then sitting for the exam.
This sounds great, but I've found budgeting the time for the exam easy because I'm young, have no kids and my girlfriend is also in her early career working long hours (and you are aware it is 3 exams over 3 years, right?). 4 years from now the OP might have kids, a spouse, all sorts of things that get in the way. If you establish a goal, start working on it right away.
Plus if you take any business classes in school Level I is really all undergrad level review of stats, finance, accounting, econ, etc. So you'll have a leg up while all that stuff is fresh. Most people fail at least one level so you're not going to be waiting for years to get the charter once you finish the exams.
The jobs available after you take the CFA are the same ones available after you take it. I would recommend getting the four years of required work experience first, and then sitting for the exam.
This sounds great, but I've found budgeting the time for the exam easy because I'm young, have no kids and my girlfriend is also in her early career working long hours (and you are aware it is 3 exams over 3 years, right?). 4 years from now the OP might have kids, a spouse, all sorts of things that get in the way. If you establish a goal, start working on it right away.
Plus if you take any business classes in school Level I is really all undergrad level review of stats, finance, accounting, econ, etc. So you'll have a leg up while all that stuff is fresh. Most people fail at least one level so you're not going to be waiting for years to get the charter once you finish the exams.
Yeah honestly I don't know where that guy was going when he had said that. I can be a senior in college and take level one. I just think the CFA is a very cost efficient way to build a resume for Asset Management.Correct me if I'm wrong but isn't each level like 1-2k and your company may even pay for it? Not everyone can afford or is willing to pay 100k+ for an elite MBA program on top of the time that would need to be set aside to do that.
I (level III candidate) actually find the CFA helpful in networking, yet time off from networking is the most common argument against the exam. It's not like you're going to be studying 7 nights a week for 6 months a year. Jan-April I study 3-4 days a week including time Sat/Sun AM/afternoon. A cigar and a few hours on my patio hammering out equations isn't the end of the world. May is another story, that really is 6-7 days a week and 6-12 hours per day on the weekends (ramping up the closer you get).
I have yet to meet someone with the certification who regrets having earned it, and I have heard many stories of how the CFA opened doors.
You get a lot of instant kudos from recruiters, current charter holders and those that started the exam but never finished (there are a LOT of these folks around, they don't tend to advertise). I'm headed for my MBA this fall and know that the CFA won't get me a job but it is a differentiator.
Plus, the CFA is a HUGE network on its own. Some cities have very involved societies. And there will be great representation by all the local Asset Management shops, plus peripheral industries. Having your charter doesn't qualify you to walk into a PE shop and demand an interview. But it does label you as somebody smart, a self smarter and someone who can show dedication in pursuit of a goal. Plus, I found the curriculum pretty interesting.
I think the roles you're looking for are a little different than in PWM so I'm going to abstain from guessing at salaries but I'd think greater than $40k less than $100k. You're right, you definitely will not walk into a PM role. That takes experience and a good track record.
A lot of AM firms don't have direct roles for entry level equity analysts (if they do they usually have the word junior or some other indicator in the title), so you either have to find one that develops or come in on the product team or some other function that can translate to an analyst role. I know folks who did 1-2 years in PWM, passed one or two levels of the CFA and the app'd for roles at a fund. That's another route. But you're better off getting direct experience if possible.
CFA: What's your take? (Originally Posted: 12/18/2014)
I'm a non-finance monkey, swallowing bananas (both sweet and sour) for about 2 months on CFA. Sounds crazy, right? Can't help it. I'm in love, Guys! Please help me.
Dates back to 2013, when I met finance at Forbes on my way to cloud computing and read the article on "Understanding the Income Statement". I actually liked her (read Forbes article) when I glance at her for the first time. So, I decided to mingle with her and read her once again. Since then, I have been running after finance, burning mid-night oil to learn the concepts. Now, my situation is that I'm mad about investing and restructuring. With lot of research during the last 2 months, I finally arrived at a confusion - whether CFA is a need and how does it really help? While the contribution of Top MBA Finance to my career development is well known, what's your take on CFA? I mean how does MBA Finance and CFA differ? I have seen many MBAs doing CFA as well.
People who have appeared or have cleared all the levels of CFA exams can add a lot of value to helping me arrive at a decision. While I know that it's geared towards investing and it's at the top gear for many investment professionals, how does the industry perceive it? While I have seen the subjects and topics of the exams, how deep do they go?
Moreover, statistics say that the pass percentage of CFA is only 12.5% (2004 - 13). Refer link below. Is it so tough that people actually drop out?
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
Don't think you can compare an MBA and a CFA. I don't think having a CFA will make it easy for you to break into finance without relevant work ex. It will help you, if you are already in the field, want to switch jobs, get a promotion etc. An MBA is much more expensive but you can break into the finance industry with little to no work ex, get a big network and hopefully have a great time along the way.
Like has been mentioned, my opinion is that the CFA is far more helpful in an "advancement" kind of way, than an "entry" way. My advice would be to do L1 to try and break in, but not touch L2 and L3 until you have. You can have the whole thing finished, but without experience no one will care.
The CFA program isn't a test on intelligence, but more on your ability to commit. A man of average intelligence can pass the exam given sufficient time to study. I found it challenging because I was studying L3 exam while working 70+ hrs a week.
That feeling when you finish the program though... Worth it.
It'll be quite useful particularly for non-finance majors.
I am planning to take the CFA L1 in June as well and I have heard varied responses with regards to how helpful it might be. Like most things in life, the answer isn't black or white. In my situation, I am a recent grad and I currently work in an emerging market, so CFA is valued highly and many banking/finance jobs require that you at least have passed L1. Additionally, I came from a non-finance background and have no finance internships, so CFA at least shows an interest and an introductory knowledge set in Finance. I might also mention that internships mean a lot more than CFA L1. Also CFA is not of much use in established markets if you are trying to break into banking, portfolio management jobs are more commonly associated with the CFA.
A MBA obviously is a much more diverse degree and can help you transition to Finance if you are sort of late in in your career, think 2-5 years out of college. Also good MBA programs give you access to solid recruiting, CFA does not.
I am planning to take the CFA L1 in June as well and I have heard varied responses with regards to how helpful it might be. Like most things in life, the answer isn't black or white. In my situation, I am a recent grad and I currently work in an emerging market, so CFA is valued highly and many banking/finance jobs require that you at least have passed L1. Additionally, I came from a non-finance background and have no finance internships, so CFA at least shows an interest and an introductory knowledge set in Finance. I might also mention that internships mean a lot more than CFA L1. Also CFA is not of much use in established markets if you are trying to break into banking, portfolio management jobs are more commonly associated with the CFA.
A MBA obviously is a much more diverse degree and can help you transition to Finance if you are sort of late in in your career, think 2-5 years out of college. Also good MBA programs give you access to solid recruiting, CFA does not.
What EM do you work in that a CFA is necessary!?
I do EM, but very few people have a CFA degree - language skills and the willingness to work in a horrible place is all you need for EM.
I'm a L2 candidate and agree with most: L1 will equalize you with Finance undergrads +/- work experience. L2 and L3 will aid you most if you're working in AM, HF, etc already and will certainly assist you with a move, but is far from a guarantee.
I also agree that the exams are not as difficult as perceived. They're far from easy, but they're difficult due to amount of work. If you really want it, you will put in the required time and pass them. If you put in anything less than full effort, your probability of failure skyrockets.
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You can take it during your last year of college, I actually graduated the December after I took level I exam, but to register for level II you have to be graduated, so it wouldn't make sense to take it any earlier than your last year, since if you graduate in May/June that would be too late to register for level II and you don't really want to push it off another year.
I think obtaining an entry level job in Asset Management would be more beneficial than only the CFA, if you show interest in obtaining it, that will help you discuss your goals and show you're willing to develop your skills. I am still looking to move over to AM side from middle office, but given my company I should still have a chance to do it. Haven't finished level III yet, but should help me have that discussion.
?
If you study for your question will be answered
Totally. Hell, I'm putting Blackstone on my resume now because I'm sure I'll be in their real estate department in a few years.
Once you register for the exam you can put CFA Level 6 candidate: yellow belt. I would only do it for L2 and L3. It's covered in the ethics section.
As others have mentioned you'll learn in the first reading what you can disclose. I would wait until then to express your candidacy to do it properly.
Doesn't help much for IB, but it may for portfolio management. Like cubsfanatic said, it's better to get experience than worry about degrees/credentials.
Much of the time, you take a finance concentration that is centered around taking the first level once you finish up which would be during your last semester. It's much easier to knock that out then try and go back after a few years and study everything while working full time.
I think you need to do a bit more research regarding who has CFA's. That isn't particularly hard, just jump on the site for a random Asset Management company and you'll find plenty. Generally, if you are looking to be a portfolio manager and/or asset management type analysts it is something that helps you but I would be extraordinarily wary of of thinking of it providing you jobs once you pass all three levels. Bear in mind, you don't even get the designation without a few years of work experience. It is a credential which in my opinion acts like a GPA for finance skills. It also opens up a network of other CFA's to you and, theoretically, underpins your conduct to a 'higher ethical standard' because that is a core part of the curriculum. Again, it comes down to branding. It's an incredible amount of work and I respect whomever is able to complete it (FYI, I'm failing level one in June).
One thing I do want to mention is that your time becomes more and more valuable as you start working. If you think about it, you will only have maybe 4 or 5 hours a day to yourself to do whatever. There is a huge opportunity cost to the CFA. There are a lot of other skills that you could develop over that same amount of time.
As to what doors does it 'Open', I think that it is very firm dependent as to the effect it can have on your career. People who have it, want others to have it. Go figure. So if you are in an organization where everyone has it... guess what? That will probably be something you need to pursue to keep moving up.
CFA does not open doors, YOU open doors. I personally think it's one of the best self-study programs out there. Very well-structured and comprehensive, but exams always lack depth you need in real world situations.
Focus on breaking into the industry through a combination of relentless networking and knowledge accumulation, then CFA can add some credibility when you make it senior.
I hear they give you a HP12C and a pocket protector when you past the last test.
I would agree with theses comments, I'm sitting for the level II in 3 weeks and I almost regret having signed up for the level I. I definitely see it as a resume booster, but there are plenty of other things to do with the time I've put in. Writing an investment blog would be an example of one thing I wish/could have done instead. I've started it so I would just want to finish it at this point. There are benefits to it, I don't know if I would have used 4 hours each day to be productive in my free time. Also, in the past I have read financial books and not really understood all of the concepts and studying for the CFA has given me a better base to understand the material. It just gives you a bit more structure and shows you can jump through one more hoop. Whether or not it helps me get a job is yet to be determined, I'm waiting for my fiancee to find out where she's going to be going to grad school and will start networking when that time comes. The test is definitely more geared towards Asset Management/equity research, but that's pretty available information that shouldn't be too hard to obtain by just searching on linkedin. Don't bother if you want it for IB. If your interested in being an actuary, there's a very long test for that, much harder than the CFA to fill your time.
zero
Oreos, CFA
nsjkd, CFA
It helps if you have the right foundation on your resume. It’ll get you an interview, but not without showing the passion through a directed effort in your career.
I’ve seen BO/MO folk get trapped in their jobs despite having the CFA since they failed to make career moves early on to brand themselves. On the other hand, my slow and steady transition from BO to a credit rating agency, to getting interviews at top-tier asset management firms was enhanced and was probably made possible by pursuing and then obtaining the CFA charter.
The CFA won’t make you a shoe-in for any jobs. You will still need to augment your learning to ace interviews, especially where modeling and on-the-fly analysis of companies is concerned. It gives you a foundation and shows that you’re teachable, but it doesn’t make you a perfect candidate.
I think it's a good supplement in one's career (particularly if you're going down the line of asset/inv/portfolio management). Also a solid talking point during interviews (particularly if the interviewer as also gone through or is going through the exams). I didn't want to get a MBA and I really like investment management so it sorta made sense to me. As far as initiating job opportunities (apart from the additional CFA network), I'll echo what has been said on this thread.
.
wow it edited BBVA Compass to "by"
Sitting for and passing your CFA can also be really helpful and validate your understanding of finance and passion for it.
Depending on the school you go to, perhaps your better bet is to get hold of the alumni database and find alums at the larger firms and reach out to them for coffee. Most alumnus don't mind meeting undergraduates and giving advice, and if they like you and think you are sharp, they will offer to help.
There are useful job channels at Tapwage to help you monitor open jobs.
Hopefully this gets you started on the types of jobs and companies you can look at and what the typical requirements are.
The jobs available after you take the CFA are the same ones available after you take it. I would recommend getting the four years of required work experience first, and then sitting for the exam.
This sounds great, but I've found budgeting the time for the exam easy because I'm young, have no kids and my girlfriend is also in her early career working long hours (and you are aware it is 3 exams over 3 years, right?). 4 years from now the OP might have kids, a spouse, all sorts of things that get in the way. If you establish a goal, start working on it right away.
Plus if you take any business classes in school Level I is really all undergrad level review of stats, finance, accounting, econ, etc. So you'll have a leg up while all that stuff is fresh. Most people fail at least one level so you're not going to be waiting for years to get the charter once you finish the exams.
I (level III candidate) actually find the CFA helpful in networking, yet time off from networking is the most common argument against the exam. It's not like you're going to be studying 7 nights a week for 6 months a year. Jan-April I study 3-4 days a week including time Sat/Sun AM/afternoon. A cigar and a few hours on my patio hammering out equations isn't the end of the world. May is another story, that really is 6-7 days a week and 6-12 hours per day on the weekends (ramping up the closer you get).
I have yet to meet someone with the certification who regrets having earned it, and I have heard many stories of how the CFA opened doors.
You get a lot of instant kudos from recruiters, current charter holders and those that started the exam but never finished (there are a LOT of these folks around, they don't tend to advertise). I'm headed for my MBA this fall and know that the CFA won't get me a job but it is a differentiator.
Plus, the CFA is a HUGE network on its own. Some cities have very involved societies. And there will be great representation by all the local Asset Management shops, plus peripheral industries. Having your charter doesn't qualify you to walk into a PE shop and demand an interview. But it does label you as somebody smart, a self smarter and someone who can show dedication in pursuit of a goal. Plus, I found the curriculum pretty interesting.
n.
I think the roles you're looking for are a little different than in PWM so I'm going to abstain from guessing at salaries but I'd think greater than $40k less than $100k. You're right, you definitely will not walk into a PM role. That takes experience and a good track record.
A lot of AM firms don't have direct roles for entry level equity analysts (if they do they usually have the word junior or some other indicator in the title), so you either have to find one that develops or come in on the product team or some other function that can translate to an analyst role. I know folks who did 1-2 years in PWM, passed one or two levels of the CFA and the app'd for roles at a fund. That's another route. But you're better off getting direct experience if possible.
CFA: What's your take? (Originally Posted: 12/18/2014)
I'm a non-finance monkey, swallowing bananas (both sweet and sour) for about 2 months on CFA. Sounds crazy, right? Can't help it. I'm in love, Guys! Please help me.
Dates back to 2013, when I met finance at Forbes on my way to cloud computing and read the article on "Understanding the Income Statement". I actually liked her (read Forbes article) when I glance at her for the first time. So, I decided to mingle with her and read her once again. Since then, I have been running after finance, burning mid-night oil to learn the concepts. Now, my situation is that I'm mad about investing and restructuring. With lot of research during the last 2 months, I finally arrived at a confusion - whether CFA is a need and how does it really help? While the contribution of Top MBA Finance to my career development is well known, what's your take on CFA? I mean how does MBA Finance and CFA differ? I have seen many MBAs doing CFA as well.
People who have appeared or have cleared all the levels of CFA exams can add a lot of value to helping me arrive at a decision. While I know that it's geared towards investing and it's at the top gear for many investment professionals, how does the industry perceive it? While I have seen the subjects and topics of the exams, how deep do they go?
Moreover, statistics say that the pass percentage of CFA is only 12.5% (2004 - 13). Refer link below. Is it so tough that people actually drop out?
http://financeresume.net/cfa-exam-pass-rates/
The tests aren't nearly as difficult as people like to tell themselves.
Have you taken any levels?
What do you want to do in Finance?
CFA can't hurt if you want ER, AM, HF. Competitive out there
How does the industry look at a candidate with CFA and MBA Finance?
Depends on what b-school you attended.
My long standing view is that CFA is good if you are already working in ER/AM/HF but not as good for breaking in compared to a top MBA.
Best.
Thing.
Evarrrrr.
says the guy who just finished it...
Don't think you can compare an MBA and a CFA. I don't think having a CFA will make it easy for you to break into finance without relevant work ex. It will help you, if you are already in the field, want to switch jobs, get a promotion etc. An MBA is much more expensive but you can break into the finance industry with little to no work ex, get a big network and hopefully have a great time along the way.
Like has been mentioned, my opinion is that the CFA is far more helpful in an "advancement" kind of way, than an "entry" way. My advice would be to do L1 to try and break in, but not touch L2 and L3 until you have. You can have the whole thing finished, but without experience no one will care.
The CFA program isn't a test on intelligence, but more on your ability to commit. A man of average intelligence can pass the exam given sufficient time to study. I found it challenging because I was studying L3 exam while working 70+ hrs a week.
That feeling when you finish the program though... Worth it.
It'll be quite useful particularly for non-finance majors.
won't hurt 100% and is a must in some certain areas. but won't make a contribution like top MBA.
would combine them if possible getting one after another. if there's no time/possibility and they are incompatible go for MBA.
I am planning to take the CFA L1 in June as well and I have heard varied responses with regards to how helpful it might be. Like most things in life, the answer isn't black or white. In my situation, I am a recent grad and I currently work in an emerging market, so CFA is valued highly and many banking/finance jobs require that you at least have passed L1. Additionally, I came from a non-finance background and have no finance internships, so CFA at least shows an interest and an introductory knowledge set in Finance. I might also mention that internships mean a lot more than CFA L1. Also CFA is not of much use in established markets if you are trying to break into banking, portfolio management jobs are more commonly associated with the CFA.
A MBA obviously is a much more diverse degree and can help you transition to Finance if you are sort of late in in your career, think 2-5 years out of college. Also good MBA programs give you access to solid recruiting, CFA does not.
What EM do you work in that a CFA is necessary!? I do EM, but very few people have a CFA degree - language skills and the willingness to work in a horrible place is all you need for EM.
Perceived the same way as being good looking. Its never gonna get you a job but it improves peoples perception of you.
You cant change what god gave you but you sure as fvck can bust for 1000 hours to get those three little letters.
I'm a L2 candidate and agree with most: L1 will equalize you with Finance undergrads +/- work experience. L2 and L3 will aid you most if you're working in AM, HF, etc already and will certainly assist you with a move, but is far from a guarantee.
I also agree that the exams are not as difficult as perceived. They're far from easy, but they're difficult due to amount of work. If you really want it, you will put in the required time and pass them. If you put in anything less than full effort, your probability of failure skyrockets.
Omnis quod quas neque modi nulla. Eveniet explicabo suscipit et tenetur recusandae facere dolores. Fugit eius asperiores minus aut.
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