Will certifications work?

Sorry for post this "stupid" question. I'm just " brand new " here.
I'm an international student and now I'm trying to get some certifications...like the CFA....to improve my compentency. I asked some friends in other schools and they told me that seldom would their classmates in biz school touch the CFA...

How important are the certification in the states? Especially when finding a job....in financial area, like IB and consultanting....

Thx for your answers!

 

Observations on the CFA Designation

There are, I believe, a little over 105,000 investment professionals with the designation worldwide. You can reach that level in a single state or even major city in the US with many other designations. So, if you want to differentiate yourself from the competition, the CFA would help in that regard.

Since there was a fair amount of overlap with the material covered while completing my MBA coursework, I took Level I and Level II my first and second years of b-school. There was a decent sized study group of fellow classmates taking the exam, so I don't know why your friends would be so strongly against it.

But to Ron's point, I recommend going to websites of firms you'd like to work and check out the bios of people holding the positions for which you're aiming. Another source of information would be www.linkedin.com and search by company.

I believe you'll find that a lot of hiring investment professionals view taking and progressing through the CFA exams as an indication of a serious commitment to the getting into the industry. I've worked at and heard from colleagues at other investment firms who said many companies view the CFA designation, within the investment/portfolio management/hedge fund industries, anyway, as almost equivalent to a top 20 MBA degree, particularly given the focus and relevance of the materials studied in the CFA curriculum relative to an MBA.

Downside: As mentioned, it's a serious commitment. Pass rates have been as low at ~25% some years. Parts of the curriculum are tedious, time-consuming, and you'll likely find to be irrelevant for your specialty. The number of hours they estimate it takes to get the designation is something outrageous, like 750+ hours (and I think that's assuming you pass the exam your first attempt; a feat not frequently accomplished). Stalla and Schweser (been a while since I took it, but those were the two top "cliff notes' versions of the materials) are expensive. The CFA Institute also costs you ~$250/yr to use the designation per year, though most employers pay this (and reimburse you to a certain degree for the study classes, cliff notes, time-off to study, etc).

To answer your last question(s), in general right now designations and credentials are very important right now. You have a large, experienced workforce looking for jobs and you need any edge you can get.

With respect to IB, I've found there are far more CFA charterholders on the equity research side than banking, though they're on both. With consulting, as in management consulting at McKinsey, Bain, Booz, BCG, etc., designations are far less prevalent (except in their M&A or Corporate Strategy groups).

Hope this helps. I've benefited greatly from the help of some great mentors during my career and always looking for opportunities to 'pay it forward."

Best of luck.

 

I'm sorry kid, but first you'll need a GREEN CARD

GREEN CARD >>>>>>>>>>>>> SCHOOL & GPA > Experience > Certification

Plus there's a pretty good article on how useless CFA Level-1 certification is for entry level analysts on M&I

Array
 

The importance of the CFA also seems be very correlated to the location of the job. From my experience it is less important in the US (of course unless you are in investment/portfolio management/hedge fund industries like John mentioned) but more important in Canada and in emerging economies. My guess is if you are looking a finding a job in the US it might be less relevant.

The dragon dozes off in the spirit which is its dwelling.
 

Hey I am not sure about ur city, but I live in Toronto and just passed my CFA level 1 and my gf passed CFA level 2. so far we didn't get any chance to find any related job and we both working in retail banking. I would said having work experience is the first one u have to be worried about. CFA wouldn't help u at all if u don't have work experience.

 

One of the key reasons to get a certification or designation is to differentiate yourself from the competition so you can get the work experience.

And @Donkishot: Congrats on passing Level 1! don't get discouraged that neither you nor your girlfriend haven't reaped the rewards of your hard work. You're still competing against a very sizable group of experienced people for the positions you're seeking, who may have already completed the CFA program. Given the relatively smaller premium companies have to pay - in the current market - for someone with the experience and the CFA charter, it's going to to continue to be challenging until things turn around.

So, I have to disagree with you about "CFA wouldn't help u at all if u don't have work experience." If I'm looking at two otherwise equal candidates, you and someone else without any progress toward the CFA, I'd hire you. You've shown you're committed to learning more about how to do your job better and absolutely more motivated to get into the industry.

Although unlikely to make you feel any better, go to my website CastlePoint Investment Group and check out the performance section. I now have a 10-year fully documented record. Under the "CastlePoint: profile & philosophy" section, you can download my resume under the picture.

With that as a backdrop combined with the fact I'm doing almost everything I can to land a job, I'm still scraping by at the moment. So while obviously there's no guarantees in life, the smartest thing to do, in my opinion, is tilt the odds in your favor. And earning a worthy certification or the CFA designation will go a long way toward accomplishing that goal.

Best of luck!

 

I am a postgraduate in finance and MBA from a reputed institute.I have two years work experience in Treasury with a private company.

I was wondering if I should go for additional qualifications like FRM and CFA.Will it be any value add to my profile?

 
Best Response

He is an entry level candidate. If you are still in college, try seeing if ARGUS will give you the student discount to be "argus certified". I think it runs around $500. It's an online class that consists of 10 or so lessons that walk you through the program. Everyone knows the certification is bs as you don't need to be certified to utilize the software. It is merely for putting it on your resume and saying to the firm that "hey, i know what argus is, and have at least some understanding of the program and what it is used for."

Depending on your location and if you are still in college, I would say looking at organizations like YREP (young real estate professionals) if it is available in your area. ULI (Urban Land Institute) is another good one, and ICSC (International Council for Shopping Centers).

Just throwing some out there, not sure what area of real estate finance you are looking to get into.

 

DID YOU USE THE GOD DAMNED MOTHERFUCKING SEARCH FUNCTION?

I am sick and fucking tired of people posting stupid fucking questions that have been answered in the past and not having used the search function first. Seriously man. Just use the fucking search function and you might have found out what you wanted to fucking know.

Let me give you some fucking advice - and trust me Mr. Top-Tier Undergraduate B-School Student, you'll want to hear this... Do your own god damned due diligence and research before you ask a question. If there is no answer or nothing can be found, then ask. Jeez... what a maroon.

 
Frieds:
DID YOU USE THE GOD DAMNED MOTHERFUCKING SEARCH FUNCTION?

I am sick and fucking tired of people posting stupid fucking questions that have been answered in the past and not having used the search function first. Seriously man. Just use the fucking search function and you might have found out what you wanted to fucking know.

Let me give you some fucking advice - and trust me Mr. Top-Tier Undergraduate B-School Student, you'll want to hear this... Do your own god damned due diligence and research before you ask a question. If there is no answer or nothing can be found, then ask. Jeez... what a maroon.

They call him Frieds They call him Staceyyy

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 
Frieds:
DID YOU USE THE GOD DAMNED MOTHERFUCKING SEARCH FUNCTION?

I am sick and fucking tired of people posting stupid fucking questions that have been answered in the past and not having used the search function first. Seriously man. Just use the fucking search function and you might have found out what you wanted to fucking know.

Let me give you some fucking advice - and trust me Mr. Top-Tier Undergraduate B-School Student, you'll want to hear this... Do your own god damned due diligence and research before you ask a question. If there is no answer or nothing can be found, then ask. Jeez... what a maroon.

I understand we're dealing with young dudes, but Frieds is right. Be more resourceful, please.

 
sonofbateman:
As a top-tier undergrad business school student, who will be preparing for an internship for Summer 2013, what are good licenses and certifications to have on my resume?

What are your goals for next summer? IBD? BB, MM, Boutique?

Are you looking to work in NY, SF, Chicago? Or maybe somewhere like Charlotte?

There are literally thousands of UVA grads working in high finance. Reach out to them NOW, and ask them these questions. It will give you a head start on networking as well.

 

Perferendis rem a aspernatur soluta aut maxime. Qui quis facere et doloremque recusandae sed eveniet. Minus et et id est asperiores voluptas. Temporibus tempore qui numquam similique fugit alias eum.

Et et et aperiam aut esse consequuntur veritatis qui. Sunt cum quia voluptatem soluta autem aut. Alias quia similique aut consequatur in.

Aut incidunt quidem ea facilis. Modi sequi ut aut sunt. Neque fuga aliquid aut fugit dicta amet aperiam. Sed consequuntur optio esse suscipit odio sit consequatur. Laboriosam perspiciatis fuga fugiat laudantium sapiente magnam. Nostrum quasi quia quo accusamus facere quae. Commodi error accusamus autem est.

 

Sed cumque expedita quae sint omnis pariatur consequuntur. Nihil explicabo est architecto maiores provident ducimus aut. Aut fuga officia velit saepe ut.

Ipsam voluptatem dolor aut at dolorum delectus deserunt soluta. Fugiat voluptatem est culpa occaecati debitis nam. Dolores officiis ullam explicabo quaerat quidem. Voluptate sit et cum sed. Laborum nemo dolorem qui ea.

Nostrum nam excepturi exercitationem iste quidem quaerat illo. Est qui aspernatur eos distinctio. Corporis laudantium harum odio temporibus.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
kanon's picture
kanon
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”