The power of CFA.. What can I do?
Hi guys,
To introduce myself, I'm a recent financial engineering graduate and recently got my first job at HSBC GB&M IT. I dont' really enjoy working in back office and really want to move to FO. Will CFA allow me to make the move? I heard CFA will not help a lot for IB.. where will it be most valued? Also will there be better options I could take other than CFA? Thanks.
I took CFA1 with minimal prep. As you're from a finance background and you're certainly smart given your degree, I don't think CFA 1 will be difficult for you. Worth considering.
I am currently prepping for the DEC exam this year, and so far so good. But, how much can CFA1 help me land a decent job in FO jobs? Thank you.
Lots of AM, E&F or "buy side" jobs value/require the CFA. It might not be productive for IB... IDK.. But I don't see much of a downside. If you have the time, $, and mental horsepower... I would go for it
I don't know how much it can help but I don't have problems getting interviews from big AM shops (think Fidelity, HSBC, Schroder etc). I am also half way through ACA (UK equivalent of CPA).
The CFA is a viewed as a tool. It provides you a basic skill set/framework to make logical investment decisions; note the CFA in its code of ethics sections notes that it will not make you a better investor and nor can you say so. It will probably NOT help with getting a job transition as I believe recruiters prefer relevant job experience vs a charter. I think the best way to transition is to network hard - and add value to your network. One way to add value is to use the CFA tools. I work in FO holding a charter - and even then I cannot just transition between roles.
Nothing beats experience, but taking (read: passing) the CFA will demonstrate that you are smart, hard-working, and interested in investments. It will never hurt in an interview, but it will not be something that you talk longer than 2 minutes about.
As someone mentioned above, CFA is almost mandatory at the higher levels of AM/ER. That being said, CFAs like hiring other CFAs, not to mention it's a good networking tool.
I wouldn't worry too much about where it is most valued. If you had asked where a financial engineering degree was most valued; and the answer was GB&M IT, you would have been disappointed in the answer after getting the job. - Focus instead on "what am I interested in?"
As for other options, you'll figure those out after you have an idea of where you would like to end up.
Other than that, everyone above has given excellent advice already.
CFA might get you interviews if you network hard. To get the job, you will need to prove you have the skills to do the job.
Don't you need to work for several years with a relevant field to get chartered?
I'm doing IB at a Big 4 company, and most managers and up have CFAs (a requirement at our firm - they will pay for it). I think it's not really useful for IB, but may come to use later at buy-side.
That's what many senior staffs in my firm plan to do anyways, to jump to PE/VC firms in a few years...
You've already had a background in Finance so CFA Level 1 should be easy. You can pass all three levels in 18 months if you're dedicated enough.
I'd say get at least CFA 2 for the moment, it shows that you have interest in the finance industry, but it's not going to give you a major advantage.
If my memory serves me well..I think it's 3 or 4 years of XP. But 1 of those can be obtained during internships..the program being mostly done in 3 years..Then I'd suggest starting now when you are still used to studying..versus when you get older..
Internships do not count, must be full-time work fyi
Like "The Real Donnie Azoff" said, I see the CFA as a way to demonstrate your versatility, self-learning abilities and that you are smart and hard-working. I found it useful when I switched from AM/HF/portfolio management industry to the RE PE sector. I'd say it's almost a most..the market being what it is..there are more and more Finance grad and I see the CFA and master's degree as a way to stand out and demonstrate your investment related abilities and interests.
Go get it! MHO I found the level 1 & 3 quite easy..Level 2 needs a little more preparation time..
Hope this helps.. D
Is the CFA Chartholder useful for getting a job, if you're not from a top university (Originally Posted: 07/28/2016)
Hi fellow monkeys, I usually find on the forum the answers for the questions I have. So, thank you to all who have contributed. I'd give a silver banana to everyone of you.
My question: I'm wondering if getting the CFA Chartholder would help me get into a decent Asset Management firm? I know the chartholder is very valuable in the industry, however, my background is a bit "weird", and I'm not sure that I will be able to get in without a top university on my resume A little bit of my background - International student from one of those countries that you probably have never heard about. - University is ranked #4000 :D - On the plus side: During my freshman year, I had an internship in the FICC department at an international BB in the neighbor country. During my sophomore year, I've got an offer from a local pension fund for the Portfolio Manager position. Also, I have a personal trading account since I was 14 (not very helpful for getting job)
I have applied for around 300 internships positions at different banks and AM from abroad. Bad news is that I received 0 positive responses. It made me release how important the name of the university is, and helped me to figure out that I am doing something wrong. That's why I am asking if it's possible to get into a decent AM firm from abroad with the CFA on your resume. I'm planning to take the L1 during my senior year, but I'm not sure if it will really help me. Any opinion would be highly appreciated.
The charter is very valuable. But you're a little off base here:
You can't earn the charter without 4 years of relevant work experience. I assume you mean passing the tests. In that case, "Level 1 candidate" and "Level 2 candidate" mean nothing. "Level 3 candidate" means something. "Passed all three levels" probably about the same as having your charter for hiring purposes.
You need to reevaluate your job search strategy. Blind dropping 300 resumes is a waste of time. There's a ton of information on this forum about how to network into jobs. Do some searching. You would have been better off applying to 15 firms where you had talked to a handful of people at each before applying. Your school can matter to some firms but more importantly, most of the successful candidates at those 300 banks probably had been proactive, reached out, talked to the team, networked into the role, or were even just flat out related to a client or employee. That's the real world, and it's how things work. You don't need to know someone now to get in, but you do need to get to know someone (and then someone else...and then someone else...). The resumes are ultimately fairly interchangeable for most undergrad candidates.
Hey man, thanks a lot for the response. Yep, I knew that networking is important, but I did not realize that it is crucial. However, the problem is that I'm not a local, and I have to have something "above average" on my resume. Why the f would someone from abroad hire me? As you said: "all candidates are interchangeable". How would you network with someone from abroad. What would you ask? I have tried messaging people, but no one responded. Can you give me some tips n tricks? Should I contact recruiters or somebody from the firm?
I perfectly understand the recruiters. Why do you need additional hassle with the Visa process and so on?
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