CFA= master's degree??
What is a CFA equivalent to? a master's degree? and can you study while working? do most people drop out of the program? Do you have a good chance of getting a job with it?
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What is a CFA equivalent to? a master's degree? and can you study while working? do most people drop out of the program? Do you have a good chance of getting a job with it?
I was writing an email to a fellow monkey who is about to start as a banking analyst in the summer. It's been a little over 5 yrs now since I was a wee young first-year analyst in restructuring for one of the Moelis/Houlihan/Evercore type firms (I call them the firms where most people will... 15 things I wish I knew as a first year banking analyst |
This is the reaction any analyst who has ever worked in banking has when you say you want to leave banking for business school then come back as a post b school associate...
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I get a ton of emails and answer a ton of posts asking similar questions so I thought I would answer the most common ones I get here and allow others to post their questions so everyone can see them and the subsequent answers. Hope this helps.
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Inspired by comments from this: http://www.wallstreetoasis.com/forums/basic-guide-ramping-up-on-a-company-with-public-information-part-1-of-3
Lets just jump in.
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Comments
Not equivalent to Master's
Not equivalent to Master's degree. More for career progression than transformation.
You can study while working, although don't underestimate the time required to pass.
Most people never finish the program.
You can absolutely get a job without it.
These were all pretty dumb questions that could have been answered with some searching.
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
duffmt6: These were all
These were all pretty dumb questions that could have been answered with some searching.
How nice of you
16rl: duffmt6: These were
These were all pretty dumb questions that could have been answered with some searching.
How nice of you
It was pretty nice of him; those questions were basic and unimaginative.
And yet he wrote a wrong
And yet he wrote a wrong answer - CFA has Masters equivalency in UK and a few other countries - http://www.cfainstitute.org/ethics/regulatory/benc...
Improving: And yet he wrote a
And yet he wrote a wrong answer - CFA has Masters equivalency in UK and a few other countries - http://www.cfainstitute.org/ethics/regulatory/benchmark/Pages/cfa_program.aspx
that's great and all, but this isn't about who the CFA have been able to sit down and sign up to their spiel, it's about what firms think, does the hiring manger think CFA = Target Msc? that is what people really want to know....
Improving: And yet he wrote a
And yet he wrote a wrong answer - CFA has Masters equivalency in UK and a few other countries - http://www.cfainstitute.org/ethics/regulatory/benchmark/Pages/cfa_program.aspx
A CFA may have equivalency, but doesn't change anything. First and foremost, you need to spend 3+ years doing it (1.5 being the quickest, but you still need the relevant work experience to get the charter.) Also- most bankers couldn't care less about the CFA. If you are looking at other lines of work (AM, HF, ER etc.) you would be best served with a CFA, but it is not a magic fix all.
Also- getting a Masters has more to do with rebranding yourself/ OCR opps than a CFA would. A CFA, at best may get some cursory interest in your resume, but if most hiring managers don't perceive it to be at the same level as your UG institution, you're still out of luck.
So yeah, the CFA can help you. It may have an equivalency in the UK. But it doesn't carry the same benefits a full time program would.
Some research I just did (for
Some research I just did (for an unrelated reason). According to payscale.com CFA charterholders make ~10% more than non charterholders. That doesn't cover bonuses though. Whether it's just that the kind of person that gets a CFA is also the kind of person who finds ways to progress, or because of the CFA itself, I'm unaware.
Looking for internships I have been told, "We want people who are at least CFA lvl 1". That was for an internship, not even a full time job.
Note: all the info pertains to equity research