I don’t want to do my cfa
Hi all,
I’m a junior equity resesrch analyst. I work for a large asset manager. Been working in the job for 4 months now. Everyone in my firm has the CFA except myself and another junior analyst.
I’m getting somewhat pressured indirectly to take the CFA level 1. I have a business degree. Worked at a hedge fund before this as an intern then part time during my last 4 months of school.
I enjoy researching companies and modeling but have zero interest and or motivation to study for the exam.
I want to tell my boss I’m not going to do it. I know my work is good without it and it won’t get better after I pass level 1.
What should I tell him?
Based on the most helpful WSO content, here's how you can approach this situation:
Acknowledge the Value of the CFA: Even if you don't want to pursue it, recognize that the CFA is highly respected in the industry and is often seen as a commitment to professional development. This acknowledgment can soften the conversation with your boss.
Focus on Your Strengths: Emphasize the quality of your work and how your skills and contributions are already adding value to the team. Highlight your passion for researching companies and modeling, and how you're excelling in these areas.
Propose Alternatives: If you're not interested in the CFA, suggest other ways to continue your professional growth. For example, you could focus on advanced modeling courses, certifications in data analysis, or other relevant skills that align with your interests and the firm's goals.
Be Honest but Diplomatic: When discussing this with your boss, frame it as a personal decision rather than a rejection of the firm's culture. For example, you could say, "I truly respect the CFA and the dedication it represents, but I believe my time and energy would be better spent deepening my expertise in areas directly related to my role, such as [specific skills or projects]."
Understand the Risks: Be prepared for potential pushback. Some firms view the CFA as a baseline qualification, and not pursuing it might limit your long-term growth within the company. Weigh this carefully before making a final decision.
Ultimately, the key is to communicate your decision thoughtfully, showing that you're committed to your role and the firm's success, even if your path doesn't include the CFA.
Sources: Life decisions...buy-side equity analyst, Why YOU Should Take the CFA® - What it Takes, Q&A: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt), Why Work in Asset Management?, What roles can I get with a CFA
I spent 5 months studying for the CFA level 1 and did not pass lol. I just was not cut out for it. I know it's easy for some people though. I left the exam feeling pretty good about it, but nope, did not pass. Didn't bother retaking it. The studying just consumed so much of my life, and I couldn't see the benefit. Ended up getting my MBA instead and am now in a group I love.
If it is a dealbreaker at your current job, consider jumping ship. If you aren't motivated to put the hours in to pass, then you won't, and it'll be a huge waste of your time.
My advice - if you are interested in research, staying in AM, and progressing where you are - is to say simply "I greatly appreciate the opportunity, how much/what does the firm sponsor to take the test, I'm excited to get started. In your experience, do you have any suggestions or advice on how to prepare myself for the exams?" Feel free to paraphrase that, but the response should not be 'no'. If you read no further - just get the CFA now, you are young and still in the mode to take tests - you can knock it out in your first few years when you have less to do, and it gives you optionality going forward.
Here's the deal - like it or not, the CFA is still something that matters. Even if we all fight over the content, material, and skill set (which frankly it was made for your type of role effectively) it will matter optically as you progress. You do not want to be the one person, especially this early in your career, thumbing your nose at something your firm, and clearly your boss, highly values. Industry wide, it is also still valued - even if it's purely optics, as I mentioned, there are more and more 'CFA preferred' or 'CFA required' even for roles that are investment adjacent - RFP writers now are being asked to have it or strongly encouraged, for example, in some places. At the very least, even if you plan to leave AM or simply refuse to yield - take level 1, pass it, and then pause if you must - that at least shows progression and that you understand the importance of it, even if you are just dragging it out. In retrospect - I wish I'd done that - I stopped after L2 as it was less relevant, and more purely credentialing at that point.
Anyway - those are my thoughts. I think getting it early on in your career is hugely important, and not thumbing your nose at your boss/firm will go a long way for you.
The CFA matters to those who make it matter to them. Outside of finance if you say CFA people will assume you mean Chick Fil A. It's your personal opinion to believe the CFA matters.
People are either going to say the CFA is the greatest thing to bless this Earth, or believe it to be a complete waste of time. IMO if you really want to have the CFA designation then sure go for it. If your team are all CFA alums then it's probably safe to assume they want someone to have it too. But if you are actively saying you don't have any desire to do it, then I'd probably jump ship to a shop that isnt so CFA dominated. From everything I've gathered about this, it comes down to pure personal preference. There are great stock pickers who have the CFA, and there are amazing stock pickers who despise the CFA. There are terrible stock pickers who are CFA certified too. Having the designation literally doesn't mean anything other then you studied 400+ hours to take 3 tests.
In reality, most firms want people to take the CFA because it paints a picture to investors that the "team is full of CFA professionals". Its a social boost that probably leads to some form of incremental $ flows into the firm.
In my eye there are only 2 reasons why people care about the CFA
1. it bolsters marketing and should (in theory) help with asset gathering
2. They took it themselves and are biased as to what value the cert actually provides.
If your shop makes you sit for the exams then that’s a done deal unless you leave, but if they don’t force your hand I think spending an incremental 300 hours flipping over rocks makes you a better investor than memorizing ethics questions…
People above are debating on the efficacy or usefulness or whatever of the CFA. None of that matters. It's as simple as this:
There are a lot of large long onlys who simply won't let you progress without getting it. So, if your firm is like that, better learn to like it, or leave lol.
100%! It's just a fact. For younger people, think of it like getting into a top college without taking the extra exams. I remember Harvard saying "optional" but, trust me, if you didn't take them and weren't a stud athlete you weren't getting in.
Major LOs "require" it to move on. It's partly about knowledge but mostly a combination of showing you're able to do it and optics for their clients. Lot easier to gain traction with the CIO of an endowment or major RIA (who will most likely have one) if you are a CFA. Almost table stakes today.
In addition...many things in business are about optics. You don't have to agree or like it, but it doesn't change the fact that they're important. It's just the way it is. Better off to learn it now or start your own thing.
Been in basically the same situation, where I already had a good formal finance education plus IB experience and then my idiot boss at a buy side shop started pushing CFA on me.
I told my boss I'm concerned about the impact on my time, because all those hours could be put to much better use. We agreed that I would study minimally for the exam to see if I could pass level 1 without losing a lot of time, with the understanding that it won't reflect on me if I fail. That was the best deal I could get because it was a very political firm and not the sort of place I could say what I really think of their stupid fucking CFA.
If your situation allows you to be more honest, tell them that the CFA is a GED for people who missed out on the earlier routes to a finance education. And it doesn't make sense for high school grads to get a GED.
This is my opinion too. I work with a lot of people who have a CFA. They all did something unrelated at university - maths, CS, engineering etc. For them it really helps construct their understanding of finance. However I studied finance at uni. Why the fuck would I devote countless hours of my free time to study the same shit?
Shouldn’t you already know the material if you studied it?
This will not land with your boss. Do you but prepared to find a new job in 6-months. Probably means you’re not cut out for the long term.
Sorry just the truth
Source: been there done that
No I appreciate the honesty
My plan is to continue studying for it but I’m not gunna put in the crazy hours I have been putting in after work. I’ll write the exam, if I fail it, then it will delay me 6 months from now. I can then fend a job in institutional sales or sell side where some jobs cfa isn’t required
This is retarded advice don’t listen to “RE” guy… plenty of industry titans who have made it without getting Cert to please clients
Doesn't matter what you or I think about it -- the majority of LOs care about it (M7 MBA is a fair equivalent though if you want to go down that route instead). There are firms that will blanket reject you without a CFA or a good MBA, and others where you will in a head-to-head just lose out vs. someone with a CFA. It will haunt you and dog at you for your entire career
If you want to stay in LO AM, do the work and get it (or M7 MBA). I cannot tell you how many roles I've been vetted for where they mentioned the CFA as a main reason for getting an interview at all
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