Value of CFA breaking into AM
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IMO, yes it is. Most places are looking for someone pursuing the CFA or who have already passed it.
I don't think it's worth your time & effort, since you've already got CPA and a finance background.
FYI, CFA1 will be really easy if you've got CPA.
In your case it probably makes sense. You likely could probably get an entry level role somewhere without it, however taking LI will make you more competitive and the costs are minimal. I think it is around $1,250 for the books and registration. As for time you should have no issues with L1. You could probably knock it out with a month worth of studying.
It will definitely help you in breaking into AM. I have many friends who did that to get into asset management.
Level 1 alone will not help much since you already have your CPA and accounting work experience. Actually having the charter, or being eligible to receive it, would definitely help your resume stand out. Depending upon your timeline (are you looking to move immediately? or 1-2 years from now?), it could be worth it to pursue the CFA designation. If you're trying to make a move immediately then your time is probably better spent networking.
They all came out of undergrad, right? So it is not comparable with OP's situation
OP, don't get the CFA. You are holding the CPA which shows that you can do the work. You will have to convince recruiters/hr/people at the company that you are interested in investing. Maybe you were part of your college's finance club? That would do just fine. A CFA will be a waste of money and time in your case. Network. Network. Network. You currently have a job, so there is not a high level of pressure for you to find something. Hit up family contacts and talk with them. Don't ask straight away for a job. There are a bunch of articles on WSO about networking. Read them before doing anything.
So don't waste your money or efforts on the CFA. Even if you are trying to move only in a couple of years, it won't give you too much credibility or anything else really. It would be more helpful knowing a PM or VP or anyone really who is currently working at the company.
CFA is vastly overrated when it comes to enabling one to make a transition. If you're already in the industry, take it for the knowledge you gain from it.
I was in a similar situation as you (accounting background, CMA holder, looking to break into AM). I passed CFA level I in June and only studied 6 weeks. If you have a finance and accounting background, it shouldn't be very difficult for you to pass so why not do it? The time and financial invesent is minimal and it can only help you...not to mention just about every AM job I've looked at says they prefer CFA or progress towards it.
Hmm thanks for all the insights so far. It appears that people are quite divided on this question hahah. I am planning on making the jump pretty soon - but I am not really actively looking yet. Was thinking of taking the December CFA first, so asked for some insight.
Although taking the CFA is only about 1000+ dollars, thats still a good amount to an underpaid big 4 grunt haha.
The CFA L1 next summer is a lot cheaper than the one coming up (due to deadlines). However, not sure that you'd want to wait that long to take it.
Even if you take L1 in December you won't get the results until February. So if you want to make a move in the next six months it won't help you. L1 doesn't indicate much anyways, it's considerably easier than L2 and L3.
redacted
Exactly. If most AM firms will push him to get it once he's in anyway, why not start now? I'm surprised at how many posters saying not to do it.
is CFA really needed to break into AM? (Originally Posted: 03/28/2013)
I'll be working in BB BO and my end goal is to break into AM. As title states, is CFA really necessary to break into AM?
This thread should answer a majority of your questions:
http://www.wallstreetoasis.com/forums/life-at-a-top-asset-manager
[quote=amufb1]This thread should answer a majority of your questions:
//www.wallstreetoasis.com/forums/life-at-a-top-asset-manager[/quote] Can we make that thread a Read Before Posting for the AM forum?
Def got more looks as a L I candidate for better roles for a kinda similar but dissimilar background. Not in NY but in a decent sized city.
Met w some folks from diff subsidiaries of big asset managers; basically if you get in there and finish the cfa program you move where ever youd like.
Idk how beneficial it is as you have a CPA but its a gold standard in the investment mgmt industry and would show your interest in the field.
I would say that the CFA definitely helps a lot. Just passed the level 2 and was able to get informational interviews with two portfolio managers from big asset managers. Both of them advised me that pursuing CFA is highly desirable especially when you are trying to break in as it shows your genuine interest in the field.
Cannot believe that this question is still getting asked... for years and years it never ends! YES, it is better than not having it. NO it will not get you in the industry on its own. Your situation is not unique no matter what you think. Is it worth it? UP TO YOU.
Did you even read the post before ranting? The whole point of it was to ask other people for their input before making a decision. Nowhere did I claim my situation was unique, its actually a pretty common background if anything. And yes, I realized CFA isn't a golden ticket but having is obviously better than not having it - hence why I asked people for what they would do in my situation.
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