Currently, a Wharton undergrad with not much to do this summer. I'm interested in Asset Management and hedge funds and would like to try to enter the industry straight out of undergrad, rather than go the IB route.
I was thinking about spending the summer studying for the CFA® Level I. What sort of value would this add to my undergrad degree? Is it worth it?
All opinions valued. Thank you
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We can't really give advice without knowing your grade. If you're a between freshman/soph, I would recommend having a good time and doing some interesting stuff way over CFA studying.
^^also, you need to be in your final year of college (a senior) in order to enroll in the CFA program as a college student.
And if you're at Wharton period, you'll have access to great recruiting and I wouldn't really waste your time with the CFA. I would never even consider studying the CFA in undergrad- it takes way too much time and the time spent studying could be used for so many other things that are far more worthwhile and interesting.
I think CFA Level 1 covers pretty similar material as Wharton undergrad, and you can't actually get the CFA without four years of full-time work experience, so I don't think simply passing Level 1 while in college would add a lot of incremental value in your case.
Sorry, forgot to mention that I'm a rising sophomore. I was thinking that getting started on my CFA would help to distinguish myself when it comes to hedge fund internships/full time recruiting, but it's good to know that I wouldn't even be eligible until senior year.
Thanks all for the insight.
From CFA Level I entry in investopedia:
Prerequisites: U.S. Bachelor's degree or equivalent, obtained no later than the 31st of December of the year in which the first exam will be written.
You CAN'T sign up for the CFA as a rising sophomore.
Don't even bother thinking about the CFA until your last semester. Just get recruited by or network your way into AM or ER internships.
Knowing how to model, value companies, and read a 10-K will add more value than the CFA.
absolute waste of time, do not.
Well, If you are in the final year...You can go and study CFA level 1....It gives you good basics on valuation concepts and broad study in the investment science. If you are interested in the AM and Hedge fund in general, then Yes, CFA would be of a great added value to you as by Level III you will master the science of the portfolio management in general.
But CFA isn't that easy it requires dedicated time like no other...I forgot what social life means in the past 3 years. Is it worthy? on my personal opinion, yes....
I took Level I my Junior year of Underdrad (the summer before my senior year). They let me combine RELEVANT work experience and my 3 years of school in order to do this. I will list some benefits I have noticed of doing this while in undergrad and why I dont think it is worth it:
Professors sucked my dick senior year
It did a lot as far as "prove" to employers that I have an extreme interest in finance and that this is my passion and what I want to do (what 19 year old spends 200 hours and $1k+ unless they are sure thats what they want to do).
Didn't receive any technical questions in interviews (at least to the extent I was expecting). Every interviewer would say "I am not worried about your ability to read a balance sheet or if you know modern portfolio theory if you passed level I". All my interviews were 99% fit. I think this could be a bad thing though if you are all brains and have no social skills.
I probably received more interviews than I otherwise would have.
However, I think that the hours would have been much better spent networking and partying. (I probably would have had even more quality interviews if I networked more and ultimately got a better job). In my opinion, Level I will only help in regards to #1 in any situation. It is an easy exam, and employers are not impressed if you can pass.
Hope this helps.
Wharton Undergrad + CFA (Originally Posted: 06/24/2011)
Would those credentials be enough to secure a job in the private equity space? I don't see why an MBA would be necessary?
Why bother with the CFA?
If you're not good enough to let the Wharton name speak for you, you fucked up somewhere along the way. Wharton should easily get you into interviews. It's up to you to kill it from there.
The CFA is unnecessary.
The CFA does not help out in private equity
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