Is a CFA designation important for working in IB? I know it provides job security to investment/asset management professionals and have heard many people in IB just pass the first exam as a resume booster.
Would having a CFA in Banking set you apart?
Looking for some people who have a CFA or chose not to take it.
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Assuming here, but in my experience there are three scenarios where one would either have the designation/go for it while in banking:
Used it as a resume booster to help break into the industry, usually stopping at Level 1 or 2 once they've landed an analyst spot
Someone who previously worked in research/asset management and wanted to make the transition to banking, bringing the designation with them.
Someone currently in banking who wants to transition to a sell-side or asset management role. Although you don't necessarily need the designation to get to the buy-side from banking.
Other than that, I see no real benefit pursuing the designation if you're in banking and hoping to stay long term. I was a 3 lol took level 2 in June
You really only need it if you want to leave banking.
A CFA would be useful for a lot of positions: - Equity Research - Private Equity - Investment Consulting - Asset/Wealth Management - Any kind of portfolio management role
You won't see many major portfolio/fund managers without the designation. However, if you are a lifelong banker, no need to spend all the time on it.
Useless in banking, it’s never helped me and I’ve interviewed a ton.
Took me 4 years to get it, what a waste of time. Ruined every weekend for 4 months each year leading up to the tests.
Just not worth it unless you go to asset management roles.
I learned a lot of valuable information through the CFA, however, it is not necessary for banking. To break into banking as an Analyst, you need to understand basic concepts, have a clear story for why banking and a strong work ethic. I believe you can show this through extracurriculars as opposed to taking an exam that takes an enormous amount of time to pass. It significantly helps in breaking into ER or some asset management role, however, that is a shrinking industry right now.
I received my CFA designation two years ago in hopes of breaking into an ER/debt research role. However, there are such few jobs in that space that experience trumps designation every single time. I recently exited the finance industry and would say the CFA added minimal career value in my life. On the other hand, I do believe you learn a lot from taking the exam. It really helped strengthen my understanding of accounting and financial reporting.
-XSX
i-Bankers and the CFA (Originally Posted: 04/13/2017)
Hey Monkeys,
I'm a 2nd year analyst at a BB/MM and want to finish my CFA. Passed the first 2 levels when I wasn't in banking, and I've put off the 3rd level due to hours at work.
I'm not going to b-school, and I want to finish this thing up as a personal goal. Any of you monkeys ever studied AND passed the CFA during your 60-80 work weeks as a junior banker?
Tips would be helpful as I plan on studying for L3 during my 3rd year IB analyst stint.
Cheers, saw23
Just curious, why do you want the CFA? How do you think it'd help you?
The main difference is you need to practice writing, a lot. Writing the constructed response is nothing like writing a college essay and if you approach it as such you are screwed on time.
Some tips (assuming you are prepping for jun 2018, I don't see June 2017 as possible if you pull too many 80+hour weeks)
-start early. 2018 book won't come out until July or so, but you can get old CFA books and Schweser notes the vast majority of which don't change year to year -take advantage of all opportunities. I recorded schweser videos to MP3 and listened to them while running, in the 8 months I studied or pretended to study I got through all of them >3 times). I studied for my series exams almost exclusively on train rides. -work all the writing problems you can. All the old actual exams and sample answers (no keys for point grading obviously) are available for free, and there's a ton in the CFA institute text. Be wary that the guidelines for portfolio management/IPS questions has changed in the last three -5 years so don't get frustrated by the answer being something you've never seen. -Schedule a review class and get it approved by your firm. I took the schweser 5-day which was great (taught by the head of their L3 curriculum). The three day would be great if they won't buy off on 5. Take a vacation day if your have to.
L3 was by far my worst level from a score standpoint because it is so subjective, but I think it's not that hard to pass if you put steady work in over a prolonged period. Good luck!
Thanks for the advice. Probably will crack open an old Schweser book (2015) I have in October to start for next year.
What are these Schweser MP3's you are referring to?
Also curious as to why you plan on finishing the charter. I guess since you've completed L1 and L2 it makes much more logical sense to just finish it up; however, advice to undergrads on the CFA? I am planning on taking CFA L1 in June because I got a scholarship so I'm taking it for free and I figure it will help pad my GPA but don't have many intentions to take L2 or L3 as don't necessarily see the direct appeal outside of Asset Management gigs.
cfa and banking (Originally Posted: 09/12/2009)
Do banks ever sponsor (pay) for the cfa exam while you work for them? Thanks in advance.
Mine did, and my old roommate's bank did - so I assume most banks do.
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