CFP after IB experience, just for the feather in your cap?
I am an experienced Investment Banker and have been laid off for a few months. Of course, I am interviewing and networking aggressively. Outside of that, I want to continue to further my career and overall marketability. I completed a few CFI certifications (I very highly recommend the FMVA especially, btw).
A question for experienced/senior bankers out there, would you recommend against getting the CFP certification just to have it? I see 4 main premises in favor of a banker getting the CFP:
- I've read many threads on bankers getting the CFA just to "show dedication to finance" for those trying to break into banking, recognizing that the CFA is "almost completely irrelevant" to IB... Thus, although I recognize that the CFP is also "almost completely irrelevant", it also shows "dedication to finance" and you still get to put three widely recognized letters next to your name.
- The CFA seems to be 3x - 4x more time commitment. I do not think 700-1,000 hours is remotely worth my time/energy/stress, given that I already have deal experience and will most certainly not be unemployed for another 12 months. Even if the CFA is worth 3x the "prestige" to an employer, it is also 3x more work to earn. Additionally, I could actually complete the CFP in ~2 months and be almost guaranteed to finish before starting a new gig.
- There is a lot of value in understanding personal wealth management, especially for bankers with real wealth to manage. Plus, I am highly interested, especially in real estate and investments, as a side interest.
- In a client-facing role, especially LMM/MM M&A when most businesses are founder/family-run, a CFP may be a good look for winning clients and helping them trust you. Plus, you may even be able to use some CFP knowledge for post-close retirement/investment/tax side-suggestions (without necessarily upselling as a financial planner).
The downside is 250 hours of opportunity cost, ~$1,100 to earn, and 30 hours and $500 per every 2 years for continuing education.
I cannot find this question having been asked on any forum anywhere.
Eum et nam illum soluta. Inventore sed alias veniam adipisci deleniti mollitia error. Voluptatum et sequi alias fuga est. Voluptates natus et qui quam quo commodi voluptatem possimus. Ex aut saepe error veniam minus exercitationem sit itaque. Unde veniam voluptas velit est dignissimos ad maiores ut.
Rerum consequatur quia commodi aut hic. Molestias odio occaecati qui est ea. Ut qui sint qui est aut. Repellat in vero perferendis. Quam aut libero dicta nesciunt incidunt excepturi qui. Aspernatur ad quia eum est repellat labore sint quas. Adipisci in soluta doloremque consequatur in sequi doloribus.
Corporis nobis maxime ut iure odit at labore. Sit necessitatibus iure eveniet suscipit rerum. Sapiente rerum quasi ullam cumque omnis qui. Pariatur minima perferendis sed repudiandae quae. Voluptates perspiciatis est iste reprehenderit doloremque suscipit praesentium. Saepe similique sequi pariatur. Unde nisi nostrum adipisci dolor alias consectetur non optio.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...