Is taking the CPA worth it/would it help with promotions or laterals?
Currently getting my Masters in Accounting at a top 10 B school and have a FT IB offer for after graduation. The program is somewhat setup as a prep for the CPA and I would be eligible to start taking the exams this semester. It would be a lot, but doable, between my graduate level classes and completing the exams before starting FT. If I don't do it now, I don't think I would ever get back around to doing it, but registration and study materials are pricey so once I commit it would be hard to stop. I know the CFA is more common in IB but how is the CPA viewed within IB? Is it worth doing to increase pedigree for future promotions/laterals/etc. or should I just try to enjoy my last 6 months before FT? Do you or anyone you know have the CPA and has it helped in any way?
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As someone who has gotten the CPA for Transactions, I would say you should take a hard pass on the CPA. For one, you're going into IB and you need another CPA to sign-off on your work-experience. Also you need accounting work-experience which IB does not provide. If I'm being honest, most of future recruiters who look at your resume would first look at your work-experience in IB before they ever care about the CPA. Also, the CFA is not really needed either unless you want to do Asset Management or Equity Research.
I'm going to be interning in transactions this summer, and might have to go with it for FT. If I'm planning on going the MBA route, would you suggest/do I have to still get my CPA?
Nope, still not necessary. I would only say to get the CPA if you want to stick with transactions. If you legitimately want to end up in IB, no hiring manager is really going to care about the CPA and will look primarily on your work-experience. The 400+ hours studying could be better spent networking and studying for the GMAT considering you want your MBA.
Do you really need accounting work? I believe one of the experiences eligible for CPA is financial advisory which I believe even IBD qualifies for that. And for some states, you can ask people with knowledge (but not directly managing you) to sign off your experience.
In my state, they specified "Accounting or Audit" Work Experience to qualify for CPA experience. In theory, if your Associate or VP is an Active CPA they can say your work experience qualifies but I doubt it's common to see active CPA's in IB.
No. No one in IB cares.
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