CFA while in military to help transition
Hey all.
About me: Service academy graduate with a business degree. Current pilot in the military with 4 years of service still required. I am planning to transition to a career in finance once my service commitment is complete. Being that I do not want to do any online MBAs, and am not stationed somewhere that would allow for an executive MBA at a good school, I thought a good use of my time could be to spend the next 4 years trying to get past the 3 levels of the CFA. I understand the time commitment and difficulty of the CFA. Some thoughts I am having.
Could this be enough to get hired w/o an MBA? (I know this is very vague)
Do you have to pass all 3 levels for it to bolster resume or would even passing L1 be helpful?
I also understand that I would not be a "card holder" until after working in the field for the year requirement after.
It just seems like a good way to show potential employers (or Business schools if I do apply later) that I am serious about the transition and gives some credit to my otherwise non financial resume.
Thanks!
What do you want to do?
The CFA has a very narrow appeal. If you're in asset management and equity research, it's a valuable credential to have. However if you're in corp fin, IB, FP&A, etc...it's not that valuable. I'd figure out 1) what you wan to do and 2) how feasible your career path is before going down the CFA path.
In your case, why not look at full time MBAs? A full time MBA is a great way to move from the military to civ life. Acing the GMAT or GRE and getting into a top MBA program is going to open vastly more doors than the CFA will given your situation.
Thanks for the reply and sound advice. That is a question I am still navigating.
As far as the full time mba. I wouldn’t be able to accomplish that until my military commitment is up. So my thinking with the CFA was that it was something I could accomplish in the mean time that still carries good weight.
If you have any thought of doing an MBA, I suggest you get the GMAT/GRE out of the way first. Putting up a top score takes longer than expected and the sooner you get this out of the way, the better.
I get in the interim it's nice to do the CFA, but it's hard to do everything and do it all well.
Best of luck.
I got my CFA before getting a full-time MBA...and I don't think I'd recommend it unless you are dead-set on going into investments specifically (not even broader finance). The designation is really only relevant in a narrow set of careers (specifically equity research, not at all required for buyside investing, though a lot of people have it). The actual knowledge you gain is relatively broad, but ultimately not very practically applicable.
As others have mentioned (and you seem to be aware), the time investment required is enormous, and obviously the pass rates are quite low. I'd consider myself a strong test taker who prepared fairly well for level 2, yet still did not pass my first time. The expectation should be for 250+ hours of studying per level, and you'll want to invest in Schweser or another course to enhance your chances.
One other factor here - MBA admission committees don't even really know how to treat the CFA designation. They honestly didn't seem to care that I had it - by far they were more focused on undergrad school, GPA, GMAT, and actual work experience.
As an aside, even though the CFA is a lifelong designation, investment career opportunities are almost entirely closed off to me at this point since I've had 5 years of strategy work post-MBA. It sounds crazy, but no one cares anymore that I have the designation.
To sum it all up: the marginal benefit you may possibly get would cost a ton of time and money, so your ROI is really poor - unless you are 100% going into equity research.
I posted twice but both posts disappeared.
This is my fourth time posting after the posts keep disappearing.
Overall, you're going to want to get a FT MBA to pivot in your career. An EMBA isn't that good for pivoting; its not about having an MBA, it's about what type of MBA and getting a top ranked MBA. You're going to want to go to a T10 FT MBA program. You should get tuition assistance from the 9/11 GI bill and I think you might even get BAH while in school.
Also a good option. Just trying to find an avenue that will allow me to transition without spending another year or two after separating... Ill be 35 when I separate. I could potentially get the CFA during my remaining 4 years of service. Rather than wait until my service is up in 4 years then tack on another 2 for an MBA.
Yeah if you have time to study for the CFA exam, you could go ahead and knock it out. But, I still think you should get an MBA after you get out. The CFA doesn't open doors like a FT T10 MBA.
It's called a CFA charterholder and you need at least 4,000 hours of experience, completed in a minimum of 36 months to receive the CFA charter.
https://www.cfainstitute.org/en/membership/apply/work-experience-self-a…
Start CFA program now and get the three levels knocked out in 2 years
Yes, I do recommend the CFA program. Will boost current finance knowledge and the commitment tells hiring managers you are engaged. Passing any level is a plus but, of course, passing all three levels is top. Is there any way you could transfer into a finance unit within the military to qualify for the one-year practice requirement for the CFA designation?
No real chances to transition out of my current career field. Appreciate the response. I was thinking along the same lines!
Please stay in touch.
George Stein, CFA, Managing Director
Commodity Talent LLC
CFA needs to be open on Sundays
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