CFA+No-Master= Big mistake?
Currently I'm studying towards Level II of CFA and there's one thing that has happened to me repeatedly: someone pointing my lack of a master's degree. Here's the story: European citizen from a non-target. Degree in Business. Thinks about doing a Masters but sees everywhere: This very expensive master prepares you for the Level I of CFA Program. And makes the mistake of thinking CFA>Master. Passes level I with over 70% in all topics, first attempt. And once and again and again across different countries in Europe gets "sorry but we want someone with a master", "that's not a master". Even from Asset Management companies that support their employees to pass the CFA exams. So what I'm starting to think here is "Hey is this really worth it?". I see often things like "CFA preferred" or even in some topics here things like "passing level I helped me to secure that interview/internship", "helped me to stand out of the crowd". I don't know, but I think I'm missing some piece here. Does passing Level II really mark a difference? Because I have my doubts. I'm tilting towards the opinion: If you don't have a masters (preferably from a target), CFA (even for those who put some value on it) is a big "bah" for us. And this sequence happened to me in 4 different countries. Anyone with the same experience? Is this a Europe thing? Your 2cents? Piece of advice?
The CFA program is more heavily weighted outside of the US and Europe, where top MBA and MS programs aren't as closely within reach. That doesn't mean that the CFA is worthless or less valuable, it just means that you'll need a stronger profile - perhaps earning the charter altogether - to beat candidates who have a MS or MBA.
All else equal, it stands to reason that someone with a grad degree + CFA would be a better candidate than someone without either or both. It sounds to me as if people simply aren't weighting you having passed L1 as heavily as they do someone having finished a MS or MBA program (and they're right to do so).
So you don't necessarily need a grad degree, just know that until you actually finish the CFA, you're less likely to beat out candidates with advanced degrees.
The people that have done the program will pull for you. It really does make a difference IMO
Also, passing level 2 is a game changer
You passed level 1 of the CFA, of course it's not going to get you a job. It's a thousand bucks, a 6 month commitment at most and anyone who majored in business/econ/finance in undergrad can pass on the first try. Why in the world would you think passing only the first part of a 3 part test would be more meaningful than a 100k education from an decent school?
I did the CFA (passed all 3 levels) and my experience was it's not much more than an exercise in memorisation + juggling that with full time work.
I later did a masters and found that much more educational/enlightening than CFA.
I see you are in IB, do you think the CFA has at least helped with your business development or helped you get your job?
No, but I moved laterally from a lawyer background within the IB and the IB was a non-US IB where CFA doesn't get much recognition. I'd done CFA II before I moved to the commercial side, but that was largely irrelevant to the move. The banker who sponsored my move didn't even know what the CFA was.
All in all, CFA really did nothing to help this process. I did the CFA because I had spare hours in the day and like to build my CV for fun.
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