Can the CFA® save me?

Like I tell everyone who asks the question, use the search function. There have been so many topics on the CFA exam over the years that you could literally spend a month reading through comments, among which there is certainly much that could help you.

I am just going to highlight a few points that I think you should keep in mind, though they are by no means anything more than a scratch of this topic's surface.

First and foremost, taking and passing all three levels of the CFA exam can take a long time. Few people do it without failing at least once. I am in no way trying to discourage you, I just hear the "my heart is set on AM/IB/PE/finance industry sector du jour" story so much from career changers that I feel the need to point out simple things that many don't think about. For example, late 20's to all the levels of the CFA passed you're looking at a possible entry point into the industry in your mid 30's or perhaps later. Not something most employers or employees themselves are keen on.

Second, even one level of the CFA passed and a good story can get your foot in the door. You will, however, have to utilize (or re-learn) your marketing background. For a guy in your shoes, selling yourself as a valuable asset is something you won't be able to avoid. Finance is filled with linear minded people who do not like to take risks. Anyone outside of the classic mold is deemed a risk. Building your brand, networking and selling yourself ultimately win out over any designation.

Third, tied to the previous...this is why an MBA is better for getting your foot in the door. As much as we all love to prestige whore and talk about GPAs and certifications, people hire people. Knowing more people and having a network of people who either were or are going into the industry will open more doors than any diploma. I get your ROI point and it is a valid one, but keep in mind that by working FT and preparing for the CFA you are limiting yourself to having your resume speak for you instead of being able to speak for yourself face to face via the inherent advantages networking and personal relationships present.

Fourth and perhaps the most practical. Think about a CPA. Each state has its own requirements, but in some you only need 4-6 college accounting courses (CC works) to sit for the exam. Your work experience may even help fulfill some of the requirement. People overlook how big of a part of AM accounting really is. In fact, I did an interview for this site earlier in the year with the guy that manages the Vice Fund and he specifically pointed out accounting as a major that potential asset managers should focus on. The CPA is much cheaper and easier to get than the CFA and it gives you another potential revenue stream which the CFA does not if you are out of the industry.

In general, the simplest advice often works best. The best thing for breaking into any industry is networking. I hate to bastardize it, but often it is all about who you know or who you blow. Sad, but true. Even something like contributing to sites like this one getting involved in the discussion and making connections that way can be a start. If you have your heart set on the CFA, definitely join your city's CFA society and go to the meetings and events.

But I reiterate, take full advantage of the search function. There are a dozen guys a day who ask the same (or similar) thing you just did. Most of them are too lazy to sift through the data that is available here. Don't be one of them. Have absolutely no doubt that if you knock on enough doors one will open up for you. Best of luck.