whether to start a CFA at the age of 35...?
Hello,
Hope I am coming to the right place for this question, which bothered me for months. I am 35, had been in payment industry for 5+ years, financial institution but not bank, engaged in operating risk management. I had been considering starting CFA for career development. However, my current job has nothing to do with investment or consulting, Would it be too late? Is it possible for career change even at this age?
BTW, english is not native language, but there shall not be big issue for languages since i had already passed certain exams of ACCA.
Many thanks,
Klementsh
Go for it...it's never too late.
CFA mostly helps for investment management roles. Are you interested in such a position?
"It's never too late to be who you might have been" -George Eliot
Go for it man, you are as old as you think you are. So stop telling yourself you are too old. Good luck
If you are sure you want to be in investment management, it could be justified.
But if you are not sure about this, I would be wary because it will consume a lot of time and around 6 grand (2 per test).
It does not cost 2K per CFA test - unless you wait until the last registration deadline. This cost is way overstated unless you do a lot of extra things that you really don't have to do. Yes, there is the one time initial enrollment fee, but if you register early each year - before the first registration deadline - the cost will be much lower than that. Where in the world did you come up with 6K??
excuse me, 6 grand (2 per test) means?...
CFA is extremly tough to get through, how do you guys compare CFA between MBA in terms of value in fiancial industry? Some people told me it's more suitable to get a MBA with my current position.
For me, I am interested in finance (not accounting), but without any investment management experience. The most concern is career change at 35 is not easy, which means I start from the very beginning, do what youngers tell me to do, and to give up the sound experience which i gathered in the past 10 years.
i haven't made up my mind yet, thanks to all the replies
Late start into Finance. Get CFA? (Originally Posted: 05/08/2015)
Hello everyone, I'm 28 and have a BS in Finance from St. John's University in NYC. GPA is a low 2.8. At the time, I lacked the focus and discipline I have now to succeed and build a successful career. After college, I took on odd jobs and worked around a friend's mechanic shop, given my interest in cars. Now I'm trying to get my life back on track and, of course, find myself to be not very marketable/desirable. I'm essentially 6 years behind where I should be had I gotten a corporate financial position straight out of college. I'm competing with college graduates that are younger, have higher GPA's, and from higher-tier schools. Last year I took a temp position for a short period of time at KPMG doing tax report collations. Then I worked 8 months at a financial brokerage firms in the Wall Street area that caters to structured debt loans. I'm now working at a fin-tech company as a temp doing data entry, with a possibility of gaining a full-time position in the finance department. My main issue right now is gaining the necessary experience and skill sets that every analyst-type position needs such as high proficiency in financial analysis, modeling, forecasting, and so forth. So far I've been self-learning Excel pivot tables, v-lookups, and macros with online tutorials. So my question is the CFA a wise choice for me at this point? Will it be a big door opener for someone in my position? How much more marketable/desireable am I with my resume stating, "CFA Level x Candidate," or "Passed CFA Level x"? I understand it's a very large undertaking and sacrifices will be made to pass it. I'm not looking to get an MBA as that will be too costly and broad. I know where I want to be, and that's in the investment banking industry. Please advise.
A few things: - First question you can expect when networking: "after all this time, why do you want to get into finance now?" - Next question: "what has changed between now and your undergrad years that shows you've matured?" - Putting "CFA Level x Candidate" only has value if x is greater than or equal to 2. Everyone knows that being a level 1 candidate only means you paid the fee - PLEASE read the CFA materials before putting anything on your resume. My personal pet peeve is people who write things like CFA Level I expected 2015 (or some other such crap) which the curriculum explicitly tells you NOT to do in the ethics portion of the book. Tells me you haven't even started reading the material
Maybe it might be helpful to find a friend that has CFA materials and do some self-study first before you actually invest in the test (it's not cheap either). It will get you thinking about if you really like this type of work or not.
Also, I read your previous posts. I would suggest doing some homework (reading Vault guides etc.) to figure out exactly what is expected in this job. There are a million different flavours of finance, and you might something you are better suited for.
CFA Age (Originally Posted: 09/21/2014)
I am over thirty with no financial background is it dificult for me to get CFA?
klementsh, this forum's mostly for guys/gals interested in breaking into banking/pe/consulting. A lot of people here may not necessary go for the CFA cause it may not fit into everyone's schedule/priorities (since it's a huge time commitment and most people here work generally inhuman hours... or there's other avenues that may be more effective for their goals, like a MBA).
I would suggest checking out www.analystforum.com. It's a popular forum for those attempting the CFA exams, and professionals with the CFA. You'll probably meet some people that are in a similar situation (30+ yrs old trying to break into a different field), and you'll get a better idea of how successful people have been with the designation.
It's difficult for anyone to get their charter. If you put the time in, it's entirely possible (i passed the first two levels on my first attempt) and I only had an Econ degree (class of 2007), which you'll learn is only a small part of the curriculum. My advice is start early (as soon as Schweser publishes the books) and take every single practice test/question you can. I'm currently waiting to take the level 3 for the first time next year. Age has nothing to do with it and lack of background in finance can be overcome with preparation. Good luck
To be awarded your CFA charter you will need 4 years of relevant experience. You're lack of financial experience will not prohibit you from taking the exams.
He's obviously asking about the difficulty of the exams and not meeting the basic criteria to get signed up for the exam and get awarded the charter once done w/ the exams. The basic criteria are like tiny ripples in the pond compared to the tsunami that is the exams. Also, I'm assuming OP knows how to read basic requirements.
thank you guys , i think comprehension will be less over thirties "it will take more time" . do you agree with me?
Why do they let you take the exams and pay upfront to later discover your work experience might not be "relevant"? Why isn't there a screening process upfront that lets you know that your work ex is clearly not acceptable? There are some grey area jobs that could sway either ways and the risk is on the candidate. . . what's the deal here?
yup do CFA if you want to do investment mgmt / funds management or even PWM.
its never too late, of course you might be at a slight disadvantage but that doesnt mean its impossible to switch
anyways if you are thinking of breaking into FO like sales IB stuffs like that, maybe MBA will be better.
aim high alright
I've completed Levels 1 and 2 of the CFA, and I'm taking Level 3 in June.
From your comments, klementsh, it sounds like you're reluctant to change industries altogether. In that case, I'd ask you to consider what you hope to accomplish by going the CFA route. The charter is heavily, heavily geared towards investment mgmt, though it has applications to banking/pe/trading. If you're not interested in these jobs, I'd advise against the CFA.
Furthermore, earning the charter requires 4 years of relevant work experience. You should contact the local CFA Society and meet with members to find out if your experience would qualify.
My recommendation is to pursue an MBA. It's the right route for a career change and should offer you a lot of color on different fields you could pursue. Age isn't an issue, and once you're on a new career track, you may decide a CFA is suitable.
What about HF? Is that technically a subcategory of investment management?
Thanks guys, it's helpful.
agree that MBA is best bet for you. CFA won't help you make a career switch.
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