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No, but if you are working in an analyst or portfolio management role it would certainly add value.
All PB guys i know are being put through it. London.
CFA for Private Banking (Originally Posted: 01/14/2018)
Hello fellow monkeys,
I am in business school at a school ranked in the +-50 range, and recently landed a Summer Associate spot at one of the most prestigious private banks.
I took CFA level I in December 2016 after studying for approximately 100 hours (had a baby which disrupted study plans as you can imagine). Whatever the case, I failed and was in the 10th band.
This is the job that I went to business school to secure, so I am really pleased to get a foot in the door. Now that recruiting is over, my question is whether I should consider studying for the CFA again. I know that it would bring value to my personal brand, and would set me apart from most of my peers who do not have the charter. However, I am worried that the time could/should be spent doing other work such as networking etc.
Any input would be appreciated.
Hey It's In The Water, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
No promises, but sometimes if we mention a user, they will share their wisdom: Aerfally1 redbrickwall HFFBALLfan123
Hope that helps.
Damn WSO bot.
What's the conversion rate at the bank? What will you be doing?
@Aerfally1 by conversion rate do you mean the percent of Summer Associates that are hired to full-time positions? If so, it is in the high 90's. When I talked on the phone with the person in charge of the summer associate program at the office, he said they have always hired their Summer Associates in the past.
The summer is split between two roles. One is more relationship management focused, and the other is more investments focused. At the end of the summer, if you are extended an offer, you get to choose between the roles. I believe I will also get to choose between working in NY or at the office that I will spend the bulk of my time at this summer (non-NY) as well.
couple thoughts
thebrofessor This is helpful insight, thank you for taking the time.
While in business school, I have spent more than 50% of my time networking which has already worked out nicely. Now that I have a solid job lined up, I'm trying to shift my focus away from networking with only finance people. What have you done to be successful in meeting intermediaries? I have a bunch of friends who are at the law school, but we won't really be able to do business for another 10 years until they actually have clients.
Also, from a career progression stand point, are you saying that trying to knock out the CFA relatively early is not important?
I'm not saying that at all. what I'm saying is the choice you gave: study for CFA or network, my answer is network.
not sure what you mean by intermediaries. I'm at a big firm so I don't have to seek out vendors and the like, just clients. for clients, it's cold calling and referrals, plain & simple.
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