CPA + CFA lv3, 26 yrs old, bad job
Hi guys, I have come to the conclusion that going to business school is the best way to save my career at this point. I would like your advice on whether to spotlight,mention, or completely ignore my CPA and passing of CFA level 3 on my grad school apps, as well as a simple profile evaluation. (I am targetting Duke, UVA, Cornell, my dream school is Columbia and Wharton, but I don't think I have a chance with my work experience)
I am fully bilingual in Chinese and would like to become a porfolio manager specializing in Asian equities, or a head of finance for a multional firm such as Google, Toyota.
My background:
26 years old, male 720 GMAT - 47 Q, 42 V 2008 grad from top-2 public school on the West coast - 3.43 GPA U.S. citizen Immigrated to the US at age of 15, speak/read/write English and Chinese with equal mastery. CPA licensed, pass June 2011 CFA level 3
I worked 2 years at a small business management firm in LA right out of college. The firm serves as financial nannies for Hollywood moguls, from Russell Crowe, Sam Worthington...to JJ Abrams. We do things from paying bills, depositing checks, to financial statement compilation, investment porfolio summary, legal filings, royalty tracking, expense budgeting...
The firm had no mobility and I thought I needed more GAAP reporting and human, inter-departmental interaction, so I became a staff accountant for a movie theatre company, and have been there since.
I know the CFA 1 is not worth mentioning at all on applications, but what about CPA+CFA 3? Is my background interesting enough for my target schools? Or am I shortchanging myself and I'm actually good enough for top-10 schools?
I also have a suspicion that my lack of opportunities in investment management jobs has to do more with my geographic location than anything else. Is my problem (want an analyst job) easily solved by moving to NY or Boston, where the CFA is more valued?
Thanks to all who reply. Merry Christmas to you all!
Sounds like a good idea especially if you can get into a top-tier program.
It's probably not your fault as much as the economy. The financial services industry was in a bubble. Investment banks, asset management firms, hedge funds, etc. are continuing to make cuts.
Of course location matters. Are you at least near San Francisco or Los Angeles... otherwise what investment gigs do you expect to find? Wealth management cold-calling financial adviser jobs? What specific roles are you applying for? Accounting or analyst roles... other? Being a CFA is valued but perhaps you're not applying for the right jobs. Also, my issue with the CFA is that too many people have it and it no longer differentiates you like it used to.
The benefit of an MBA is that it will allow you to network. Let's face it, sometimes landing a good finance job has more to do with who you know. But yea, sitting out in grad school during a bad economy is a good bet. You just have to make sure you don't get too much in debt because while a higher education degree is great there are no certainties in the future.
try writing on poetandquants.com, they're currently running a probability of getting into b-school. may be able to offer some more precise feedback
Thanks to both of you. I am in Los Angeles, but have heard the asset management jobs are not nearly as plentiful as NY, Boston, or even San Francisco. The only jobs I get call backs on seem to focus on using my accounting background rather than my potential as an analyst...
your job is not even finance, it's high-end errand work. unless you want to write about these useless experiences in your MBA essay you need to sac up and move on. i suggest talking to recruiters for PWM positions with asian clients. if you don't get better experience under your belt you have no chance at wharton or columbia. you are young enough to take a chance so do it now, you are wasting your life.
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