Is doing both MBA and CFA a waste of money and time?
I graduated from BC a few years ago and I also have a Master's degree from a similarly ranked school. Since I already work in a related industry that I'm targeting, I plan to get my MBA part-time at one of the top 15. I would be interested in going for the MBA to concentrate in finance and to rebrand myself.
Since I plan to be in some role related to investment management and research, I know CFA is the way to go. Will CFA be sufficient for my career even with my non/semi-target background? It seems that the jobs that I'm interested in ask for MBA and/or CFA. Is doing both an overkill and a waste of $100k? I'm having trouble deciding if I should invest my time into the GMAT then the MBA or just the CFA exams.
If getting one of those isn't enough to help get you a job, then I doubt 2 will make much difference.
Both can't hurt you. The CFA is going to be great for your career, but keep in mind if you're planning to do it on your own that some firms will sponsor or reimburse you for the CFA. As for the MBA, if your undergrad is from a nontarget do your best to blow the GMAT out of the water and get into a target MBA. Otherwise I wouldn't do both if that means getting a less-than-target MBA. Plus, there's some other posts on this too on WSO so don't be afraid to search around and get other opinions.
The basic problem with both is that the cost/benefit doesn't pan out as well as other solutions. The CFA, in a research-oriented career, along with good work experience and networking will get you far by itself. Likewise, any worthwhile MBA program, coupled with it's already powerful network and OCR, should get you anywhere you want. Doing both is beyond overkill at best, and at worst it's a waste of time and energy.
However, I understand your concerns about being a non-target and wanting to rebrand yourself. I think it's better to do the MBA in this case. It'll likely add all the clout you need to get where you want to go, given that you go to a top-ranked program.
My 2 cents. Listen to other experienced monkeys for more insight.
Don't really understand all the negativity geared toward BC. I mean, it's not Wharton, but it's still a very solid school, both from a recruitment and an academic standpoint.
Edit:
Dood you changed your whole post lol. BC isn't really a non-target. If what you want is research/IM specifically, then work your way in to a job in said field. If your work experience is applicable to research (transferrable skill set, contacts, etc), then an MBA is probably not necessary. Also didn't mean to quote myself, not sure how that happened.
Are you in IM now or looking to transition? If the latter, focus on getting an MBA from a top program. The CFA is not going to help much with transitions.
After failing level 2 of the CFA this past June I am reconsidering the CFA. The dedication you need for the thing is ridiculous. After the hours I put in, I definitely respect the hell out of it, the material is very thorough. With that said, having both shouldn't be necessary. I am hoping to go back for the MBA in 2014 (full-time), so I think I might quit on the CFA, not 100% sure though, but I feel like I cannot even think about that shit until I get my shit straight for MBA app season.
If you haven't already taken a CFA exam yet be VERY prepared for the life that shit entails. Not an easy task at all. Level 1 is a piece of cake but Level 2 will ruin your life.
I have some smart friends who failed level 2 at least once. One friend failed it twice before passing on his 3rd attempt. I thought level 1 was a piece of cake, but level 2 was definitely more challenging, and I had to study rigorously for 3 months in order to pass.
I think if you passed at least level 1 and do an MBA from a top school, investment management firms will give you interviews. From there it's up to you to seal the deal.
As someone coming from a completely unrelated industry that's looking to break in, I'm doing both. It's probably overkill, but I want to cover all my bases.
MBA+CFA (Originally Posted: 07/03/2010)
Hello Everyone.
I have joined a B-school this year.I will major in Finance. I am planning to get enrolled with CFA institute to pursue CFA along with my MBA. (my MBA classes are scheduled as such I can devote 2-3 hours daily for CFA). I want to ask that whether I am taking a right decision??I want to work in Investment Banking.So will this MBA+CFA combo (i know it sounds like McDonald's meal combo) help me in breaking into IB?? You all are learned people.........hoping to get best of advices from you all....
Regards Gauraw
CFA is geared more towards Investment Management and not Banking. The interesting thing is that there is a significant overlap between CFA and MBA finance curriculm. Doing them together will save you lots of time.
I think CFA might help you if you are coming from non-finance background. It will allow you to convince recruiters that you are really commited to finance & banking. Compare yourself to someone who got to b-school and then suddenly one fine day decided to get into banking. CFA requires elaborate preperations and even if you have Level 1 in your pocket, it will show dedication.
good luck
WIth an MBA, investment banks will literally be rushing up to you with offer sheets and fighting to be first in line to talk to you, while you sit in a lounge chair sipping a mojito waiting for the scuffle to stop. WIth an MBA and a CFA, the scene will be similar, but the recruiters will have also orgasmed in their pants.
Hahahahah
@ FICCTrader: Thank you so much sir and yes,I am from non-financial background.I am electronics and communication engineer and have 2 years of work experience.I am good with numbers and find finance very interesting.Courses like Corporate finance and economics are there in both curriculum.So hopefully I will perform good in all these courses :)
@ jhoratio : I laughed for 10 minutes after reading the last sentence of your post :)......Imagine someone has MBA+CFA+PhD in finance..... :D anywz,thanks a lot mate......
i dont know what you're looking for in this post. Will an MBA help you get into ibanking? assuming it's a target school, then yes. Will getting a CFA on top of that help? Sure why not? obviously, if you perform well in a top program and you're not socially awkward then you'll be fine.
Your chances of landing an ideal job will be significantly higher with the CFA, considering you have major competition at your school. There is a lot of overlap between the MBA and CFA, for instance the economics part covers game theory and oligopoly, which are part of strategy classes in MBA. Plus if you find banking very boring and realize your hatred for banking and love for the buy side (i.e PE HF AM IM) then having the CFA will make a significant difference in the transition.
Thanks a lot guys.......All your inputs are going to help me a lot........
I have decided to go for CFA along with my MBA......But will be writing L1 in june,next year.
Can anyone help me to find Kaplan Scheweser notes? Do curriculum changes every year or it remains same more or less?? I have got notes for 2009 exam. Please tell me few links to get latest Kaplan notes.
Thanks and Regards
Gauraw
What could I do with a CFA + MBA in finance? (Originally Posted: 06/05/2015)
I want to do an MBA with a concentration in finance, mainly so that I could transition from accounting to finance and gain management skills along the way; I've previously worked at a Big 4 but eventually realized I liked finance more than accounting. I've studied for the CFA and have already passed L1 and L2, and I'm hoping I can pass L3 very soon. I can get into a top 10-15 MBA program, but I'm not sure about an MBA business schools">M7. I'm interested in going into either equity research, Asset Management, or a hedge fund, but are those realistic options post-MBA? What jobs would I be well qualified for with an MBA + CFA?
Most people do a CFA instead of an MBA, not both. Why not just try applying to equity research jobs once you pass L3? You'd avoid the substantial debt undertaking from an MBA. Hedge funds might not hire you without any relevant experience (even with an MBA).
What are some exit opps for ER? Is it possible to go from ER --> HF? And what would be the compensation if I were to go from CFA level 3 --> top 10 MBA --> ER associate?
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