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#11
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Thanks for the positive outlook Scorpion Man.
After rereading your post, were you hinting that I wouldn't get the interview at the investment firms because of having the CPA vs. the CFA, or that I just plain wont get the interview there period? |
#12
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If you want to get into Investment banking, get a CFA.
If you want to get into Accounting or Corporate Finance, get a CPA. |
#13
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If you got the CPA instead of the CFA. I was kinda kidding...kinda.
I am serious about the fact that CPAs were very much looked down on in investment business. The reason for this is that most CPAs became accountants and none of the best people became accountants. This is because its not as high paying a job as jobs in the finance world (longer term) and also considered less dynamic and intellectually challenging...hence the CPA was a "signal" about these people. CPAs won't like this post, but it doesn't matter. I looked at thousands and thousands of resume and interviewed 1000+ people and this was a fact at my firm. What I am saying is most relevant at the best firms...it probably declines modestly as the quality of firm declines. I highly disagree with previous poster comment about getting a CPA for investment banking. I would say <5% of people in investment banking at the first and second tier firms have CPAs. |
#14
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Kevin:
I mentioned the CPA track for a reason - the college you are in will make it very difficult for you to get into an investment bank - let alone a hedge fund or private equity firm. I assume that you could in fact get your CPA (prove you're smart) then move on to a top 10 biz school then have your pick of finance jobs. CFA's are basically useless in today's market unless you're working for an insurance company or asset manager - the lower end of the financial services pay scale. |
#15
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[ QUOTE ]
Kevin: I mentioned the CPA track for a reason - the college you are in will make it very difficult for you to get into an investment bank - let alone a hedge fund or private equity firm. I assume that you could in fact get your CPA (prove you're smart) then move on to a top 10 biz school then have your pick of finance jobs. CFA's are basically useless in today's market unless you're working for an insurance company or asset manager - the lower end of the financial services pay scale. [/ QUOTE ] Good point, I was speaking more generally -- what kind of grades did you get Joker? Midas -- there are a lot of people who did not get an MBA who layered on the CFA and ended up at hedge funds. For example people who were associates for sell side research analysts at investment banks. It is pretty common (I have an MBA, not a CFA, fyi). Again...if I wanted into asset mgmt or Ibanking, I think the CFA is far superior. That said, to Midas' point, if you are unemployable for the better jobs, a CPA is like going to trade school...you will be able to find some way to use it. |
#16
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My grades are ok but nothing spectacular, largely due to me transferring here and the grades that I transferred don't count towards my GPA here, which hurts me because they were most of the introduction and easy 4.0 classes. My business GPA although should be a bit higher, probably around a 3.6 or so with a cumulative around a 3.4.
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