Ask me about the CFA program

[dazraf69]

Thanks for the post. I have been thinking for sometime now about a career change. I am currently a high school math teacher but am ready to make the change. Just not sure where to. So i came to two possibilities. One was an MBA and one was a CFA. I have someone who can sponsor me but cant decide if an MBA or a CFA is the right track.

Can you perhaps give some thoughts on what you would consider when deciding between a CFA or an MBA. I am looking for a door opener into a more challenging career. I have a BA in math and an MS in Education. Sorry if this is too general of a question but any thoughts would be appreciated.

DcifrThs make sure you chime in here, you have an MBA and I want some thoughts.

Farzad

[Foghatlive]

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but that's less than i'd expect to be making with ten years of experience anyway (and a LOT less than i'd hope to be making). numbers like that don't mean anything.

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If you put up a shingle, somewhere, it's always good to have a few letters after your name. [img]/images/graemlins/grin.gif[/img]

[arsoisaen]

im thinking about studying for my CPA and CFA at the same time. CPA runs from OCT - March, CFA test is in June. the registration deadline is coming up this week, you think its a good idea or am i crazy? I've heard from friends that Level I is a lot of accounting so I should breeze through it. I also work full time at an accounting firm.

[Isura]

You mentioned that you got your trading job before getting certified. How much weight to places put on it for entry level trading/analyst jobs?

[MiloDanglers]

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how useful is that little piece of paper or whatever it is in actuality?

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Enough to make median salary 233k for a charterholder w/ ten years experience as of a few years ago. That is more than someone w/ a MBA,

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but that's less than i'd expect to be making with ten years of experience anyway (and a LOT less than i'd hope to be making). numbers like that don't mean anything.

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stinkypete,

What do you do now and why do you think you will be making more than that number in 10 years?

[stinkypete]

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how useful is that little piece of paper or whatever it is in actuality?

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Enough to make median salary 233k for a charterholder w/ ten years experience as of a few years ago. That is more than someone w/ a MBA,

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but that's less than i'd expect to be making with ten years of experience anyway (and a LOT less than i'd hope to be making). numbers like that don't mean anything.

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stinkypete,

What do you do now and why do you think you will be making more than that number in 10 years?

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i'm in school, and i probably wouldn't bother if i didn't think i'd be making more than that after 10 years in finance. there's plenty of people making more, and they are not better than me :P

it is a median salary though, i'm sure the 10th percentile or so make a lot more.

[kevkev60614]

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i have an MBA and am fine w/ the maths etc., but what is the deal with having to get somebody to sponsor you?

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I could be wrong, but I'd thought that you can receive your CFA charter without sponsorship. It's when you try to join a member society, the CFA Society of Chicago for instance, that sponsorship is required.

I'm not really sure why that's a requirement. I didn't really think about it because my old boss sponsored me and it required almost no effort on his part.

I don't have a lot of time this weekend so I'll hit most of the replies on Monday.

[kevkev60614]

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how helpful is having passed level I in finding a good job out of school? what about level II?

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As I imagine you'll find with pretty much any certification relevant to the job you seek, the further you progress in the CFA program, the easier it will be to find a job and command a larger salary. But as I said earlier:

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that sounds like a [censored] answer that anyone could have come up with without any actual knowledge of the program. obviously it helps. that's why it's there. but how much does it actually help? do you really have any knowledge of this or is the point of this thread just to brag? .

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No, I don't know anyone who has taken the exams while still in school. I can't really say how a college recruiter would react to learning that you'd passed an exam or two. I'd guess that he'd be impressed by your committment to the industry and your ability to separate yourself from candidates. But I can't say for sure. Also, I don't get the hostility. I don't really think I've said anything that can be construed as a brag.

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the CFA program is something i've been undertaking lightly. passing the first exam was a breeze, and my background in finance before picking up the stalla prep CDs was practically zero. i imagine level ii and level iii will be more difficult (though probably still easy), but is it worth the effort?

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And I'm the one bragging?

I've heard of people breezing through the first exam by putting in little effort, but I think you're the exception to the rule. I haven't heard of anyone breezing through the second or third exams. Yes, it was worth the effort for me.

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also, even if i decided not to go into finance, i don't think studying for level I would be wasted. if you're ever going to have any money to invest, you should at least know the basics of finance, which is what level I is. being certain about your career path isn't at all necessary to take level i - i don't see why you suggest that. if you're interested, do it. once you've taken it the first time you can decide if you want to move on to level II or III (or if you fail, you can decide if you want to take it again). even if you don't end up doing level II and level III, you probably won't regret studying for level I.

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What you should learn during level I goes well beyond what one would need to know to invest his own money. If investing your own money intelligently is your goal, I'd recommend picking up a couple of books on your own. I learned a great deal through taking the exams; I just mean to say that if one is still deciding between the investment profession and public accounting, for instane, they should probably put off registration. Remember that you seem to have gotten through the first exam by putting in less effort than 99% of those who pass.

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but i figure if you're smart enough to pass these without too much effort, you should be smart enough to progress in your career without having some silly certification. how useful is that little piece of paper or whatever it is in actuality?

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First of all, the exams don't measure how smart you are. They measure how well prepared you are. You're perfectly capable of passing the exam with a double digit IQ, you'd just have to put in considerable more time than the average candidate. Second of all both the process of taking the tests and the "piece of paper" itself are helpful in becoming a successful, well payed individual in the investment industry.

[Phone Booth]

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i have an MBA and am fine w/ the maths etc., but what is the deal with having to get somebody to sponsor you?

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I could be wrong, but I'd thought that you can receive your CFA charter without sponsorship. It's when you try to join a member society, the CFA Society of Chicago for instance, that sponsorship is required.

I'm not really sure why that's a requirement. I didn't really think about it because my old boss sponsored me and it required almost no effort on his part.

I don't have a lot of time this weekend so I'll hit most of the replies on Monday.

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Dang, am I the only actual charterholder here? [img]/images/graemlins/wink.gif[/img]

And yes you do need sponsorship - it's for joining the member society but you're required to join in order to receive the charter (but you're not required to stay a member).

[Phone Booth]

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i have an MBA and am fine w/ the maths etc., but what is the deal with having to get somebody to sponsor you?

i have a few people in mind but am curious as to how that works.

also, i looked at the paperwork and it seems pretty intensive.

i'm sure i'm going to be in the investment analysis profession for a good long time.

Barron

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I don't see much downside for someone who's planning on being investment management/analysis indefinitely since there isn't much material that you shouldn't know anyway. Once you understand the basics and nomenclature, most of the rest is applying logic and common sense.