planning on switching my career to finance. how to go about it.

[iambusto]

I have cross posted it in finance forum also but given the diverse nature of the backgrounds of the people in this forum, i think i might get very helpful replies as i have in the past.

Mod: if it was inappropriate, i apologise. hope I dont get a * for it.
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cliffs notes: I want to switch careers into finance. Have no background in economics/accounting/finance. How hard is it to pass CFA level 1 just based on their materials. or should i go first to some community collges and brush up on accounting, take some bachelors finance courses and then start studying. or just pursuing an MBA in finance would get me there ? but does it have to be only ivy league (or top colleges in CA like USC or something)

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Background:

* Have an M.S. in Comp. Science and working as a web developer for 4 years at a big company in So. Calif.

* Have no background in Finance/economics/Accounting.
* Cant quit my current day job until i get a finance job. So all studies would be part time.

I am not necessarily looking to work for Goldman Sacs/Merrill Lynch (given my background its a long leap for now), just trying to equip myself for a good career in finance.
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Track 1: I get an MBA (at evening)
Pros: If i don an MBA with Finance electives, it would be a great way to make the switch to a career in finance.
Cons: Very expensive ($80000) for even good univ (I checked USC Marhsall school of business that has a MBA.PM program). for a regular cal state univ though its probably $30000 but is the degree worth it or is just worthless?

Track 2: Study for CFA level 1 then try to get a job at a financial services firm and try to work on level 2 and 3 while working there.
Pros: Ultimate certification to get if you want a career in finance. Much cheaper on personal finances too than an MBA.
Cons: Very hard to get especially if one doesnt have a background in accounting/finance. but is it impossible?
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Things to do:
1) Should i first take a few accounting courses in community colleges and then take some BS in Finance classes (security analysis, investment courses) at the local Cal state univ to do the groundwork for my study for CFA.

2) Directly apply for mba after taking the GMAT or study for cfa

3) MOST IMP. QUESTION:
What would be the best way for a NON finance/accounting person to pass level 1 in CFA. Is studying the course materials by CFA Institute/Study prep is sufficient enough ?


thank you so much for your advice.