ok lets put this in perspective how many people sit all three exams in june/december? probably a few thousand right? how many people have their charter? probably a few thousand right?
Having the chater does not make you god, nor is it a golden ticket… it just means you have read a few text books and managed to score 70% and above in the exam. employers care about it your compentency, but its more about how much value you can add to a buisness…and that means:
knowing people in the industry
reading widely (this one is important)
building a brand
I think people these days do things for the wrong reasons… this may be one of them, and i’m starting to worry… i’m attempting the charter to be on the same page as my portfolio managers, to have some sort of idea what i’m talking about when he talks about VaR numbers or Kurtosis of the previous return distribution, simple as that…
If you have an interest in the finanical markets, you dont need the CFA charter to show people you are interested, it should be through the things you read, the people you hang out with and the brand that you build to employers…
No offence meant to anyone but I find it a bit hard to believe that Goldman Sachs would be chasing anyone to work for them just because of the CFA charter. Maybe its something else that caused them to chase you FrankArabia?
Passing all 3 levels on the first attempt has absolutely no correlation to how you will perform as an asset manager. I think you are full of shit Frank.
It’s legit. $123,295,467 of that AUM is my money and I placed it with Frankie because of his 3/3 on the CFA. I’m a charterholder myself, and therefore can produce superior investment returns, but I didn’t go 3/3 so I knew Frankie could produce more superiorer returns. I also know the Goldman thing is legit because a friend of my wife’s third cousin once removed used to be in HR at Goldman and confirmed it for me.
Dude… correct me if i’m wrong but arent you breaching the “standards of professional conduct” by saying that being a charterholder you can produce superior investment returns??
Been in the biz for a few yrs. Here are a few considerations. What else do you have beyond CFA? Did you go to Harvard or a state school? Who do you know and where do they stand in the biz food chain? What is your entry level position. Some would say entry level is an IB analyst position at Goldman, others might say it’s working as an assistant for a small private wealth and tax company in your local town. What are you trying to do career wise and what is your age? These are key IMO because you aren’t going to get a SVP job at an IB firm if you don’t have some very respectable banking experience, or a super connected nepotism style friend. Most banking firms have droves of young hungry elite level grads willing to work 100 hr week entry level positions. Can you compete? With every passing year your ability to get in is lower.
Also, why do you even want to get into finance? Are you sure it’s the lifestyle you seek? If you are chasing money I’d be cautious. If you love finance then you should be learning how to deliver. As an investor, I’ll put my $ into someone like Michael Burry way before I give it to Frankie above who has Goldman experience and a CFA Charter. Do you want to manage money? If so, what style do you seek to learn? Many of the best investors don’t hold Charters; they are a unique group who understand investing and have proven themselves. If you deliver I am almost certain you will be noticed. Keep in mind, MOST of the biggest and best players in the finance game don’t hold Charters. BUT, that may not be so true years down the road
Try to anticipate competition 10 years out. Although CFA doen’t hold much weight currently, more people are sitting for the exams and you see more Charterholders coming up. Unless you are a genius investor, I think the CFA will become more important. It’s a club similar to Harvard. Harvard grads hire Harvard grads. Charterholders hire Charterholders. I interviewed at a sell side firm a few yrs back and one of the first things the guy boasted about was his CFA designation and how they would select a Charterholder over someone else because they understand the level of rigor involved. I asked what if the non charter was more skilled and performed better in every respect. The guy looked at me and said highly unlikely. I didn’t get that job btw.
And finally, I would disgerard Frankie’s comments. 500MM is a lot to raise in these times, and if he did then I doubt he is an average guy. Buzz words like his Goldman and Charter status say very little about his history and depth of expertise.
^ you make a key point here: “It’s a club similar to Harvard. Harvard grads hire Harvard grads. Charterholders hire Charterholders.”
I agree. People who have suffered through it know the dedication you must have to finish it and will hire like-minded people. human nature.
Roughly half the senior people in ER and even more in AM have the charter now. This % will be much higher, as the next generation of seniors are far more likely to have it, until it will nearly becomes a pre-requisite for young professionals.
Almost 8000 people a year get the charter and the number keeps climbing drastically. 100k charterholders exist now, and nearly 200k candidates are trying to get it. the stats say on average it takes 4 years to complete and 1 in 5 will make it. That implies over +40k people in just a few years. Dumping 40k more charterholders on the market, and all this is happening as the finance industry keeps contracting. mind-boggled yet?
Everyone who debated going for the CFA 10 yrs ago and didn’t, are kicking themselves now as the exams got significantly harder and pass rates significantly lower.
I am a level 2 CFA Candidate. Just appeared for my L2 exams in June. I have been trying very hard to break out of my fiancial services back office job and do something that is more relevant in the context of CFA. Also, something that would help in achieving the charter. Been sending my CV wherever I can and networking around. Any pointers on what I could do better? I just hope I can find something better as I don’t want to be stuck in a back office job where I have been for the past 4 years.