Hello guys & gals i need some insight as i am in a very confused state at the moment, to cut the long story short i failed level 2 last year and given the fact it is offered only once a year i did not want to rely only on CFA designation so i started pursuing the CMA designation in Jan of 2013.I gave my level 2 again this and passed and now i am registered for level 3 and appearing for the CMA entrance exam on October this year.I know i will pass the exam is very easy but the two year SLP following that is pricey $10k i dont know if i should shed out that kinda money given that i am not in an accounting role.
I need some insight speciallay from those in Canada familiar with CMA what should i do in terms of work experience requirement.I am currently working for one of the major banks and involved in a financial advisory role specifically mutual funds, mortgages and secured lending which i know counts towards the CFA but will this count towards the CMA work experience?
Any insight is much appreciated thank you in advance for your comments
Congrats on passing CFA level 2 exam.
I think you kind of answered your own question. Given that you are not in an accounting role and the price tag AND the fact that potentially CMA, CA, and CGA will all merge together in the future, you have to ask why you want to be an accountant in the first place? Is it job stability or money or something else? I am a designated accountant (not CMA) but I do have quite a few friends doing CMA It involves assignments, group meetings, presentations etc… it MIGHT be easy but still quite a process there (could well be 2 to 3 years).
Another factor to consider is, once you become a designated accountant, people will look at you through a lense of an accountant. I am sure a lot of people will disagree with me, but speaking from experience, that is how I felt when I talked to people (recruiters, interviewers…). I don’t blame them because getting a designation does show my commitment to accounting. So you have to think hard, do you want to give people the perception that you are an accountant only in a few years trying to change their perceptions once again, or just work hard and get your CFA instead and don’t bother with accounting.
Regardless how easy you think an accounting exam is compare to CFA (not the same exam, not worth comparing them, neither is a walk in the park), doing both at the same time is not a wise decision, especially when you are this close to finish all of your exam. If I may offer you a suggestion, that would be do one at a time and take life slow… think about what you want to do in the future before you commit yourself to another three years of studying while working
just my 0.02
Thanks for the feedback i think what you are saying makes sense for now ill just pass the Entrance exam and hold of on the SLP and focus on passing level 3. I have put about $4000 into the CMA program which i know is a sunk cost but still hard to let go, hopefully if i want to get CPA once the meger is complete passing the entrance exam will put me on a higher level of the qualfification process.
Like the rest for us job stability is big for me i am 29 right now and in a financial advisory role but this role still has a big sales element to it, so i guess what i want to do is get out of sales into an analytical type role whether be accounting or analyst(equity/financial/other). Im just worried given my age how tough would it be to break in as a junior analyst or associate with my background.
I recently qualified as a CMA, and am now writing CFA L3. AND I did both at the same time. (Booyah!)
If that’s the route (dual designations, full time) you’re going you can kiss your social life good bye, and start naming the girls on the Schweser covers, as they’ll be the only females you’ll see for a while. I studied upwards of 4 hours on weekdays, and 6 hours on weekends. Every. Single. Day.
Once you get your designations, I think its worth asking yourself why you want to work in the investment industry. Corp finance roles are far less stress, and can pay well. Particularly if you work up to manager, CFO. IMHO the investment industry is hyper competitive, and can be dull with long hours. Given your age and experience, come to the light side, and work in industry.
Personally I’m in a dead end market in Victoria, but I have a tonne of mobility an options as long as I don’t limit myself to investments. The CFAI recognizes corp finance as valid experience. The CMA are super flexible on experience…
oh and if you don’t pass the CMA you don’t deserve to own a calculator.