CFA Complete Waste of Time; Here's Why...

CFA General
#1

This thread is targeted towards two types of profiles:

  • Younger candidates probably still in university or fresh out of it within the past 12-18 months.
  • Older candidates with some type of professional experience outside of finance looking to get into finance

You may think you are some sort of special gift because of what parents and/or teachers have been drilling into your mind. Let me assure you that there is nothing special about you and for every special thing you think you may have there will be another guy who will be ten steps ahead of you and thus much better.

Is this so bad?

ABSOLUTELY NOT.

However, you want to be in finance and let me assure you that a proper entry-level finance job is damn near unattainable. Even assistant portfolio manager positions and analyst positions are impossible to interview because the competition is unreal.

Please go on your local career websites and show me how many jobs there are for CMA/CGA/CA?

Then show me what the F*** is there for CFA’s?

…but, but, but

Younger and/or gullible idiots always point out “hey, but CFA is required for portfolio mgmt.”

Really, genius? What makes you think you can even get an interview for an Assistant PM, let alone a full PM?

Again, show me the CFA jobs…at this point you will be thinking of networking and all other types of nonsense to get you in, but at the end of the day you’ll be beat down OVER AND OVER AND OVER AND OVER AGAIN! Networking will kill you, because the population of egomaniacs & psychopaths working in finance will judge you and spit on you.

The CMA is the best route to go for general analyst roles on the corporate side. CA will be a waste of time due to the articleship headaches. CGA is ok, too.

Younger kids in college/university; DON’T WASTE YOUR BRAIN AND ENERGY ON THE CFA. You will end up old and bitter like myself.

I can show you examples of Portfolio Managers right now who do not even have the CFA yet are the most respected managers on Bay Street (Toronto). I also know of younger Associate/Assistant PM’s who simply hold some generic undergrad degree. What does this illustrate? If you are from the right background (i.e. WASP) most likely they will take you. On the other hand, if you are a kid who has worked his ass of throughout university at two jobs and come from a working-class background, good luck to you…Finance is loaded with arrogant, pretentious, psychopath yuppie types. Run away while you can.

Any idiotic responses to this thread should be replied with a comparison of how many CGA/CMA/CA jobs vs. CFA jobs you can come up with…I rest my case.

#2

i like random outbursts of anger…how old are you??

#3

I don’t understand why anything stated against the CFA designation is considered anger or unacceptable?

I cannot state my opinion?

Once again, for the third time, I ask all users of this forum to show me how many CFA jobs they can find? Then show me jobs listed for CGA/CMA/CA???

The CFA jobs you find, compare them to the number of candidates you saw at your test centre this June? Does something seem a little retarded and out of proportion?

#4

I love this…many hints of truth in there.

#5

Not sure if you are trying to be clever about my profile with that comment, but I don’t believe I made an attempt to hide anything about myself.

I am quite honest about my experience with interviews on Bay Street so far. Here’s my very first one:

Chairman of the Asset Mgmt. firm calls my cell (yes, the Chairman, not their other minions), doesn’t say “hello”…no “hi, how are you”…NOTHING

Straight up says: "HOW OLD ARE YOU?"

Anyway, knew this guy for a long time, he is very old and therefore “old school”. I tolerate his tone and get the interview anyway.

During the interview with another VP of the firm, same Chairman walks in: "WHICH COUNTRY ARE YOU FROM? DON’T APPEAR TO BE CANADIAN…"

Yup, he said that after opening the meeting room door. No “hi”…no “how’s it going” etc etc

Keep in mind this is the VERY FIRST experience in a finance interview. Have had 4 more since, therefore, a total of 5 this year.

Tons of ridiculous stories…post will turn into a book.

#6

Where are you from then?

#7

“Good, I can feel your anger… Let the hate flow through you…”

#8

Where I am from or where I am NOT from does not actually have any bearing on my analytical skills, my ability to do a macro analysis or combine it with a bottom-up fundamental and valuation test.

It also has nothing to do with how well I can study/work

#9

lol i never implied it did…just curious thats all

#10

I will keep bumping this thread until the youngest of the bunch read it. I want younger people to go the CMA/CGA or maybe even an MBA route.

While so far you may think I am upset or angry, I actually say all of this out of genuine concern for the younger folks.

With a proper CMA/CGA and/or MBA type of education you may even have employers running after you. No need to be in an industry with COMPLETE PSYCHOPATHS.

#11

^ i like this guy

#12

hahahaha NICE.

Seriously though, if people want to follow this advice, it’s better for me when I get my charter. Less competition to fight with.

#13

Hercules in New York Gif - Hercules in New York

#14

I actually find this post pretty amusing.

Anyway, there are investment management, IB or jobs like that for entry level candidates. The problem is they are reserved for a narrow segment of job candidates. Most candidates or either unsuitable or not lucky enough to get one of these jobs. In these cases, accounting, or other professions like that can be a prudent (although unglamorous) choice. For many people, taking CFA exams while waiting for their dream job to come around can be a form of denial.

#15

Thanks Man! I will no longer take the Level 11 Exam. I am going to start ACCA/CA…

#16

Wow, I thought your keyboard only had a “+1” key :stuck_out_tongue:

#17

Bleach, are you a CFA chartholder ?? I think you just met the wrong persons, do not generalize the entire finance industry based on 5 encounters with arrogant poeple. There are dumb poeple everywhere.

#18

There’s a degree of truth in what you are saying, but for the most part I don’t think that race is an important factor in getting into asset management.

The easiest way to break into asset management is to have a parent that is working in asset management that can get you an entry-level job at their firm when you graduate from university.

Many of these young people that get their jobs this way are WASPy, but that’s just because the majority of the people working on Bay street (ie. their parents) are WASPy.

#19

LOL. Sour grapes from someone who did not pass.

Also someone who doesn’t have a Bloomberg where every job posting mentions CFA as a prerequisite.

Go drink some bleach.

#20

Angry Canadian? Must mean the Molson Ice is all gone