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

[blackomen]

@bleach

Networking will kill you, because the population of egomaniacs & psychopaths working in finance will judge you and spit on you.

Grow a thick, thick skin and never take anything personally. NEVER.

Problem solved!

[vicky_cool400]

[quote=“krazykanuck”]

@vicky\_cool400

In India , almost all CA are pursuing CFA

Based on my experience on this forum, most people from India are pursuing every certification they can find.

[quote=“PistolPt”]

u r lucky u r not in India

[Greenman72]

@krazykanuck

Almost all accountants in the US just have the CPA and call it a day.

Most accountants don’t even recognize the validity of any other accounting (or finance) certification. You either have the CPA or you have nothing. The only other worthy certifications are ones you get AFTER you get your CPA (ABV, CIA, etc.).

[sooraj]

[quote=“vicky_cool400”]

[quote=“krazykanuck”]

@vicky\_cool400

In India , almost all CA are pursuing CFA

Based on my experience on this forum, most people from India are pursuing every certification they can find.

@PistolPt

u r lucky u r not in India

I got to agree with this too Too much crowd on anything you want to do actually. But you cant blame people, there is only so much jobs in the market with huge competition. CFA might not get me the job, but would atleast make me help to take an interview - this is the thinking of most of us here. Well self inflicted and we dont have a way back! Hotel California???

[darthplow]

@bleach

@cfageist

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.

I am the farthest thing from a CFA charterholder. I am a Level 1 candidate.

This year I had three interviews:

• two in asset management
• one with an investment dealer

Guys, I am not sure why you resort to calling me angry, bitter or jaded.

While I may come across as such, I challenege you to find me CGA/CMA/CA listings. Then find CFA listings as well.

I sincerely hope I can keep this thread going forever so many younger people can view it.

--------------------------------------------------------------------------------------------------------------------------------------------------

This whole misconception younger people have of glamour and high salary is HOGWASH.

I challenge you to find me a CGA/CMA/CA entry-level guy making below $55K. Most CGA/CMA/CA guys at the middle/intermediate level are over $65K.

Experienced CA’s have an UNLIMITED salary potential.

---

How much is your entry-level CFA monkey making? About $50-65K. Experienced CFA about $70-80K.

"But, but, but, but my boss with a CFA makes $200K. Really? How many similar jobs are there out there? Similar to your boss’ job? You can probably count top-level CFA jobs on one hand.

Top-level CA/CMA jobs are unlimited.

---

Younger people, feel free to msg me for any further questions you have…

I forgot to ask earlier, where do you get your statistics? from your behind?

[Wizards_Apprentice]

Wow, thread has been going strong for over a year, good work.

i think that dude was just messing around though looking back at historical posts, just looking for a response from people.

End of the day if the CFA isn’t your bag then don’t pursue it.

Happy Friday

[architect]

There are a lot of truth in his post, considering my friends’s and my own job hunting experiences, however, CFA program is not the one to blame.

[S2000magician]

@bleach

@andynyc

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.

Guys, these types of immature responses are really weak.

I agree.

What this thread needs are some really strong, immature responses.

[Kr_sonu]

vicky are you a CA too

[giuls21]

@bchad

It’s one thing to say that CFA won’t help you break into a finance job. Or that it’s not all that important in investment banking. Or all that important in private equity. Or even overkill in some forms of wealth management, where many employers would prefer something like a CFP. Or a heavily quantitative job, where the CFA just isn’t mathematical enough. All of those are reasonable points of view.

It’s another thing to say “It’s a complete waste of time,” which implies that there is no value at all in learning anything in the curriculum. For any job. Under any condition. Ever. This is what your subject line says and what the drivel in your first post communicates to anyone with the patience to go through it.

Your subject line where you lost credibility with me, and with most of the posters on the forum.

Perhaps the CFA was completely useless to you, although you haven’t even gotten through Level 1 yet if I understood your post, so I’m not sure what you were expecting it to do, exactly. And what you are pursuing may not be the sort of thing that the CFA is useful for. In any case, it was never intended to be an entry-level credential, which seems to be what you are claiming it isn’t (welcome to the club of people who agree with you on that point).

The CFA is designed to help people who want to manage investment portfolios for individuals and institutions, and work with the techniques of valuation, portfolio construction, attribution, and some risk managment, along with a set of ethical and professional standards. If those things aren’t in your targeted job description now or at some point in the future, then don’t do it. (Though some of the principles are useful for personal portfolios, too).

But your complete ignorance about what are the sorts of things the CFA can help with, and your assumption that young people need to make sure they aren’t interested in it no matter who they are or what they want to do is just uninformed and batty.

And if you are having trouble in interviews, I would suggest trying to do some work on your personality. Do some anger management. Even here on this anonymous forum, pretty much everyone here can tell that you have a chip on your shoulder the size of Greenland + Spitzbergen. If anyone in an interview also perceived that, they would want to run from you as fast as they can, no matter how qualified you are or which letters you have after your name. People just ask you a question and you’re already assuming that they have the worst of intentions with the answer.

You need to chill out a bit, dude. The job market is tough for everyone these days, and no one needs more anger in their life, or their coworkers.

Almost two years late to this party, but, very well said.

[Quest]

This is one of the most entertaining threads I have read. Shame I have only come across it now

[thommo77]

thread closed lol

[IsThereAny]

Haha classic Bitter Barry

[S2000magician]

I’m glad that I didn’t consider it a complete waste of time when I passed each exam the first time I took them (not to imply that that makes me a better analyst than those who failed once or more).

[former_trader]

@Quest

This is one of the most entertaining threads I have read. Shame I have only come across it now

You don’t know what you’re missing.

[sglondon]

@bleach

Another cog in the wheel?

And you think your CFA will make you Warren Buffett, buddy? You will still remain another cog in the wheel like the rest of us.

Try getting laid off/fired from your CFA job and then good luck to you sir in finding another comparable job.

With a CGA/CMA/CA no matter what the economic conditions, jobs are always out there.

I simply want younger people to realize that as a CGA/CMA/CA you will be making equal or more than a CFA, yet you will have TONS of options with career choices and mobility.

As someone who passed the UFE, works for big 4, and is pursuing the CFA designation with the intention of moving to finance, I find this quite funny.

[Quest]

After reffering yesterday to this thread that is one of the most entertaining things I have read, I have to say there are some elements of truth to it. I just thought it was funny how the OP was ranting, and I really felt his anger throughout his posts. From my own experience as an intern once at an AM, I saw how from one day to the next a third of the workforce was laid off without warning. In accounting this is highly unlikely and one has a broad range of companies to choose from even if this did happen.

There are also relatively few high paying buy side jobs and one definitely needs to the right luck/skill and of course contacts to slip in to these roles.

Anyhow thrread CLOSED as I have seen by many posted already… lol

[bchad]

Threads are rarely closed here. Occasionally they get locked, but that’s rare.

Some people don’t have patience for old threads.

[higgmond]

I’ve only ever noticed one thread being locked, and that was very recently.

[Robotech]

@sglondon

@bleach

Another cog in the wheel?

And you think your CFA will make you Warren Buffett, buddy? You will still remain another cog in the wheel like the rest of us.

Try getting laid off/fired from your CFA job and then good luck to you sir in finding another comparable job.

With a CGA/CMA/CA no matter what the economic conditions, jobs are always out there.

I simply want younger people to realize that as a CGA/CMA/CA you will be making equal or more than a CFA, yet you will have TONS of options with career choices and mobility.

As someone who passed the UFE, works for big 4, and is pursuing the CFA designation with the intention of moving to finance, I find this quite funny.

You may find it funny, but it is true.