Hi guys,
I am looking for a bit of advice to see what you think I should do, or if anyone has been in the same situation.
I am currently 19years old and opted to go straight into work instead of going to University.
I now have a year and a half of experience working in Foreign Exchange as a sales executive - as the name suggests, it is a very sales orientated role whereby I sell our services to businesses, I generally spend my day cold calling, writing proposals and compiling hedging strategies, attending face-to-face meetings with clients etc.
At the moment I am studying for my Investment Management Certificate (IMC):
https://secure.cfauk.org/qualifications/imc-exam.html/
Staying in Foreign Exchange has never been my goal. My main aim is to become a trader for an investment bank, the route I thought to take would be, get as much experience under my belt as possible, meanwhile study for the IMC exams and then go onto studying for the CFA exams. I know I need to get into a job role more specific to where I want to be, hence why at the end of the year I will start to look elsewhere.
My main worry is that I do not have a degree.
Is having an IMC, CFA and experience enough to become a successful trader for a relatively large organisation?
I am aware in the UK, the CFA is equivalent to having a masters degree, as it states on the website, but does anyone know how it compares to a degree in reality?
Would employers feel comofortable in hiring someone with a CFA and no degree?
I’d really appreciate any advice or thoughts
Thanks!
Your question is moot.
You cannot get the charter until you have a degree. So your question shouldn’t be “either/or”, it should be “both/and”.
looking at the CFA website, under entry requirements it says you either need BA degree OR 4 years professional work experience
Yeah you can do it without a degree but there are very few charter holders without degrees. CFA alone isn’t very useful for trading as I’m sure you know, you need to try and get some trading experience, even settlements or something.
Would you say a degree in economics would be more beneficial?
Most people these days seem to have a Maths or Science background.
If I were you I would give the IMC a go. If you find Unit 2 tough, then take the blue pill and go to university, otherwise, saddle up because you’re in for a rough ride taking the CFA.
That is my plan really, I have been studying for IMC since February, I have up until October this year to apply for a degree.
So I guess I will have to see how this goes?
Yeah Unit 1 is a cakewalk but Unit 2 is more complex and touches on a bit of CFA Level 1. Going to university is the easy route (that’s why everybody does it), so even if you ace the IMC and Level 1, don’t expect the job offers to come flooding in.
Yeah of course, thanks for the advice!
My friend is studying CFA II at the moment, as you said, he said going into trading or broking you wouldn’t necessarily need the CFA it would look good on your CV.
He mentioned looking into some of the other CISI exams
If you want to work for an investment bank you need to get your degree.
Sorry to say, but if your HRs are developed like here, you’re not going to get through the the basic screening because you dont’ have a bachelors. You’re young-ish still. Go back to a good school, get some great grades, bang some fresh poon for 3 years, and give yourself a good shot at your dream.
In the Uk investment banks are far more interested in a strong degree, a CFA is favoured by Investment management companies.
As above, unless you know someone you are unlikely to get in…The problem, then is you have to work extra hard and the lack of degree will always go against you, even if you prove yourself.
If trading for an investment bank is you aim, then I honestly think you have little choice but to go back to further education.