.
An open secret? Where have you heard this? I’ve never heard of ANYTHING like this.
You got permanently banned from the program? That sucks. But given that you failed level 1 three times already, I think it is for the better. Move on to something else in life.
forget cfa. Right now, you think cfa would be the best to have especially because cfa is out of your hand now. but focus on your career and study gmat and get an mba from a great school. this beats cfa hands down. sure it is more expensive but hey you get what you paid for. plus with an mba, you are guaranteed for a pay upgrade given you go to a great program and most importantly, you will have new friends and network that will last for a long time. These new contacts are real people who know you in person and will be much more valuable than AF forum in giving you advice and new opportunities.
Now get outta here.
Of course, this isn’t an option for everyone, and some want to use the CFA as a means to get in to the field in order to get the experience in order to get to the MBA. The desirable MBA programs don’t have 100% acceptance rates.
look these people want “front office” high flying jobs in finance and make tons of money and make it rain on weekends with bottles and models…this ain’t gonna happen with half ass effort…cfa is the easier route than a top ranked mba so these people want to be the top dog in finance by taking the easier route?? Yes, acceptance rates at top schools are under 10% in the US and the pass rates for cfa exams are around 45% for each level.
You don’t need to hold finance jobs now…i have seen plenty of people change their careers 180 degrees post mba. If anyone really wants a front office finance job but cannot get one right now due to mediocre ugrad, gpa or whatever…sure cfa is the easy route but highly doubt it will work out. just work in whatever field you are in right now and work towards your mba app - gmat, climbing up the ladder, volunteer work etc.
^welcome back
LOL
infinitybenzo, first of all you are comparing two different things. MBA doesnt possess same skills as a CFA. If you want to sit on company board or be a mckinsey consultant or similar then yes mba is a way to go. However as an example all the fund managers in our hedge fund are CFA’s and that is a requirement.
Im actually surprised that someone claiming himself as a characterholder can writhe such immature posts.
Sad.
Really??? So there are more hedge fund analysts and PMs with cfa charters than with an MBA? mmm kay…skills??? what skills does CFA teach? how to calculate Yardeni model and how to calculate risk tolerance level of an investor and DuPont analysis? yeah very useful for hedge fund analysts…come back in 3 years and you will know what i am talking about
If your heart is set on being a buyside analyst, sure, the CFA is the way to go. However, most get into those jobs BEFORE having the CFA charter. One way to set yourself apart for a top MBA program is to get the CFA charter or at least pass a level or two. That will show the program that you’re employable. Jobs start at least at $80K from top 50 schools. $95-$110K for Top 25. Must be a US resident or PR.
mba programs don’t care whether you have 10 CFA charters or level 6 CFA candidate…one way to set yourself apart is volunteer work and a great story about yourself or your career given great gpa and gmat of course.
thank you .
i am working on it, i am good in Math but not in English. I will try to get GMAT or GRE.
Examination system of CFA is not Good because Non-CFA people play with career of CFA candidates.
Complaining won’t get you anywhere man, just buck up and get to work bettering your life.
Dubinko,
Your fund is definitely an outlier. I’ve been at 3 different funds in the NYC area during my career, both big and small (and the biggest is one of the most respected funds in the industry), and I can tell you that while some front office people had CFA charters, all of them had MBA’s from top schools (Penn, Yale, Harvard, Stanford, etc.). An MBA from a top school will take you a lot farther than a CFA charter in the hedge fund world, partially due to the vast network and career focus those schools provide that the charter simply doesn’t. As an example, I would say this forum is probably the largest gathering of CFA charterholders, yet we’re all anonymous to each other. Tough to make strong contacts when I don’t know who you are. And to your point, I could just be lying about being a charterholder and no one would know any better.
Also, many funds pull their talent from sell-side, and there’s a clear intent by investment banks to hire MBA’s from top schools rather than charterholders. To be frank, I don’t even think banks really care about the CFA charter.
^ Ditto
I went to a top 10 MBA and can add that a CFA helps in admission. The counselors will meet with the placement office, or simply know, that a CFA charterholder has a solid shot at landing a buyside offer somewhere. Does a person who went to an Ivy undergrad have a better shot at a buyside offer than a person that went to a Top 100 university with a CFA? Sure.
I believe the OP may not have the grades and potential GMAT to get into a Top 50 program. If not, just go land a job somewhere and keep trying to move up over time.
While what you’re saying may be true regarding a top MBA, the hostility and consistency of your posts bashing the difficulty and benefits of the CFA lead me to believe that you actually never completed the program and are bitter towards the whole process. Any time there’s a discussion around the topic, 10/10 times I see a post from you just like the one above. Kinda sad…
Without knowing Infinity very well, I can say it’s entirely possible he did the program with the expectation that “it’s rigor, quality, and prestige” would be sought after and recognized, but completed it and felt that it was over-hyped. A lot of people I know who were taking the exams kept talking about how difficult and rigorous it was-- these people were failing or barely passing, and didn’t do well in school. Most of the people who did well in school (that I know), took the exams and passed on first attempt. They frequently asked “when does this get as difficult as everyone claims?”
Naturally, you will be biased from your experience, but the people who I know that failed some part of the program usually talk more respectfully of it and about how prestigious it is to complete. The people who didn’t falter in the process have more of a “meh” attitude about it. These mentalities make sense if you ask me.
I also wouldn’t disagree with his assertion that MBA (top) is probably better due to the type of people going to those programs (wealthy, connected, you name it…). Some people complete the CFA program without meeting a single connection that can help them get a top job.
coming in hot straight outta the gate!!! you must have been pumped yesterday afternoon!!! I am not sure where I "bashed’ the difficulty of the CFA Program or its benefits. I only stated the facts…It IS TRUE that on average the pass rates for 3 levels are around 40-45%. This means that YES, coming in around 40th place out of 100 people and you will pass.
In other posts - I wrote to an OP who was not in finance due to whatever reason that CFA may not be his/her best bet to change careers. Best route would be a top20 MBA program…sure it is tough and costs more but hey you get what you paid for.
Look I am just trying to give these people an honest opinion/advice instead of telling them that CFA is sought after like top20 MBA at hedge funds in NYC or that the things they will learn in the CFA exams will take them to the next level in terms of career change…or I could tell them to just take up plumbing haha.
OP, we don’t know you and what happened during the exam. How do you expect us to help you draft an answer to CFA Institute?
OP is definitely not from Southeast Asia. Maybe he is from China.