Background: MBA - finance concentration, 2 years experience Investment Analyst at a small/medium sized Asset Manager (on the global team), and just passed level 1 of CFA. Mid-twenties.
Everybody at my firm on the investment team has either a CFA or PhD. So I figured that it was mandatory. Thus, I started studying on my own and around 3 weeks out from the L1 Exam I asked for some time before the exam to study. My boss, one of the partners, pretty much said “no”, and then wondered why I was even taking the CFA. He stated he’d rather me have more time to “think creatively” rather than be swamped and stressed. I explained that I thought it was mandatory, ect, and he said no because I already have my MBA. He also said it was only mandatory for the people that didn’t have graduate degrees (most have both though). So I thought, great, telling me 3 weeks away, of course I didnt WANT to do this, but oh well I’ll keep plugging.
So i just found out I passed L1 (by far it seems), and I’m curious where do I go from here. Should I do L2, because, if so, it would be behind his back pretty much in secret. Or wait? I’m kinda stuck in a predicament. Obviously, no body WANTS to study for no reason. There’s a hell of a lot more shit I want to do in the next few months over studying, but I also don’t know what is the best choice.
I would continue. You obviously won’t work for this one guy forever, who knows how much the next boss will value the charter? Or the next firm? As others have stated, you have the most time now and are fresh off doing well on L1. Strike while the iron is hot. Studying sucks but assuming you can pass each level on the first try it’s really not that much longer to go in the grand scheme of things.
And doing it behind his back is actually probably better so you don’t have the ridiculous pressure that some people have at their jobs to pass or be ridiculed/shamed (or worse - fired).
“The technical knowledge from the CFA will provide value in addition to the experience I gained during my MBA. Risk management is critical and is vital to long term success. The CFA will sharpen my skills in this aspect. Furthermore, as I progress in my career, the CFA charter will allow me to better network and gain assets for my portfolio.”
CFA has been a dud for me. It’s all about networking. I agree with your boss, MBA or CFA. Having both is a bit overkill. And you have great work experience. You don’t need the Charter
still L3. No immediate plans to retake the test. I know it seems silly to quit when I’m only one test away, but that’s evidence of how little value I’ve received from passing L1+L2
If you don’t enjoy the material and are looking solely for a return on your invested time then you could be disappointed when you finally obtain the CFA charter.
Like many things in life, though, the reward is in the journey more so than the destination – but this only applies if you enojy the material and the challenge.
The CFA is certainly a big time commitment. If you feel you have other skills you can gain with that time, then by all means stop the CFA program. Although I’m glad I have the charter, sometimes I wonder if I’d have been better off reading other stuff or getting better at public speaking or whatever.
Decide what the best path is for YOU and aggressively pursue it. Good luck.