i have second thought about the CFA program. what can the CFA program guarantee you? a better job? more money? i am in my early 30s and work in investment banking ( back office) in a big bank for 7+ years. if i pass all three exams and become a charterholder, will it be easier for me to move to the front office? or will it easier for me to get a job in asset management (portfolio manager)? i know the CFA program is about credential, However, will an interviewer favor a charterholder over other candidate even if the charterholder doesn’t do well on the interview? when i thought about these questions, i lose motivation. don’t get me wrong, i saw people here are very excited about the exams and very motivated, i envy them and wish i can be like them, but i’ve been struggling among work, life, and CFA and just thinking if it’s worth it…
please feel free to share your thoughts/opinions. thanks.
The benefits of CFA are less tangible. You gain some academic finance knowledge and get access to some CFA events where you can mingle with other CFA people. Or perhaps going through the program gives you confidence to interact on common ground with other charterholders.
The paper credential is not strong enough to give you a leg up in the world. What matters is whether you have the creativity to take advantage of the peripheral benefits. I think many people don’t understand this. They think that their work is done after passing L3. However, that’s not a productive way to think about the program. Getting the charter just opens some doors to a few more intellectual and social opportunities, and it is up to you to take advantage of this.
It doesnt guarantee you anything. It is not a license to practice in a field like law or medicine…people without the CFA will have your role and better. And its not linear, meaning there is no direct correlation to a better job/money.
What it does provide is increased opportunities, knowledge, and potential. Quick story:
I switched jobs quite a few years ago when I was a L1 candidate. What was a reason I got an interview? They saw that on my resume and the interviewer was a big CFA fan…did it get me hired? No, but it got me a call. (I got the job due to my interviewing expertise and general awesomeness).
Fast forward a job later and when I completed the program, what did it get me? A raise ($25k+). Was it cuz of the CFA? Yes, entirely. Am I a better inv pro now? Yes.
So some things may come directly from it, some may be tangental, the CFA doesnt replace interviewing or knowing your stuff or being a decent person, but it certainly has helped me around the edges and I am sure when it is time for me to move on the fact that I have it on my resume will get me consideration moreso than if it wasnt there…its about putting yourself in the best position to succeed…and then making the most of them when opportunities come.
Plus the secret trysts and handshakes are totally worth the effort.
The charter is just a stepping stone and help little in landing a good job. Why so many people are killing themselves to be a charterholder? Why did you take the exam and want to be a charterholder at the first place ? Did you know all about this before you sign up for the program?
To me, the Charter levels the playing fields as opposed to someone saying they have an MBA. The next question in my head when someone says they have and MBA is always, “Where did you get your MBA?”. An MBA from Wharton is not the same as an MBA from a local part time program. It tells me that someone has been exposed to and understood a body of knowledge that all financial practitioners should know. Whereas with an MBA, It is not as clear, even if you went to a top program, although it is more likely. That is why the CFA is the gold standard for measuring someone’s knowledge of financial concepts. I.e.) If you look at most decent MSF or MBA w/ emphasis in Finance programs, most of them now claim that they are CFA program partners and incorporate the BOK in their curriculum.
I wouldn’t put the CFA after my name. I have several professional credentials and I don’t put any after my name. I’m in it, because I believe it’s what you know that’s important, rather than what your title is. I’d rather be making tens of millions, or hundreds of millions, and NOT use my CFA, rather than be ‘Joe Donuthole, CFA’ and be working as a ‘secretary’. I literally know people like this. It’s baffling to me that people would got through all 3 levels, and then choose to work as a ‘personal assistant’.
I know from experience that you get instant credibility from other people in the profession when they see the letters behind your name, especially non CFA charterholders. People often take what you say at face value just because you have the three letters behind your name. When I see someone use MBA behind their name, I instantly think they went must have come to some local no-name part time program. I have never seen anyone with an ivy-league MBA ever use the letters MBA behind their name.
yeah the ivy leaguer doesnt put MBA after their name, but instead they always work in a line like “when i was in school back in Boston…”…or “that reminds me of when I lived in Cambridge for awhile…”. Not hating on them, and good for them for sure, but it never fails and is the perfect trap for the followup question they want you to ask “so where did you go/why were you there?”…“Oh, HBS”
Yeah, I do hear, “Back in business school…” a lot. On a side note, It is funny, groing up I always associated “business school” with “Secretarial school”. One time I mentioned “business school” when talking to my dad about wall street credentials and he gave me this confused look, it later ocurred to me that he thought I was talking about investment bankers going to secretary school.