Author Post
Topic Are there too many CFAs?
fortec
@2015-03-21 12:29:41
I hear this a lot nowadays..."there are way too many CFAs walking around. The designation has become a common item much like a college degree. The added value has strongly diminished"-this discussion arose from the fact that with 150 people working on our floor, approx 20 is taking the level 1 exam and probably a few are taking the level 2 and 3.

What are your thoughts on that comment? i think if the comment rings true, then this means no matter what if you want to do finance, you will need it. This makes perfect economic sense considering the nature of financial work.

My other question is, for those of you with more job experience, does a CFA actually help you land a better job (assuming you're not going for ibanking or something that is unrelated to CFA)? How important is it currently in the street to have the CFA? I know i have asked this before, but i was hoping to bring attention to this discussion further for i feel a lot of other readers would like to know.
Triage
@2015-03-25 03:58:08
It has been said many times before but I'll point it out again. Getting a CFA won't necessarily get you a job. Relevant experience and connections will get you a job.

For people with job experience, a CFA does help, namely because it shows dedication towards the profession and the extra effort in getting a designation while working 70/80/90/100 hours per week. I won't say that it's easy, but getting a CFA while working 40 hours a week isn't hard either.

If you really want to break into IB, do an MBA (since you already have an MA). However, given your situation, I am not sure if you can get into a good MBA since you've only worked in a discount brokerage. What exactly do you do there anyway? Try doing volunteer work and other things that people don't have time for to stand out from the crowd. Perhaps start your own dot com company or something to show you're different. Or go sailing around the world. Maybe even hike Mount Everest. Whatever that will put you above the crowd.

Getting the CFA will most likely not get you an IB job.
banks
@2015-03-27 11:09:18
It's still only about 15% taking on CFA L1, so expected value according to CFA-becoming ratew would be about 20*24%, meaning only 4-5 guys will become CFA within a few years.

On the other hand, assume there're lots of CFAs - there are lots of positions available as well.

I wouldn't be suprised if CFAs unemployment is close to 0.1% (and that's probably frictional). Maybe this rule dosn't apply for those who passed only Level 1, but still could be somewhere below 1%
fortec
@2015-03-30 09:18:15
Triage:

I think what you're saying is very true...however, i'm kinda stuck in this position...getting a CFA while working 40 hours isn't hard at all...nonetheless, you still have to devote your time, i want a guarantee to pass...and getting into an MBA with my experience is going to be hard..i'm happpy to be at TD, for even if i'm not in ibanking, there are other positions i can slip into.....

i place trades for clients...so i do have an understanding of how stock markets function, but from a very superficial level.....i'm going to see if i can get my way in through connections...... but yeah, you can see my dilemma and why i find it very frustrating...... its like... i'm stuck... if i go and apply for another job, might be months...hten i'm risking the CFA.... but who knows........

i can tell you this much though, those who got a job at Ibanking aren't necessarily better then me and more capable......i put my life on it......but i guess the chase is always sweeter then the meal......so we'll see, keep me posted on anything you might learn about this......
godwin
@2019-07-07 07:59:36
This is senseless. There millions of jobs and people get them all the time. There is no formula that says apply foam, lather, rinse then let airdry and -taa'daa- you have a job. Maybe participating in the CFA program doesn't guarantee a job - neither does getting an MBA. Nothing guarantees a job. How about picking a job you'd want to do and then try to become qualified to do that job?

Going to school to get a job bothers you? Really? I thought that was the reason everyone went to school. Learning you can do on your own. So I assume you went to school for the same reason everyone else did - to get a job.