CFA Discussion Topic: CFA and big bucks

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Author Topic: CFA and big bucks
jaypee
@2005-03-01 06:35:26
People who take the CFA for the money earning potential suck...you should take it because you love finance and number crunching, you a-holes who take it for the money make me sick, its like joining sports b/c you hope to get into the NBA or moving to Hollywood b/c you hope to be a star, you've lost the love of the sport and no one wants you on their team, plus you look reallly stupid, think how stupid the chick who thinks she'll make it big in hollywood looks. TAKE THE CFA FOR LUV OF THE "sport". The bucks follow.
Bosmon
@2005-03-04 23:56:26
I have to agree with Help. Do this stuff because you have a genuine interest. The bucks will follow. Do the course any other way and you will be miserable.

Bosmon
SWarren
@2005-03-07 10:24:12
Anyone (that is not an academic) that claims that they are not taking the CFA to advance their career and make more money is a liar. If you were truely taking the CFA for the love of finance and higher math, then you would already have or be working on your PhD and would more than likely be teaching at a University somewher. Come on -- Get real. Most people are taking it because they want to get ahead. This discussion is no different than the standard questions asked and answered in most interviews such as "Why do you want to work in this industry or for this company?".

Steven Warren
KRANKY
@2005-03-07 14:09:36
You prove my point fool. The answer to the interview question "Why do you want to work in this industry or for this company?" is never to say "to make more money". The answer is "because I'm really interested in crunching numbers, have a deep interest in finance etc etc" Just try answering that question by saying for the money. See who hires you.
bachina
@2005-03-08 11:52:48
What next?
Are you going to tell us you get jealous when other candidates touch the exam paper?

Cata
@2005-03-09 08:20:17
LOL! you're pathetic! 'Course the main reason obtaining the CFA (or ANY other proff qualification) is to advance in your career! why to advance? for money, of course.

Let's assume you don't do it for money. So, why to advance in career? you could remain a junior whatever forever. or even study for your sake at home, in your spare time - and be an painter.

And also, why to study for cfa??!?!?! it is clear it's not the best-brilliant-most forward or intelligent thing you can study - show me a guy who won Nobel award in Economics just or even with CFA!! ....are you interested ONLY in number crounching? ......go to a library, monk!
saharasjj
@2005-03-10 06:21:56
Damn, the claws are out now and jaypee, to quote u straight up..."no one wants u on their team... u look really stupid" .. eh, Id go look in the mirror on that last quote before i blatantly try to blast everyone out of it like that again.

the fact that ud be quite content sat in a dingy little office with brutal or no money at all, fair play to u... u love what u do but frankly i doubt others would be quite happy like that. i love what i do, but if they told me tomorrow they were cutting my pay... id be out of there so fast... love what u do is grand but it doesnt pay the bills!
ncfa
@2005-03-10 16:21:53
interesting question always "in" the acc and fin field , y u r opting 4 higher qualifications ? ans is to improve skills + adv my career . even an "mba" is 4 career making .observe the tone in the job mkt nd we all get that observation.and i think this thing starts to click in our minds always" hai look that manager is the senior buddy making bucks + having nice career ahead of us only due to inc so y not we should do it to ? isnt it so guys
turtle
@2005-03-15 20:59:05
We all sir for CFA for many different reasons but all the discussion here is about how we are trying to maintain our motivation. Some of us focus on expected future cash flow increase, some try to convince themselves they love finance for itself.
The best thing would be to love it and make big bucks out of it as soon as possible :)
tope
@2005-07-25 13:54:37
I understand love!!! But u want to also to earn right? Don't u want to gratified for all ur hard work reaching CFA 1-3? Don't u want to spend more time with ur family rather than work 4 free right?

I'm just wonderin life is short & crunching numbers all day isn't what life is about!!! U'll realize that when u reach 50 or somethin!!!

Think about it!!!
togas
@2005-07-28 14:03:00
Hi GUYS, chewing grass. and yawn in the office b"cos you love your work.
Nepalcfa
@2005-08-08 05:35:15
Hi guys, dont pretend that you just love finance and donot want to grow and earn more money. If CFA designation is not required for your future, growth and money why blast your head with CFA 1-3 questions????. I mean to say everybody here want to grow and earn more money in the future.
IBWork
@2005-08-16 11:51:15
do it for the love!!!! LOL what a joke. get serious people.
BobLenin
@2005-09-09 15:44:58
The economy rewards with BIGGER BUCKS the MORE EFFICIENT workers.
When you love what you are doing
you become more efficient
and you can earn more money.
CFA designation also helps us be more efficient
because of the deeper knowledge of the finance area.
So both "LOVE" and "CFA charter" help us earn BIGGER BUCKS.

And probably when you LOVE finance area
and hence in order to increase your love
want to be more proficient in the finance area
then CFA charter can help you.

In this case you'll have one more reason
to be more efficient and to earn BIGGER BUCKS
bschawla
@2005-09-20 11:43:35
Read Ricardo Semler's Seven Day Weekend.

You will get the answer to your question!

I am thinking of doing CFA because I want to learn how to invest. And exams are the only way I have found that I can learn something - they give me the challenge.

I have no background in this area - am an IT person - have all the education needed there.

Hopefully I will learn enough to meet my goal.
dinks
@2005-09-27 06:45:25
Bravo,

I agree with bshawla. I am from Science background and in IT field right now. While doing my MBA, I got very much interested in Finance and so started thinking about CFA... just for the knowledge and see if it helps in future. If not for job, at least I can use it for better investments decisions. And I need to take exam to study well.

So I hope it helps...
ddv718
@2005-10-28 15:17:02
It's really sad if you pay over $1,000 and kill yourself studying just because you have nothing better to do with your time! Drop the denial. Yes, we do it for the money. People in this industry are money-hungry! And yes, saying that in an interview will only work in your favor!

Your denial reflects a negative attitude that will get you nowhere fast. Good luck trying to find motivation to wake up early on a saturday morning to study just because it's so damn appealing!
sanhursh
@2005-11-01 15:06:53
I wish someone answered it in greater details. I know one thing for sure that having qualification is not the ONLY criteria to be successful but it does matter at some point or other. Keeping that in mind I am planning to go ahead and do CFA. I am also in IT and before starting in IT I had completed my MBA. Made and still making lots of money but two concerns I have -
(i) no security to have this cash flow going on in long run and
(ii) long term career goal not getting fulfilled.
The second point is very alarming for me. After MBA, I did my first career change from manufacturing (am BE in Mechanical and had worked for nearly 7 years before moving into IT), hoping that IT's fast growth will enable me to reach to the middle and top management in shorter time. But today after spending almost 8 years in IT, I have not been able to reach to my goal, though am making more money otherwise but my concern (i) does not let me enjoy my present. I am trying very hard to change the gear to move in the IT management side from my current technical side and completed PMP (Project Management Professional) also but soon realized that it could take me to certain heights and that is it. Still trying hard to enter in that side of IT industry but when I look back (and also when see ahead), I feel that having a good Finance knowledge or background coupled with various kind of experience can take you to greater heights. Don't get me wrong here money is and will always remain an important factor but only when you can achieve your career goals and if cash flow could be on a continuous basis with gradual increase with career growth.
Please advise me if my assessment is wrong or otherwise. I am thinking very seriously about going for CFA and would take level 1 in June 2006.
I have been consulting in Toronto for almost 5 years and am touching in the range of 150K+ per year but believe me I have realized one thing that money is not the ONLY thing which satisfies you. Also as someone rightly said that it helps you understand and apply financial planning and knowledge in your own personal life in a much better way, the least one could achieve after completing CFA. So please go for it.
The only concern I have is what kind of entry level job one gets after completing CFA(or during the process, somewhere after level 1 or 2)? Because I knowfor sure that after a while CFA coupled with previous experiences will start paying off handsomely. Also is it so that CFA Charter make the real money as compared to just CFA?
JAKAL2
@2005-11-04 12:59:18
Assuming the job is finance related, a CFA charter(after june 2007) WILL make more money than a person who has just passed the three exams but is not awarded the charter. The simple reason being, the revised work experience guidelines are structured in such a manner that the four years of experience that one has to accrue is directly related to finance. Thus, a CFA charter holder will have more finance experience than a non charterholder and will be preferred and paid more.
pelangi
@2005-11-21 03:19:07
i agree with jaypee..so if you fail atleast you have tried hard & you enjoy it, otherwise you'll regret for so much money you've spend and no return at all
pelangi
@2005-11-21 03:19:18
i agree with jaypee..so if you fail atleast you have tried hard & you enjoy it, otherwise you'll regret for so much money you've spend and no return at all
yly14
@2006-11-15 20:51:16
Hello? Finance = Money!!! Yeah, I totally agree with the guys who have a genuine interest in Finance. What a shame for you people who are just taking the CFA for fun.
Commitment, people, commitment!
dydo
@2006-11-28 05:53:35
people its all about the money hey its not bad to like money afterall everyone is looking for it.the love and comittiment has to be paid and thats money
jackstraw
@2008-02-03 21:29:09
fool
sorosII
@2008-02-18 17:37:27
how about we say the following...
It IS about the money, but it is because of the money, we can buy freedom to do the things we love, such as learning a new skill, go on vacation, do things like Steve Fossette did; and because of the money, we can buy freedom to do things we love, e.g., cruching numbers and take CFA exams without worrying about money. (what a zen duality...heh)
boti
@2010-11-30 11:27:45
hehe you know... i realize some people up there give their commends. And their commends sounds like text books. TAKE THE CFA FOR LUV OF THE "sport". The bucks follow. --> Built To Last
"Why do you want to work in this industry or for this company?" is never to say "to make more money". --> Some conversation for fresh guy.

Yes of course get some advice from the old man is important. But the real condition is not same like text book. Get some advice for yourself. Use your own feeling. Be Flexible
bhaynes
@2015-01-09 14:55:37
It is absolutely because of the money. Nobody is doing this and spending all this time studying and being away from their family for the sport of it. I have 2 little girls and wife that I have to spend time away from to work on this crap. I do it because I love them and want them to have a better life, not because I love finance. What a joke?! If you are doing this it is because you want the reward. You would also already be working in this field, thus likely intrigued with this field to begin with. If you had a real love for finance, capital markets, etc then you would stay in academia and not the private sector. Bottom line, if you are taking this then you are looking to get paid. If not, your head should be evaluated.
bmarchewka
@2019-04-29 22:29:49
What is money? What is money to you? These are good questions to ask yourself. Also, what type of person are you? How can you best fit in with society to live a happy and fulfilled life? These are good questions to answer as well. Money is criticised by some as a mere managment tool. To an extent I agree. I also can't deny that a great portion of society, particulary in the civilized/developed/semi-free world, runs on money and without it there would be near chaos. Money is a tool for building one's world as well. This is my favourite way of looking at it. If you don't have the necessary greed to build what you want for yourself you may as well not be living properly. Money can also be used to build things for others as well.

"Love for the game" arguments aren't really what I'm about. I'm not a sports or a video game guy and I only like learning math when I can apply it to something.

It is not wise to steal. As an investment professional - or any professional - you become able to sense if theft of some kind is going on where you are. If it is and you are somehow a part of it, it will probably come back to haunt you down the line.

Just my TWO CENTS haha. Hope this helps some of the confused souls out there. I had to work to sort through all this...