Can CFA L2 candidate go into Audit Industry ? jobs, experience, industry, relevant, because

lc26mizzou

I tried applying for many finance-related jobs (analyst, equity trader, financial analyst) to no avail and I kind of lose faith because most employers require me to have relevant experience.

I am thinking of going into Audit, not sure the relevancy of CFA L1/2 progrmme fit into this industry?

Can anyone advise how I can "sell" myself with this CFA L1 cert?

Thanks

HuskyGrad2010

the short answer is there is no relevancy whatsoever. you are better of doing a CMA to get into auditing.

I totally understand your concerns though. I have a bachelor and a masters in finance, plus i passed cfa level 1, I no experience and had no breakthrough in anything related, not even an unpaid trainig. Its been like this for years, so i have finally settled into an unrelated job to pay rent and im still looking for a break.

the only way out of your dilemma is to network with people. i personaly really suck at that so ill have to improve on it i guess. good luck

jacksparrow

I think you and I are facing the same dilemma,
overqualified for many entry level jobs but underqualified for many jobs that require experience.

Argh...

sabaruch

CPA is for auditing, CMA is for cost accounting and budgeting.

John10

oops my bad, thanks for the correction, i always get confused on the too, haha.

defour44

In some ways, this industry is like Harvard. The hardest part is breaking in. I know what it feels like, trust me. This isn't exactly happy advice, but the longer you drag out the process, the harder it becomes.

The back office positions are much easier to get into. I know a few that have tried that route to get in, but you're still looking at a large uphill battle

ba736

Coming from someone who works in audit - if you want to do audit, particularly auditing financial services companies, the CFA will absolutely help set you apart. People in audit do get that the CFA is a demanding and very difficult program to get through. However, there's not really a direct application of what you learn in the CFA program to auditing - moreso gives the impression of "this person is smart and can dedicate themselves to something".

Plus, if you want to be successful in audit, you'll definitely need to take the CPA exam (required to make a manager position at most public accounting firms, also some firms require it to be a senior). So make sure you consider that when you make the decision as well. From my experience the CFA is significantly more time consuming than the CPA but that doesn't mean the CPA is easy.

The other thing about audit - the more experience you get in audit, the more "typecast" you can get as an accountant. Your options will open up significantly if you want to get into finance at a large company, especially if you go Big 4 / what I call "second tier international" (this being Grant Thornton, McGladrey, BDO). You'll have options including financial reporting, financial analysis, capital budgeting, internal audit, etc. even after just 2-3 years spent in public. But if you want to be a trader/analyst audit really isn't the route to take to get there.

Wendy01

I'm in the same boat having a hard time getting that first opportunity, but don't give up. Pass a level or two of the CFA and keep a good job, stay relevant in something. Then you can apply to a one year masters program and rebrand yourself as a finance guy. That is my plan right now. I hope it works.

RMontgomery

BIG 4/Audit companies really want the kids who did the summer leadership internship their sophmore year. It's a very structered process, just like finance. It's not going to be easy getting in there either. If you pass all levels of CPA exam (which you need an accounting masters in NY) then they will give you a look if your GPA is 3.3+. I have an accounting ungrad and a lot of friends at Big 4, they put a lot of effort in during college. I know you can work for a smaller CPA firm/pass CPA and transfer one year after into a bigger firm, but you'll basically pidgeonhole yourself into accounting.

However, most Big 4 only stay for 2-3 Years the turnover at those companies is like 25% a year. A majority of those people leave to work for the clients they were already working on. So if you get into auditing financial companies you have a good chance at getting to financial services. Those are the covented positions in the firm though too, takes years to be placed on those accounts.



Edited 2 time(s). Last edit at Wednesday, June 22, 2011 at 10:40AM by lxwarr30.

mik82

I am experiencing same thing right now as i tried applying for many finance-related jobs even for the junior positions, i come from software background and i thought CFA would enhance my chances , but to no avail and I am having difficulty to at least get an interview..

i think i need to reevaluate my position now, and i feel like does the CFA levels have any weight????