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标题: Alphabet Soup (CFA, CPA, CAIA, FRM, MBA, MSF, CPM) [打印本页]

作者: ishfaque 时间: 2013-8-11 11:21 标题: Alphabet Soup (CFA, CPA, CAIA, FRM, MBA, MSF, CPM)

(I posted this somewhere else in the forum. I think it belongs here, and I’d like to get some opinions on it.) Since I’ve been perusing this forum, I see a lot of people who think they can hang the moon in just two years. I thought that too, once. Then reality hit me. As the great philosopher Mike Tyson once said, “Everybody has a plan until they get punched in the face.” How many times have you seen somebody post something like this: “Hi. I want to take CFA Level 1 in December 2012, then tak FRM Level 1 in March 2013, then take CFA Level 2 in June 2013, then take FRM Level 2 and CAIA Level 1 in November 2013, then take CAIA Level 2 in March 2014, then take CFA Level 3 in June 2014. Do you think I can do it? I’m really gonna try!!!” Then you find out that they are 20 years old, and a junior in college at LSU (Local State University), and have not even registered for Level 1 yet. I thought the same thing once–I thought I could pass CFA Level 1 while in my MBA program, then pass the CPA exams and the CFA exams over the course of the next year and a half. However, I realized that this was just simply not possible. (I got punched in the face.) So finished my MBA, spent a year taking the CPA exams, then passed Level 1, failed Level 2, passed Level 2, and I’m now studying for Level 3. What I thought I could accomplish in 2.5 years has turned into six years (if pass Level 3 in June 2013, that is). My advice to anyone who is thinking about starting the CFA exam: Stop collecting useless designations. If you don’t work in Alternative Investments (or want to work in Alternative Investments), then don’t take the Alternative Investment exam. The CFA exam is different–it is broad enough that you can work in a variety of different areas of finance, yet it’s still difficult enough that it actually means something. IMHO, the CPA and JD designations are like that as well. An MBA is also a good addition, if it comes from a good school. All other designations that I can think of are either too easy to mean something, or they’re too narrow in their scope. If you really think that you can do multiple designations at once, don’t let me stop you. I hope you never get punched in the face. And I hope you survive the next three years with your sanity and health intact. (I’m serious about that last line, too.)

作者: mp3bu 时间: 2013-8-11 11:22

I enjoy this debate, primarily because I like calling out “professionals” in the investment advisory world who collect third tier designations in an attempt to enhance their credibility. It’s just too easy to hold yourself out as an investment advisor in this world, but that’s an entirely separate conversation …
To the enthusiastic 20 year-old described in the initial post, I say “good for you.” At that age, I was naive enough to think that a graduate degree would be my golden ticket to professional success. I can hardly fault someone for trying to better themselves.
Finally, to ddrobinett’s point, I agree that most professionals should avoid peripheral designations in favor of pursuing one or two highly-regarded designations or degrees (CFA, CPA, JD, MBA, etc). I recently turned 27, became engaged, and completed a MS degree in Applied Economics. Pursuing the CFA charter is my “final frontier,” so to speak. After that, the only designations that I will care about are #1 Husband and #1 Dad.

作者: SeanWest 时间: 2013-8-11 11:24

I have an MSF and the CFA charter, but for some reason that is not sufficient where I work. They could care less about those two and only care that I get the CFP, pretty much because the principals of the firm are CFPs. They actually discouraged me and in some ways penalized me for doing the CFA. In my opinion the CFP is a soft designation for people who couldn’t do the CFA, CPA, law or business school, and retail brokers and other wolves in sheep’s clothing, but whatever, I’ll take my time doing the CFP just to appease them. I am tired of chasing after designations. My wife, who is a JD, thinks this is completely ridiculous as well.

作者: Unforseen 时间: 2013-8-11 11:27

True, good point. I guess I am just bitter about having to get the CFP after taking years off my life to obtain the CFA charter.

作者: mdfb79 时间: 2013-8-11 11:28

^
Given your credentials, I would be too.

作者: tikfed 时间: 2013-8-11 11:29

yeah, dawg, lets collect designations!

作者: Iginla2010 时间: 2013-8-11 11:30

Well, having a CFA charter does let you challenge out of parts of the CFP program, so you are part of the way there as a charterholder. I believe that CFP has more stuff about tax ramifications, insurance, estate planning, and things like that. If you are going to be a retail advisor, it does contain genuinely useful information, and some of it is not covered in the CFA, but presumably someone with a CFA should not have much trouble getting a CFP as long as they set their mind to it.

作者: Analti_Calte 时间: 2013-8-11 11:31

CFP is very useful to gain personnal knowledge. Everything I learned during the process helps me a lot when I have to deal with personnal financial decisions and dealing with bank’s salespeople.

作者: therecruit 时间: 2013-8-11 11:32

As I was perusing the website during a study break, I found a quote from “Unit Root”, who claims to be both a CFP and a CFA.
“I’d definitely recommend CFP if you want to work in [private wealth management].”
I believe that I will probably pursue either this or the CVA (Certified Valuation Analyst) one of these days. But I won’t be doing either until I start either doing financial planning for clients, or doing business valuations for clients.

作者: giants2010 时间: 2013-8-11 11:33

Agreeable.
I will state that I am hipocrite in this taking on too much syndrome. But I have always done this, through university and in my firm(I get a rush out of it sadly).
My aim for this isn’t to get into that glorious firm since I am happy I even have a job in this sadistic job market. More so on the base of personal learning to prepare me for advanced courses(I got burned by getting too cocky by taking a graduate course and getting a gratifying horrific grade). I’d rather pay a small price to see if I know the material versus a course costing me ten or twenty times that much to only fail.

作者: Dapper425 时间: 2013-8-11 11:36

How about CMT (Chartered Market Technician) after completing the CFA? I see most CMT’s are also CFA charterholders but not the other way around..

作者: meghanjackson 时间: 2013-8-11 11:37

I understand why you’d want to do the CFA after the CMT, but why would you do the CMT after the CFA?
Actually–why would you want to do the CMT at all? Any chartists out there who care to offer an opinion?

作者: John10 时间: 2013-8-11 11:38

If I weren’t tired of studying for exams, I’d do the CMT, because I think that technical analysis likely does add value. I probably wouldn’t put CMT on my business card, though; I just want the walk-through of the knowledge.

作者: canadiananalyst 时间: 2013-8-11 11:40

There’s something about the structure of preparing for the exams that helps you read the stuff and assimilate it a bit better.
And yes, I actually have read some of the main texts for the CMT.

作者: yalo 时间: 2013-8-11 11:41

I agree, having too many certs in fact may send a message to potential employer you don’t know what you are doing. You must first know where you want to go in order to decide the path you need to take. For me, it’s simple:
For Corporate/Public Accounting - CPA (and perhaps CMA)
For Money Management and Investment Research/Analysis - CFA
For Financial Advisory - CFP
For Corporate Development (M&A) - CVA
For General Business Management / Entrepreneurship - MBA
That’s all the financial certs / degrees you need to know. Decide what you want to do and pick the one from above that is relevant and reputable in that field.

作者: smuggycfa 时间: 2013-8-11 11:42

You just fired the first shot against the FRM and CAIA apologists.

作者: lucasg85 时间: 2013-8-11 11:43

I would not do the CVA. The CVA is not a hard designation to get. It is a “tack-on” certification for a CPA who already does business valuations.
The CVA is a week-long, really expensive CPE course with a final exam and an ongoing price tag every year. Corporate Development will smile more on a CFA or ASA than on the CVA.

作者: BelalM 时间: 2013-8-11 11:44

you bet i did

CAIA and FRM are for the people who can’t pass CFA. Those who passed CFA and then pursue CAIA and FRM are the losers who are insecure and can’t prove themselves at their current job so they keep compiling more and more useless credentials like these.

作者: Windjam 时间: 2013-8-11 11:45

i agree with you on ASA but it is only for someone who wants to do reporting, compliance, litigation etc., sides of not just business valuations but also for the valuations of other assets. Just for the analytical side of the business valuation, I’d still stick with CVA, as it is more focused and detailed on the business valuatoin front.

作者: brainsX 时间: 2013-8-11 11:47

CFA+FSA that should get you ahead of 99%.

作者: RepoToronto 时间: 2013-8-11 11:48

FIAA beats you all!
Actuary is harder than anything in finance.

作者: Rasec 时间: 2013-8-11 11:51

I don’t think it is impossible to pass all these exams. There is so much overlap across the syllabus that if you “master” one, the rest just require “marginal” studies. Personally, I did PRM (all 4 levels) in June-July 2011, level 1 CAIA in September 2011, level 1 FRM in November 2011, level 1 CFA in December 2011, level 2 FRM in May 2012. Also, during this time I was doing an internship and my final year of undergrad AND I am not from a finance (or even a closely related) field.
I took a hiatus because I ran out of funds to pay for CFA L2. I will be attempting it this June.
If you ask me, I don’t really see the harm in doing them if you can pay for it. All the exams combined cost me like $4,000 maybe. Considering that a full-time degree is much MUCH more expensive, I don’t see why you should not.
Why did I do all these? Because I wanted to make a point. I was in a noname (I’m talking even if you hear about it you won’t be able to pronounce it kind of noname) undergrad college and really, to get anywhere, I wanted to show that it was just because I had a bad year before joining. Since then, I’ve gotten into a prestigious university and have a consultant job at KPMG waiting for me after I graduate.
Edit: @Ashray2: I personally felt that FRM was much more challening than CFA. I felt CFA L1 was pretty easy. FRM made me think. I’m sure the next few levels of CFA will be harder. But I can assure you, FRM is not for “CFA rejects.”

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