Dilemma: Should I write the CFA exams? accounting, background, investment, currently

btcapital

Hi all,

I've seen and read most of the CFA/MBA threads here - but I have a question of my own that I didn't see get answered on here. If it's already been answered in one of the threads, I apologize in advance.

I'm planning on doing my MBA in probably 2-3 years - written the GMAT, done my research, and have a list of schools I'm targeting. I come from a public accounting background, and currently work in capital markets (albeit not as an investment analyst).

I'm considering writing my CFA exams - I'm currently 26, and thinking of getting at least Level 1 or 2 out of the way before I start my MBA. I figure I'll be 28-29 when I matriculate, and 30-31 when I graduate - so my thinking is, if I do decide to pursue my CFA eventually, it'd be better to get it out of the way now than when I'm in my early-30's.

However, my dilemma is that I'm not 100% sure I want to get into equity research/buy-side portfolio analysis/investment management. While I do have an interest in capital markets, I just fear that I'll go into MBA school and realize (whether through classes or discussions w/ students or exposure to recruitment opportunities) that I have stronger interests in other fields (i.e. consulting, etc). Do you think it'd be worth it to write some of the CFA exams anyways right now, given that I have the time to do so and the mental stamina (i.e 'study mode') and lack of other personal obligations? Could a CFA help me out further down the line in areas like private equity, venture capital, or investment consulting (which are all other areas that I have interest in)? Or is the scope of a CFA so narrow (i.e. limited to investment management) that I won't get much out of it if I were to ultimately deviate from this particular career path?

Thanks!

Wendy01

Thanks for the advice everyone - I really do appreciate it!

Chuckrox8

This thread is providing valuable insight to you. Carefully consider what these folks are telling you. My personal experience is that the CFA does nothing in terms of career opportunities or advancement. Thus, dont make that mistake of assuming the charter alone will help with your career advancement. ER is a dying business and AM is EXTREMELY difficult to break into and most folks break into the industry prior to obtaining the CFA. As stated above, outside of ER & AM the charter is worthless in terms of career advancement. Also, CFA career services are beyond pathetic.

Wendy01

What do you want to be?

SFoyil

I would get Level I out of the way. It should give you a nice background/summary of finance and where you may want to focus in the future. If you find you like investing, take Level II and go from there. If you find you want to go into banking, PE, or consulting the CFA is not going to help you and your time is probably better spent networking, modeling and meeting folks in these fields.

KungFuPanda

gummy3 Wrote:
-------------------------------------------------------
> However, my dilemma is that I'm not 100% sure I
> want to get into equity research/buy-side
> portfolio analysis/investment management. While I
> do have an interest in capital markets, I just
> fear that I'll go into MBA school and realize
> (whether through classes or discussions w/
> students or exposure to recruitment opportunities)
> that I have stronger interests in other fields
> (i.e. consulting, etc). Do you think it'd be worth
> it to write some of the CFA exams anyways right
> now, given that I have the time to do so and the
> mental stamina (i.e 'study mode') and lack of
> other personal obligations?

so you're saying you're thinking about taking the exam because you have nothing better to do?

Colum

Studying for CFA exam is definitely a big sacrifice of own time. If you like all around corporate finance, investments etc., it may even be interesting for you to go through all the study materials and prepare for the exam. However, I would not recommend to do the exam just for the sake of title or increasing job opportunities.

Getting a decent job is more often a matter of one's personality (the latter is in my opinion not primarily being developed by preparing for the exam). I don't agree with the statement that you can lose max. 1000 $ --> you may also use a substantial amount of time that you would otherwise put into something else.

On the other hand, preparation for the exam requires a lot of discipline and committment. If you are normally lacking this, enrolling for the CFA programme may be a good option. To sum up, my opinion is that what you learn in the programme is for sure useful, however you should weigh whether the ratio 'Expected benefits / Invested time' is favourable in your case.

morebeans

gummy3 Wrote:
-------------------------------------------------------
> Black Swan Wrote:
> --------------------------------------------------
> -----
> > I think you're 26, time to start making some
> choices.
>
>
> ...yes, and that is the whole purpose of this
> thread ;)

Really, the purpose of this thread is for you to start getting a clue about some direction in life? Cause all I heard was "I'm not sure what to do, and this test looks interesting but I can't seem to make up my mind about anything so I hope more schooling will do that for me"

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"Without American production the United Nations could never have won the war."
-Joseph Stalin, Tehran Conference: 1943

Muddahudda

The simple matter is the CFA charter is best with ER or AM. All other fields.. not so much. In fact most bankers don't even know what is actually tested on the exams.

If you really don't know it's what you want, I would say don't go for it. It's a LOT of sacrifice, and if you give it a maybe-I'll-try-it attempt, you'll fail.

Kapie

Black Swan Wrote:
-------------------------------------------------------
> I think you're 26, time to start making some choices.


...yes, and that is the whole purpose of this thread ;)



Edited 2 time(s). Last edit at Sunday, July 3, 2011 at 11:55AM by gummy3.