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

OmarAdnan

Big 4 audit here. CFA is useless to them and hardly anyone knows what it is. While passing L1/L2 might be impressive to some, the real credential needed in the field is the CPA. Period.

Their typical recruit is still in their Junior/Senior year of undergrad and show interest in taking the CPA exam. Those undergrads then do either Spring or Summer internships with the respective firms. After graduation, they start in the Fall. Otherwise, they do direct hires from accounting grads who did not have an internship.

CFA can help raise some eyebrows and set you apart. But at this point networking is most likely your best option. The recruiting process is pretty standard unless you have an in. Shame really. Some firms are having a recruiting shortage because they cut jobs too deep during 08-09. Anyone from a ranked accounting program is getting an offer.

But like someone mentioned, the longer you stay in, the more typecast you become. But a job's a job I guess.



Edited 1 time(s). Last edit at Friday, June 24, 2011 at 05:35PM by el duque.

luckygiftvn

Go into internal audit. They'll take anyone that has a pulse and generally understands accounting concepts...

mkytz15

I'm not an L2 candidate yet (waiting to hear about L1), but I've done an internship in audit, and I don't know a single person on the audit side that had a CFA. I would see taking the CFA exams as a way to move out of audit, not into it.

Do you want to move into audit just to get some experience or because you actually want to do audit?

dvilayphet

can a monkey go into the audit industry is the more appropriate title to this thread

jcole21

ana12345 Wrote:
-------------------------------------------------------

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


In my mind the CFA accreditation is sought after primarily in conjunction with relevant experience as it enhances that particular experience. You may pursue it on its own but that way it's probably considerably less marketable...

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????

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.

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.

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.