Alphabet Soup (CFA, CPA, CAIA, FRM, MBA, MSF, CPM) something, somebody, people, posted, forum

ishfaque

(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.)

Rasec

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.”

RepoToronto

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

brainsX

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

Windjam

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.

BelalM

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.

lucasg85

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.

smuggycfa

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

yalo

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.

canadiananalyst

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.