|
|||||||||||||||||
TOP STORIESIs a CFA really worth the hassle?1 July 2008COMMENTSIn terms of using it to break into the industry - I think it's probably of minimal use. Relevant experience is far more likely to get you there. Read all comments »New entrants looking to break into the ultra-competitive fund management industry have a significant obstacle in their path: the notoriously difficult Chartered Financial Analyst (CFA) programme. The professional qualification comes in three parts, takes four years to complete, and 80% of candidates fall before the final hurdle.
Moreover, as more people take the exams, CFA insiders say the pass rate is bound to fall. A total of 119,000 candidates globally turned up for the final stage three exam this year and their numbers are swelling at the rate of 25% per annum.
Given the difficulty in acquiring the accreditation, it’s unfortunate perhaps that it’s becoming increasingly mandatory. Chris Manfield, managing director and head of the asset management practice in Europe for Whitney Group, says it’s become the norm for new entrants to asset management: “For serious asset management players in the institutional space it is a must-have.”
Whether completing the CFA actually adds to your pay packet is less of a certainty. Some industry surveys have put CFA holders’ salaries 25% ahead of those of non-CFA holders. But Steve Wellard, spokesman for CFA Institute in London, says the issue remains unclear: “It’s not black and white to say that being a charterholder means you can secure more money.”
For new entrants fretting about attaining CFA status, Philip Darling, partner at Korn/Ferry International, says most fund managers will put graduates through the programme, particularly if the parent company is American.
COMMENTSdaxter22, Tue 01 Jul 08The percentage of candidates who pass all three levels in sucession and without failing a stage is less than 5%. Therefore for most candidates it will take 4 years or more to pass the exams. You then also need to have documented and relevent work experience (up to 4 years) before you are given/allowed to use the CFA mark after your name Add your comment »Grrr, Investment Banking / M & A, Tue 01 Jul 08well there are people out there who dont live by pressing the refresh button for efinancialcareers every two minutes. For those people (i am one of those) this article was news. For the regulars... i think its time to move on... should i recommend watch-moviesonline.com? Add your comment »meligrigoris, Tue 01 Jul 08It has become the norm to have a CFA, but it is easy to pass and does not add value. Work experience is/should be more important. Also if you can't pass all 3 levels...well time to look into a new career path. Add your comment »Chris, Hedge Funds, Tue 01 Jul 08Stop whingeing. The new entrants to the business don't know that it has been covered before Add your comment »dunbankin, Student, Tue 01 Jul 08White is so last year. A gentle blue or lavender would be preferable. I believe this is in the Homebase range. On an average day you could safely re-coat it after a couple of hours Add your comment »Amy, Asset Management, Tue 01 Jul 08WOW! What a bunch of bs to those who say the CFA is SOOO EASY--hmm, makes me think you have never tried, nor have the guts or the heart to try. We live in such an entitlement society that people overlook the fact that it takes a lot to put yourself out there on the line. I have an MBA, with five years mortgage experince and coming into a new career I am attempting the CFA. Those who say we should get a new "career" for thinking the CFA is difficult are sadly insecure. You would like us to leave, because it makes more room for those of you who are too lazy to get your butts moving in the right direction. All I hope for is that the work I put into this and the time spent away from family and friends will be worth it in the end. It will take most people at least 4 years and you should be proud of yourself every step of the way. Add your comment »nick, Student, Tue 01 Jul 08CFA is a waste of time. From the modelling apsect of financial markets it is undergrad finance theory. The rest is blah blah blah. I wish the industry did not behave in a crowd behavior model, send your best people at a Finance, Fin Eng, MBA program at Ivy League. Stop throwing money to professional cartels. Add your comment »Equity Analyst, Asset Management, Tue 01 Jul 08I've done the CFA, and probably wouldn't have bothered if I had my time again. By the time you've finished it, you're likely to be sufficiently progressed in your career, that it's no longer necessary.
WJardine, Accounting, Tue 01 Jul 08You don't need any qualifications at all. If your face fits and you are lucky enough to have a boss who supports and encourages you, then they sky is the limit. I've had a boss who spoke yardie pigeon english as her first and only language, she did not have a single qualification (not even a GCSE or CSE) and yet was a senior accounts manager in a central London based recruitment company (ironically that recruits for the AM an IBK industry).
Outperformance, Asset Management, Tue 01 Jul 08I agree with "Intheminority", "LBSMan", "noelpotter" and "nick". Bottom line: If you have a degree in philosophy, arts or african literature, a CFA is useful to learn the trade. If you want to be hired by bureaucrats who lack judgement and therefore rely on a title, likewise. All else, don't waste your time throwing money at cartels. Add your comment » |
|||||||||||||||||
