CFA Exam
 

Hello,
Been thinking about eventually taking the CFA but wanted to hear some experiences from others who have taken it.

Basically, I have an accounting degree, worked public accounting and now work at a hedge fund. I know for sure that I dont want to be a fund accountant for the rest of my life so I am thinking about a career change.

So here's my question: Even with the CFA title, what types of jobs can I potentially land? analyst? trader? Please keep in mind, I have no relevant experience in the finance side. Also, I am going to be 30 next year, is it too late for me to start a new career?

Any tips would be much appreciated.

Re: CFA Exam
 

Never too late in my opinion. If your firm will pay for the exam and books, I think it's a no-brainer to go for it. As for job titles, I'm not sure why you'd need a CFA to be a trader, but at some places it's indispensable in order to become an analyst. It sounds to me, though, that your first priority should probably be to figure out what you want to do other than "not a portfolio accountant."
-web, CFA, 32, buy-side analyst/port. mgr., former actuary

Re: CFA Exam
 

[ QUOTE ]
Never too late in my opinion. If your firm will pay for the exam and books, I think it's a no-brainer to go for it. As for job titles, I'm not sure why you'd need a CFA to be a trader, but at some places it's indispensable in order to become an analyst. It sounds to me, though, that your first priority should probably be to figure out what you want to do other than "not a portfolio accountant."
-web, CFA, 32, buy-side analyst/port. mgr., former actuary

[/ QUOTE ]

Thanks for the advice Buffett. Well, maybe not a trader. But let's say, analyst. Having just the CFA exam and CPA exam under my belt, do you think it would be difficult to get a job as an analyst without any relevant experience?

Unforunately, my firm will not pay for the CFA education since I am a mere "portfolio accountant".

Re: CFA Exam
 

I have a CFA, and it was not a pleasant experience, and I think it gets continually more difficult. It is valuable to have, and will have a good chance of making the difference when looking for an analyst OR trader job.

I think currently about 12% of applicant's go 3 for 3 in consecutive tests, and a huge number of people drop out before even taking the tests, of those that take it, something like 45% pass level !, 50% level II and 55% level III (stats probably on AIMR website and changes year to year).

in conclusion, it is difficult, but i think worth it if you are somewhat certain you want to go in that route.

Re: CFA Exam
 

[ QUOTE ]
do you think it would be difficult to get a job as an analyst without any relevant experience?


[/ QUOTE ]
No way.
If I ran a big firm and a clean-cut person with good manners came into my office with one (two would be better) good stock research report, I'd hire them without any concern of which school they went to or what letters came after their name.
Start developing your own track record, write some research reports and have your colleagues critique them, and you'll be well on your way. Good luck.
-web

Re: CFA Exam
 

[ QUOTE ]
Never too late in my opinion. If your firm will pay for the exam and books, I think it's a no-brainer to go for it. As for job titles, I'm not sure why you'd need a CFA to be a trader, but at some places it's indispensable in order to become an analyst. It sounds to me, though, that your first priority should probably be to figure out what you want to do other than "not a portfolio accountant."
-web, CFA, 32, buy-side analyst/port. mgr., former actuary

[/ QUOTE ]

Interesting career path. I am an actuary (pensions, entry-level, pretty early in the exam process) with a serious interest in investing. Mind if I PM you with some career questions?

Re: CFA Exam
 

[ QUOTE ]

If I ran a big firm and a clean-cut person with good manners came into my office with one (two would be better) good stock research report, I'd hire them without any concern of which school they went to or what letters came after their name.
Start developing your own track record, write some research reports and have your colleagues critique them, and you'll be well on your way. Good luck.


[/ QUOTE ]

I agree with most of this, but I think you might be better off at a smaller firm. Bigger firms are more likely to put up hurdles to jump over. Smaller firms will often hire a smart person when they find them. At least we seem to.

As far as the exam, I think it is too watered down now and has become a "union card." Unfortunately, you still need it if you don't have experience.