The CFA Exam: Vanity or Necessity?
The CFA is called the “Gold Standard” in investment. Many of us are enrolled in the exam, or at least plan to do so soon in order to advance our careers. The program is very demanding: 250 hours per level, which amounts to a whopping 750 hours minimum for all three levels. This equals a masters degree. So you may wonder: Is it really worth doing? Does it help your career?
Long story short: Yes, it helps you advance in your career. Let me explain why.
First of all, any professional designation related to your field signals to your employer that you are serious about your job. Wouldn’t you promote dedicated employees, rather than slackers? So if you’re enrolled in the CFA, the CAIA, or the FRM and you work in finance, chances are this will be recognized sooner than later.
The CFA is very demanding compared to other professional designations. The CAIA is also tough, but the CFA is really a second masters degree. It’s also called the “MBA in Finance” sometimes. If you want to work in portfolio management or if you’re involved with large private client accounts, you will need a CFA sooner or later. Hedge Fund manager and private equity professionals often aren’t even hired if they don’t have the coveted three letters behind their name. One recruiter also told me that he even prefers the CFA over a PhD. Why? Because there is a Standard Body of Knowledge with the CFA. A PhD thesis can be about anything, and no employer will read your thesis before hiring you. With the CFA, the bar is even for all charter holders.
Lastly, I think the CFA conveys great information. It’s actually quite interesting to study for the designation. If you like your finance job, you will get a kick out of it, because it features the latest research in the field. The CFA syllabus is quite vast, but very interesting. As your CFA study material, I recommend you get an inexpensive review tool called the .
Conclusion: Get the CFA while you still can. It needs a lot of time, so earlier in your career is definitely better. Many universities also offer the CFA alongside with a masters, so look into this with your school.
I hope this shed a little light on the importance of the CFA. All the best on your journey!
Alex Janis is an Energy Risk Professional with many years experience in finance and trading.
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