Hallo Friends. I would like to work in the near future in corporate finance and hence I am thinking about the CFA exams. I have experience only in the field of engineering for the past 6 years and I feel that studying more about finance will be good to enhance my career. Although CFA charter is a long road ahead I would like to know if I can break into corporate finance with Level 1 and 2 exams with an engineering company. Has anyone chosen a similar kind of road? If yes, I will be more than happy to hear your opinions. Thank you!
CFA for a Mechanical Engineer with no work experience in Finance
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Thank you for your opinion Minerva. I thought about an MBA but it would be too expensive and would mean taking a sabbatical for a year atleast which I think would not be a feasible option especially when I have already completed my Masters in Mechanical. I would not prefer a distance MBA. Also, I am going for a project management certification in a years time and would like to complement it with some knowledge in finance. Can studying for CFA give me more insights on corporate finance, mergers and corporate investments? I know that the charter is a long way away and I cannot use the CFA designation till then but, does completing Level 1 and Level 2 initially give me an opportunity to show my know how to the probable employers?
As CFA is primarily geared toward asset management, potential employers might think you’re just planing to use them as a stopping point until you get a job as an equity analyst. Do you have the option of applying some of your past credits toward a BS in finance and taking some finance and accounting classes at night?
I still think an MBA would help you reach your goal in a more direct way. I know it’s expensive, but business schools have a structured recruiting process in place and a lot of companies recruit their new associate class almost exclusively from business schools. Do you want to work at a bank? If so, it’s almost impossible to break in without an MBA from a top school. It’s a silly system and it leaves out a lot of very good candidates, but it’s a structure that has been in place for a long time. I think your best chance for a lateral move to financial services without an MBA is a position in risk management.
Viel Glueck! Halte uns auf dem Laufenden-
Viel Glueck! Halte uns auf dem Laufenden-
Agree with the above. The sad truth is you cannot break in to finance using a CFA designation only (corp finance, trading, I banking). Masters in fin (cheaper than an MBA) is an option if you don’t want to shell out the fees for an MBA. Other possibility is you have a solid connection/network that can get your foot into the door. From personal experience, I have found it hard to switch to a different function within finance even though I work as a trader currently. Most big firms/banks have a structured recruiting processes from undergrad/Mba and hire laterally only if you have relevant work ex
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@higgmond: I do not think I can use any of my previous credits to study finance as my Masters was in a core technical field of engineering and I do not think I want to do another Bachelors degree. Thank you for suggesting the route though.
@Minerva and aakash30: Thanks Aakash30. Danke Minerva
Eigentlich überlege ich mich ein anderen Weg zu meinem Ziel. Your opinion tends towards MBA but a MBA is not so popular (still) in Germany for employers as they prefer traditional Master Programs. Doing a traditional Master of Finance would be a cheaper option than MBA but again for both I will have to take a sabbatical as I personally do not believe in part time degree studies. Even lets say I enroll for part time MBA or Masters it will also take atleast 2-3 years to complete with loss of all the evening time after work.
After some analysis, I feel CFA is the best way to gain maximum knowledge in finance as the structure is very intensive and covers all the aspects of finance but on the other hand I feel it is too long (Respect to all charterholders and to all the people pursuing CFA). Hence, I am thinking now to go for a lesser renowned CMA certification which gives me a perfect blend of finance and accounting. This I think will help me more as an engineer to stay in my present sector and put my foot into corporate finance.
Let me also know your opinion about this. Thanks!
@Minerva and aakash30: Thanks Aakash30. Danke Minerva
Eigentlich überlege ich mich ein anderen Weg zu meinem Ziel. Your opinion tends towards MBA but a MBA is not so popular (still) in Germany for employers as they prefer traditional Master Programs. Doing a traditional Master of Finance would be a cheaper option than MBA but again for both I will have to take a sabbatical as I personally do not believe in part time degree studies. Even lets say I enroll for part time MBA or Masters it will also take atleast 2-3 years to complete with loss of all the evening time after work.After some analysis, I feel CFA is the best way to gain maximum knowledge in finance as the structure is very intensive and covers all the aspects of finance but on the other hand I feel it is too long (Respect to all charterholders and to all the people pursuing CFA). Hence, I am thinking now to go for a lesser renowned CMA certification which gives me a perfect blend of finance and accounting. This I think will help me more as an engineer to stay in my present sector and put my foot into corporate finance.
Let me also know your opinion about this. Thanks!
Id buy Willa C
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- Jul 25, 2013
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Funny. I was just thinking the other day how cool it would be to have the knowledge base of a mechinal engineer…..
As someone who has switched career paths, all I can say is networking is everything.
If I could offer one bit of advice, please ask yourself why you are doing this. Are you that dissatisfied with your current profession that you would be willing to give up 3+ of your life to potentially switch career paths? Is engineering that mundane to you? Does it not pay enough?
What is so interesting to you about finance? What sector specifically? Is it making money? You can make money without a CFA. Remember, it is just a title. It has clout. It shows dedication and intelligence(I do not have the charter). It also shows sacrifice. If you have a wife/significant other, please have a conversation with them about the sacrifices involved before cracking the first page of the Schweser book. The beautiful blonde on the front cover is smiling at you because she knows that the next 3+ years of your life will go by in a blur and there will be immense amounts of stress involved.
WHY DO YOU WANT TO PURSUE THE CHARTER?
As someone who has kids, studying every night absolutely fucking sucks. I am too far into it to quit. The pursuit of the charter has improved my career prospects ten fold, but it does not for everyone.
Also, if you get through L1, good for you. In no way shape or form does it give you a golden ticket to a private club full of executives in nice suits waiting to shake your hand and give you a $100k job.
Also, if you are making 100k plus, I beg you not to pursue the charter. It’s just not worth it.
As someone who has switched career paths, all I can say is networking is everything.
If I could offer one bit of advice, please ask yourself why you are doing this. Are you that dissatisfied with your current profession that you would be willing to give up 3+ of your life to potentially switch career paths? Is engineering that mundane to you? Does it not pay enough?
What is so interesting to you about finance? What sector specifically? Is it making money? You can make money without a CFA. Remember, it is just a title. It has clout. It shows dedication and intelligence(I do not have the charter). It also shows sacrifice. If you have a wife/significant other, please have a conversation with them about the sacrifices involved before cracking the first page of the Schweser book. The beautiful blonde on the front cover is smiling at you because she knows that the next 3+ years of your life will go by in a blur and there will be immense amounts of stress involved.
WHY DO YOU WANT TO PURSUE THE CHARTER?
As someone who has kids, studying every night absolutely fucking sucks. I am too far into it to quit. The pursuit of the charter has improved my career prospects ten fold, but it does not for everyone.
Also, if you get through L1, good for you. In no way shape or form does it give you a golden ticket to a private club full of executives in nice suits waiting to shake your hand and give you a $100k job.
Also, if you are making 100k plus, I beg you not to pursue the charter. It’s just not worth it.