CFA for career transition

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PieMan

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Hello, I’m seeking your feedback regarding my decision to pursue the CFA.
Here’s my situation:
  • I’m 29 years old with a BS and MS in Business Administration with a concentration in information sciences.
  • I’m currently working as a VP in Information Security for a large US bank.
  • I’d like to pursue a career in either Securties Analysis, Bond Analysis, Investment Banking, or something similar.
  • No professional Finance experience. Just courses in undergraduate and graduate school.
In your opinion, would obtaining the CFA give me a reasonable chance at switching careers? Or, would an MBA be more advisable? Google salary searches for these careers vary widely. Any estimates on starting salaries from your experience? Any serious feedback is appreciated. Thank you in advance.
 
My advice to you, as someone that has spent time in equity research, private equity, and hedge funds and also have an MBA but no CFA, it is as follows:
- If you have a demonstrated interest in investing and can get into a top-10 MBA program, go for that. You’ll also need to learn the basic skills such as financial modeling, basic corporate finance, and develop a couple of good stock pitches so you don’t tank your interviews, but people in these fields care more about your passion for investing than what degrees or certifications you have. The MBA program is more preferable because you will have access to a broad range of alumni, be able to network within your class, and simply connect with people that are more willing to speak with you because you’re a student.
- CFA is still helpful because it teaches you some of the tactical skills and jargon of a financial professional. However, you still need to find a way to network in.
To answer your other questions, I highly recommend you read the two articles posted in my signature. Also I’m available for further contact at [email protected] if needed. Thanks for your well-written post; they’re harder to find on this forum than you’d think.
 
Thank you for the feedback. I appreciate all the advice.
I’ll follow up by asking about the importance of a going to a top 10 MBA program. Numi, and other sources, refer to attending an elite university in order to break into the field. Is that necessary if you’re planning to work regionally? For instance, in my case, I live in Gainesville, Florida home of the University of Florida. It’s not realistic for me that I could uproot my family in order for me to go to one of the top 10 MBA programs, assuming I could even make the cut. In this area, and really the entire state of Florida, the University of Florida is pretty well regarded academically. My thought is that an MBA from UF along with passing the CFA exams should help with many investment firms throughout the state, especially some of the smaller players. There are many boutique investment firms, asset management, etc. in Ft. Lauderdale, Tampa, and some in Jacksonville.
In your opinion, does this seems like a reasonable possibility? While I understand many of the big time hedge funds wouldn’t be interested, there seem to be other opportunities.
 
PieMan,
I’d look more into the MSF program there at UF. Great program with 100% job placement for 2011 graduating class. Great exposure regionally to firms like Robert W. Baird, Raymond James, and even Goldman has some Private Wealth Management in South Florida. Raymond James is at Career Showcase every time.
I graduated from undergrad in May 2010. Started working up in Jacksonville (doing nothing exciting that you’d even remotely want to be a part of btw) in Jan 2011. Working on CFA for a couple years to see if I can maybe get through 1 and 2 while wife tries to go to school for Nursing, hopefully at Santa Fe. We have 3 little ones (one due in 4 weeks), so me going back right now won’t work, but we’re gonna try and let her. Then going to try for MSF once she has a solid income. That’s the “plan” for now.
Anyway, CFA study alone I’ve come to realize won’t be enough. You’ve either got to be an amazing networking genius and extremely outgoing, or, you’ve gotta put yourself in a position to be networked with. MSF program will do that and the firms I mentioned above recruit from it. Plus it’s only 10 months.
I’m going through level 1 now so if you have any questions feel free to email me @ [email protected]
Best of luck.
 
Thanks pdub, that’s good info. Good luck to you and your wife on your career plans.
My wife is starting law school at UF next week. Hopefully when she’s done with school, I can maybe work on obtaining my MBA and/or CFA. In the mean time, my plan is to focus on my existing career for a few years, and look into taking the GMAT a few years from now. While an elite MBA program is certainly an advantage, in my current situation, it’s not practical. I”ll most likely be attending UF’s MBA or MSF program.
Thanks again to everyone. Any additional comments about attending a decent regional school vs. an elite MBA program are welcome.
 
If finance is the road you are walking, the CFA curriculum is beyond what an MBA can offer in terms of a finance education.
The true value of an MBA these days is mostly in the strength of its campus recruiting (which is also linked to its reputation). This is why you’ll consistenly hear people say “go to a top 10 MBA program, or don’t even bother”
From all I’ve seen, I would have to agree. And I would add that if you’re banking on a total career change direction into finance, it’s got to be top 10 school AND full time.
It’s a big leap of faith, but in today’s world, you almost have to.
 
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