considering the CFA route? accounting vs finance

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goodkid129

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Hey guys, this is my first post here on analyst forum but Ive been browsing through this forum for a couple of days. Im a university student and am specializing in accounting. My initial goal was to go the CPA route but I am still considering switching into finance.
I completed the canadian securities course and found it to be really interesting. I know its considered fairly easy compared to the CFA but i am definately interested in it.
Based on my research, this is what I have gathered from comparing accounting and finance:
Accounting:
  • tedious and kind of boring work
  • fairly good pay
  • good job security
  • 9-5 work/life balance (for the most part)
Finance:
  • interesting work
  • great pay (for the most part)
  • job security depends on the economy
  • 12 hour work days on average
I think its pretty accurate but I still wanted to know what you guys think.
I wanted to know your opinions based on the following factors:
1) Should I go into finance if I plan on staying in toronto? I know many of you guys are located nyc, chicago, london, etc. so would it be wise to go into finance if i plan on staying in toronto?
2)Should i go into finance with a 3.1cgpa? I know the gpa requirement is very high to get a finance job out of university but even after completing the CFA, can i still break into the industry in asset management, equity analyst,etc?
3) How is the job market in toronto? Are the number of jobs increasing over time?
4) Is the CFA enough? What combo of designations will be best?
Let me know what you guys think. thanks!
 
goodkid129 wrote:
3) How is the job market in toronto? Are the number of jobs increasing over time?
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Most charterholders per capita in the world. Cab drivers are even ordering their Schweser books.
 
Finance is a very broad term. I was an accounting student and I ended up raising billions of capital and investing a bigger FI portfolio than Mr. Gross is running today. Never worked more than 9-5 (well, 6-3). Never left the comforts of a laid back office environment. I also never made the money of a big shot hedge fund manager either.
Just saying there are ways to do the fun work without having to sell your soul and your 20’s to a bank. But if you want the big bucks, go to the hardcore Bay Street types.
To be honest though, with your GPA you might be more limited to my style of finance than numi/Itera/bromion level finance. Just sad reality.
 
If you like it more than accounting…then switch now. Personally, if I were you I’d switch to engineering and then get an entry level finance job while taking the CFA exams.
With your GPA, I don’t think you will be getting a finance job with “great pay” or one that requires 12 hour+ work days. Will probably be a 9-5 average or slightly below average pay finance job, probably back office. Unfortunately, most finance jobs that most people can get, i.e. not IB, PE, ER, etc., are not great paying or very intellectually rewarding, so I wouldnt buy into the whole “all people in finance make great money” belief. However, you can work your way up through experience, CFA, networking, etc. I just don’t think you will get what you want right out of college…unless you’re early and can get that GPA to 3.6…althought probably more like 3.8/9…and yes be open to relocation.
 
geo wrote: I ended up raising billions of capital and investing a bigger FI portfolio than Mr. Gross is running today
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Put it on the resume next to guaranteed outperformance! haha
 
so lets say i do this:
- graduate with a 3.1cgpa in undergrad
- complete all CFA levels
-work for a couple of years
- get into a top mba program (top mba programs only look at last 2 years of undergrad gpa in canada)
- use the mba gpa to offset the undergrad gpa to land a good position in asset management, etc
^wouldnt this be a good plan? Im sure i can find some kind of job in finance if i compelte the cfa then i can get an mba and use that to get into a better finance position ( asset management, analyst/ associate roles, etc)
what do you guys think?
 
^Sure sounds like a good plan. You know what Mike Tyson says about plans? ”Everyone has a plan until they get punched in the face.”
You act like it’s so easy anybody could do it. I mean, who DOESN’T graduate with a 3.1 GPA then complete the CFA and go on to get a Harvard MBA?
 
Goodkid,
Aim high. I think you have a very ambitious plan and that’s a good thing. Just continue to look for ways to improve yourself. The CFA will not help you get into a MBA program, but it might get you a job that will. You will have a tough time with a low GPA getting into top MBA so you’ll need to do really well on your GMAT. The MBA GPA won’t be that important (most schools are moving toward grade non-disclosure) so you’re not getting hired for being top of your class. You’re getting hired for your past work experience and maybe at this point the CFA will be relevant.
I’m writing this to tell you that it’s not an easy path and it’s one I’ve tried. I am at the part where you apply for the top MBA programs. I got dinged from one of the schools in NYC and took a step back to reassess my reasons for it. Ultimately doing these things, even if you decide later that you changed your mind, is a productive use of your time and will give you some marginal benefit. Just realize that you’re already a “non-traditional” candidate for the jobs you want. You will have to forge your own path and no one can really say what that is.
 
lxwarr30 wrote:
Goodkid,
Aim high. I think you have a very ambitious plan and that’s a good thing. Just continue to look for ways to improve yourself. The CFA will not help you get into a MBA program, but it might get you a job that will. You will have a tough time with a low GPA getting into top MBA so you’ll need to do really well on your GMAT. The MBA GPA won’t be that important (most schools are moving toward grade non-disclosure) so you’re not getting hired for being top of your class. You’re getting hired for your past work experience and maybe at this point the CFA will be relevant.
I’m writing this to tell you that it’s not an easy path and it’s one I’ve tried. I am at the part where you apply for the top MBA programs. I got dinged from one of the schools in NYC and took a step back to reassess my reasons for it. Ultimately doing these things, even if you decide later that you changed your mind, is a productive use of your time and will give you some marginal benefit. Just realize that you’re already a “non-traditional” candidate for the jobs you want. You will have to forge your own path and no one can really say what that is.
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Thanks for your detailed response.
I think the best part about being in canada is that most top mba programs here only look at the last 2 years of your undergrad gpa. I still have 2 years of undergrad to go so i can still work on my gpa.
I think i will continue to major in accounting because that will allow me to choose the cpa or cfa route after graduation. I think it will be better to have both options open.
 
^ They look at the last two years to see if you reach the hacksaw hurdle. Your entire transcript is on the record though in a highly competitive process. Do you think your one of the best people, based on the entirety of your record, to apply to Ivey or Rotman? I hope you’ve got a complete package like a solid GMAT or have spent years fighting Ebola in the Congo.
I’ve also heard a million kids say they’ll turn a 3.1 into a 3.8 but no one does it. If you couldn’t hit it out of the park when the courses were a joke, how are you going to become top of the class elite when they are hard? People greatly overestimate themselves.
Its a good plan, go for it sure, but you’ll likely need a plan B.
 
Goodkid,
Geo brings up a good point. Maybe there is a class or two you can retake and turn from C to A. Those have bigger effects on GPA than adding an A
 
^IIRC, if you took “Public Speaking 101” and made a C, you can take it again and get an A, and your GPA will reflect only the A and not the C. Rinse and repeat for all courses that you didn’t get an A or B in.
Whether or not this is helpful, I don’t know, because you still have to take the course again, and it might be more work than it’s worth.
 
goodkid129 wrote:
so lets say i do this:
- graduate with a 3.1cgpa in undergrad
-work for a couple of years
- get into a top mba program
what do you guys think?
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It just occured to me that if you go this route, you would be George W. Bush. (You still need to own a baseball team and own an oil company and be governor of a state, though.)
 
When we say top MBA program, we mean top MBA 10 US MBA…there are no top MBA programs in Canada…so your 4 years will be looked at but improvement is good. Also, the CFA will take you a MINIMUM of 1.5 years starting at the earliest your senior of college…you will also need for years of work experience so you will not achieve the CFA charter until a minimu of 4 years after undergrad…just giving you some time perspective.
 
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