CPA Exam vs. CFA Exam

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kkent

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sternwolf Wrote:
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> I majored in CPA accounting and finance as
> undergrad. I plan on going into finance, and
> eventually taking the CPA as a resume booster
> without doing the two years of accounting and
> annual continual education.
>
> How is that bad? I don't see how it isn't worth
> it. While I won't have the John doe, CFA, CPA
> letters, having the CPA passed seems like a good
> resume add-on.


I don't think it's bad at all. I have incredible respect for the field of accounting. I'm saying that if, say, a college senior desired to go into finance, it would be foolish of him/her to say, "To boost my resume when I'm 25, I'm going to go work in public accounting for the next 2-3 years so that when I'm a licensed CPA I will be more desireable an asset to the [investment banks/investment management firms/research depts.] then if I didn't have my CPA." When, in fact, he/she would be more desireable if he had 3 years of IB/IM/research experience under his belt.

I guess I don't see an inherent problem with passing the CPA exam to boost credentials. I don't know about your state, but in mine if you don't get your work experience within (I think) 3 years of passing the CPA exams, your test results are voided and the chance is pretty much 0 that you'd ever become a licensed CPA. I STRONGLY considered pursuing the dual CFA/CPA track until I realized that my CPA license would remain inactive forever, which was a real ball buster.



Edited 1 time(s). Last edit at Monday, July 9, 2007 at 12:57AM by kkent.
 
hmmph, I asked that question to the CPA people at New York and they said it won't expire.

ouch.

I plan to get the CFA/CAIA/CPA. That's my gig.
 
IMO people are forgeting that certs are merely rights of passage. They do not make you special. Many a fresh Charterholder , CAIA, CFP thought things would be som much better post certification only to have their bubble burst when only a few people even noticed. Never forget.

This industry rewards results and talent but mostly results.

No amount of letters after your name is going to get you anywhere if your not talented and productive.

Sure a CFA or CPA or any other cert will maybe get you in the door, but that doesn't mean your going to do much more than what you were initially hired for unless you have talent socially and technically speaking.

Nevertheless, obviously the certs have value, but I am much more concerned with actually knowing the cert material like the back of my hand than having the letters after my name. Even more importantly I stress building relationship building skills, selling skills, and leadership skills, conversational skills and other soft skills.

People with technical skills come a dime a dozen in finance. People who can sell, speak with tact, lead others, motivate others, visualize something and make it happen, are able to make others laugh, feel important and comfortable, and exercise good judgment. These are the skill that seperate career analyst from PMs and IB associates from MDs, not ABCs after your name.

I would pick one cert CPA CFA whatever and get one advanced degree related to ones field of interest(to prove you have technical capabilities) and from there worry about developing social capital.

I'm assuming we all want to move up. Well what do executives do all day sit on calls with clients, have meeting after meeting, stand around and talk to analyst. If you want to move up it's 20% technical and 80% social. Certs are just door openers and a chance to learn something useful not a panacea for success in making MD or PM.
 
Your're an intern, aren't you?

Everyone here knows that certifications aren't a key to get a job, but they help get your foot in the door often for young workers. The people who get certifications late in their career, like CFA after twenty year's experience in IM and several promotions won't get much added value.
 
I think both of you are right to some extent.

For exampe, there is a guy that I worked with that had great soft skills, but never would have made manager because he didnt pass the CPA exam.

I think it is important to obtain as much technical competency (i.e. certs) while still young, and then improve on soft skills throughout your career.
 
Miguel -

Bottom line.

You can't get the CFA charter without 4 years of qualifying expereicen which you can't get in your current role (auditing/tax won't cut it).

If your goal is to become a CFO, accounting is not a bad path to that goal

My perception is that you don't see CFOs with the CFA charter.

As much as it pains me, I agree with Gouman about an MBA or other specialized certification.

Now if you want to get away from the accounting track (and maybe CFO track) and go into finance in a role which will get you the 4 years of experience, that's a different story.
 
I am aware that auditing won't get me the appropriate experience for the CFA charter.

I also think that Gouman gave very good advice regarding CFO tracks. I am still trying to decide what I want to do for the next 30+ years of my life. I have been considering completing an MBA as well.

Either way, I have enjoyed the site. It seems that most people here are very proactive about improving their careers, and I can appreciate that.
 
sternwolf Wrote:
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> Your're an intern, aren't you?
>

Translation: I think I'm smarter and better than you.

Yes, I am an intern. So what, my foots in the door, and I'm learning form some of the best.


> Everyone here knows that certifications aren't a
> key to get a job, but they help get your foot in
> the door often for young workers. The people who
> get certifications late in their career, like CFA
> after twenty year's experience in IM and several
> promotions won't get much added value.


First off, you basically re-iterated what I just said, bravo. Second, I don't think most people on this message board, especially the younger crowd, such as myself, realize that CFA or a MBA does not mean you are entitled to a job.

Read some of the past posts. Their is plenty of posters who passed level 2 or 3 and are wondering why somebody has not made them an offer and they cannot figure out why.

Some of these folks will then proceed to go for another cert or degree thinking "once I get XYZ cert/degree somebody will have to hire me". Wrong.
 
Gouman, you type (and probably talk) too much. Shut your trap. When you're around grown ups, listen and learn. All the interns (and junior hires) at my place get two dildos stuffed in them. One in the front and one in the back. In your case, perhaps both should go in the front.
 
MC Mario Wrote:
-------------------------------------------------------
> All the interns (and junior
> hires) at my place get two dildos stuffed in them.
> One in the front and one in the back. In your
> case, perhaps both should go in the front.


Why you are even considering using a dildo on another man you fruit loop?!

Your a typical powder puff. Why would I want to listen to you, your nobody, LOL. Don't try and play tough guy either. You know you wouldn't bust a grape in a food fight.

What can I say, I don't respect my elders.
 
Well, I'm up for a raise this month. I doubt that I'll come close to 100,000 even then. In September it will be two years with this firm so it may be time to move on.
 
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