Is the CFA for me? Any feedback greatly appreciated.

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theseahorses

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Hi Guys at Analyst Forum,
I am considering starting CFA level 1 (the classroom course commencing on August 4th).
My main motivation for doing so, is of course for the knowledge that such a course entails though mainly to eventually earn more cash.
I am currently doing a pretty standard role in derivatives BO and have 3+ years in this type of work - settlements, sales support, investigations etc. As I have always contracted, the cash is great for what I do - I currently take home after tax, 60K GBP and could earn more if put the hours in. The work is tedious though and I was hoping that the CFA could lead onto more interesting (and better paid) roles i.e. revenue making roles for an investment bank/hedge fund.
I have an IAQ exam next Friday to make sure that I am ready for studying. It is a “mickey mouse” course I know, though very short and simple and a taster of how it will be to dedicate my time after work.
My aim is to work in banking for no more than 5-7 years. I could either keep on contacting where pay is based solely on hours worked and “just grind through it” to save a large amount of cash for ther ventures or sacrifice more hours that would be worked and finance the CFA though I am not 100% sure that I would be guaranteed to better my income as I have had a brief check on City Jobs and salaries are not that great?
If anyone has a point of view on this then I would love to hear it!
The CFA course will paid for by myself. Another options is the CQF if anyone knows about this course.
 
Forget CQF. CFA sounds good if you wish to continue contracting, it would certainly add to your resume.
Contracting, however, is not as helpful in the investment banking world. Only at the highest level they’ll seek managers but they want to have investment managers internally. It’s not like BO where you can temporarily replace A with B. The investment manager has to appeal to client and changing roles there are a big red flag.
 
You got to be in Indian to get the FO/IB type of contract work, so I heard.
Anyhow, CFA would look good either way, though it does not add too much value in the type of BO role you are in, nor would you want to continue in such a role with a CFA.
 
you make 60k GBP for a back office job?
thats like 120 us..
what the hell bo do you work in?
 
My reflection: you earn enough to enter the program, order those books & additional material (like the ones in the banner). Order the books and take a look. You earn more than I do. I must be such a loser. But my work is not tedious at least and I never feel short of cash.
 
Thanks for the feedback Guys - I am quite lucky in my role at the moment though there is not much scope for progression.
One last question - will having the CFA qualification/working towards it, provide a higher chance of getting a very well paid FO role?
Thanks again.
 
jesus…I gotta move to the UK…60k gbp for derivative settlements?
 
$60K GBP after-tax for back office work? Wow. Maybe I picked the wrong career path…front office seems pretty overrated all of a sudden.
 
I was recently quoted $55k-$90k for a back office position (equities) in the Midwest. Seems a bit on the high side (and an awefully large range) to me, but the number came from a credible source.
 
you’re either the luckiest BO grunt ever or you’re full of it… i was just looking for someone in our london office for a helluva lot more than bo paper pushing for not much more than what you’re being paid (before tax).
if you are for real, i would keep my head down and grind out those hours. it will take you a min of 2.5 years to complete the cfa and likely more if you take heed of the pass rates for the exam so you’ll be about ready to exit the industry when you right lvl 2 or 3.
 
In Dallas at some of the hedgefunds backoffice can get $70-80K, with $5-10K sign on, and potential for 5-20% bonus annual. This was for a 2 year person (not quite 2 years) from public accting….
 
There was a thread last year on this forum where some joker was claiming that he was making 6 figures in back office one year out of college and kept telling me that everyone I knew in BO (and FO for that matter) was underpaid since everyone in BO should be millionaires by 30 at the rate he was claiming. I put him in his place pretty good but forgot what his name was and too lazy to do a search.
 
I think around here BO pays what I consider well, but I didnt want to go into that. We just lost a guy we tried to hire to hedgefund BO for the above mentioned stats (the low end of the ranges on $ amount, and 10-15% bonus POTENTIAL).
Glad you put him in his place, I bet he went home and cried.
 
kevinf12 Wrote:
——————————————————-
> In Dallas at some of the hedgefunds backoffice can
> get $70-80K, with $5-10K sign on, and potential
> for 5-20% bonus annual. This was for a 2 year
> person (not quite 2 years) from public accting….
whoa… $70-80K in dallas?? …+ bonus?? thats like 150 or 200 in Manhattan or SF. Send me a note is you see another one of those!!
 
This spot was actually in Ft Worth, so even better. Our offer (for a different role) couldnt really compete. My friend was his recruiter and that is the only way I knew what he got and where. I think it was a smaller HF as well, but I dont mean to imply the bigger pay better than that.
Most of them though (I interviewed at a few when I left and the numbers werent as high, but that was 1.5 years ago or MORE) offer decent pay for not all that many hours. But the bigger ones really like the public accting roles.
It seems like Highland Capital is always hiring…you might check there. They pay well, but have a bad rep as a place to work. they may even have some front office roles open. Again, VERY bad rep as place to work (I know a guy that went there).
 
I agree with the cost of living argument for Dallas at lower income levels, but at more senior Wall Street levels I don’t think it makes much of a difference. For example if I’m making a million dollars+ a year it doesn’t make a difference to me if I’m paying an extra $10,000-$20,000 a year for food, gas, entertainment, etc. here. And if for example I bought a $2 million apartment here, I am pretty sure I would be spending the same $2 million in any other city for a big house as opposed to buying the same sized apartment for a much lower price, so I wouldn’t really see much relief from housing costs. So in general, from my income perspective at least, I don’t see much difference in cost of living improvement outside NYC, and may even see a decrease in standards since I wouldn’t be able to make the same amount of money in other cities. For those making say less than $200,000 a year there is probably more of an impact.
 
farley013 Wrote:
——————————————————-
> I agree with the cost of living argument for
> Dallas at lower income levels, but at more senior
> Wall Street levels I don’t think it makes much of
> a difference. For example if I’m making a million
> dollars+ a year it doesn’t make a difference to me
> if I’m paying an extra $10,000-$20,000 a year for
> food, gas, entertainment, etc. here. And if for
> example I bought a $2 million apartment here, I am
> pretty sure I would be spending the same $2
> million in any other city for a big house as
> opposed to buying the same sized apartment for a
> much lower price, so I wouldn’t really see much
> relief from housing costs. So in general, from my
> income perspective at least, I don’t see much
> difference in cost of living improvement outside
> NYC, and may even see a decrease in standards
> since I wouldn’t be able to make the same amount
> of money in other cities. For those making say
> less than $200,000 a year there is probably more
> of an impact.
I agree with you to an extent, but the 0 income tax is nice if you are raking in the bux. I was in the 9% bracket in cali and my hubby and I had AGI<100k that yr. 9% of 1mm is a LOT of money no matter how you calculate it. Specifically here in Dallas, it is balanced by an absurd property tax reaching 3% in the city.. so if you buy a 3mm place (that would be equivalent to a 10+mm mansion in newport beach except for :) the weather, ocean, etc) you are paying 90k a yr in property tax. I rent an awesome place for next to nothing, so I benefit 100% from the no state income tax.
 
You’re right about the income tax thing. NYC taxes really annoy me. Obama’s plans to raise federal and capital gains taxes don’t help either.
 
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