Questions about starting the CFA, Masters in Accounting student, CPA passed, Big 4 Audit job.

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ruskii

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Background: MAcc Student, CPA Passed, Starting Big 4 Audit(Financial Institutions).
I did the whole CPA/Accounting thing and just recently started discovering possible career opportunities within Finance, my university has a mediocre finance program so I did not have any kind of decent exposure to possible finance career opportunities in undergrad(Accounting was the place to be).
(I also know that the CFA is not a magic bullet for job-seeking/opening doors, and has a 4 year work experience requirement)
Questions:
1. Will the CFA strengthen my CV(and personal knowledge) and help me with a potential quick exit from Audit to a more “Finance” oriented role? I am just learning about different careers in finance, so to me a “finance” oriented role is something related to valuation, equity research, IB.
2. If I decide to stay in a more accounting related role will the CFA benefit my career? Accounting related means being the controller of a company, switching to corporate finance, or staying within Big 4 Audit.
Thank you for any advice/information you guys may have I appreciate it.
 
1. It is nearly impossible to switch from pure audit to finance
2. No.
Sorry
 
Not impossible, but difficult. Definitely go for this. You could ultimately be quite valuable with both the CPA and CFA, perhaps as a CRO some day. I worked in audit for awhile and know others who did as well. I had finance experience before, so it was easier for me to move out. The right kind of audit experience can be highly valuable in the right place.
 
DoubleDip wrote:
Not impossible, but difficult. Definitely go for this. You could ultimately be quite valuable with both the CPA and CFA, perhaps as a CRO some day. I worked in audit for awhile and know others who did as well. I had finance experience before, so it was easier for me to move out. The right kind of audit experience can be highly valuable in the right place.
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Thank you, I am just trying to get a better understanding of everything before I commit to the journey. If I do I will have level 2 completed within one year of starting work, which would help show interest/commitment for networking purposes.
My only hesitation is if I decide to stay on the accounting side, if the time spent studying will have been better used on something else. I don’t really know if having a CFA would help you in anyway with the potential non-“front office” exits that come with audit, although the fact that it’s never mentioned is probably an indication itself. Thanks for the bit about the CRO title.
former trader wrote:
I’m afraid the post above is more realistic than pessimistic.
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Thanks for the reality check.
 
DoubleDip wrote:
Not impossible, but difficult. Definitely go for this. You could ultimately be quite valuable with both the CPA and CFA, perhaps as a CRO some day. I worked in audit for awhile and know others who did as well. I had finance experience before, so it was easier for me to move out. The right kind of audit experience can be highly valuable in the right place.
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this. in terms of making the move alot also depends on how long you have been in audit. If it is in the region of a few years where you have gained experience and passed the exams then this is a perfectly sensible thing to do before moving into another role. The knowledge gained can be useful in a variety of finance roles (don’t forget that approx 20% of the CFA syllabus is accounting and financial reporting). If you have been in an audit role for a long time then it is more difficult to switch. The CFA is a good way of demonstrating that you are keen to move into a different area but it is not a golden ticket in itself.
In terms of whether the CFA would be useful if you stay in your audit role then probably not. The CFA is best for analyst and asset management roles. It would be of some use in roles such as corporate finance, transaction services, private equity, valuation etc but these roles would never require the qualification and your time may be better spent elsewhere.
 
Why are people so pessimistic on this site? It is like everyone is jaded. Of course anything is possible.
 
escape-from-alcatraz wrote:
this. in terms of making the move alot also depends on how long you have been in audit. If it is in the region of a few years where you have gained experience and passed the exams then this is a perfectly sensible thing to do before moving into another role. The knowledge gained can be useful in a variety of finance roles (don’t forget that approx 20% of the CFA syllabus is accounting and financial reporting). If you have been in an audit role for a long time then it is more difficult to switch. The CFA is a good way of demonstrating that you are keen to move into a different area but it is not a golden ticket in itself.
In terms of whether the CFA would be useful if you stay in your audit role then probably not. The CFA is best for analyst and asset management roles. It would be of some use in roles such as corporate finance, transaction services, private equity, valuation etc but these roles would never require the qualification and your time may be better spent elsewhere.
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Thank you!
Rambus wrote:
It is basically M&A http://www.pwc.com/my/en/services/transaction-services.jhtml
I went from pure audit in big 4 (a shitty job) > corporate banking (also shitty) > CF advisory
The bank I moved to was an audit client.
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Were you working on the CFA during your audit stint or did you wait until your transition to start? Also, approximately how long did you stick around for the first couple of jobs?
 
Only started CFA in CF Advisory. Was in first couple of jobs around 3-yrs each. From big-4, it’s easy to land a job with a client. Bide your time until something decent comes along.
 
PalacioHill wrote:
Why are people so pessimistic on this site? It is like everyone is jaded. Of course anything is possible.
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I agree, this whole forum seems to be full of depressives (in some cases manic depressives). I think most people realize that passing these tests is not going to get you a job outright, but the people on this forum seem to believe unless you went to HBS, know the right people and network like crazy you have no chance of getting anywhere. I think that really only applies to PE (with the 2+2+2 trajectory) and certainly some hf roles as well. I know plenty of guys with very modest backgrounds land pretty decent jobs in PWM, S&T and even IB. I think it just depends on what you are trying to get out of it, but i’d say go for it. It really is not all that difficult and the time it takes really is not that bad if you plan it out.
 
tyler4040 wrote:
PalacioHill wrote:
Why are people so pessimistic on this site? It is like everyone is jaded. Of course anything is possible.
Click to expand...
I agree, this whole forum seems to be full of depressives (in some cases manic depressives). I think most people realize that passing these tests is not going to get you a job outright, but the people on this forum seem to believe unless you went to HBS, know the right people and network like crazy you have no chance of getting anywhere. I think that really only applies to PE (with the 2+2+2 trajectory) and certainly some hf roles as well. I know plenty of guys with very modest backgrounds land pretty decent jobs in PWM, S&T and even IB. I think it just depends on what you are trying to get out of it, but i’d say go for it. It really is not all that difficult and the time it takes really is not that bad if you plan it out.
Click to expand...
 
It is completely feasible and really quite realistic to be honest. The naysayers are particularly closeminded in this regard, especially as it relates to how practical an audit background really is and the types of doors it can open for you down the road, should you choose to leave.
In recent years, the Big 4 have consistently been in the Top 10 of “Best Places to Launch Careers” (with 2009, I believe, all 4 commanding the top 4 slots). While they don’t publish the rate at which professionals leave to take other positions (and to what fields), those who have been around the block realize that the attrition rates are quite high and a fair number of people who leave actually leave to take non-accounting/audit related roles.
I worked for EY for 5 years on the audit side (predominantly in the financial services group) where I obtained my CPA license and started studying for the CFA. I left to join a start-up investment firm where I supported our portfolio management effort via trade settlement, position valuation, credit research etc. I also did business development and strategy (financial forecasting for new product opportunities), working alongside the C suite.
Having since completed my CFA, seen the investment management side of the business (enough to realize its not for me), and since landing in a large(r) consulting firm where I work in an economic consulting role (business valuation/hard-to-value security analysis, etc.), I can safely say that there are plenty of ways to utilize your audit background, CPA/CFA mix then the majority of the people here would think.
Quite frankly, personal networks mean everything in this world, as does individual marketability. The more people you know and the better you position yourself (through professional certifications and other career experiences), the more abundant you will find these opportunities. Hell, some may even seek you out.
My advice to the original poster: go for the CFA. If anything, do it for yourself. You will not regret it. It’s only continued to open doors for me (and I’ve only been a charterholder for 3+ months).
Good luck to you.
 
Sometimes it depends where are you as well. Im not sure about the states but here in Malaysia is pretty easy. Im currently in CF with one of the local investment bank and My VP and Head of CF started in the big four. What happens in auditing is it builds up your knowledge/expertise in the industry hence you have some sort of knowledge of the things they are doing.
Nothing is impossible buddy. All the best!
 
What about tranisition to finance from a non finance role ( not IT either) but something along the lines of retail sales? Auditing used to be a gateway to associate roles at IBD….many ppl get the ACA/CPA then transition into associate ib roles later on.
 
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