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

I am a CPA in tax practice, and am studying for Level 3 of the CFA exam.
#1 - I don’t think it will help you with a “quick” exit, although it will open up some doors that just your audit experience alone would open. If you combine Big 4 audit experience with a CPA license and a CFA charter, you can really go places.
#2 - If you want to stay in a traditional accounting role, being a CFA will do very little for you. (Trust me on this one.)
If you really want a hybrid of accounting a finance, look into your firm’s business valuation group, or corporate development group. Most Big 4 firms have a division that’s related to valuing a business, then assisting with the transaction of that business. One of the guys I used to work with was a CFA and worked for Deloitte before moving to the Corporate Development in a acquisition-driven company. He said that most of what he did came straight out of the Level 2 syllabus.
One thing to remember–make sure that the effort is worth it. The CPA exam is NOTHING like the CFA exam. The CFA exam is like taking all four parts of the CFA exam at once–and that’s just Level 1. Level 2 and 3 are quite a bit harder. It will consume your life for three years. (Trust me on this, too.)
 
I know a guy…..that started as a CPA for a large firm. He now runs a hedge fund. He has a CPA and carries the CFA designation. Now you know a guy, who knows a guy who….
 
Now a CFA charterholder with a background in Big 4 audit. Moved to valuation/m&A advisory/corporate finance boutique after I got my accounting designation. Also had a successful interview with a mid sized investment bank which I turned down because it wasn’t the right fit. Don’t listen to this crap above. I made the mistake of being “appologetic” about having an accounting background as it’s not a typical background for entry level finance roles. Own it and make it something that works to your advantage. Its something you have that many candidates don’t. Hands down the accounting designation was seen as a more compelling credential than CFA level 2 pass which is where I was at the time. People on these boards are closed minded and tend to believe there is a “track” that you need to be on to land these jobs. Not how the real world works.
 
but the question is WHEN did you move to valuation/M&A/advisory and is this for a Big 4 accounting firm? Alot of jabronis made it into ER in 2006 who wouldnt have a chance now, this was the golden year and the times they are a ‘changing.
 
tmlfan4ever wrote:
Now a CFA charterholder with a background in Big 4 audit. Moved to valuation/m&A advisory/corporate finance boutique after I got my accounting designation. Also had a successful interview with a mid sized investment bank which I turned down because it wasn’t the right fit. Don’t listen to this crap above. I made the mistake of being “appologetic” about having an accounting background as it’s not a typical background for entry level finance roles. Own it and make it something that works to your advantage. Its something you have that many candidates don’t. Hands down the accounting designation was seen as a more compelling credential than CFA level 2 pass which is where I was at the time. People on these boards are closed minded and tend to believe there is a “track” that you need to be on to land these jobs. Not how the real world works.
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The question was, “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?” And the answer is still “No, it won’t help you with a QUICK exit. It will probably help you with a slow, steady exit and a higher salary cap, over time.”
The second question was, “If I decide to stay in a more accounting related role (controller of a company, switching to corporate finance, or staying within Big 4 Audit) will the CFA benefit my career?” And the answer is, “Unless your boss (or the boss in the area you want to be in) is not a CFA or CFA candidate, then the CFA will not benefit your career. In fact, if your boss is not a CFA or CFA candidate, then he probably doesn’t even know what it means, or what it stands for, and certainly won’t see it as an asset.”
However, if you want to move into “valuation/m&A advisory/corporate finance”, then your (potential) boss probably IS a CFA, and it WOULD be an asset.
 
True story - i was an auditor for a big 4 firm. then was hired as an associate portfolio manager on an equity fund for a very well known asset manager. no levels of CFA passed. no nepotism involved.
It IS possible and you CAN do it. Take everything that people say from this forum with a pinch of salt. go out there and get it done! and dont listen to anyone but yourself!
 
Yeah, I was suprised to see the negative direction people took. I’ve seen several people go into valuation advisory, equity research and M&A advisory moving from audit / CPA background. In all three areas your background auditing certain firms can definitely contribute to a better understanding of firm’s balance sheets and valuations. That’s actually quite a valuable background to have. Ideally you want at least 2-3 years in Audit. The move will be difficult of course, but mostly because transitioning into those roles from any other area is difficult due to the high level of competition. The CFA in my mind seems like a very good step here that would offer a clear and logical compliment to your existing background. I say go for it. Regardless of what happens, level 1 is a very educational overview of the industry and I’m sure you’ll appreciate having gone through the process. Level II is significantly more time involved, so I’d wait to be sure before taking the step into Level II.
 
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