Stock Broker and CFA and beyond

I’m sure it is self-selecting, but it does seem like most people on this forum are looking for some degree or credential to change their life. Don’t get me wrong the CFA has been a valuable tool for me; however, there are many paths to righteousness. Just a week or two ago I was talking to a guy with no credential other than a degree from a random CUNY school that started his own shop and manages a very nice amount in his fund now, mostly institutional and HNW separage accounts. For those that care, he’s been on CNBC and the whole news circuit deal. His background: FA/stockbroker.
CFA is not useful for actually teaching you how to be a good investor or in getting you off your a$$ to go make an impact on your future. CFA does teach you the basics and has value as a signalling device.
It seems many on this forum are looking for a signalling device (designation, top MBA, etc). The best signalling device I’ve found is ambition, intelligence and hard work.
 
Fwiw, I went back to MBA full-time at age 31, with level 1 already under my belt. I passed level 2 while in school and am now an associate analyst on the sell-side. I did gain significant experience while in school, which I think helped me out more than the CFA, but I think the OP should go for it.
 
SmokeyJoeWood Wrote:
——————————————————-
> Go for it, OP.
>
> I’m 32, have been in back office and treasury for
> my entire career, and recently had a 2nd interview
> for a fixed income analyst/trader role after
>
>
> The age thing makes it harder, but far from
> impossible. I’m assuming you have some networking
> skills if you’re in sales. That will help you
> immensely.
I have been networking here and there but not extensively (locally here in NY and with some friends in Asia and Europe). But the age thing seems to be a drag but as they say, it is your work experience and networking skills that counts.
Anyways, my contact info is [email protected], let’s keep in touch.
 
brain_wash_your_face Wrote:
——————————————————-
> I’m sure it is self-selecting, but it does seem
> like most people on this forum are looking for
> some degree or credential to change their life.
>
> It seems many on this forum are looking for a
> signalling device (designation, top MBA, etc).
> The best signalling device I’ve found is ambition,
> intelligence and hard work.
Agree completely.
 
But ambition/intelligence/hard work are not exclusive from designations like CFA or MBA. So even if you have those qualities, it doesn’t mean that getting formal credentials is a bad idea.
 
ohai Wrote:
——————————————————-
> But ambition/intelligence/hard work are not
> exclusive from designations like CFA or MBA. So
> even if you have those qualities, it doesn’t mean
> that getting formal credentials is a bad idea.
Yeah, I wasn’t really clear in my post. Basically what I am saying is that CFA/MBA/whatever should be the manifestation of ambition, intelligence and hard work.
Ambition, intelligence and hard work can get you where you want to go without any designation. When I interview people it is useful to see a credential because of the signalling aspect, but I ask questions to make sure that the person was motivated by something more sustainable than “I want to get this credential so that I can rubber stamp a six figure job.”
 
brain_wash_your_face Wrote:
> ask questions to make sure that the person was
> motivated by something more sustainable than “I
> want to get this credential so that I can rubber
> stamp a six figure job.”
I agree. When you are in a point in your career and make six figures and potentially more, there is a threshold where money would not motivate you anymore. Some people will disagree but I am at a point that I want to be able to say to myself at the end of the day I would like to learn all the things I could possibly learn so that I can join an organization where I can truly and sincerely contribute to it’s growth and contribute to the community.
I really think that if you’re really god damn good at what you do, money will always follow.
 
brain_wash_your_face Wrote:
——————————————————-
> ohai Wrote:
> ————————————————–
> —–
> > But ambition/intelligence/hard work are not
> > exclusive from designations like CFA or MBA. So
> > even if you have those qualities, it doesn’t
> mean
> > that getting formal credentials is a bad idea.
>
> Yeah, I wasn’t really clear in my post. Basically
> what I am saying is that CFA/MBA/whatever should
> be the manifestation of ambition, intelligence and
> hard work.
>
> Ambition, intelligence and hard work can get you
> where you want to go without any designation.
> When I interview people it is useful to see a
> credential because of the signalling aspect, but I
> ask questions to make sure that the person was
> motivated by something more sustainable than “I
> want to get this credential so that I can rubber
> stamp a six figure job.”
What do you do brain, if you don’t mind me asking
?
 
Jcole, totally depends on who the person is. I tend to interview more junior people, so their BS is usually not very good. For example, if somebody brings “passion” anywhere related to investing, typically I will say “usted no tiene la pasion.” Interviews tend to be conversational, so I will bring up market history events from when they were a junior or senior in college up until present to see if they are just reading the books for a job or are actually interested in the topic. If they show increasing knowledge over that time line then that is fine. These are pretty simple things, but you’d be surprised at the number of people who bomb.
 
> CFA/MBA/whatever should
> be the manifestation of ambition, intelligence and
> hard work.
Ok. That is a good way of putting it.
> Ambition, intelligence and hard work can get you
> where you want to go without any designation.
I still have to disagree with this. You could be skilled and hardworking and still fail, particularly if you lack academic or other credentials. If you don’t have a college degree, you’re probably not getting into Goldman’s IB analyst program. Other credentials, like the MBAs, are less crucial, but can still make a significant difference to your probability of success.
 
ohai Wrote:
——————————————————-
> I still have to disagree with this. You could be
> skilled and hardworking and still fail,
> particularly if you lack academic or other
> credentials. If you don’t have a college degree,
> you’re probably not getting into Goldman’s IB
> analyst program. Other credentials, like the MBAs,
> are less crucial, but can still make a significant
> difference to your probability of success.
Agree on this, although to be honest if you have a college degree from a top three school (however classified) you would also have a below 50% chance of joining GS IB as an analyst. Totally depends on your goals. When I said “get you where you want to be” I think this is an evolutionary thing. Maybe you want IB now, maybe you want to run your own shop in 10 years. The latter is attainable without the former. I was referring more to *what* you want to be doing rather than *where* you want to be doing it. Obviously you can’t do anything, regardless of what your mom/kindergarten teacher said.
 
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