<p>Sorry, I couldn't find a better forum for this topic.
I am an undergraduate student at Northwestern University pursuing a career in finance.
I've never encountered anyone who's taken CFA prior to recruitment, but my boyfriend says anyone doing finance should've taken it (his friends and he took the exams; they're NU grads).
Is it that "common" among bankers and how should I plan for the exams? I only have one quarter left until graduation.
Will I be behind if I start working without having taken CFA?</p>
<p>You will not be behind</p>
<p>CFA does not help with banking at all. It helps with equity research, hedge funds, investment management. What your bf doesn’t realize is that he cannot be chartered as a CFA even he’s passed all three exams. One needs 4 years of work experience relating to the following areas to be chartered:</p>
<pre><code> -Evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments (e.g., publicly traded and privately placed stocks, bonds, and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these are held as part of a diversified, securities-oriented investment portfolio).
-Supervising, directly or indirectly, persons who practice these activities.
-Teaching such activities.
</code></pre>
<p>And no, it doesn’t help you getting a job saying you’ve passed a test or two. There are thousands of CFA candidates with job experience looking for a front office position in finance.</p>
<p>Absolutely not.</p>
<p>CFA is generally for investment/asset management (equity research, boring finance, hedge fund etc.). It is pretty meaningless for banking, PE, VC, etc. At best, the hedge fund positions are the only ones worthy of noting. If you’re doing an IB analyst program, the main (and only skill) you should acquire is linking excel sheets together using financial statements, called financial modeling. If you’re hoping to transition to asset management, a CFA is just another thing to add on, but it is likely not the main “make or break” accolade.</p>
<p>Now, if you didn’t have a finance background, it can help, because it is sort of equivalent to a BS in finance (if not more). The above post covers it in better detail, but anyone I personally know who is doing or pursuing a CFA isn’t doing anything I’m envious of.</p>