<p>This whole thread is absurd. Each exam is difficult in its own way. Each prepares the prospects for different functions and jobs.</p>
<p>i agree with taxguy. i guess its not bad to be curious or ask questions. but what you guys are basically asking is: what should i be a policeman or a fireman? If you loved accounting why would you even second guess yourself and even question anything about the cfa? and vice versa. It seems to me that either youre out just for the title or the money. i think, as far as careers go, you should be a little more mindful as to what you wish to get out of a job and not just the money nor the prestige.</p>
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The CFA from everything I have heard is a lot harder than the CPA. I don't know where 311Griff gets that from, but My brother who is both a CPA and CFA said there is no comparison the CFA is much much tougher. I have heard that from many other people as well.</p>
<p>If you don't know much about the CFA, it is something Harvard MBA's with 15 years of investment banking experience decide to get, and still have to study for hours a day for a couple of years to come close to passing. Most do not ever pass.</p>
<p>The CPA you can pass if you study. It is definitly hard, It is on par with with the bar exam. I know two people with a JD and CPA one said the CPA was a lot harder than the bar, the other said they are pretty much the same in terms of toughnes to pass.</p>
<p>With the CFA from what I understand some people know matter how much they study will not pass it. It's not as black and white as the CPA where you lmemorize rules and regulations. Some people even people who are already CPA's and MBA's can not understand it well enough to pass no matter how much they study. It has a lot more theory, analytital and quantitive than the CPA.
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<p>You don't know what the hell you're talking about. The CPA is the harder exam. Anyone with a degree (doesn't matter what) can get a financial analyst position but you won't get into accounting. </p>
<p>The CFA is mostly geared towards corporate financial analysts (to get senior positions) and financial managers. That's within reach of most schools and students.</p>
<p>"You don't know what the hell you're talking about. The CPA is the harder exam. Anyone with a degree (doesn't matter what) can get a financial analyst position but you won't get into accounting. "</p>
<p>Can you explain your comment? I don't understand what the ease of getting a financial analyst position has to do with getting a CFA.</p>
<p>The "financial analyst" is a catch all name for anyone involved in finances, whatever that means. But there are the generic financial analysts which is bandied around here and there are the CFA financial analysts. Huge difference, I assure you.</p>
<p>Just like the term engineers, there are the generic engineers, like a sanitation engineer( garbage collectors), domestic engineers (cleaning ladies, or housewives). Then there the engineers who work on space projects, computers, constructions. Big difference too.</p>
<p>The average poster here on this board has no clues about the CFA financial analysts.</p>
<p>There are CPAs who want to get CFA financial analyst type jobs , but believe me, once you become a chartered CFA first, no one would ever think about getting a CPA.</p>
<p>To the OP, it is best to go after the CPA first. Accounting jobs are plentiful. Investment Management type jobs (which like to see their front office employees pursuing the CFA) are super competitive , akin to investment banking. Thus, it is much better to have an income while waiting for your chance to break into investment management.(mutual fund, equity research, private equity,vc,fixed income)</p>
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Can you explain your comment? I don't understand what the ease of getting a financial analyst position has to do with getting a CFA.
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<p>Well, it's not easier per se since it's more competitive due to having people in all backgrounds trying to get a corporate finance job (it's like being a lawyer i.e. the supply doesn't matter since the smarter you are, the better your performance) and there's less of them. Since it's easier to get the job with no prior knowledge and accounting has a lot of bs to cover, isn't it reasonable to say that the CPA is probably harder? I've never taking or even seen the questions. It's just an educated guess. If you look at careerbuilder.com also, the CFA is geared in general towards financial managers and senior financial analysts. Investment banking is a small part of finance. Heck, collegegrad.com doesn't even list it as a job.</p>
<p>Robert</a> Half Finance & Accounting Find Jobs - Job Details</p>
<p>There's an example.</p>
<p>Whoops, my bad. Financial manager positions seem to qualify with the CPA only. Maybe the CFA is harder.</p>
<p>311Griff,</p>
<p>My friend passed his CPA last year. We hung out a lot at coffee shops. He didn't have GAAP book. All he got were just study guides (one or two books), of which none was more than 300 pages, and a CD. He didn't carry any textbook.</p>
<p>Gonna bump this thread up because I had a few questions about the CFA</p>
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<p>Based off the above quote, I’m assuming that a college senior who is going to graduate in May of 2010 and is planning on becoming a CFA can take the Level I exam this December 2009. If he passes, he can then take Level II in June 2010 and then Level III in June 2011. Correct me if I’m wrong on that.</p>
<p>The other concern I have is that as one is taking the CFA exam over the few years, they can also be earning the 4 years of relevant work experience in order to be chartered.(Hope that made sense)</p>
<p>Thanks.</p>
<p>Correct. Yes you need 4 years of relevant work experience too. I’m taking it in December. Been studying for a month now. Also this thread is hilarious. CPA is a lot easier than the CFA since you can take it in 4 separate parts. CFA has so much information its ridiculous.</p>
<p>Well, good luck to you Dawgie. Very tough exam especially Level 1. Are you a senior in college right now?</p>
<p>Are you studying on your own or are you in a CFA program? My uncle got his CFA and said it wasn’t as hard as people make it out (although it was still tough and many people don’t pass). For him it was 9 months of a CFA class that met 4x a week in the evenings (they had recommended readings/problems for homework) and then he took two weeks off of work and studied leading up to the test. Then, 3 months later, the process began again for level 2.</p>
<p>That’s pretty funny, he had to take a course for the CFA. He also spent 9 months preparing for it with assistance. Then he claims it’s not that difficult? If it wasn’t that difficult he would have crushed it in a few months self study. </p>
<p>Anyways, JHB619: Graduated, worked 1 year at Big 4 as an auditor while passing my CPA on my first try in a 4 month span. Now working as Financial Analyst at a top company. Started studying roughly mid September for CFA Level I.</p>
<p>Dawgie - just curious what the salary difference is like at the Big 4 and now the financial analyst position. I myself am thinking of a similar route and have just started in public accounting. Am I right to assume you are making more currently?</p>
<p>I got laid off, I didn’t go into private voluntarily. It’s slightly less, since I work half the hours I worked at Big 4. I am quite lucky to have rebounded into a any job, especially at a top company. I’m sure the CPA helped.</p>
<p>We have found the origin of Dawgie’s hostility towards accounting!</p>
<p>He also had a family of 5 to provide for and had two sons under 4years old at the same time, jerk.</p>
<p>AnyColour, you haven’t read any of my posts. I am planning on going back to Big 4, just not in the accounting practice. Not once have I not recommended going into Auditing. In all my posts I’ve talked about how much I loved being at Big 4, but never because of the work. Don’t make any false accusations. I have no hostility towards accounting. It’s boring and easy period.</p>
<p>Dawgie notes, It’s boring and easy period."</p>
<p>Responses: Funny, I have heard folks say that some parts of accounting can be boring,but I have NEVER heard someone say it was easy. Maybe you should try tax! I can assure you that you will get all the challenge that you want in tax research or in consulting engagements.</p>