I just wrote the CFA level 1 exam since a lot of jobs I have seen posted seem to want it for investment jobs at least in Canada. I also looked at an MBA but if that is the route people want to take then make sure its from a very good school or a school that the companies you want to work for directly recruit from.
Anybody have a career related to markets, but no necessarily trading?
- Thread starter Froglet
- Start date
I agree that a TOP SCHOOL is very, very important. I have an MBA, not from a top school, and it cost me about 30k after interest. honestly, maybe less than that. I know, I really should know. Maybe it was 20k total. anyhow, my point is that it was a waste but a good investment. It was a 13 month accelerated program with about 20 students at a Jesuit school.
OK, that might not make sense to most of you, sorry for my ramblings. Here is my point, AFTER I got my MBA i realized I could care less about Finance and Accounting. However, I then worked for 5 years for a company that really like the fact I had my MBA and I made maybe 70k a year. OK, they didn't like it that much. Anyhow, the cost/benefit seemed to make sense.
Then came the rub. After 5 years of that, I couldn't stand it anymore. I needed a complete career change. Yes, as I noted earlier, I had one great stock trade that paid off at 100k. This had nothing to do with my MBA, and it all went to the mortgage.
I work now, but I find myself wanting to actually make it seem like the MBA was more for management than finance.
The moral: First try desperately hard to figure out your passion and something you can do for 10+ years. IF it is in finance, well, then go to a top tier school and NETWORK like crazy. I also think MBA's work out better for the 25 year old guy than 30 (my age).
hope this helps. likely it won't. haha.
OK, that might not make sense to most of you, sorry for my ramblings. Here is my point, AFTER I got my MBA i realized I could care less about Finance and Accounting. However, I then worked for 5 years for a company that really like the fact I had my MBA and I made maybe 70k a year. OK, they didn't like it that much. Anyhow, the cost/benefit seemed to make sense.
Then came the rub. After 5 years of that, I couldn't stand it anymore. I needed a complete career change. Yes, as I noted earlier, I had one great stock trade that paid off at 100k. This had nothing to do with my MBA, and it all went to the mortgage.
I work now, but I find myself wanting to actually make it seem like the MBA was more for management than finance.
The moral: First try desperately hard to figure out your passion and something you can do for 10+ years. IF it is in finance, well, then go to a top tier school and NETWORK like crazy. I also think MBA's work out better for the 25 year old guy than 30 (my age).
hope this helps. likely it won't. haha.
There is nothing topical that CFA will teach you better then applied institutional experience , but there is no way you get the same breadth. For example, while I can probably pass the derivatives and fixed income sections for any level (probably can do it hung over and standing on my head), there is no way I'd know enough to pass the corporate finance or financial reporting.
CFA is nothing more then a broad overview. None of the material is conceptually difficult, but what gets you is the sheer amount of stuff you need to go through. Some employers will like that (e.g. mutual funds
) but some employers would preferr someone who knows one or two areas well.Quote from sle:
There is nothing topical that CFA will teach you better then applied institutional experience , but there is no way you get the same breadth. For example, while I can probably pass the derivatives and fixed income sections for any level (probably can do it hung over and standing on my head), there is no way I'd know enough to pass the corporate finance or financial reporting.
CFA is nothing more then a broad overview. None of the material is conceptually difficult, but what gets you is the sheer amount of stuff you need to go through. Some employers will like that (e.g. mutual funds
Agreed - job wise you'll only focus on 1 or 2 sections most likely.
Unless you are some financial advisor that invests in all kinds of securities and does all his own research and portfolio management. Oh, and you like using a little quant too.
Does anyone with a CFA or MBA (top school or otherwise) understand any of the following?
1. To make money trading, you need a long term, provable statistical edge.
2. You need truly superior levels of PATIENCE and EMOTIONAL CONTROL to allow that edge to work.
If they do it had nothing to do with the MBA/CFA, which IMO merely furnish you with the skills to look good and talk about "new paradigms" whenever the next bubble comes along.
Really successful traders are incredibly independent thinkers, often to the point of seeming nuts; the desire to get a "name" MBA shows an all too familiar tendency to think like the herd.
1. To make money trading, you need a long term, provable statistical edge.
2. You need truly superior levels of PATIENCE and EMOTIONAL CONTROL to allow that edge to work.
If they do it had nothing to do with the MBA/CFA, which IMO merely furnish you with the skills to look good and talk about "new paradigms" whenever the next bubble comes along.
Really successful traders are incredibly independent thinkers, often to the point of seeming nuts; the desire to get a "name" MBA shows an all too familiar tendency to think like the herd.
I'm sure many of them do. And they also know and understand many things your feeble mind will never have the ability to comprehend.
Quote from sle:
There is nothing topical that CFA will teach you better then applied institutional experience , but there is no way you get the same breadth. For example, while I can probably pass the derivatives and fixed income sections for any level (probably can do it hung over and standing on my head), there is no way I'd know enough to pass the corporate finance or financial reporting.
CFA is nothing more then a broad overview. None of the material is conceptually difficult, but what gets you is the sheer amount of stuff you need to go through. Some employers will like that (e.g. mutual funds
I finished the cfa. I recommend everyone invest the time to take it if
1. They didn't do an MBA or study finance in college
2. Someone else is paying for the exam and the study materials.
If you admire MBAs / CFAs etc. after all that's happened since 2007, you are truly beyond help.. truly. Guess that's why so many posters use ET as a sort of free therapy site.
Ever heard these quips?
MBA = Master of Bugger All
MBA = Mediocre But Arrogant
They come from the hiring managers interviewing MBAs. I feel sorry for those who think they need to saddle themselves with large amounts of debt to get a good job.
