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• So I am particularly young, as I am graduating next year from undergrad. I am wondering what it would take to break into the Management/Asset Management field, particularly in NYC. Would having a CPA right out of school benefit me more than getting my CFA level 1? I understand that receiving a MBA would only be beneficial with more years of experience under my belt. So I am basically debating between a CFA (which I will either get after school or after my CPA) or CPA right after college? Which is a better route? Thanks for any advice.

  nuskillz 31 May 2009

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• kalanadh,
  
  In this market one must grasp at anything that might work. Wealth management is a sector that's still in demand, unlike most institutional client banking functions that traditionally hired new MBA holders (i.e., IB).
  
  So if you have anything in your background (such as past contact with wealth management clients you could reactivate) or personal constitution (i.e. a strong disposition toward sales, entrepreneurship or face-to-face interaction with very wealthy families), then you could try that route. Unfortunately, MBA isn't the best credential for wealth management - it's better suited for the dealmaker type career tracks that aren't hiring in today's market.
  
  The other tack is to leverage the engineering background. Automated trading methods, such as high-frequency statistical arbitrage, are said to enjoy strong demand. If your education can position you as a finance "quant," that could be your way into the financial career path.
  
  --Jon Jacobs, eFinancialCareers News staff

  Jon Jacobs 12 May 2009

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• I have an IT/engineering background. I just got my MBA (finance). I have  about 8 years IT experience in the wealth managment are with a Series 7 certification.
  
  I need a break into the financial career path.
  
  How ?

  kalanadh 11 May 2009

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• CFA gets you zero in NYC nowadays.  Too common.  It certainly will not land you at any of the top hedge funds. 
  
  I would say come from a well connected family or top tier MBA program.

  jrb202 18 Dec 2008

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• I would say a CPA and a graduate degree is sufficient to get you in front of a recruiter.  It doesn't matter if your went to Harvard and have all the designations under your belt if your an idiot.  We have screening processes. For example, on the spot math exams and multiple round interviews to weed out the weak links.  Pure smarts won't get you in either.  You have to be the perfect candidate with smarts, composure, steel balls, hunger, communication skills, and have strong reasoning skills.  Even when your in the door very few last longer than 2 yrs.

  Joe 11 Nov 2008

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• I have an MBA from a Tier IV school (no name recognition outside of the town where the school is), and the only job I could get upon graduating in Columbus, Ohio, was working in a call center, working alongside people who only had a GED.
  
  MBA is useless unless you get it from a Top 5 school (Top 20, at the absolute most).
  
  Although, it DID get me my current job with a large IB- working in a call center.  Sigh...

  Chris 24 Jul 2008

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• thank you so much for posting this issue. i am the one who is thinking what to do in 2 years: go for MBA at NYU or do the CFA. I probably do both if I go for MBA. BUT what would be more valuable in 4 years on the international financial market?
  
  Thank you!

  Tatiana 23 Jul 2008

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• This is the truth - generally speaking, a full time top 10 MBA degree is one of the few tools that help you break into a sexy career like PE/VC/HF early on in your careers unless you were lucky and attended a top 10 undergrad uni and were recruited into an IB job.  IB/PE/VC hirings to the most part are driven by pedigrees.
  
  A CFA is extremely useful and demonstrates hard work/committment. However, its still tough to break into anything with a CFA outside invest mgmt (long only, HF).
  
  A quant masters (MSF, etc) is viewed much like a CFA. If you get an MSF, why not take the CFA - it just bolsters your resume and you've already prepped for a lot of it.  That helps position you you in IM/S&T.

  Brian Sullivan 23 Jul 2008

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• If all goes to sh** as it often does people always need accountants.
  Even the local divebar.

  Davros 22 Jul 2008

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• I would agree with to some extent with everyone and summing it up: Its ideal for you to have both and MBA (from top 5) and a CFA. Whether you need a CFA or CPA with an MBA depends on what you want to do. For Asset Management, CFA is the ultimate blessing, but for a Big 4 consulting firm, probably a CPA is more valuable.
  
  Answer to  this question can be fairly complex, and depends on numerous factors such as:
  
  1. You exisitng line of work- CFA definately helps if you are already in finance. No second thoughts about it. An MBA probably is ideal for someone seeking immediate career change or promotion. It can definately lead to long term growth as it teaches you a little bit of everything you need to survive in the management industry.
  
  2. Your career goals and personality: People who are very outspken with excellent interpersonal skiills and they enjoy meeting and talking with new clients, selling their products, an MBA will probably help you more towards you field of choice and IB is the right place for you.
  If you like sitting in a cube, doing some high funda math and solving problems in finance, CFA is the right thing for you. Offcourse, having both is ideal.

  Siddharth Gulhati 21 Jul 2008

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