[weareallone]

There seems to be a whole lot of people who, upon passing the CPA Exam, jump right into taking the CFA Exam. There is another group of people, of course, who do it the other way around. Well, this is what I wish to do as well.

n

Some of these folks have studied both Accountancy and Finance in college. There are also folks who have no Finance background, but want to either enhance their resume and/or boost the credential of the work they do/sign-off while keeping in mind the extra work being a CFA AND a CPA requires.

n

However, the general attitude of these high achievers seem to be (a) they don’t necessarily NEED both designations for their current job or future job and (b) they have an unjustified belief that having both designations will somehow pay off big-time in the future – either though a job offer or a quick promotion.

n

Don’t get me wrong, having both designations will be rewarding in some shape or form in one’s future. This is a guarantee, but specifically, how, and to make the most out of it, for what type of work? Let’s not forget, although the CPA designation works well for the entire Audit Industry (whether you are a Public Accountant, Tax Advisor, etc), the CFA is tailored specifically for asset management (portfolio managers).

n

I would like to have a discussion with you guys on this topic:

n

(1) What type of job holders will benefit the most from by having both designations?
n(2) Would a person working in the Accounting field (Audit of Investment Banks, Valuation Specialist, etc.) or a person working in the Finance field (Portfolio Management, Equity Analysis, etc.) benefit the most? – any specific examples of successful people who have both?
n(3) Will being both a CPA and CFA help you get into a better MBA Program? Do the top five MBA programs give your application better consideration if they hold both designations?
n(4) Anything else that I should be thinking about?

n

Again, don’t get me wrong here, of course knowing stuff that a CPA knows will benefit a portfolio manager who is a CFA, and having portfolio management skills would be good for a CPA’s future. I know this!n

n

REG[5/18] - P BEC[8/5] - P
FAR[7/9] - P AUD[8/30] - P

[LADavid]

The CFA and CPA designations are quite different. I'm presently a CPA candidate and sat for REG last Saturday. Previously, I went through the CFA program and passed level I in December 2008, Level II in June 2009, and Level III last June. The CFA exam material is more self contained (everything is supposed to be in the CFA books, but they are long); with the CPA exams, I have always encountered some problems that I had never seen material for in the study materials or in my coursework (a big source of frustration). I was looking for a job last summer after I took CFA Level III, but before I knew my results. No one seemed to care that I had passed Level II – most seemed somewhat unfamiliar with the CFA program.

n

My accounting coursework landed me the interviews that led to my present position with a CPA firm. Very grateful to have my current position. Don't know if the CFA exams would help with a job hunt at the moment and hope to not find out soon. The work experience requirements are different for the two designations. Hope this has been somewhat useful.n

n

AUD - 7/31 - 83
FAR - 8/27 - 91
BEC - 10/30 - 90
REG - 11/27 - 95

[weareallone]

LADavid,

n

The part where you say “hope to not find out soon” made me smile (in a good way of course).

n

Yeah, I bet there are thousands of other people who can put on their resumes “CFA level II candidate” or “CFA level III candidate”, which does not distinguish yourself too much…. This is why it is so important that you finish all three exams if you are going to start the CFA process. (I am taking mine this December)

n

Do you also have the work experience to be a CFA?

n

Can accounting work be used for CFA work experience? (in other words, can an auditor who has held his job for three years fulfill his experience requirement?)

n

Would you mind answering the questions (1) ~ (4) in more detail since it seems like you have a lot of knowledge from passing all the exams?

n

Thanks!n

n

REG[5/18] - P BEC[8/5] - P
FAR[7/9] - P AUD[8/30] - P

[LADavid]

Hi weareallone,

n

I started the CFA program near the end of an 18 month tail-kicking as a rookie broker and that will definitely count I think for the 4-years of required CFA work experience. Accounting, auditing, and tax work can count if it adds value to the investment making process. I'm not sure if my present job will count for the CFA work experience, but that's not a big issue for me at the moment since I want to concentrate on the CPA exam and CPA work experience.

n

I am not a specialist, but I'll give you my two cents on your Q's:

n

1) My impression is that both CPA and CFA designations normally come after MBA school due to the work experience.

n

2) It seems uncommon to have both designations. For big-time finance jobs, I think the CFA designation is almost becoming required, especially for the younger crowd.

n

3) The cases I know that have both designations (not many) work in private equity.

n

I think that CFA level I was an easy exam with thorough preparation – easier than FAR or REG. There are fewer “left field” Qs on the CFA exams and time management is easier with proper planning (the CFA exams are not adaptive which makes time management harder), but the material is deeper than on the CPA exams. The CFA program is more challenging quantitatively for certain and some of the quantitative methods, fixed income, and derivatives material is quite daunting.

n

Where are you located and what's your background? Best wishes with your Level I prep.n

n

AUD - 7/31 - 83
FAR - 8/27 - 91
BEC - 10/30 - 90
REG - 11/27 - 95

[weareallone]

Anybody else thinking of doing both? Do you mind kindly elaborating your desired career path? What are the expected short term outcomes? Do you know someone who is trying to do both?n

n

REG[5/18] - P BEC[8/5] - P
FAR[7/9] - P AUD[8/30] - P

[weareallone]

There seems to be a whole lot of people who, upon passing the CPA Exam, jump right into taking the CFA Exam. There is another group of people, of course, who do it the other way around. Well, this is what I wish to do as well.

Some of these folks have studied both Accountancy and Finance in college. There are also folks who have no Finance background, but want to either enhance their resume and/or boost the credential of the work they do/sign-off while keeping in mind the extra work being a CFA AND a CPA requires.

However, the general attitude of these high achievers seem to be (a) they don’t necessarily NEED both designations for their current job or future job and (b) they have an unjustified belief that having both designations will somehow pay off big-time in the future – either though a job offer or a quick promotion.

Don’t get me wrong, having both designations will be rewarding in some shape or form in one’s future. This is a guarantee, but specifically, how, and to make the most out of it, for what type of work? Let’s not forget, although the CPA designation works well for the entire Audit Industry (whether you are a Public Accountant, Tax Advisor, etc), the CFA is tailored specifically for asset management (portfolio managers).

I would like to have a discussion with you guys on this topic:

(1) What type of job holders will benefit the most from by having both designations?

(2) Would a person working in the Accounting field (Audit of Investment Banks, Valuation Specialist, etc.) or a person working in the Finance field (Portfolio Management, Equity Analysis, etc.) benefit the most? – any specific examples of successful people who have both?

(3) Will being both a CPA and CFA help you get into a better MBA Program? Do the top five MBA programs give your application better consideration if they hold both designations?

(4) Anything else that I should be thinking about?

Again, don’t get me wrong here, of course knowing stuff that a CPA knows will benefit a portfolio manager who is a CFA, and having portfolio management skills would be good for a CPA's future. I know this!

REG[5/18] - P BEC[8/5] - P
FAR[7/9] - P AUD[8/30] - P

[LADavid]

The CFA and CPA designations are quite different. I'm presently a CPA candidate and sat for REG last Saturday. Previously, I went through the CFA program and passed level I in December 2008, Level II in June 2009, and Level III last June. The CFA exam material is more self contained (everything is supposed to be in the CFA books, but they are long); with the CPA exams, I have always encountered some problems that I had never seen material for in the study materials or in my coursework (a big source of frustration). I was looking for a job last summer after I took CFA Level III, but before I knew my results. No one seemed to care that I had passed Level II – most seemed somewhat unfamiliar with the CFA program.

My accounting coursework landed me the interviews that led to my present position with a CPA firm. Very grateful to have my current position. Don't know if the CFA exams would help with a job hunt at the moment and hope to not find out soon. The work experience requirements are different for the two designations. Hope this has been somewhat useful.

AUD - 7/31 - 83
FAR - 8/27 - 91
BEC - 10/30 - 90
REG - 11/27 - 95

[weareallone]

LADavid,

The part where you say “hope to not find out soon” made me smile (in a good way of course).

Yeah, I bet there are thousands of other people who can put on their resumes “CFA level II candidate” or “CFA level III candidate”, which does not distinguish yourself too much…. This is why it is so important that you finish all three exams if you are going to start the CFA process. (I am taking mine this December)

Do you also have the work experience to be a CFA?

Can accounting work be used for CFA work experience? (in other words, can an auditor who has held his job for three years fulfill his experience requirement?)

Would you mind answering the questions (1) ~ (4) in more detail since it seems like you have a lot of knowledge from passing all the exams?

Thanks!

REG[5/18] - P BEC[8/5] - P
FAR[7/9] - P AUD[8/30] - P

[LADavid]

Hi weareallone,

I started the CFA program near the end of an 18 month tail-kicking as a rookie broker and that will definitely count I think for the 4-years of required CFA work experience. Accounting, auditing, and tax work can count if it adds value to the investment making process. I'm not sure if my present job will count for the CFA work experience, but that's not a big issue for me at the moment since I want to concentrate on the CPA exam and CPA work experience.

I am not a specialist, but I'll give you my two cents on your Q's:

1) My impression is that both CPA and CFA designations normally come after MBA school due to the work experience.

2) It seems uncommon to have both designations. For big-time finance jobs, I think the CFA designation is almost becoming required, especially for the younger crowd.

3) The cases I know that have both designations (not many) work in private equity.

I think that CFA level I was an easy exam with thorough preparation – easier than FAR or REG. There are fewer “left field” Qs on the CFA exams and time management is easier with proper planning (the CFA exams are not adaptive which makes time management harder), but the material is deeper than on the CPA exams. The CFA program is more challenging quantitatively for certain and some of the quantitative methods, fixed income, and derivatives material is quite daunting.

Where are you located and what's your background? Best wishes with your Level I prep.

AUD - 7/31 - 83
FAR - 8/27 - 91
BEC - 10/30 - 90
REG - 11/27 - 95

[weareallone]

Anybody else thinking of doing both? Do you mind kindly elaborating your desired career path? What are the expected short term outcomes? Do you know someone who is trying to do both?

REG[5/18] - P BEC[8/5] - P
FAR[7/9] - P AUD[8/30] - P

[texcfa]

To answer your questions (I have both a CFA and CPA):

(1) What type of job holders will benefit the most from by having both designations?

If you work in the investment management industry and are in a middle or front office role, both designations are useful (CPA to break down financial statements, CFA to understand investments and portfolio construction); I hold a middle office role (e.g. risk management, and due diligence) and both serve me well (and are well respected by my employer)

(2) Would a person working in the Accounting field (Audit of Investment Banks, Valuation Specialist, etc.) or a person working in the Finance field (Portfolio Management, Equity Analysis, etc.) benefit the most? – any specific examples of successful people who have both?

Depends what your definition of “benefit” are, from a purely knowledge perspective, both sets on individuals will benefit, financially the latter will benefit more

(3) Will being both a CPA and CFA help you get into a better MBA Program? Do the top five MBA programs give your application better consideration if they hold both designations?

The top 5 MBA programs take a holistic approach to admission, having one or both designations will help bolster your academic segment of your application but wont do much for the other segments of your application (proven leadership, community involvement, unique attributes, etc…)

(4) Anything else that I should be thinking about?

The two exams are very different in time commitment and skill-sets, and neither should be started without knowing all the time and effort needed to complete them (if this is something that is carefully thought through prior to starting each, you will likely get the most of them)

[mla1169]

I would like to be a controller and ultimately CFO of a mid sized manufacturing firm. This was not my original intent years .ago, however by a combination of professional experience and the education route I pursued it seems like a logical progression to me. I am fortunate to have met a great friend who pursued the same career path as I am on currently and her advice to me was “go for the alphabet soup!” she believes that her combination of CPA, CFA and CMA propelled her past other candidates toward her CFO position. I figure in this competitive job market, I will try to get as many finance/accounting credentials as possible.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

I'm stressed enough with the CPA exam. After I pass all 4 parts, I'm done. I'm not bothering with CFA. I need to live life at some point.

[IwannaBaCPA]

I intend on going for the CFE, but not CFA. I would like to eventually have a career in forensic accounting, so I know that solid auditing experience and the CPA are just the beginning…

BEC: 79 - April 2011
FAR: 78 - May 2011
AUD: 81 - May 2012
REG: 79 - October 2012
Ethics: Passed - March 2013
I am finally DONE!

[Anonymous]

I wanted to bump this to see what other's thoughts were..

[Skynet]

I'm only doing it to pick up chicks. The money is to be able to fund the lifestyle. Women can be expensive especially with expensive jewerly.

[Author]

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