Is it hard to get a CPA or CFA in college if majoring in Accounting/Finance? - Page 2

everything · 02-06-2006, 11:12 PM

I can't really give you much advice as for what you should do, but I'm not sure if you realize the CFA is not something many people get out of college. It is something using attained by middle aged people with many years of wall street experience.

I can't imagine being able to study for the CFA while working in public accounting and studying for the CPA. Both will require lots of time, and you would probably be working 50-80 hours depending on the season in public accounting.

Why are you so dead set on a CFA? It doesn't sound like you really know much about it.

Heres the path my brother took, he has both a CPA and CFA.

Went into public accounting after undergrad (this was pre 2001 150hr requirement) got his CPA while in public accounting. After 4 years of public accounting, he went back to school to get an MBA. After his MBA he went into investment banking and was an associate for 3 years before leaving to work for a hedge fund. While at the fund he studied for the CFA about 20-30 hours a week for I think about a year or year and a half or so. Then he passed the exam I think in different sittings.

Since I'm on it he has since started his own Hedge fund with 3 other partners and associates.

sparty419 · 02-07-2006, 12:07 AM

Well..i plan to get into wealth management/portfolio management..and i think to be successful in these fields...a cfa will be really beneficial.. i would like to think of it as.. being already a finance major...no better way to accomplish your finance education success than getting your cfa..

and i do know what the cfa is about and about how hard it is...i was just not sure of wen exactly to get one...before an mba..or after an mba..

everything · 02-07-2006, 10:09 PM

"and i do know what the cfa is about and about how hard it is...i was just not sure of wen exactly to get one...before an mba..or after an mba.."

I'm not the most qualified to answer, but I would say before an MBA. The MBA can help you get the required experience to get the CFA. If you get a CFA first, I don't think you would have much of a reason to get an MBA unless you wanted to change your career, effectively not using the CFA you already earned.

dollface · 12-08-2007, 03:00 PM

Sorry to bring up an old thread, but I was wondering if someone could give more feedback/opinions regarding this topic. Like sparty419, I'd like to get into the investment management/private wealth management field.

I'm currently a finance + accounting major and I originally planned to take the CPA exam soon after graduating. I know the CFA would be more beneficial for my career; but after graduating, I would only need to complete 2 more classes to sit for the CPA exam (something I could take as night classes while getting the work experience). Studying accounting was something I wanted to do because I was interested in the subject, and because I knew it would add value to my business knowledge. But right now I'm faced with these questions:

- Would employers question my career goals if I decide to pursue a CPA (to the extent that they wouldn't hire me)?
- Is it worth the time and effort to study for the CPA?

If I don't go forth with the CPA, I could get a head start on studying for the CFA. But like many people have mentioned, the CFA requires a minimum of 4 yrs experience to get chartered.... and you may not even get chartered!!

iokita · 12-23-2007, 07:37 PM

Hi dollface,

The CPA wouldn't hurt, but it might give employers the impression you are undecided in your career path. The CFA would show much more direction and may be a better choice if you are going into invesment management.

Remember, the CFA requires 3 exams spread over 3 years in addition to the 4 years of work experience. Also, you can only take the exam once a year, so it would be great to take it right out of undergrad. I took level 1 while I was a senior this past spring and now that I've graduated I still have 2 more test levels to go.

Conversely, I know several individuals in finance who have their CPA, but all of them started in public accounting and its not a bad background to have. I believe most states require some type of accounting experience before you can receive the CPA(my state requires certain # of hours).

Overall, it would depend on what you would want to do right after school. It is always best to show employers what direction you want to go in and don't pursue designations/degrees/certifications just to have them, you want to make sure to fully use them.

taxguy · 12-23-2007, 10:24 PM

This whole thread is absurd. Each exam is difficult in its own way. Each prepares the prospects for different functions and jobs.

luckyjun127 · 03-03-2008, 05:56 AM

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.

Program1 · 03-03-2008, 04:18 PM

Quote:

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.

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.

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.

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.

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.

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.

wolfpack12 · 03-03-2008, 04:32 PM

"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. "

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.

cbreeze · 03-03-2008, 09:28 PM

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.

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.

The average poster here on this board has no clues about the CFA financial analysts.

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.

cbreeze · 03-03-2008, 10:18 PM

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)

Program1 · 03-04-2008, 01:39 PM

Quote:

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.

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.

Robert Half Finance & Accounting Find Jobs - Job Details

There's an example.

Program1 · 03-04-2008, 01:49 PM

Whoops, my bad. Financial manager positions seem to qualify with the CPA only. Maybe the CFA is harder.

Sam Lee · 10-15-2008, 03:50 PM

311Griff,

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.

JHB619 · 10-26-2009, 07:43 PM

Gonna bump this thread up because I had a few questions about the CFA

Quote:

Become a candidate:

1. Fulfill the entrance requirements. At the time of enrollment you must:
Have a U.S. bachelor’s (or equivalent) degree
Or be in the final year of your bachelor's degree program
(Note: education information must be updated before progression to Level II)
Or have four years of qualified, professional work experience
Or a combination of work and college experience that totals at least four years.
(Note: summer, part-time, and internship positions do not qualify)
Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility).
Be prepared to take the exams in English.

2. Sign up for your first exam. Registering for the first exam also enrolls you as a candidate in the CFA Program. This requires a one-time program enrollment fee in addition to the exam registration fee.

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.

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)

Thanks.