<p>The answer is, it depends.
Those who are lucky enough to be hired straight from undergrad to the investment management industry usually do not find it necessary to go back to business school if they perform well at their job. They will find that a CFA will serve them well if they want to remain in the securities industry. They will have unlimited upside promotions because this industry rewards performance track record. These people, most often are top performing students from elite schools who already have the name brand school credentials and they can network within their industry.</p>
<p>On the other hand, those who lack the above credentials, will find it extremely difficult to get into the investment management industry. Getting an MBA from an elite school may be the only way to be recruited.</p>
<p>Is it necessary to take level I CFA exam before business school ? Not really, but it might grab the attention of a recruiter while in business school to let them know you are serious about working in the industry.</p>
<p>Will passing several levels of CFA be enough to be hired without going to an elite MBA program ? Not very likely, because there are thousands of candidates trying to do the same thing.</p>