CFA Level 1 Benefits
CFA Level 1 Benefits:- The CFA program really can help you break into finance, but you need to know the proper path to take. The CFA program consists of three exams, cleverly named Levels 1, 2, and 3. Each exam needs to be passed to earn a CFA charter. In addition to passing the exams, though, certain work experience requirements must be met.
You need to pass the 3 levels and have sufficient qualified work experience to get the 3 magic letters. There is nothing such as a “level 1 CFA certification”.
Bear in mind that many universities train the students to get the level 1, so the level 1 alone is not worth a lot.
However, it may show that you are dedicated to improve your knowledge, and that may give you tiny advantage for interviews. But do not expect more than that.
CFI Level 1 Benefits
CFA Level 1 Benefits:- Enhances Finance Career Path
Industry professionals:- A CFA charter can be useful as a career enhancer if you’re already in finance, or to switch to a particular role. A CFA charter would particularly help in these roles:
- Research analysts
- Asset management roles, including:
- Portfolio managers
- Private bankers
- Fund of fund managers
- Financial advisers
- Relationship managers
- Financial strategists
Non-investment professionals:- Other professionals such as attorneys and accountants have also pursued the CFA. Quite often these are gained as complementary qualifications to broaden professional expertise. Not particularly crucial, but it does help.
Students. If you’re keen on being in banking, you may want to consider the CFA charter. If you can afford the time and money, it makes sense to add another notch to your CV, but don’t make the mistake of thinking it will magically bring you a job. As a student,knowing how to network and getting good work experience will work better in getting you a job in banking.
CFA Level 1 Benefits:- Affordable
The total cost of a CFA charter is variable depending on type of prep materials you get and how many exams you end up taking, but it probably will range from $2,500 to $8,500.
That’s still pretty cheap as far as professional qualifications go. The CFA charter is more about the time commitment. It’s definitely affordable.
CFA Level 1 Benefits:- Good Grounding in Finance
As you may know, the CFA is tough to pass. Really tough.
And there’s a reason – the material is very thorough, and very extensive. It’s not that difficult to understand – it’s retaining all the information all at once that often proves the challenge.
But it also means that if you succeed in obtaining the charter, you can be assured of a great, solid grounding in financial knowledge and expertise. The syllabus is also updated continually to account for recent innovations and events, so you’ll always be learning from the most recent experiences and discussions among industry experts.
CFA Level 1 Benefits:- Global Recognition
The CFA charter is one of the most recognized professional qualifications in finance in the world. The great thing about global recognition is that the CFA charterholder becomes more easily transferable across markets. If you were planning on moving to Asia, for example, employers in Asia would also recognize your CFA charter earned in Europe.
It’s the exact same qualification, and candidates are earning their charters all over the world. Today about 100,000 charterholders are working in 130 countries worldwide.
CFA Level 1 Benefits:- Don’t have to choose between CFA & MBA
It’s all about your personal goals and situation. If you’re looking for a qualification to enhance your career in finance or establish your finance credentials, the CFA is highly recommended. If you’re looking for a qualification to boost your career outside of finance, or looking to move across industries, an MBA might be a better bet.
If you had to choose just one.
At the end of the day, there are many people who end up obtaining both a CFA charter and an MBA. If you’re hell-bent on making your CV the best damn piece of paper the world has ever seen, by all means take both – it’s in no way a either-or situation.
CFA Level 1 Benefits:- Helps you get a job
The CFA charter is a great thing to add to your CV to boost your finance credentials. But let’s just get one thing clear – nothing on your CV ‘gets you a job’. And yes, this also applies to the CFA charter.
Nothing you can put on paper is a sure fire way of landing a job. Getting hired is a multi-stage process. Your CV and networking skills gets you the interview, and the interview is what gets you the job. No amount of CV padding is going to replace interview skills so you need to address all steps to successfully score the job you want.
CFA Level 1 Benefits:- Higher pay, On aggregate
Pay is a very tricky question to answer. There are numerous surveys on CFA member compensation, so you could go into the finer details of compensation of a typical CFA charterholder.
However there are some recent studies on comparing the effects of compensation of roles with and without the CFA charter – that is to say, studies that attempt to place a ‘monetary value’ on the CFA charter. The CFA Institute last covered this in their 2005 compensation survey, where the concluded that CFA charterholders’ median salary was 54% higher than non CFA charterholders (a median annual salary of $180,000 for charterholders vs $116,850 for non charterholders). This was a higher effect that even MBAs. But note that this was back in 2005, so make your own conclusions.
Ultimately, suffice to say that acquiring a CFA charter will open more opportunities in finance to you and make it easier for you to explore others. As a result you can expect your career to benefit from more flexibility and higher compensation compared to if you didn’t have a CFA charter.
Best Recommended Read:- All About CFA Level 1 Exam
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