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一篇有趣的CFA vs. MBA

来源：高顿网校 2014-08-14

　　This summer, thousands flocked to examination centres to take on the CFA (chartered financial analyst) exams. The three-level test is gaining traction with employers, and business schools are beginning to recognise its value.

　　There are now more than 100,000 charter holders and that figure is set to rise in June 2015 when the next crop of test-takers grapple Levels I, II and III.

　　But analysis of data suggests that more than half of them will fail at each stage of their attempt. The difficulty of the CFA examinations means that qualification is reserved for an exclusive group.

　　Low pass rates and the complexity of study have turned the qualification into a premium, which is revered by financial employers. Some business school insiders think that students who have completed all three levels of the CFA have an advantage over MBAs.

　　“For roles involving fund management, mergers and acquisitions, and portfolio analysis, the CFA is becoming really important. It dominates the MBA in the finance sector,” says Steven Young, head of the accounting and finance department at Lancaster University Management School.

　　“Most of the financial institutions are putting their junior employees through CFA training,” he adds.

　　The UK-based business school recently launched a specialist Master’s program which prepares students for CFA Level I. In the final term of the MSc Financial Analysis course, Fitch Learning, an external specialist in financial education, provides CFA coaching.

　　LUMS launched the program, which requires a minimum GMAT score of 650, in-part because the CFA is becoming the industry-standard qualification, says Prof Steven.

　　The school’s MBA and master students previously studied for the exam independently, but the curriculums were not sufficiently aligned. “The CFA testing environment is very different. Although they might have the knowledge, they weren’t prepared to pass the exam,” adds Prof Steven.

　　Even though many MBA students seek the qualification, about a quarter of all test-takers who sign up do not sit the exam.

　　Part of the problem is the exam’s difficulty. Each level of the CFA program requires at least 300 hours of studying and preparation, says Kate Lander, head of education for EMEA at the CFA Institute.

　　“Many candidates are juggling a challenging career, family commitments, as well as a life whilst taking the program,” Kate says.

　　But this has not deterred candidates, who are taking the CFA exams in record numbers. Data show that the number of charter holders has doubled in the past decade, from about 50,000 to nearly 109,000 – about two thirds of which are in the US.

　　This is being driven largely by exponential growth in major markets in the Asia Pacific region.

　　Taking the MBA is considered a comparatively easier process. While it is difficult – and expensive – to gain admission to a top MBA program, once admitted it is highly unlikely that a candidate will not pass.

　　Each stage of a CFA qualification costs about $1,000, while an MBA can cost upwards of $100,000 per year at a top-flight business school. Yet many students study for the CFA while juggling a full-time career – an MBA on the other hand usually requires one or two years out of industry.

　　The large number of MBA holders means that the degree has lost some of its early lustre. The small number of charter holders means that the CFA remains exclusive, and that can give you an edge in the jobs market.

　　More than one-third of the CFA candidates surveyed in June 2013 cited career advancement as the primary reason they chose the CFA program. Employers are increasingly seeing its value, says Kate.

　　“Recruiters and employers see the CFA charter as a stamp of quality,” she adds.

　　In the past, the CFA was most relevant for analyst and front-office roles. But it is becoming increasingly useful for sales and relationship roles, risk management roles as well as positions in the middle office, Kate says.

　　In light of the financial crisis, between 10% and 15% of the CFA curriculum is now focused on ethics. “Clients want credibility, and employers want to hire people who have a good understanding of risk and regulation,” she adds.

　　But it is argued that CFA holders lack networking opportunities, which is a key component on business school programs like MBAs.

　　The CFA argues, however, that it can match this. Test-takers can become a member of one of 144 CFA societies globally. These societies provide regional and global conferences, and allow members to network with peers in the financial sector. Job support is also available.

　　However, Prof Steven thinks that there is room for further collaboration, rather than competition. “If you can have the best of both, that is an attractive package,” he says.

　　It is a sentiment echoed by Pascal Gantenbein, who teaches the corporate finance module on the St. Gallen MBA. “I do not see very much competition between the CFA and the MBA. Rather, they provide complementary competencies.”

　　Prof Steven says that there is no reason why business schools cannot develop a CFA stream within an MBA. “I’m surprised they haven’t already,” he adds.

　　For a career in finance, an MBA may risk being seen as too broad. “The CFA requires specific experience relating to the finance sector, and the type of job that the candidate will be doing,” Prof Steven says.

　　This specific knowledge that candidates obtain during the CFA program is exactly what they need for the sector, says Pascal.

　　Kate has a similar verdict. “While most graduate school programs cover a broad range of topics, the CFA program focuses specifically on investment knowledge."

　　But she adds: “A CFA charter has the greatest value when combined with experience – it won’t open doors on its own.”

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cfa备考热门问题解答

cfa证书就业岗位有哪些？: cfa考完后可以从事的工作包括公司会计、基金经理助理、投资管理师、股票研究分析师、基金分析师、投资产品分析师、券商助理分析师、交易员等。在全球范围内，cfa会员的雇主包括了摩根大通、汇丰银行等机构。

cfa考试内容有哪些？: cfa考试分为三个等级，cfa一级和二级考试科目包括《职业伦理道德》、《定量分析》、《经济学》、《财务报表分析》、《公司理财》、《投资组合管理》、《权益投资》、《固定收益投资》、《衍生品投资》、《其他类投资》。cfa三级考试科目包括《经济学》、《投资组合管理》、《权益投资》、《职业伦理道德》、《固定收益投资》、《其他类投资》、《衍生工具》。

cfa一年考几次？: cfa每年考试的次数每个级别均有不同，其中CFA一级考试每年设置四次，CFA二级考试每年设置三次，CFA三级考试每年设置两次。需注意，协会规定考生必须要按照CFA考试的三个级别，依次进行报考，且报考两个级别考试的窗口之前需至少间隔6个月。

cfa的含金量如何？: CFA证书全称Chartered Financial Analyst（特许注册金融分析师），是全球投资业里最为严格与高含金量资格认证，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准，具有较高的知名度和影响力。英国的国际学术认证中心，还将持有CFA证书视为拥有硕士学历水平，能让想进修的金融专业人士，充分学习等同于金融硕士的知识课程。此外，人民日报三年内连续四次推荐CFA证书！因此，无论是从国际知名度还是国内知名度来说，CFA资格认证的含金量和认可度都是非常高的。

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