Is it Worthwhile to Pursue a CFA if You Are Already a Qualified Chartered Accountant?
Any training-based course, be it CA, CFA, or MBA, can be a valuable addition to your professional journey. Compared to a general bachelor's degree in commerce (BCom), which focuses on broad academic knowledge, these courses offer specialized training that can significantly enhance your skills and career prospects.
The fundamental difference between education and training is best illustrated by the analogy of sex education versus sex training. While education imparts knowledge in a more theoretical and generalized manner, training prepares you for practical applications. However, it is essential to understand the nuances and implications of such decisions.
Points to Consider Before Pursuing a CFA
1. On-the-Job Learning: A CFA course is an excellent on-the-job training course. It is highly recommended to start an internship or a job alongside the course to make it more viable and practical.
2. Passing and Quantitative Skills: The CFA exam has a set passing criteria. However, with good quantitative skills, you have a decent chance of qualifying. It is crucial to focus on strengthening your quantitative abilities if you are considering this path.
3. Global Opportunities: India is still underutilizing its potential, but abroad, there are more options available. This global competitiveness can open doors to various opportunities in different parts of the world.
When Should You Pursue a CFA?
If your career aspirations align with the financial sector, particularly in investment banking or equity research, a CFA is a highly recommended course. Here are some scenarios where pursuing a CFA can be advantageous:
1. Not Doing CA: If you are not pursuing a Chartered Accountancy (CA) degree but are interested in finance, a CFA can provide you with the specialized knowledge needed for a career in finance.
2. Interested in Finance: If you are passionate about the finance world, a CFA can give you credibility and make you a strong contender for finance-related roles.
3. Preparing for MBA Finance: If you plan to pursue an MBA with a focus on finance, a CFA can provide you with a significant edge and increase your chances of acceptance into top-tier programs.
Considering Your Career Goals
Before making a decision to pursue a CFA, ask yourself the following questions:
1. What Are Your Career Aspirations? Do you want to work for an organization, start your own business, or pursue a global finance career? Your career goals will heavily influence your decision.
2. What Are Your Interests? If you have a strong interest in financial markets, it is more likely that a CFA will be beneficial to you. However, if your primary focus is on areas like taxation, auditing, or accounting, the CFA might not be as necessary.
3. Your Future Projections: CFA can provide you with a solid foundation and enhance your chances of entering the financial sector, either in India or abroad. It can also improve your prospects in banking or trading analysis firms with a good scope for international work.
Conclusion
Do not pursue a CFA solely because you think it will magically boost your career trajectory. The CFA is valuable if your interests align with the subjects covered in the course. It can provide you with the necessary skills and knowledge to excel in the finance sector, particularly if you aim to work in investment banking, equity research, or other finance-related roles. However, if your career goals align more closely with other areas, a CFA might not be as necessary. Ultimately, the decision to pursue a CFA depends on your personal and professional aspirations.
By carefully evaluating your career plans and interests, you can make an informed decision that aligns with your goals and maximizes the potential benefits of a CFA.