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A recent Bloomberg article calls the CFA program a colossal waste of time. That’s a bold claim to make for what many consider to be the gold standard in the finance industry. But could it really be a waste, maybe an MBA would be a better use of money and time? Since the article was published, many people have spoken up on twitter in some friendly and a couple not so friendly debates on the matter. So in this video we are going to dig into this pretty harsh piece from Bloomberg, and discuss if there is any merit to their claims it makes. Many of you know that I am a CFA charterholder and I’ve already seen some of the career advantages that can come with that, but I promise to remain unbiased in looking at points presented in the article.
The article starts off by mentioning that the CFA designation is not a license, like the CPA is for accountants in the united states. Its describes how there are some licenses for investment related activity like this, called the series 7, but that the CFA is more of an academic program that people often use as a way to get ahead in their career. And this is all true. It raises a really interesting question that I have talked about in some older videos, which is if the CFA program could every become the license to work in the investing industry, much like the BAR exams for lawyers, or Board exams for doctors. Now while I’ve seen anything from the CFA institute indicating that they hope to work with the financial regulators in the U.S to make the CFA charter a type of license, they do often speak about their mission being to improve the overall standard of ethics, and education of the investment industry for the benefit of society. That mission sort of sounds like it would lend itself well to the CFA charter becoming a requirement for people to offer investment advice in the future, because then it would only benefit more and more of society.
Now, yes the CFA program is extremely difficult so if the regulators ever agreed to something like that, it would potentially reduce the number of investment professionals. But another option could be something where the CFA institute makes a lighter version of the exams that someone has to pass to offer investment advice, then that person could choose to pursue the rest of the program in the future. I’m just throwing thoughts out here, but that scenario arguably would benefit investors globally since all investment professions would be held to new higher standards, and we would see less shoddy annuity salesmen running around.
If you have an idea of something you want me to cover in depth, please let me know because I take your requests seriously. Will be back with more CFA Exam tips in a couple of weeks so please submit more questions you would like to hear answered. Love you all!
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