When you think of breaking into Finance Industry you may think of to options: getting CFA or getting MBA. They are both well- respected and appreciated by employers. So which of them to choose?
MBA was designed to give managers a broad and more sophisticated knowledge about business. It covers different aspects of business and introduces students to different subjects like Finance, Accounting, Marketing, Informational Systems, Law etc. So if you finished your Bachelor's in Finance you could take MBA to see what else is there in business industry except finance and how it all works together. It gives you a very good idea of how different sectors of a huge business world collaborate with each other. Having MBA might be a requirement for those who seek for a promotion.
MBA is also very useful for those who want to switch their careers but are still unsure what direction to move in. They want to get a knowledge about different industries and find what they like the most. But it's not just an introduction as it could be in an undergraduate school. MBA is a Master's level and requires you to have some prior knowledge or experience.
MBA is also a good place to find new people in the industry that interests you most and make new connections. The program itself is based on case studies and teaches you how to apply theoretical knowledge to practical examples. It also includes group projects that teach you to work in teams and collaborate with your peers.
CFA was founded by Benjamin Graham was founded in 1950's to distinguish those who are in the investing industry. CFA Certificate is more specific and is only about investing and finance. It's a self-study three-level exam preparation. You receive the books and work alone on them studying for the topics, solving the problems and reading the chapters. If you got yours Bachelor's Degree in Finance then you should already know everything what this exam is going to cover, especially Level-1 exam which is more about basic concepts. If you are not so familiar with finance then this exam is going to teach you everything you need to know to be able to work in Investment Industry. It requires at least 4 months for revising the books and learning the concepts.
If you want to work in business then MBA is a perfect designation and a very good thing to have on a resume. If you want to work in Finance and specifically in Investment Industry then CFA is a better option for you.
As for me, i am working towards both. I wanted to get into Business Industry and learn more so I applied for MBA. One of the courses was Finance which i fell in love with, so now i am also working towards CFA and studying for my Level 1 Exam.The topics covered in CFA are very common with Finance classes which makes it easier to learn the concepts and equations.
As for the employment situation, at least in USA, there are more and more people getting MBA so the value of the degree diminishes. To distinguish yourself MBA is not enough and you need to have some additional Certificate or Achievement. In this case CFA is a very good option for those interested in Investment Industry.
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