Posted by fmba
on Oct 28, 2014 in Why Get an MBA
| 0 comments
One of the hottest debates among young Wall Streeters involves six letters MBA or CFA.
We've looked at it from the perspective of recruiters, comparing compensation and time spent getting each accreditation, but nothing beats hearing it straight from the horse's mouth.
We reached out to sources who hold either CFA charters or MBA degrees to find out what makes one better than the other. In this particular story, we're presenting the MBA case.
Agree to disagree if you want.
Better networking during the process.
According to our sources, Business School is where you meet people your classmates, faculty, speakers, recruiters. They all come to you.
A better-connected alumni base.
The CFA Institute is trying to get better, but it just doesn't have the close-knit alumni community that business schools around the country have been fostering for decades. If you think you'll need that, the MBA is a better option.
Better for working in a variety of sectors.
Yes, you'll most likely concentrate in a certain skill set, but with the variety of business classes at your disposal, the MBA is better for working in different kinds of jobs, from business journalism to the C-suite.
Better on work-life balance.
Yes, a lot of people do business school part time along with a job, and that's tough, but CFA candidates always do it.
To them, full-time business school students probably look as if they're having the time of their lives.
Better name recognition.
More people simply know what an MBA is than the CFA. And one CFA charter-holder told us it really hadn't helped him get a job.
"You kind of get it, and then you tell your mom," he said.
Better for mentorship.
At business school you have faculty to guide you. You can find a mentor.
For the CFA, you're on your own.
Better for developing new skills and experimenting.
The CFA is meant for one thing analysts.
But as you work toward your MBA, you can try new things in class that you find interesting. It could open some doors.
Better for growing your own business.
If you want to be an entrepreneur, this is where you need to be. The CFA teaches you nothing about that.
Better on time it's shorter than the CFA.
BAll told, the CFA takes 300 hours of studying (six months or so), with the whole process usually taking 2 1/2 years or so to finish. If you really rush it, you can maybe ... mayyybbbbeeee make it in two.
The first level of the test is offered in December and June; the other two are offered only in June, and it is best to avoid taking them in the same month.
On top of that, only about 20% of CFA test-takers get through the process without failing one test and having to take it again.
Getting your MBA can take two years or less straight through.
Better for helping you break into the industry.
Any industry you weren't in before.
Getting your MBA gives you a clean slate. Recruiters know you come out with a brand new skill set, and they're willing to take a chance on people coming out with the degree, especially if they come from a great program.
Better for FUN.
At business school you might actually make friends, go to some cool parties, and get involved in the tradition of your school.
The CFA is solitary.
Read more: http://www.businessinsider.com/mba-better-than-a-cfa-2014-10?op=1#ixzz3Hn80862U