Many professionals will tell you that the CFA (Chartered Financial Analyst) level 3 exam is the hardest in the CFA program and perhaps one of the most challenging tests. If you’re planning on sitting for it, you might wonder why you should go through all that trouble. Here are 10 reasons why you should pursue the CFA level 3 exam.
1) Valuable Credential
Once you pass all three levels of what has been dubbed by many as the most challenging exams in finance, you can proudly say that you’ve gained a valuable credential from one of Wall Street’s most trusted organizations. Passing the exam won’t be easy—it will require a lot of preparation and discipline—but it will open doors and start conversations with recruiters. Many companies are looking for candidates who are not only qualified but certified. Being able to put that kind of credential on your resume is something hiring managers look for when filling positions. If you have any aspirations of working at a large investment bank or financial institution, being an active member in good standing with the CFA Institute will help give you an edge over other applicants.
2) CFA Level 3 Can Lead To Higher Salaries Opportunities
Studying for your CFA can pay off in more ways than one. According to the Anderson Graduate School of Management at UCLA, those who hold a CFA designation earn an average of 12% more than their peers. It’s not too hard to understand why when looking at other results from that same study. For example, among hedge fund managers, those with a CFA designation were earning as much as 19% more than those without it. Similar numbers are also found across asset management firms where you could make over 11% more and investment banking positions where you could earn around 13% more! These are just what you can expect if you decide to pursue your CFA level 3 exam.
3) Wide Scope of Jobs
While a Master’s degree is typically required for a director or VP position, some companies may be willing to hire a candidate with just an undergraduate degree. Others, however, will not even consider you if you lack further education. The CFA Program provides its members with valuable credentials held in high regard by industry professionals. If you want to become an investment banker, working towards becoming a Chartered Financial Analyst can help set you apart from other candidates during your job search and provide increased job security after landing your dream gig. As more firms are making their decision-makers pass higher levels of exams such as CFA level 1, CFA level 2, CFA level 3 CFE (certified financial analyst), chances are getting into these positions has become more competitive than ever. Achieving a top-level certification like CFA Charterholder status shows potential employers that you have what it takes to succeed globally.
4) Good Return on Investment
The CFA exam might cost a penny, but it’s definitely worth your time and money:
- Many employers expect their employees to have passed at least level 1, and several will insist on level 2 or even level 3.
- Earning these designations provides prestige to help you get ahead of your peers as you climb the corporate ladder.
- Employers recognize that candidates who have achieved these credentials are dedicated to learning and development; both traits are valuable in professional settings.
So if you’re thinking about sitting for a level 3 exam—or even just exploring whether it’s something you should pursue—it’s time to take action! The benefits speak for themselves; they shout from rooftops! (That was a terrible pun.) Go out there and earn those letters after your name. You won’t regret it. A typical job interview tests an applicant’s skills, knowledge and communication abilities. During an interview, a hiring manager may ask questions: what is your greatest weakness? What is your greatest strength? What does working hard mean to you? While some questions are illegal in most jurisdictions, most companies do not rely solely on questions with one correct answer during interviews. Instead, employers try to assess how well an applicant fits into their organization through various exercises such as asking hypothetical questions or asking applicants how they would handle certain situations if they were hired.
5) CFA Level 3 Can Lead To Bigger Network
The CFA designation is considered one of if not THE most respected global finance designations. It opens doors to networking opportunities that would otherwise be closed to you: the broader your network, the more options available to you through that network. By graduating from an accredited university and passing at least three sections of the exams, you become a community member with professionals in every corner of finance and business (there are currently over 200,000 active members). That’s something hard to achieve on your own with any other program. Plus, you get exclusive access to CFA Institute events like live webinars, seminars, and conferences worldwide. If you aspire to become a top-level investment banker or hedge fund manager, these types of events can open up new opportunities for you down the road.
6) CFA Level 3 Can Lead To Personal Fulfillment
It’s one thing to complete requirements for an employer. But it’s another level of personal satisfaction to check off a primary professional goal that helps you better understand your strengths and interests—and market yourself to employers who value what you bring to their organizations. In today’s knowledge-based economy, lifelong learning is more important than ever. And there’s no better way to take advantage of it than with your next significant career milestone: passing both parts of Level 3 of the Chartered Financial Analyst (CFA) exam. With two new exams added in 2013, now is a great time to prepare. Here are 10 reasons why you should consider taking on the challenge. 1. It’s More Than Just Studying for Exams: The CFA program provides you with training beyond just passing its three exams. The experience will make you a better investor, analyst or portfolio manager—and will provide you with skills that can be applied to any industry or field where analytical thinking is valued. And if you want to pursue your investment management career beyond just having a job title, being part of the CFA community gives people something extra when they hear about your work experience or education from someone else. Having a CFA charter holder after your name carries weight in many financial circles and certainly doesn’t hurt when trying to land interviews at top firms around Wall Street or anywhere else where investment professionals gather.
7) Better Understanding of Financial Markets
The CFA program has consistently shown a strong positive correlation with performance in investment management. If you’re looking to pursue an advanced degree, consider what type of candidate comes out of that particular school. In addition to helping you hone your skills and prepare for certification, studying for a master’s in finance or business economics can bolster your knowledge about financial markets and improve your chances of landing a job at an investment firm. More robust Applications: An advanced degree will make you stand out among applicants when applying for specific jobs. Employers often look favorably on candidates who are willing to go above and beyond by showing initiative to enhance their skill set and schooling through courses or programs like those offered by top online universities. This shows dedication and speaks to an applicant’s commitment to their career. Networking Opportunities: As mentioned earlier, having a graduate-level education will help you network more effectively with colleagues and others in your field—including hiring managers and potential clients. Meeting More Investors: Most people have trouble pitching their ideas over lunch—let alone persuading strangers to invest millions of dollars into them! Getting involved with professional organizations can give you more opportunities to meet investors and gain experience in potential pitching projects. If you’re planning on raising money from angel investors or venture capitalists, it helps if they know who you are before they meet you face-to-face.
8) Industry Standard
The Chartered Financial Analyst (CFA) is an investment industry designation awarded by The Institute of Chartered Financial Analysts. The exam includes three levels (level I, level II, and III), with most candidates taking roughly two years to pass each level. If you’re considering a career in investment management, having given at least one group is a significant plus for potential employers. Here are 10 reasons why you should pursue your CFA level 3 certification
9) Excellent Career Booster
The Chartered Financial Analyst (CFA) designation is highly regarded in financial circles. Having it on your resume means you can attract more lucrative investment banking positions and get hired for entry-level analyst roles by large asset management firms. By taking and passing all three levels of the CFA exams, you’ll also gain access to more sophisticated retirement products and discount brokerage accounts that would otherwise be unavailable without them. If you want to pursue a career in finance, then going after a CFA charter shows that you are serious about your goals and gives employers confidence that you know what you’re doing. And yes, even though many people pass just one level or two of the exam, taking all three will make you stand out among your peers. So why not go for gold? It won’t be easy, but it will pay off in spades down the road. Here’s why… 1. Certification Shows Your Commitment to Your Career Goals – Getting certified proves that you’re committed to learning new things and pursuing better opportunities within your field. 2. Networking Opportunities – The program offers networking opportunities with other professionals through conferences, study groups, volunteer opportunities and local chapters. You’ll also have access to top executives at some of the world’s largest companies through its online discussion forums and research groups online, which provide insight into critical issues affecting industries around the globe today, including monetary policy, global market trends, inflation rates, international investments and commodities trading strategies. For example, did you know that an annual meeting for chapter leaders is held at Columbia University in New York City each year?
10) Meets Expectations & Satisfies Parents/Relatives
There is a lot of pressure from parents and relatives to perform well in life in today’s world. The best way to impress your parents is by bypassing Level 3 of Investment Management. Once you do that, they’ll be proud of you, and everyone will start treating you with respect. This could lead to new job opportunities or better career growth prospects. So if you want to make your life easier, become a Chartered Financial Analyst (CFA). It’s easy to study for and even easier to pass once you get through it all. Best of luck!
One of the top reasons you should pursue CFA level 3 certification is because it meets expectations and satisfies your parents’ expectations. If you fail them, then you have failed yourself. Sometimes we forget our goals because of what others expect us to achieve in life. However, when we do something great, we are happier. Still, we feel much less stressed knowing that our family will love us more because they know how much effort to accomplish such an important milestone as successfully passing the level 3 CFA exam. Another advantage is that after doing so, many jobs require at least CFA level 1, which can open up lots of doors at places where high-ranked officials seek employees who possess such credentials.