Earning a chartered financial analyst (CFA) can boost your credentials and make your resume stand out from the competition. Individuals who have this designation often have a much higher chance of obtaining leadership or management roles.
In this brief overview, we explain what a CFA does and what are some excellent reasons to become one.
Why Become A Chartered Financial Analyst?
After you’ve done your due diligence and completed a four-year finance degree, there are typically two different pathways to pursue. One choice is to get a Master of Business Administration, or commonly referred to as an MBA. The second choice is to become a certified financial analyst or CFA. It’s important to note that some individuals choose to get both. More qualifications allow you to have opportunities to earn higher-paying roles in either investment or financial careers.
There are good reasons to choose to become a CFA rather than pursuing an MBA. Here are a few of them.
There is a better chance to get a higher-paying role.
The average CFA salary is just below $70,000, and those with more years of experience can earn well north of six figures. Since getting certified as a CFA is rigorous, you’ve proved your credentials and employers will undoubtedly be impressed.
It can cost less to become a CFA.
An MBA can cost, at a minimum, around $20,000 to pursue. Alternatively, you can choose to become a CFA by taking tests at three different levels, paying around $1,500 for each course. That plan of attack can become much more affordable for those who want to enhance their skillet while still being on a budget.
It can be pursued on your own time.
People who are already working a full-time career need the flexibility to pursue advanced certification with self-directed courses. It allows you to have more work-life balance while still being able to work towards a better career.
What Are Some Jobs Do People With A CFA Pursue?
There are a variety of careers that individuals with a CFA can consider. It’s important to note that each of the job opportunities listed here is excellent for individuals to advance their careers and earn more money.
- Accountant- With a national salary starting just below $55,000 an accountant has many important duties. They are primarily responsible for interpreting financial records and preparing reports for individuals for the company as a whole.
- Investment bankers- These individuals are responsible for raising capital for companies by issuing securities and work directly with clients to provide financial advice.
- Financial consultant- Average salary for a financial consultant is around $90,000 a year. They are primarily responsible for helping investors build more wealth with their deep understanding of assets, debts, income, and expenses.
The bottom line is a CFA can open the doorway for many high-paying, lucrative careers. When you consider the amount of opportunity you have with jobs available and the chance to increase your salary significantly, it makes perfect sense.