Antonio Galvan ⋅ San Antonio, TX U.S. Navy, Petty Officer Third Class ⋅ 6 years served

Dayron,

I went through the same thing you are going through. I'm finishing my B.B.A in finance this May and I was wondering which I should pursue next. It really depends, like most people have already commented, on what kind of job you want to pursue. If you want to stick with finance/economics (any kind of analyst position), you would want to go directly onto the path for your CFA (which I am planning on doing). If you want a managerial position, go for your MBA. The fact that you have military experience will probably go further with an MBA. Making tough decisions under pressure (military experience) will be an asset for a finance position but being familiar with the industry is more important, in my opinion.

Elaine Edington ⋅ Flushing, MI ⋅ 35 years experience

Hello Dayron,

I personally do not have finance experience but I asked my brother who is a Director at a global CPA and Consulting firm. He manages a global organization, has multiple degrees including a masters in taxation among other areas. Here is his response.

"The MBA, (unless it is a program that is focused in a particular area, i.e. International Business) is in my opinion a "generalists" degree. It is not as respected in the marketplace anymore. Perhaps if you are young and just finished a bachelors degree, the MBA may carry some weight, but I have seen its favor decline amongst employers. It was the ticket to middle management back in the 1980's and much of the 1990's. In today's market it takes up space on a resume, that is about it. Also with my comment about International Business - it is a big plus if you are bi-lingual (fluent) and are willing to spend an extended amount of time in a foreign country or at least travel back and forth for long periods of time.

The CFA can open a lot more doors to employer interviews. There are many more ways to carve a niche with the CFA - corporate controller, corporate finance, corporate tax, corporate legal support, public accounting. The big trading and investment houses in NY are always looking for people - however, you need the degree from a respected school. Money received from GI Bill should help defray some of the costs of a better institution. The work hours at trading houses and hedge funds are long and it is competitive, but the reward can be big. Having a good background in accounting is helpful, as it can also get you in the door.

I would recommend the CFA and have them keep an open mind as to what areas of finance they would like to go into."

I hope this information helps you in coming to a decision.

Greg Brett ⋅ Webster, NY Hewlett Packard ⋅ 20 years experience

Hello Dayron:

I will pile on to this one. I hold an undergraduate degree in finance like you and also an MBA. I know individuals who work in investment banking who hold both. The Chartered Financial Analyst (CFA) certification is an indicator that you can understand investment vehicles at a detailed level and also an indicator of competency in finance. While many MBA schools offer finance they all have various strengths and weaknesses in their programs. Many who work on wall street get their MBA and then study for the CFA exam to gain that certification. If you want to work in the investment banking arena that I would pursure both.

Carlos Castillo ⋅ Fort Drum, NY U.S. Army, Private First Class ⋅ 6 years served

I think it's all dependent on what type of career you want to pursue. My best advice would be to connect with people within your industry on LinkedIn. Look at their education and network with them to see how they were able to get into their position. It's always great to ask those who hold the job you want.

Choosing either or is a question determinant to the career field. It's always comes down to value (ask yourself these following questions): 1) Which one will help you land your dream job? 2) Which one will give you better job opportunities? 3) Which one is ideal for the industry you want to be in?

Rebecca Hughes ⋅ Allen, TX Hewlett Packard ⋅ 10 years experience

Hi Dayron,
I am a CFA charterholder, and I have found that it only opens doors in a very specific set of jobs (as some people mention above, investment banking), but the MBA is recongnized by everyone. So although the CFA is more unique, once outside of those specific segments, many people have never really heard of it. Many executives confuse a CFA with the CPA and think my background is accounting, rather than finance, and I find myself explaining myself over and over now that I am just in a general corporate job rather than banking.

There are a lof of jobs these days where an MBA is required or preferred, and it could certainly get you a foot in the door. Although an MBA won't make you stand out with so many people getting them, it will put you in respected status when resumes are being reviewed (or keep you out of the reject pile if they decide to filter for only MBAs).

CFA charters can do that too, but only for a limited set of jobs. You could try going out to a job board and look for the jobs calling for a CFA charter, and look at the jobs calling for an MBA, and see which set of jobs sounds most intriguing for you.

One other point that I will mention is networking. CFA exams are done self-study, so you don't interact with other people taking the exam in a structured way. MBA grads tend to develop lifelong networking relationships and friends through their coursework. Given that every job I have ever had was the result of having a friend/contact/colleague tell my name to the hiring manager, I have a strong feeling about the importance of networking. That would be a point for MBA over CFA.

But then on the other hand, pursuing the CFA charter tends to be cheaper and more flexible. I found it easy to study in my spare time while keeping my job. There are part-time MBA programs, but still sometimes scheduling life plus coursework could be a challenge depending on what your other commitments look like.

If you decide to get an MBA, I would say the younger the better. It is easier without a spouse and kids (not impossible for a family man of course, just busier). That is true for the CFA exams too, but the self-study aspect would make it easier to work around family life if you waited until later in life.

Hope these pros & cons are helpful to you. Thank you for your service! Good luck, Rebecca

Mark Ryall ⋅ Greensboro, NC Hewlett Packard ⋅ 29 years experience

Hi Dayron, Greetings to a fellow New Jerseyite and thanks for serving our country!. After an undergrad in Financial Mgt and Economics, I had a desire and nature to become a CFA and/or broker. At the time, the economy was soft and I got an MBA from a top school for 3 reasons - 1. get more marketable relative to the others looking; 2. opening up broader options than a CFA as MBAs can be found working in a number of disciplines and 3. hope that the economy improved once I got my masters. All played through as expected. So now I use some of my MBA-related skills in the technology field and believe I made the right decision. Do what you believe is best for you. Someone said, when you're happy in your job (doing CFA or MBA related work), you're more successful too. Good luck. Mark

Micah Robinson ⋅ Coppell, TX U.S. Army National Guard, Sergeant ⋅ 8 years served

Dayron, I can't speak to the preference of companies as my experience is limited. However, I can say that if you plan on pursuing the CFA, start immediately. Taking the level I exam in June rather than December will award you with 6 months off before beginning to study for level II and I think this should be considered.

Paul Perricone ⋅ Hollis, NH Hewlett Packard ⋅ 25 years experience

Hi Dayron, First of all, thanks for a job well done. Our armed forces make us pround and we appreciate your personal commitment.
A CFP is certainly an asset if you are to seek a career in a financial services role which involves personal financial planning. In my mind the CFP to financial planning is the absolutely key credential.
With that said, in my opinion, an MBA is a more widely accepted assurance of a broad strategic thinker, capable of problem solving and decision making.
In terms of starting, I would first have a clear perception of what you want to do, eg what type of company, the industry, the functional area, etc; and this will help you to choose between CFP and MBA, and further if MBA, what will be your "concentration", as MBA does not use the term "major". Regards, Paul