What You Need to Know About Your CFA: with Anthony Munchak, CFA
If you are a CFA Charterholder, you already understand the immeasurable benefits of the certification. However, despite the fact that more than 167,000 charterholders exist worldwide, there are multiple benefits and ways to maximize your investment that you may not be aware of.
Anthony Munchak has been working in the finance industry since 1992, having earned a BS and MS degrees in Finance (Chartered Financial Analyst). As an industry professional, he believes that there are several key things that every CFA Charterholder should know about their certification. Anthony Munchak is here to cover everything from misconceptions to maximizing your investment.
It Is a Financial Investment
Becoming a CFA Charterholder is a great return on investment. Anthony Munchak explains that the cost of the CFA charter varies depending on the type of prep materials you get and how many exams you take, but it will cost you anywhere from $2,600 to $8,000. Considering the global recognition, in-depth understanding of finance, and endless networking opportunities, the certification is worth the price.
In hopes of understanding the ‘monetary value’ of a CFA, 300 Hours collected over 700 data points submitted by their readers. Overall, CFA candidates who passed Level 1 saw a 6% increase in pay, candidates who passed Level 2 saw a 23% increase, and candidates who passed Level 3 saw a 39% increase.
It Presents Far-Reaching Job Opportunities
Becoming a CFA Charterholder is one of the most recognized professional qualifications in the finance world, with charterholders in 164 countries worldwide. Anthony Munchak explains that this means that they also have the option of international career mobility. As the same qualifications are highly recognized in finance from Asia to Europe, they qualify for positions that other financial analysts might not. Unlike other industries, like health care or real estate, your investment in a CFA stands the test of time and borders.
Anthony Munchak stresses that becoming a CFA Charterholder does not guarantee you success. There is a common misconception that passing the CFA Exam is a golden ticket to the world of finance. However, Anthony Munchak explains that this is not necessarily true. He states that it is important to take every opportunity you can get to network with other CFA Charterholders. He recommends joining your local CFA society as a candidate member and to start attending networking events. This is one of the most underused and overlooked opportunities that can give you an edge on other candidates looking to break into finance.
You Will Always Be in High Demand
If you are a CFA Charterholder, you can also complete the MBA Program. If you are looking to move across industries or acquire additional business skills, an MBA might be a great way to do that. However, Anthony Munchak claims that the MBA program is much more expensive, has a high barrier for entry, and a low attrition rate.
Lastly, he explains that CFA Charterholders are always in high demand. The benefit of hiring someone with this accreditation is the breadth and depth of knowledge they have. Having acquired solid theoretical and practical knowledge in risk management, financial reporting and analysis, corporate finance, equity investment, economics, corporate governance and more, a senior-level CFA is an ideal candidate.