A CFA candidate needs to pass three levels of complex examinations relating to accounting, economics, business, ethics, money management and security analysis. It costs around $2,200 to complete, which is not a lot of money, given the boost to the earning power the degree brings. According to eFinancialCareers, a website, the CFA designation is essential for a career in the asset management industry, where you will be required to make investment decisions on behalf of investment funds, like pension funds. However, if you want to go into investment banking or business, a CFA may not be necessary.
MBAs --- a collective name for graduates of MBA programs --- typically pursue careers in investment banking or management consulting. MBAs' salaries are typically high, ranging from $70,000 to more than $100,000 a year. However, people who enter MBA programs already typically have salaries in excess of $60,000, so the boost to earnings, while real, is not extraordinary, particularly if you consider the long hours an MBA needs to work for an investment bank or a management consulting firm. The costs of getting an MBA degree are high --- an MBA at a top business school can cost $100,000 to complete. In addition, the competition for admission into top business schools, such as Harvard or Stanford, is extremely fierce.
The idea to combine an MBA program with a CFA designation is not new. However, in 2006, the CFA Institute began a partnering program with 41 business schools worldwide to provide at least 70 percent of CFA coursework as part of the MBA curriculum. After getting their MBA degrees, students of these business schools, with little preparation, should be able to pass the CFA examinations.
There is no guaranteed way to become successful in finance or business. Many business leaders, such as Bill Gates, do not even have an advanced degree or designation. Still other people get into high finance and business after obtaining a Certified Public Accountant (CPA) qualification, another highly-regarded professional designation.