CMA vs CA

[bwling]

Originally posted by tenth

While the pass rate is pretty healthy and you are well prepared for it, I wouldn't use borderline easy to describe it. Not as bad as I thought it was going to be, but it's also a lot easier as a successful writer to look back and say these things. Best summer of my life, but there's a lot of people that disagree with that assessment.

The modules did a great job preparing me for the UFE. I wouldn't have said it at the time I was going through them, but looking back, they were definitely useful.

I experienced the opposite; studying for the UFE was the worst summer of my life because I kept failing the practice exams (I later found out that my study partner and I were marking ourselves too hard). It didn't help that the people studying next door to us boasted every day about how they maxed out the questions.

However, come marks day, my study partner and I passed, and the bozos next door didn't. I got some satisfaction out of that.

[gyu]

Hey 997TT, Tim Horton and bwling

What would you guys have studied instead if you knew you wouldn't like your job as an accountant? Could you be more specific about what it is you don't like about it?

I've been thinking of becoming a CMA so yeah

[Super_Geo]

Originally posted by gyu
Hey 997TT, Tim Horton and bwling

What would you guys have studied instead if you knew you wouldn't like your job as an accountant? Could you be more specific about what it is you don't like about it?

I've been thinking of becoming a CMA so yeah

Can't go wrong with engineering... literally no doors are closed career-path wise.

[M.alex]

This thread makes baby jesus cry, lol. Too much work!

Seriously, why waste that much time and effort for an accounting designation - go back to school and learn math (stats and actuarial science) then call yourself a financial engineer since you already have a financial background.

Working the hours you guys were describing I was at least making 7figures back then. Most of my contacts who are similar to me (i.e., a math+finance background) can easily pull (assuming average performance) mid-high 6 figures by upselling their skills to investment management firms.

I just can't see the value of slaving like a dog for 3yrs, making 40k + "experience", just to potentially make 100-200k after 10yrs.

Just like, for example, I've had friends who were option analysts at Enmax - they'd slave away 8am to midnight every day over their models and excel sheets making something like 90k .... if they moved into private finance they'd easily be making 5-10x without any doubts in my mind (especially since they were usually 10x smarter than me )


Summary:

finance by itself = fail
math by itself = fail
finance+math = W1N

[Superdooper]

Who cares about CFO's when you can become a CEO?

Percentage of S&P 500 CEO's degrees.



When adjusting for size of the pool of grads, those with an economics degree had a much greater likelihood of becoming a CEO than any other degree, including engineering.

Soooo.....economics > accounting....but what do I know

[Manhattan]

Originally posted by M.alex
Just like, for example, I've had friends who were option analysts at Enmax - they'd slave away 8am to midnight every day over their models and excel sheets making something like 90k .... if they moved into private finance they'd easily be making 5-10x without any doubts in my mind (especially since they were usually 10x smarter than me )

Which investment firms and with what kinda background?

[M.alex]

Originally posted by Manhattan


Which investment firms and with what kinda background?

"Smaller" (staffing, not capitalization/leverage) private ones. Not institutions like TD if that's what you're thinking.

Backgrounds are typically (but not always) stats or pure math.

There are obviously legal requirements that force certain designations (e.g., CFAs if you want to manage a mutual fund), but there are also equally just as many ways to get around those legal road blocks (e.g., in the above case, rent a CFA for legalities, and have a "shadow" "investment council" in place)

[The_Rural_Juror]

Lots of Kool-Aid being handed out at the Big 4 firms these days.

[LUCKYSTRIKE]

Originally posted by Xtrema
This cover my general sense of each designation.

http://www.iwanttobeaca.com/2009/04/...signation.html

If your goal is to make partner somewhere in an accounting firm, CA is a must.

If your goal is getting work, CMA will suffice.

No one seems to agree with that guy according to all the comments. Either its out of date or he doesn't have a clue what talking about.

[Xtrema]

Originally posted by LUCKYSTRIKE


No one seems to agree with that guy according to all the comments. Either its out of date or he doesn't have a clue what talking about.

I never read past the 1st few comments but I don't see the disagreements.

But it's expected since people from each designation have superiority complex over each other.

[max_boost]

Originally posted by M.alex


Working the hours you guys were describing I was at least making 7figures back then.

eh brah you making more in a month than most peeps make in a year. cool storay. you gotz any proove? jus sayin' not hatin'

[Mckenzie]

A CEO who doesn't have a grasp on the numbers side of the business is going to have a lot of issues speaking to investors, lenders and other stake-holders. It also makes it tougher to control costs and understand the proper capitalization of the entity, internal controls, cost sensitivity and budgeting parts of business. Any accounting designation will get you there really. Obviously great CEO leadership can be backed by a strong finance team, but the CEO does need to understand this stuff to have a true grasp on their company.

[M.alex]

Originally posted by max_boost
eh brah you making more in a month than most peeps make in a year. cool storay. you gotz any proove? jus sayin' not hatin'

You want me to post my tax returns for the last few years

Or maybe some shirtless pics

That was during my peak for aig, no it's substantially less....although I'm working on changing that

[max_boost]

Originally posted by M.alex


You want me to post my tax returns for the last few years

Or maybe some shirtless pics

That was during my peak for aig, no it's substantially less....although I'm working on changing that

bastardchild territory. nice.

[Myrrinda]

Who wouldn't rather be CFO? Just ask Tony Hayward. I bet he wished he could have switched positions with his CFO.

[997TT]

Originally posted by gyu
Hey 997TT, Tim Horton and bwling

What would you guys have studied instead if you knew you wouldn't like your job as an accountant? Could you be more specific about what it is you don't like about it?

I've been thinking of becoming a CMA so yeah

if your company is willing to pay for it, your heading down an accounting type career path in industry, i would get the CMA.

I'm not sure its helped me a ton in my career but it hasn't hurt. So besides wasting a couple years of your life your gonna get something that only has upside with little to no downside. ie you'll never get passed over for a job if you were a CMA vs just a B.Comm.

[Cos]

Originally posted by Myrrinda
The UFE is considered to be the hardest professional exam to write, but if you study really hard, (and .............

I have so much more respect for the CA's at my work now..... P.Eng's have to shut their mouth. Lol

[Mckenzie]

I think at the end of the day, knowing that you can find work in any country at any stage of your life in the accounting field is a nice thing, regardless of the arrangement of letters behind your name. Job security in this day is HUGE. With the number of financial professionals laid off around the world with MBAs and CFAs, having a technical skill is def much better than soft skills.

[KappaSigma]

I do not regret it one bit for going to CA route and getting my letters.

[DUBBED]

http://www.cica.ca/about-the-profession/lets-eng.html

interesting