Here are some of my opinions on this subject:
1. What are the Pros/Cons of CFA compared with MBA? (I suppose CFA is a lot cheaper?) Does CFA have any significant advantage over other types of qualifications?
CFA Pros: 1) the program has low opportunity costs and is basically cheap overall, especially if your employer foots part of the bill; 2) the sharp focus on investment management and research is a pro for people who want to study only those subjects; 3) the designation is internationally recognized.
CFA Cons: 1) the sharp focus on financial analysis could be too limiting for those with broader interests (e.g., marketing); 2) the exams are held only once a year—a huge problem if you happen to be sick, traveling or facing a family emergency at the time; 3) arguably less cachet and connections compared with top MBA programs; 4) no abundance of cute co-eds.
2. What is it like? I understand it is correspondence-school type part-time course.. Am I correct?
You are correct. That said, some participants form study groups or enroll in study courses, which give the program a more “back-to-school” feeling.
3. Is there any hidden costs behind CFA test apart from enrolment fees & Textbooks?
The most likely extra cost will be for test-preparation materials or courses. They represent a huge cottage industry for some finance professors.
4. Can non-business degree people like myself make it? (Well, nothing is impossible though..?)
Absolutely. Your quantitative background and exposure to accounting and risk management will put you ahead of many participants.
5. If then, what would be typical workload? How demanding is it?
I believe AIMR has a FAQ on this subject. You will likely sacrifice significant portions of many weekends and some time during the week. There’s no real point in doing this program halfway. If you don’t pass the exam, you don’t move on to the next level. It’s not like university, where you can always make up a particular course at a later date but otherwise still keep up with your class.
6. What is the best way to study?
Depends on you. But passing the CFA exam is not just about mastering the subject matter. It’s about learning how to approach the exam and understanding how it’s going to be scored. This is where some of the preparation courses really earn their money.
7. What kind of career options can I expect with my work experience once I have passed the Level III test? Is it realistic to find a job in corporate finances sector until I get the full CFA?
One advantage of the CFA program is that you can start pursuing your new career goals before you finish the program. In fact, some employers specifically look to hire CFA candidates after they pass the first or second levels. (I guess if the charter has value then why not hire people before they get the charter...) I know people who have used the charter as part of their plan to transition to new/better careers—e.g., associate to sell-side analyst; analyst to portfolio manager, etc.
Hopefully, some banker type will comment more specifically about opportunities in corporate finance.
Lastly, you’re still young enough where an MBA can pay off. And there’s no reason why you can’t do both programs. In fact, passing the CFA exams or actually obtaining the charter could help your application to B-school.
