What are your thoughts and experiences w/Financial certs/degrees? (CFA/CFP/MBA/CPA)

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DaWhim

Lifer
Feb 3, 2003
12,985
1
81
Originally posted by: b0mbrman
Originally posted by: cchen
Originally posted by: BoldAsLove
So I want to major in finance....wheres the best place to go for undergrad?(i have pretty good grades and extracurriculars).

Originally posted by: LegendKiller

Econ?

Econ != Finance

Well, it's probably closer to finance than business...

finance is just a subfield of economics.
 

Dr. Detroit

Diamond Member
Sep 25, 2004
8,206
674
126
I'm just saying:

If you get your CPA and become a partner in a large firm your income level will be $250K - $1.5M/yr. All depends on how much work you sell.

CPA's serve no purpose other than to sign off on a set of financial statements. Nothing else. There is no requiremnt to have your CPA other than that.

It is nice to have a set of initials next ot your name and you might get 5-10% higher pay in a job if you have a CPA, but in reality it's nothing special.

Lot's of CPAs, very few are public accountnats using their credentials to sign off on financial statements.

<------ I worked in a Big 4 CPA firm for 5yrs. 2500+hr work years got me a helluva resume. Currently at a Top 100 firm as a manager, and I'm doing very well. In speaking to recruiters the Big 4 experience is worth more than the CPA.

Starting salary with an accounting degree is $38K in low wage states and $55K in higher cost of living areas. 25% turnover in public accounting firms is the norm as people burn out fast. Why I say the experience builds your resume, not the letters C-P-A.


 

b0mbrman

Lifer
Jun 1, 2001
29,471
1
81
Originally posted by: DaWhim
Originally posted by: b0mbrman
Originally posted by: cchen
Originally posted by: BoldAsLove
So I want to major in finance....wheres the best place to go for undergrad?(i have pretty good grades and extracurriculars).

Originally posted by: LegendKiller

Econ?

Econ != Finance

Well, it's probably closer to finance than business...

finance is just a subfield of economics.

I don't know about that one...

You might even be able to go as far as saying that economics is a subfield of economics...well, not really...

But to understand finance, you have to know taxes, laws, accounting, stat, econ...

To understand economics, you don't necessarily have to know finance.
 

DaWhim

Lifer
Feb 3, 2003
12,985
1
81
Originally posted by: b0mbrman
Originally posted by: DaWhim

finance is just a subfield of economics.

I don't know about that one...

You might even be able to go as far as saying that economics is a subfield of economics...well, not really...

But to understand finance, you have to know taxes, laws, accounting, stat, econ...

To understand economics, you don't necessarily have to know finance.

economics is a study of the ways people deal with scarcity.
finance is a study of the way people deal with scarcity in capital market.

guess who developed those finance theories? financial econmist.
 

iversonyin

Diamond Member
Aug 12, 2004
3,303
0
76
Originally posted by: b0mbrman
Originally posted by: DaWhim
Originally posted by: b0mbrman
Originally posted by: cchen
Originally posted by: BoldAsLove
So I want to major in finance....wheres the best place to go for undergrad?(i have pretty good grades and extracurriculars).

Originally posted by: LegendKiller

Econ?

Econ != Finance

Well, it's probably closer to finance than business...

finance is just a subfield of economics.

I don't know about that one...

You might even be able to go as far as saying that economics is a subfield of economics...well, not really...

But to understand finance, you have to know taxes, laws, accounting, stat, econ...

To understand economics, you don't necessarily have to know finance.

He's right, finance came out of economics. In the 80s, there was no such thing as finance major.

 

Heddis

Member
Sep 15, 2001
97
0
0
I'm about to finish a Bachelor's degree in Culinary Arts and Service Management(I wish I could go back in time and rethink that decision) and I've been thinking about going on to get an MBA. As much as I love being a cook I realized that I'm much more interested in business and finance. Also, working 70-80hrs a week for $25k a year in bad working conditions without much potential for growth just doesn't really do it for me anymore.

However, I don't know what I ultimately want to do and I can't justify getting an MBA unless I figure it out. What I do know is that if I do I'm not going to work while going to school, I worked full time the entire time while getting my bachelor's degree and feel that both school and work suffered as well as my social life.
 

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Originally posted by: Heddis
I'm about to finish a Bachelor's degree in Culinary Arts and Service Management(I wish I could go back in time and rethink that decision) and I've been thinking about going on to get an MBA. As much as I love being a cook I realized that I'm much more interested in business and finance. Also, working 70-80hrs a week for $25k a year in bad working conditions without much potential for growth just doesn't really do it for me anymore.

However, I don't know what I ultimately want to do and I can't justify getting an MBA unless I figure it out. What I do know is that if I do I'm not going to work while going to school, I worked full time the entire time while getting my bachelor's degree and feel that both school and work suffered as well as my social life.

Personally, I graduated with an undergrad in Psychology, minor in history. I knew that was more or less not for me, so I decided to get my MBA. While it wasn't from a top10 school, I learned a lot and found that I not only had a knack for Finance, but also a deep passion to learn that subject. I got a's in every finance course I took.

I knew that I didn't want to do corp finance, so I looked for something in the capital markets/investments area. Eventually I got into securitization and am still aiming to get to the street, or at least a more quantitative/capital markets intensive job than I have now.

What interests you? Financial instruments? Finding funding for companies? Financial planning and analysis for corporate functions?

I stumbled upon finance and love it. Perhaps you just need to explore a little, get a few books and see what interests you. I personally can't stand regular corp finance but I love being "in the game", as far as being close to the street.

Finance is a broad area, full of many forks in the road. You can sit back and relax in a corp finance position and work 9-5, or you can aim for a street job working 14hr days.