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›››Want to become an Investment Banker: CFA or Msc Finance?
Ask the EggheadsCareer and Mentorship

Want to become an Investment Banker: CFA or Msc Finance?

Editor
August 12, 2013
35

Good Day Jarus,

I have been an active follower of your posts on Nairaland forum, hence, I got to know that you launched a blog on career and mentorship. I commend you immensely for the good work you and your eggheads have been doing. God bless you all.

I am a 21 year old current student at the university, studying finance and expecting to graduate by June 2014, next year precisely, in one of the Australian universities (Dubai campus). I also had few internships with a consulting firm here in Dubai.
I want a career in investment banking and I need career advice as I really do not know what route to follow. Should I go through the CFA institute as I intend taking the first level by June 2014 or  go for a Master’s degree in Finance? Does this make sense without experience?
Lastly, I also intend taking up some ACCA exams in  December as I got some exemptions from ACCA, is it necessary to take ACCA?
Kindly relay this to the eggheads for advice.
Hoping to hear from you soon.
Fope
P.S:  I can be a very studious and serious person if I know what route and directions to follow. I am presently not the best nor the last in my class but with a defined route, I can succeed in all!!
**********************************
Dear Fope,
Thanks for your kind words.
There you have what my team have to say:
OLANIYI OGUNBAYO, ACA, ACCA, ACS, CFA, FRM
I will recommend you choose the CFA route and apply to investment banks the moment you are done with your first degree. Unlike the Master’s program, the CFA program affords you the opportunity to work while you are writing the exams. To me, gaining relevant on-the-job experience is more important than pursuing academic qualifications.Writing ACCA exams is also cool because accounting knowledge is very important in investment banking business and it broadens your career options in the future. But if there is conflict between ACCA and CFA, I will recommend you give priority to the latter because it will give you access into investment banking business quicker.And if in the future you are considering a second degree, I will recommend an MBA from a top school. MBA qualification is more favourably considered than Masters in Finance for investment banking jobs.
OBAFEMI BAMIDELE, Msc (Edinburgh), ACA, ACCA, ACS, CFA
Good to see young guys having plans for themselves. I think CFA will do for your ambition to become an Investment Banker. You should try get internship in financial advisory role in that consulting firm next time so that you can start towing that line properly. However, if you want a broad based qualification, which will not preclude you from being ‘qualified’ for investment banking anyway, you could opt for ACCA. And if you want to have the two, it doesn’t hurt more than little more efforts and exam fees (you claim in the latter part of your mail that you are more than capable).I don’t particularly support doing Master’s before gaining experience. You should get professional qualification before or while you are gaining work experience, then after some years decide to pursue maybe an MBA in a top school.
NAJEEM EWESESAN, MBA, ACA, ACCA
It is cheering to note that you are a studious, passionate and hardworking undergraduate student. To have a fullfilling career in investment banking, you need to arm yourself with a CFA designation. ACCA is very good but not necessary for an investment banker. I will also advise you familiarize yourself with relevant finance websites like investopedia.com etc
MUYIWA ADENIJI, ACA, ACS
Fope, thanks for providing all the information that would help in guiding you.  Since you aspire to become an investment banker, you’re already on the right path by studying finance for your first degree. The next step would be for you to enrol for CFA immediately after completing your course work. That is the foundation. In addition, I would advise you to take preference for investment banks (if available in Dubai or if you can afford other countries) when choosing where to intern.
Since B.Sc Finance is about Wealth Management, Corporate Finance and Risk Management, I would advise that you should enrol for an accounting certification with focus on pure accounting to avoid early specialisation and create options for yourself in future (ACCA might be a good one).
If you can afford it, please get a Master’s degree in Finance before you jump into the labour market.
THE JARUS VERDICT
Need I add more? Up there you have more than enough guide. All of my team okayed CFA as your best bet. Since it is hardly a full-time pursuit, it also affords you opportunity to write it while still working. Another thing about CFA is that, although it is highly demanding, you enjoy it more when you are working in a related role (e.g internship or full-time job in a finance/investment institution) as the terms become easily understandable. Yet I wont deceive you that CFA is a piece of cake, even if you’re the MD of an investment institution and know everything about Finance. Najeem suggested you get used to Finance terms by familiarizing yourself with investment websites. I agree. In addition, try to read financial newspapers, on- or offline. All these will help you.
Obafemi and Niyi, unlike Muyiwa, are of the opinion that don’t enrol for Masters immediately. Well, given your case, I’m somehow indifferent on this. You can choose either option. By the time you graduate next year, you will be 22, and if you enrol for Master’s immediately, you will be finishing at probably 24, plus one year compulsory NYSC (if you want to work in Nigeria), you will be hitting the labour market at 25, still under 26 years limit for most firms. If you enrol for CFA next year, and ACCA this December, you would have more time to study (than when working) and would probably have finished or close to finishing these exams when you hit the job market. You may as well decide to hit the labour market straight after your first degree next year, while doing CFA and/or ACCA, and defer your Master’s till after some time, having had work experience. The two routes appear ok by me.
In any case, I will advise you go ahead with the December ACCA. If you ace it, and the next June diet, you will be finishing university not only with Bsc Finance, but with ACCA also in the kitty.
Professional qualification plus first degree, rather than first degree only, aids job hunting in Nigeria and anywhere in the world. You can then  face CFA and decide on Master’s.
I also agree with Niyi and Femi that MBA, not Master’s in Finance, is the second degree  you need, since your first degree will be in Finance.
All the best, brother.
Jarus

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35 comments

  22. okutubo bisola 23 November, 2014 at 18:57 Reply

    Pls I need advice…I studied bsc accounting, am done with service and am currently doing acca but I love oil and gas sector, am considering going for an msc oil and gas management in coventry university which am not sure if it ideal for an accountant to be .I dont like bank jobs but I was also advice to go for msc finance instead dat it will help my career I am confused at this point …

  23. Austin 4 February, 2015 at 21:53 Reply

    Pls I Need your advice!jarus I credited the following subject Eng B2 maths B2 bio c4 chem c4 econs A1 govt c4 crs B2 agric c4 pls what course can I study with dis am confused pls! Reply also through my mail. Am waiting for reply

    • Jarus 3 March, 2015 at 13:45 Reply

      You result is good enough to apply for any course.

      What’s future career plan?

      On the surface, I will advise Chemical Engineering if you want to remain a science student, or economics, if crossing over.

  24. Adedayo 13 March, 2015 at 10:14 Reply

    Hi.. I am a 300levl Agric Econs Undergraduate at A Top Nigerian University. I hope to kick start a career in Investment Banking sooner than later..Please what is your advice in what u need to do?? Thanks

    • Jarus 7 April, 2015 at 15:25 Reply

      Search “investment banking” on this blog and you will see enough resources that will be helpful to you.

  25. Ayinde 18 March, 2015 at 01:18 Reply

    pls i want to know the difference being investment banker and a quant. As am currently in year 3 studying physic close to 30yrs with CGPA 2.75, how do i begin my career as a quant in Nigeria

  27. Temidayo Jejeloye 20 June, 2015 at 11:06 Reply

    Hello, I am a 29 years old practicing quantity surveyor with a national diploma certification which has limited my chances of getting a good job though I am some what good at it. I then put in for an economic degree course which I am undergoing presently, 400level. I have interest in finance and thinking of doing a diploma in investment and security management immediately after I graduate and then the CFA certification and then an MBA. I guess this is a good path. Please advice. Thank you

  28. objectif photo 20 December, 2015 at 18:46 Reply

    I feel this is among the most significant info for me.
    And i’m satisfied studying your article. But should commentary on few common issues, The website style is great, the articles is in reality nice
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  29. Seyi Akin 6 January, 2016 at 07:09 Reply

    Hi, I will like your advice on my next career move, I have worked in the banking industry for about 7 years doing commercial banking but currently in between jobs for almost a year, I want to go back to work and will like to work as an Investment banker, I have a 2:1 from reputable university and also an MBA. Kindly advice on the next step or crash courses I can take to ease my way back into the industry. Thank you

    • Editor 6 January, 2016 at 10:03 Reply

      Simple: Send your CVs to these investment banks. Get people that work there to help forward your CV as insider CV submissions carry more weight.

  30. jonathan yunan samos 5 July, 2016 at 23:03 Reply

    HI! my name is jonathan and i just graduated from mautech yolA with 3.48 in banking and finances as an undergraduate.I intend to further my career so i’m planning to go masters in petroleum and energy economics or finance and investment.Please,i need your advice on this. thank you as you help me

  31. ekwe Jonathan 23 July, 2017 at 19:49 Reply

    please I just checked my waec result and here are my grades.English c4 maths b3 civic b3 literature d7 agricultural science b3 biology b3 marketing b2 crs c4 government c6.and I want to study law.please am confused can I study law with it

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