MBA Admissions Myths Destroyed: The CFA is a Liability
What have you been told about applying to business school? With the advent of chat rooms, blogs, and forums, armchair “experts” often unintentionally propagate MBA admissions myths, which can linger and undermine an applicant’s confidence. Some applicants are led to believe that schools want a specific “type” of candidate and expect certain GMAT scores and GPAs, for example. Others are led to believe that they need to know alumni from their target schools and/or get a letter of reference from the CEO of their firm in order to get in. In this series, mbaMission debunks these and other myths and strives to take the anxiety out of the admissions process.
The Chartered Financial Analyst (CFA) designation—a grueling, three-year financial program that hundreds of thousands of people pursue each year—covers many of the subjects included in a “typical” first-year MBA curriculum. A CFA aspirant must study basic economics, accounting, finance, and quantitative analysis—areas that echo aspects of many first-year MBA core curricula. So, could working toward the CFA designation negatively affect an MBA applicant’s candidacy by suggesting that he/she already has the tools an MBA education would provide and that additional studies would therefore be superfluous? Definitely not!
In fact, pursuing the CFA designation reflects positively on the applicant in that the effort emphasizes his/her ability to manage a rigorous MBA curriculum and establishes the candidate as a self-starter and a disciplined individual, given that CFA preparation is intense and requires several months of sustained study for each level. Furthermore, from an admissions perspective, admissions officers want to know that they are admitting individuals who are employable; the CFA charter holder has an advantage in the post-MBA recruiting world, because employers can point to the designation as a differentiator among otherwise indistinguishable applicants.
The CFA can also be a useful marketing tool for candidates to help them during the admissions process. Because the CFA narrowly focuses on financial tools, it does not cover a myriad of other subjects the MBA does address and that are useful to financial professionals, including marketing, operations, international business, human resource management, and entrepreneurship. The CFA is an independent and largely quantitative program and thus cannot provide the elements that the MBA offers through discussion, debate, and measuring qualitative information in decision making.
Together, the CFA designation and the MBA degree constitute a powerful one-two punch that can be advantageous in landing that coveted post-MBA position. ?
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