Best Answer: 1. You do NOT need to have a specific major from a school to earn the charter, but you do need a Bachelors degree. Obviously the more business related dgrees are better preparation, but that isn't a deal breaker. The exams are actually more conceptual than people realize. I'd say only about a third of the questions on Level 1 require calculations.
2. If you are not interested in working in corporate finance, then don't bother with the CFA program. The major investment houses are very interested, as well as banks and financial planning firms. The firms that want it are relatively few and far between, but the firms that want it want it REALLY bad and will pay accordingly.
3. Not too different from an accountant holding a CPA. There is no other designation that comes close in the world of investments - including the CPA. Go to a job search site in a major city and search CFA. You will find many companies will
say 'MBA or CFA preferred' in the investment professions. You will also find many of those positions to be senior level positions that tend to pay well.
4. Not much relation at all. CFA tends to be more of an analyst designation - someone who uses financial data to ake decisions. Actuaries tend to be the people who create the financial data. For example, the actuary would be the person who uses various assumptions to compute pension liabilities for a company. The CFA would know those assumptions and how they affect the company's performance. The CFA would then say we can afford to make changes X,Y, and Z to maximize the ROE for the company.
PS - No one ever has been or ever will be famous for the stocks they pick with the exception of Warren Buffett (not a CFA). Many people are wealthy due to being CFA charterholder, but no one is famous for it.
Source(s): Level 2 CFA candidate
romarti · 8 years ago