Three graduates share their experiences
MARK TAPLEY
An investment veteran recalls his CFA journey
I FINISHED my MBA at the London Business School in 1974 and joined JP Morgan in New York. As a trainee, one of the first things the firm did was to slap a CFA application form on my desk. There was, of course, overlap between my MBA and the CFA programme, but the main difference was the CFA programme’s emphasis on strong fundamental analysis.
After completing such a generalist course (covering economics, accountancy as well as fundamental analysis) when someone from a specialist silo – an economist or an accountant, for example – walks into a room, it gives you enormous confidence because you’ve enough background to follow what they’re saying and are able to challenge them.
I’ve stayed very closely involved with the CFA Institute. I’ve held some very tough jobs, particularly as global chief investment officer for a German bank, but I was always interested in putting something back into the profession.
And it’s striking, looking back to when I qualified, that I understood a body of knowledge as it was in those times. But that body of knowledge doesn’t stand still. The implication is that you may well have the CFA charter, but don’t think your studying is over. You aren’t finished yet.
Mark Tapley spent 26 years in the investment management industry. During his career, he worked for JP Morgan, American Express Asset Management, and for the New York Life Insurance Company. He was latterly group chief investment officer at West LB Asset Management. He is now executive director at the BNP Paribas Hedge Fund Centre at the London Business School.
DANIEL YATES
A younger CFA explains why it helps his career
I STARTED the CFA exams in 2008, having graduated and joined West LB’s graduate scheme in 2007. I wasn’t forced to take the exams for the CFA charter, it was something I wanted to do. I wanted to become a more rounded investment professional.
The CFA programme covers such a wide range of areas, it changes the way you think about the markets and how you approach problems. It gives you an holistic understanding of investing. You can go into a meeting with colleagues, try to solve a problem, and you have an understanding of not just your job, but a wide range of knowledge to draw upon.
I’ve completed all three levels and the CFA charter has helped me to stand out among my peers. After completion, you have a different mentality, a different approach, which both employers and colleagues find attractive, and which has indirectly benefited my career and its progression. Similarly, when I travel abroad to see clients, there’s an inherent respect for the fact I’ve completed the charter. It’s quite unique as a globally-recognised investment qualification.
I’m still involved with the CFA Institute and I sit on the membership committee for the CFA Society of the UK. The social and networking aspects are very valuable, and the CFA Institute holds some fantastic conferences, lectures and seminars. I continue to increase my knowledge and develop as an investment professional.
Daniel Yates is associate director, emerging markets trading, at West LB.
TOM FORREST
A recruiter says that the CFA is valued by firms
RECRUITERS and employers see the CFA charter as a stamp of quality, a hallmark of excellence. It’s a sign of intellectual rigour, and a sign that the charterholder is very much dedicated to his or her career. Anyone who has completed the CFA programme has gone out of their way to develop themselves, their body of knowledge, and their career.
And the kinds of professionals who are charterholders is changing. In the past, it was mostly relevant for front-office roles and analysts, but it’s more and more useful for those in relationship roles, sales roles, and positions in the middle office.
After the credit crunch, the ethical aspect has become so much more important. Clients want credibility, and employers want to hire people who have a good understanding of the risks and regulations. They want employees who care about investment and understand how important professionalism and ethics are.
A CFA charter doesn’t open doors on its own – it won’t magic anyone into a front office role. It has more value when combined with experience. But it’s really important for anyone who is looking to distinguish themselves in the market. As all firms in the City want the very best candidates to work for them, being a CFA charterholder is an indicator that you’re particularly trying to set yourself apart.
Tom Forrest is director of financial services at Ranstad Financial and Professional.