Will taking CFA exams help career switch to finance industry?

Q I AM in my mid-20s and working as an engineer in the electronics industry. I developed a keen interest in personal finance and investment analysis a few years ago, and would like to consider a career switch to the finance/investment industry.

As I come from a non-financial background, what steps must I take to enter this industry? Should I enrol in the chartered financial analyst (CFA) programme now and pass the three levels of exams first before applying?

I understand that even if I pass all three levels, I still have to gain the relevant experience before the charter can be awarded.

Would a charter-pending status boost my chances of landing a job? What else can I do to boost my chances further? Also, what traits are necessary to thrive in this career?

A CONGRATULATIONS, I am happy that you are proactively managing your career.

Enrolling in the CFA programme is a good way to go if you are serious about the finance/investment industry.

The qualification is well-recognised and confirms that the holder has undergone rigorous training to equip himself with the skills needed to tackle the industry's challenges.

I hasten to add that there are also many successful professionals who do not have a CFA title. For anyone looking to enter the industry, however, a CFA would make a difference, all other factors being equal.

If you have not already done so, do speak to professionals in the industry to find out more.

There are two routes you can take. One is to seek a job in the sector now and pursue the programme simultaneously. The other is to stay put in your current job and pursue a new post after completing the programme.

Analyse the merits and drawbacks of both approaches, and make a decision based on your personal situation, taking into account factors such as the time and financial resources available to you.

A charter-pending status will surely boost your chances. Other value- adds will include some practical experience in the industry and being well-read in it.

If you can, try to find a mentor, especially one who has some influence in hiring decisions or is well-connected with key industry players.

The traits needed for success in this industry are not much different than those for success in this world: working hard, self-confidence, continuous learning and upgrading, a strong emotional quotient, effective communication and leadership skills and so on.

Perhaps you can add a healthy appetite for risk-taking, relatively high energy levels and great health - it is generally well-known that this industry comes with a high burn-out rate, and usually takes a heavy toll on one's health. But this is to be expected as the financial rewards can be very attractive.

Though the investment costs for the CFA programme are lower than for a master's in business administration, the casualty rate has been high.