CFA's versus Chartered Account with Tax exams.

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Hi, I completed my leaving cert in 2014 achieving maximum points and have taken the year out to intern in an accountancy firm before I commence my studies in either economics and finance or business and law. I would really appreciate if someone in the industry could advise me as to the reputations held by both CFA's and the chartered accountant/tax institute exams. I have had exposure to both tax and corporate finance during my internship and have thoroughly enjoyed both aspects despite their differing content.

Which qualification would allow for the greatest possibility of a high-earning/powerful job in the future that will also require the use of your brain. I don't really intend in working in an industry where I earn a lot of money but have to sacrifice the presence of a challenge.

Any comments would be greatly appreciated.

Thank you.

Marcusm

I was in a somewhat similar position 25 years ago (age 17) and ended up training as a CA in the tax dept of (what was then) a Big 6 firm followed by transferring to London where I was promoted rapidly followed by bailing out just before partnership to join an investment bank specialised in structured finance (involving a significant tax component). That went well and it's fair to say that I was paid very well and had an extremely challenging and exciting job - I would have been doing maybe 40 long haul flights a year split between Americas and Asia. For the last 5 years I have bummed around (out of choice) enjoying the fruits of my prior labours.

It's a very niche field where expertise is valued. Corporate finance is a much broader field with a greater range of higher paid positions. However, a direct non degree holding entrant will find it hard to progress as rapidly. Senior positions will have a greater focus is n relationship skills and inherent confidence in a advisor. Old boy networks and alumni positions will have an impact there and there are greater opportunities to start gathering those at university. I have always seen CFA as a much more narrowly based programme, a truly bright person exposed to the broader range of the ACA programme will acquire more knowledge and skills which will be of assistance in dealing with clients.

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Marcusm wrote: »

I was in a somewhat similar position 25 years ago (age 17) and ended up training as a CA in the tax dept of (what was then) a Big 6 firm followed by transferring to London where I was promoted rapidly followed by bailing out just before partnership to join an investment bank specialised in structured finance (involving a significant tax component). That went well and it's fair to say that I was paid very well and had an extremely challenging and exciting job - I would have been doing maybe 40 long haul flights a year split between Americas and Asia. For the last 5 years I have bummed around (out of choice) enjoying the fruits of my prior labours.

It's a very niche field where expertise is valued. Corporate finance is a much broader field with a greater range of higher paid positions. However, a direct non degree holding entrant will find it hard to progress as rapidly. Senior positions will have a greater focus is n relationship skills and inherent confidence in a advisor. Old boy networks and alumni positions will have an impact there and there are greater opportunities to start gathering those at university. I have always seen CFA as a much more narrowly based programme, a truly bright person exposed to the broader range of the ACA programme will acquire more knowledge and skills which will be of assistance in dealing with clients.

Thanks for that. A very good insight into a world that I hope to one day be a part of. Can I ask if there is anything you would have done maybe slightly differently along the way or is there any specific advice you would give someone starting out? Thanks again.

Marcusm

I couldn't count the number of things I would have done differently but then I would have ended up in a different place - might have been better, might have been worse. You can only make your own decisions and decisiion making capability has to be the primary skill!

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Marcusm wrote: »

I couldn't count the number of things I would have done differently but then I would have ended up in a different place - might have been better, might have been worse. You can only make your own decisions and decisiion making capability has to be the primary skill!

Thanks again. I'm looking forward to it!