Final Episode! - Bryan Dawley - MBA vs. CFA

TheBREWCAST

Yes, BREWCAST listeners, you read correctly - this is the last episode in this season. Don't worry, I'll do a wrap up next week to let you know what's coming next. With all this discussion about MBAs, it’s time to talk about another option when it comes to educating yourself – the Chartered Financial Analyst (CFA) program. I’d like to welcome Bryan Dawley to the show to share his knowledge about the CFA! Bryan recently completed the program, and I was keen to chat to him about how he made the decision to take his CFA, how he worked through the massive amount of content, and some of the tactics he used to get through the program successfully. Bryan is a P.Eng with a bachelors degree in Mechanical Engineering. And yes, like the other engineers I have had on the show, he tracked the hours he put into the program via spreadsheet…surprise! We talk a lot about the differences and similarities between the two programs. A few highlights from the show: • How the CFA is 100% self-directed whereas the MBA is very group focused - the time commitments are structured differently, and we discuss how this changes the dynamic of the program • The considerations in terms the time and energy sacrifice required to complete an MBA or a CFA are quite similar. On the contrary, we also talk about how the delivery of the programs are very different • We talk about the difference in cost between the two programs and how it serves as a major differentiator • Tactics Bryan used for motivation and discipline to get through the program • How completing either a CFA or MBA improves your performance at work I have a new appreciation for the CFA Program, and I think it is a great alternative to an MBA. It could also compliment an MBA if you are just a little bit crazy - you know who you are! There is one last comparison that I think is worth noting between the two programs. And that is the pass rate. I realize we aren’t comparing apples to apples here, and certainly the barriers to entry for starting the programs are miles apart, primarily due to the cost. It’s hard to not be fully committed to an MBA with the price tag, whereas with the CFA, there may be many that are just testing it out. Here are the pass rates for the CFA: • Level 1: ~45% of candidates that sit for the exam pass • Level 2: ~45% of candidates that sit for the exam pass • Level 3: ~55% of candidates that sit for the exam pass Congratulations to Bryan for finishing his CFA (all three levels) successfully, and a big thanks to him for being on the show. If you have more questions about CFA’s, send me a note and I will put you in touch with Bryan.