Would being a CPA and having the CFA designation offset lack (i.e. 0) of extracurriculars and community service if all other factors (GPA, GMAT) are competitive? My target schools are Wharton and Chicago. Let me know if you need a more detailed profile. Thanks.
No, it's apples and oranges. Earning a CPA and CFA took time out from your extracurriculars, so to some extent they would *explain* a lack of community, but in no way would they compensate for that lack in the sense of cutting you slack. The point of community and extracurricular involvements is that they show (a) leadership (sometimes), (b) commitment to purposes larger than oneself, and/or (c) well-roundedness. Earning a CFA and CFA does not involve (a), (b), or (c).
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