As a CFA Charterholder, I'd like to make a couple of comments on the CFA designation. Also for your reference, I posted some similar comments a few months back as well.
https://gmatclub.com/forum/p422927#p422927The CFA is a highly
specialized designation. Unlike law, where passing the bar allows one to practice anything from personal injury to medical malpractice to environmental protection, the CFA is much more narrow in scope. In general, the CFA designation is respected (and understood) in the following forums.
Anything investment management related:
1) portfolio management
2) equity/fixed income/derivatives research and investing
3) hedge funds and fund of funds investing (pretty much regardless of strategy)
4) risk management (to a lesser extent)
5) treasury (to an even lesser extent)
Outside of this, not too much value (at least from a $$$ perspective). That includes i-banking, PE, and VC.
From an MBA admissions perspective, here's my take. Although I have not been accepted to a program as of yet, I am waitlisted at NYU and UCLA, and have interviewed with Columbia and USC (am waiting to hear back on the decision).
Depending on who you talk to on the admissions committee, or interview with, these folks are not necessarily all too familiar with the CFA. Trust me when I say this, this frustrates me to no end. In part, I believe this has to do with the marketing that the CFA Institute does, or lack thereof, in the b-school arena. Nevertheless, the situation is what it is.
A couple of brief stories:
*My friend interviews with adcom at Georgetown - she did not know what the CFA was AT ALL.
*I interviewed with adcom at USC - she knew that the CFA involved passing a couple of tests, but that's about it. In my opinion, that's as good as her knowing nothing about it. Each test requires ~250 hours+ of study time and 4-5 months of preparation. Probably even more time is needed for somebody with a non-traditional background, like yourself.
*Another friend just got back from interviewing at Yale. The 2nd year student came from a non-profit background and was going into marketing. He had no idea what the CFA was.
*The same friend met with the AD at Cornell. Essentially he didn't know what it was about.
I realize these are brief, isolated stories, but nevertheless, for somebody like myself that knows about the endless hours and dedication that one needs to pour into the CFA, ultimately it is not recognized to the extent that it perhaps should be at these top institutions. I think that the CFA is probably categorized with the CPA, CFP, CA or similar designations. Not to take anything away from those that have these aforementioned designations, but the CFA is a beast and is truly in a league of its own.
My recommendation - take a calculus course (and get an A or B in the class).1) It shows that you are a highly self-aware candidate.
2) I think some schools even "require" this as a pre-req for admission (e.g., UCLA)
3) You can potentially mention this aspect in your essays (perhaps the optional essay). "I am making a transition from career x to career y, I have started taking the appropriate steps, by 1) taking a calc course, 2) applying to b-school, etc..."
That being said, you'll also need to show yourself on the GMAT, in particular in the quant section. Scoring over 80% is a victory and will demonstrate that you will be able to "hang" with the quant aspects of the program.
Best of luck.