CFA L3 or Not, for MBA Chances

Question

Hi,

I'd like to apply for bschool this fall. I work in investment management, and have passed two levels of CFA a year ago. I've postponed studying for L3 due to work load. 3.9 GPA. 730 gmat.

Do you think completing the CFA would meaningfully improve my chances given my profile, or should I just wait and complete it after I have more time during my MBA program? I have a time consuming job, and would ideally prefer to focus on work instead of studying. This, of course depends on how important the perception of the completed charter would have on MBA admission.

thank you in advance.

ManhattanReview · Answer

At this stage of the game, you should focus on getting your applications done and in (and making sure that they are of the quality that reflects your academic and professional credentials) rather than study for the CFA exam. Based on what you present, your grades, GMAT scores and work already reflect a pretty accomplished and intelligent candidate so the actual certification will not make much of a difference. Also, admissions will assume that since you already passed two exams that it is your intention to pass the third test in the near future.

Good luck in this process. I would encourage you to set your sights high and work very hard to achieve them as you have a wonderful foundation to work from.

Kimberly Plaga
Senior Admissions Consultant
Manhattan Review

Call for a free candidacy assessment.

Good luck in this process. I would encourage you to set your sights high and work very hard to achieve them as you have a wonderful foundation to work from.

Kimberly Plaga
Senior Admissions Consultant
Manhattan Review

Call for a free candidacy assessment.

tac007 · Answer

Dear L3 Candidate,

I agree with Kimberly. Having gone through the process myself, I am shocked how little value the CFA is given for business school. Congratulations on passing L2. You should put all your efforts into getting into a top 10 school: this will require you to deliver the best essays of your life and perhaps re-take a gmat, if you think you can improve. No offense 730 is a great score - just not that impressive. Your odds are good given your high GPA. I would also recommend to focus your time on your extra-curricular activities.

BTW, I got into Columbia and was waitlisted at Wharton.

Best,

CFA Charterholder

TheEntrepreneur · Answer

Wouldn't starting on extracurricular seem a little late for me if I'm applying this fall?

How's your job experience before applying tac?

I probably won't retake gmat as I have no time outside of work to do much of anything.

tac007 · Answer

The truth is that in my experience, most schools don't mind that you "all of a sudden" are part of a non-profit and involved in the community. Perhaps it shows that at least you cared. As far as my job experience, I am the CFO of international education company and we just completed a deal with a top PE firm. I have been working for about 5 years.

The point is that getting into a top MBA is hard and a bit of a game. I am shocked at what schools believe is important and how they weigh who gets in and who does not. It's a game. It's brutal. Frankly asset management is something MBAs are not particularly keen on; however they love general management. They adore consultants, fortune 500 employees and GS. Your GPA will help you. I believe it will all come down to your essays.

Research which programs are the best fit for you and apply to all of those schools. This might take up to 3 or 4 months. Then once you get accepted you can study for L3 before you get into business school.

Best of luck,

Tac

kingfalcon · Answer

I don't think you need to worry about it. I do, however, disagree with the suggestion that you retake the GMAT. With a 3.9, CFA L2 under your belt, and a 730 (with a Q49), you clearly are a smart guy and are above the median at every top school. I don't see how taking the GMAT could possibly benefit you unless you are looking to snag a scholarship from a lower school that may want to "buy" great candidates to boost its spot in various rankings.

Dbalks · Answer

Congrats on passing the first 2 levels, that is no small feat as you know. Odds are if you havent started prepping for Level 3 yet, it will be a long 4 months to prep where you spend every waking moment breathing and being haunted by the material (at least it was for me).

Getting in to a top 10 school is diffucult to say the least. The best I could do was the waitlist at MIT and I have the CFA charter, 750 GMAT, and average GPA. And I crafted the crap out of my essays. They were perfect. Your time is really better spent picking up an extra curricular if you have none. Feb 6 to Oct when you submit is about 9 months of good time spent volunteering or leading an intramural team or rediscover your passion for stamp collecting.

CFA charter hasnt done crap for me yet. No offense to it, its great if you are in asset mgmt (so Im told), just not great if you arent. One day I dream to get there..

- CFA Charterholder

tac007 · Answer

CFA Charterholder, I hope you get into MIT. Good luck!

L3,

The reason I suggest for you to take the GMAT again is for you to stand out. A 730 does not, especially if you are from an overrepresented category, in which case the GMAT is actually lower. I believe that you can improve your verbal by 3 points without much problem. This will give you a 760. Let me put it this way passing L3 is harder than improving 3 points in verbal. With a 760 (49q and 44v) - I think your chances into a top MBA will improve.

I want to illustrate how difficult getting into a top 10 MBA, so that you later don't look back and say... I could have gotten a 760 and that would have helped. You have time. At the same time, if you don't want to do the GMAT, I suggest you network with alumni of the schools you want to go to, visit the schools, and go the info sessions and make contact with the admissions people and express your sincere interest in attending that school, in tandem with some non-profit volunteer work.

Tac, CFA

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