CFA Institute says that it has got highest growth in terms of number of candidates year on year from Indian subcontinent. So what may be the reason it has got such high response and CFA has become hot designation from India?
In India there are second highest number of universities in the world, but it is the largest democracy in the world with and very inefficient rigid education system. Education system in India is always 10 years behind the world. Very few institutes in India provide quality education, and those are not recognised world wide.
So it is truth even the best educated doctors need to pass examinations abroad to qualify as a practising doctor. For every field Indian students find that their education back at home is not sufficient to propel them in career of an MNCs.
Most of the multinationals when start their offices in India obviously they are looking something familiar and they find none. Many times a master's degree holder of computer science does not know how to start the computer, this makes these foreign recruiters shy away from Indian educated folks. So to boost their credentials and increase the probabilities of getting a chance abroad many people try and apply for international recognised certifications. This has made a huge business out of international certifications such as CCNA, MSCS etc. But in case of investment management India does not have a single degree which actually focuses on investment management domain. there is CA whose prodigies have got in to every branch of the finance though they are supposed to be only accounts and audit folks.
Excluding them CS and ICWA is no where related to CFA or investment management domain, these may have some subject covering a small part of finance and economics but nowhere they have larger focus on investment management.
this takes the students to the only avenue available in India which is MBA. Again the students has to come back to the traditional system of education system from professional courses. Here in India most of the politicians have used this to their advantage by opening an MBA collage at every corner and nook. This has degraded the quality of MBA course to new low. SO the only option remains with aspirants is to get some international certification which could propel them in the jobs market. When there are 100 candidates fighting for single job obviously international companies prefer those candidates who have cleared examinations about which they know of.
This brings us to the CFA examination which is considered as the golden standard in the investment management field. So it becomes but obvious that students would rush to receive this designation and enhance their resume. Now in India there is a system for ages where education family and retirement has been decided in to four time periods, so as students is expected to complete his education before starting a job and subsequently a family. As a student is expected to finish his education before any job experience most of the aspirants for the CFA exam are fresh graduates of MBAs seeking resume enhancement that would land them a job. Since they lack the experience and CFA does not grant charter until and unless experience criteria has met these students starts working in to any field where job is available and once they reach to required years of experience, either their interest in core investment management has died out or the experience is still not eligible for getting an CFA designation.
So I would definitely suggest to my friends who want to pursue the CFA just post graduation or along with it to go slow and get some relevant experience first hand.
In India there are second highest number of universities in the world, but it is the largest democracy in the world with and very inefficient rigid education system. Education system in India is always 10 years behind the world. Very few institutes in India provide quality education, and those are not recognised world wide.
So it is truth even the best educated doctors need to pass examinations abroad to qualify as a practising doctor. For every field Indian students find that their education back at home is not sufficient to propel them in career of an MNCs.
Most of the multinationals when start their offices in India obviously they are looking something familiar and they find none. Many times a master's degree holder of computer science does not know how to start the computer, this makes these foreign recruiters shy away from Indian educated folks. So to boost their credentials and increase the probabilities of getting a chance abroad many people try and apply for international recognised certifications. This has made a huge business out of international certifications such as CCNA, MSCS etc. But in case of investment management India does not have a single degree which actually focuses on investment management domain. there is CA whose prodigies have got in to every branch of the finance though they are supposed to be only accounts and audit folks.
Excluding them CS and ICWA is no where related to CFA or investment management domain, these may have some subject covering a small part of finance and economics but nowhere they have larger focus on investment management.
this takes the students to the only avenue available in India which is MBA. Again the students has to come back to the traditional system of education system from professional courses. Here in India most of the politicians have used this to their advantage by opening an MBA collage at every corner and nook. This has degraded the quality of MBA course to new low. SO the only option remains with aspirants is to get some international certification which could propel them in the jobs market. When there are 100 candidates fighting for single job obviously international companies prefer those candidates who have cleared examinations about which they know of.
This brings us to the CFA examination which is considered as the golden standard in the investment management field. So it becomes but obvious that students would rush to receive this designation and enhance their resume. Now in India there is a system for ages where education family and retirement has been decided in to four time periods, so as students is expected to complete his education before starting a job and subsequently a family. As a student is expected to finish his education before any job experience most of the aspirants for the CFA exam are fresh graduates of MBAs seeking resume enhancement that would land them a job. Since they lack the experience and CFA does not grant charter until and unless experience criteria has met these students starts working in to any field where job is available and once they reach to required years of experience, either their interest in core investment management has died out or the experience is still not eligible for getting an CFA designation.
So I would definitely suggest to my friends who want to pursue the CFA just post graduation or along with it to go slow and get some relevant experience first hand.
Sir/Ma'am
ReplyDeleteI am a final year undergraduate student of B.E. from Birla Institute of Technology, MESRA, Ranchi India with major in Computer Science.
I am preparing for CAT 2013 for admission into any of the top 3 IIMs. I have got a deep interest in Core finance and Investment Banking after my engineering projects in the subsequent field. I did consulted some of my senior colleagues who are pursuing their PGDM from IIM A and they told me to gain some work ex.(1-2 years) along with two levels of CFA. I want to enter into an IIM not just for a job but with a clear mindset and a lead against my would be peers in IIM along with some practical knowledge and skill set.
I would like to know your views and suggestions about my thinking and if CFA then how to proceed to pursue my interest.
Sincerely
Thank You
Swapnil
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