CFA v. CBV

So I hate myself....as I have completed both designations.…so glad it’s over (so many hours studying. So you find yourself wondering between the two or just want a little more insight... well I will try and help. 

I found over the course of obtaining both designations and questioning my existence and …  I did learn a few things along the way. I will try and scope out the differences between the exams, what you can do for a job afterwards and why do both?

Difficulty: I have scored the CFA harder for a number of reasons. 1. I worked in Valuations at an accounting firm for almost 4 years. Through my work experience, the CBV exams were relatively easy compared to the CFA. If you try to complete the CBV without any work experience, good luck. I don’t think you will be very happy with the end result.

Study hours: I spent 300 to up to 500 hours studying for each CFA exam (level 3 being the most). For the CBV exams I studied anywhere from 40 to 100 hours for each. Think I spent maybe 75 on the MqE exam (final exam.

Number of exams: For the CBV, if you pass your level 3 CFA exam you will only have to do 4 required courses before you complete the MqE, otherwise there are 6 courses (with exams) and a final (all in 7!).

Cost: CFA (as long as you get through each exam on a first try) is relatively inexpensive compared to the CBV. I believe the running total was around $12,000 for the CBV. Cost for the CFA Charter was approximately $3,000. 

What can I do afterwards:

One thing I will make very clear…..obtaining your CFA Charter or CBV or both will not get you into investment banking or any other role. Experience is key!

Why both?

The CFA is more broad and recognized. The CBV gives you greater understanding of valuing a company. Based on my experience, the CBV is actually better in Canada.