Does a CFA help in learning personal finance

admin August 16, 2023
Updated 2023/08/16 at 2:34 PM
learning personal finance

If you have ever wondered if getting a CFA helps in learning personal finance, this article is for you. Navigating your personal finances is often a confusing topic. This is why only 56% of Americans state that they could give themselves an A or B when discussing financial literacy.

Does A CFA help in learning personal finance?

The short answer is it depends. A CFA can deepen your knowledge in finance. It can help you analyze your cash flow, financial position, income statement, and portfolio management. If your main focus is personal finance, then you are better off using personal finance blogs and books.

Again, if you desire to attain the CFA designation because you wish to become a personal finance manager for your clients, particularly in issues like wills and trusts, a CFP would be more beneficial. CFB is a formal designation that offers expertise in areas such as estate planning, retirement, insurance, taxes, and financial planning.

When do you need a CFA?

A CFA is a great course and certification if you advance your finance career. CFA designation is often used by top global investment banks, asset managers, and accounting firms as a quality indicator when making a new hire.  

So you may choose to get a CFA designation if you were in these roles:

  • Private bankers
  • Fund of fund managers
  • Financial advisers
  • Relationship managers
  • Portfolio managers
  • Risk managers
  • Financial strategists
  • Buy-side and sell-side research analysts

Other roles that may benefit from the CFA designation, although not as much, includes:

  • Investment banking analysts & associates
  • Financial service consultants
  • Corporate financial analysts 

Nevertheless, you should never make the mistake of believing that adding the CFA designation to your CV is the magic trick to getting a job. It would help if you focused instead on building your network, getting good internships and work experiences, and ultimately solving problems for your clients to get your first job in finance. 

The best path to learning personal finance 

If you are ready to start learning personal finance for yourself, there are four main ways to do so:

  • Libraries, bookstores, and online sites to find books on diverse financial topics
  • You can also use free online courses provided by Universities on various financial topics
  • Subscribing to personal finance blogs like Financialslot, alongside publications like The Wall Street Journal or Barron’s.


Final thoughts

You don’t need a CFA if you are all about learning personal finance. But you may still need the services of a finance professional if you need help navigating debt management, asset management, retirement planning, and estate management. They can provide insights specific to your life’s troubles to help you become better at managing your finances.


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