There was a time when qualification as a chartered financial analyst was much more of a door-opener to a new career, changing lives around the world.
Gary Brinson, who sold his asset management business to Swiss Bank Corp in 1995, was among those to hire almost exclusively from candidates who’d made it through “Wall Street’s toughest exams”. “If we hired someone who didn’t have a CFA, we made it mandatory that they complete the CFA process,” he says.
Mike Mayo, a renowned Wall Street analyst, was one of those who saw it as a golden ticket. “I had everything riding on it,” he said of a qualification he earned aged 27. “I was going to get a CFA and go to Wall Street. I had perfect grades and an MBA, and no one cared . . . my university didn’t open any doors,” he adds. With his CFA, he went on to work for major investment banks and become a top-rated US banks analyst.