When I started studying for CFA Level I in 2017, I wanted more than another credential on my résumé. I wanted to expand my understanding of finance and markets and become more competitive professionally. Looking back, earning the CFA charter was worth it for me. It substantially increased my financial knowledge, helped me become more confident and effective at work, and strengthened my competitiveness across a broader range of opportunities.
Completing the CFA Program also taught me something that I think is easy to overlook when deciding whether the credential is worth pursuing. Broad financial knowledge and specialized professional experience are not the same thing. The program can help you understand a wide range of financial concepts, but employers may still place more weight on whether you have spent years applying that knowledge in the specific area they are hiring for.
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What I Expected From the CFA Program
When I decided to start studying for the CFA Program, I expected it to give me a broader understanding of finance than I was likely to develop through any single job. I also hoped that earning a widely recognized credential would strengthen my professional profile, make me more competitive for a wider range of opportunities, and contribute to better compensation over time.
I earned the CFA charter in October 2019 and later completed the CAIA and FRM programs as my interests expanded into other areas of finance.
I wrote much more about why I pursued each credential and how I prepared for the exams in How I Passed the CFA, FRM, and CAIA Exams on My First Attempt. Also, if you are deciding between the CFA and FRM programs, I compare my experience with both in CFA vs. FRM: Which Exam Is Harder?
How the CFA Program Improved My Financial Knowledge
As I progressed through the CFA Program, I gradually became more confident in conversations at work. The knowledge accumulated over time, and I developed a better sense of how different financial concepts fit together. Even when a discussion extended beyond my immediate responsibilities, I was more likely to understand what people were talking about and how the subject connected with other areas of finance.
When I did not fully follow something, I often had a framework for where to look. I could go back to the CFA curriculum, review the relevant topic, and build a better understanding of what was being discussed. Over time, that made me more effective at work because I was better able to follow unfamiliar topics, ask more informed questions, and contribute to conversations outside my immediate area of expertise. That was a more meaningful career benefit to me than simply adding three letters to my résumé.
How Much of the CFA Curriculum Did I Actually Use?
Not everything I studied in the CFA Program was ultimately applied in a professional context. Some parts of the curriculum aligned closely with what I did, while others rarely came up at all. I do not necessarily see that as a weakness of the program. Part of the CFA Program’s value is that it exposes you to a much wider range of finance topics than you are likely to encounter in any single position. In my case, having that broader foundation helped me see the connections between areas I worked in over time, including risk, credit, capital markets, and economic research.
Someone in a different role could have a very different experience. A professional in a more accounting-focused role, for example, might regularly use material that rarely came up in my work, while someone in portfolio management or derivatives could use other parts of the curriculum more often. For me, the career benefit was having a broader base of financial knowledge that I could draw on as I moved across different roles and responsibilities.
Why the CFA Charter Does Not Replace Professional Experience
While earning the CFA charter can improve your financial knowledge and marketability, it does not replace having direct experience in the specific field an employer is hiring for. That became clearer to me as I explored the job market after earning the charter. There were positions where I felt I had enough financial knowledge to understand the work and potentially be successful, but I did not have the exact professional experience the employer was requesting. It is difficult to know exactly why you are not selected for any particular position, so I cannot say that a lack of specialized experience was always the reason. My impression over time, though, has been that direct experience becomes increasingly important as jobs become more specialized and senior.
Understanding private equity is different from having spent years investing in private equity. Learning portfolio construction is different from managing institutional portfolios. Knowing equity valuation is different from having spent years covering an industry as an equity research analyst.
That distinction also shows up clearly in actual hiring requirements. For example, a recent Bank of America posting for an Alternative Investments Private Markets Technical Specialist listed an MBA, CFA charter, or CAIA designation among its preferred qualifications. The same posting also required substantial relevant experience, including:
- 12+ years of financial services product and/or sales experience
- Direct experience and expertise in alternative investment products, specifically private equity, credit, and real estate
- Undergraduate degree in Finance, Marketing, or Business, with an MBA, CFA charter, or CAIA designation preferred, or equivalent experience
Source: Bank of America, Alternative Investments Private Markets Technical Specialist, Job ID 26012847, 2026.
In other words, for more senior and specialized roles, the credential can strengthen a candidate’s profile, but direct experience is likely to carry more weight.
Has Earning the CFA Charter Helped My Career?
I believe my credentials, combined with my professional experience, have helped me get more interviews and compete for a wider variety of finance roles. I would not attribute that entirely to earning the CFA charter, since I also accumulated substantially more professional experience and eventually completed the CAIA and FRM programs. I have also noticed that interviews have generally become less technical over time. That is likely partly because I am now interviewing for more senior roles, but I also feel much more comfortable answering technical questions than I did before completing these programs. It is difficult to separate the effect of the credentials from the experience I gained along the way, but I think both have contributed.
At the same time, more credentials and experience do not automatically make it easier to get every job. Getting an interview and getting the job are different things, and employers often care most about how closely your experience matches the specific role they need to fill. Being overqualified can sometimes create challenges as well, particularly if an employer is concerned that the position may not be senior enough for you or that you may not stay long term. Networking and professional relationships can also matter just as much, or sometimes more, than the credential itself. Someone who knows your work, trusts your judgment, or is willing to recommend you can provide something that a credential alone cannot.
What Jobs Can You Get With the CFA Charter?
The CFA charter is associated with a wide range of roles across the financial services industry. In CFA Institute’s 2024 compensation study, portfolio management was the largest single job function at 26% of respondents. Research/investment/quantitative analysis followed at 11%, with consulting at 8% and investment strategy at 7%. Risk analysis/management, credit analysis, and individual investment relationship management each accounted for another 6%. Other respondents worked as chief investment officers, traders, financial planners, performance analysts, executives, economists, and in several other functions.
Job Functions of CFA Charterholders, 2024
The distribution shows that while portfolio management is the most common job function, CFA charterholders work across a much wider range of areas within the financial services industry. That includes research, investment strategy, consulting, risk, credit, wealth management, trading, and other investment-related functions. For me, the breadth of these roles reinforces that earning the CFA charter can open the door to a wider range of finance careers, but the specific jobs you can realistically compete for will still depend heavily on your professional experience.
How Much Do CFA Charterholders Earn?
Compensation is one of the most straightforward ways to judge whether earning the CFA charter is worth it. CFA Institute currently reports average total compensation of $267,000 across all job functions for its members and CFA charterholders. That is an impressive figure, but I would not interpret it as meaning that someone who earns the CFA charter will earn $267,000. The broader 2024 CFA Institute compensation study also shows that respondents were generally experienced professionals. About 62% had at least 10 years of professional experience, including 24% with 20 years or more. CFA charterholders also work across very different roles and levels of seniority, so compensation can vary widely based on experience, location, employer, performance, and incentive compensation.
The cost of earning the CFA charter is also important when thinking about whether the credential is worth it financially. Under CFA Institute’s 2026 pricing, Level I and Level II each cost $1,140 with early registration or $1,490 at the standard rate, while Level III costs $1,240 early or $1,590 at the standard rate. That puts the total exam registration cost for passing all three levels at $3,520 to $4,570, before optional third-party study materials or any retakes. The larger investment for many candidates is likely to be time, since preparing for all three exams can require hundreds of hours of study.
Taken together, the relatively low direct cost and the potential career benefits can make the CFA Program a strong financial investment. The upfront expense is far lower than the cost of pursuing a full-time MBA or many other graduate degree programs, while the credential can remain relevant throughout a career in finance. However, there are also ongoing membership costs after earning the charter. Last year, I paid $299 in CFA Institute dues and $250 for the CFA Society New York, for a combined annual cost of $549. In my case, the full amount was reimbursed by my employer, so I did not ultimately bear that cost myself. Employer reimbursement will vary, but it can reduce the ongoing out-of-pocket cost of membership.
Where Do CFA Charterholders Work?
The employers of CFA charterholders also provide some perspective on how prevalent the credential is throughout the financial services industry. CFA Institute’s 2025 employer ranking puts JPMorgan Chase first with 2,582 CFA charterholders, followed by RBC with 2,532 and UBS with 2,159. Bank of America, Morgan Stanley, TD Bank, HSBC, BlackRock, Citigroup, and Goldman Sachs complete the top ten. CFA Institute notes that the employment information is self-reported and that individual records may be outdated.
Top 10 Employers of CFA Charterholders, 2025
I find the top employer list interesting because the CFA designation is often associated primarily with asset management, yet many of the largest employers are diversified financial institutions rather than firms focused exclusively on investment management. The broader list also includes firms such as Fidelity Investments, S&P Global, T. Rowe Price, Invesco, Vanguard, Wellington Management, Bloomberg, Morningstar, Moody’s, and the Big Four accounting firms.
Who Is the CFA Charter Worth It For?
I think earning the CFA charter can be especially valuable for someone who wants to build a broad understanding of investments and financial markets. That could include someone relatively early in their finance career who has not yet developed a deep specialty, someone whose current role exposes them to only a narrow part of finance, or someone hoping to move into an adjacent investment-related area. It can also make sense when the CFA designation is commonly valued in the types of roles you want to pursue.
I would be more hesitant if someone is already far into a specialized career where relatively little of the CFA Program curriculum is relevant. In that situation, developing deeper experience within the specialty could provide more career value than spending hundreds of hours studying a broad curriculum. The CFA charter should complement the direction you want your career to take rather than substitute for deciding what you actually want to become good at.
So, Is the CFA Charter Worth It?
For me, yes. The CFA Program broadened my financial knowledge, helped me become more confident and effective at work, and I believe the credential improved my marketability. At the same time, earning the CFA charter was not a substitute for specialized experience, professional relationships, or finding roles that matched my background, and it was only one factor in my broader career and compensation progression. If I had to make the decision again, I would still pursue the CFA charter, but I would view it as a way to strengthen an existing career path rather than as a shortcut to a particular job or salary.
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