MBA vs CFP/CFA
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Education and Salary
EDUCATION LEVEL 2003 Average Salary 2004 Average Salary None9% $ 38,398 $ 40,192 Associate Degree
11% $ 40,520 $ 44,694 Bachelor's Degree
55% $ 59,478 $ 61,940 Master's Degree
22% $ 70,266 $ 71,850 Doctorate
3% $ 102,611 $ 85,629
CFP
1% $ 94,189 $ 76,605 CGFM
n/a -- $ 71,870 CIA
1% $ 70,667 $ 78,825 CMA
2% $ 81,257 $ 80,565 CFA
<1% $ 70,497 $ 80,210
Interesting averages.
Where does it say MBA? Nowhere…
“Masters degree” includes everything from Master’s of History to
Master’s of Philosophy…i.e. people who make no money. That
figure is much lower than what an MBA is making.
Not sure what your point is, but you’re saying that a broker working
towards his CFP has a 10% chance (industry success rate) of one day
making $76,605? WHAHOOO!!! OMG THAT IS SO MUCH
MONEY!!!
[quote=ShortNakedPuts]Where does it say MBA? Nowhere..
"Masters degree" includes everything from Master's of History to Master's of Philosophy...i.e. people who make no money. That figure is much lower than what an MBA is making.
Not sure what your point is, but you're saying that a broker working towards his CFP has a 10% chance (industry success rate) of one day making $76,605? WHAHOOO!!!!!!!!!!!!! OMG THAT IS SO MUCH MONEY!!!!!
[/quote]
It's more than you'll make as a bank teller.
ShortNakedPutsNewbie
Joined: July 06 2005
Posts: 9 Posted: Sept. 19 2005 at 7:28pm | IP Logged If I quit ML and go to work at a bank, but not as a broker, will ML come after me for repayment of training costs?
I would be in a corporate & investment banking development program at the bank; does that constitute "leaving the industry?"
Or do I have to "make" them fire me?
RW...am I reading this right...the CFP average actually went DOWN 18K from 2003 to 2004?!!
SNP, I'll lay pretty good odds that the average CFP will make more money in in an investment advisory career than the average MBA. It's all about relevance and the MBA is just not very relevant to investment management and financial planning. I'm sure MBAs do fine in other career areas, but I wouldn't plan on that being your meal ticket in this industry.
DD...that was actually pretty snappy...much better than some of your past work
Indy - I totally agree.
I was just commenting that we new guys are working a job with a 10% success rate that has an average income of only $76,000.
Would any of you buy a stock that has a 90% chance of going to zero,
and has only modest appreciatation potential on the upside? It’s
risk/reward people! And from the looks of Rightway’s post, the
reward is seriously lacking!! That’s why I’m getting out!
Dirk- I didnt know they start “bank tellers” at 60k right out of
college. Because that’s what I was offered and I turned it down
to come roll the dice here for 30k…
[quote=Indyone]
RW...am I reading this right...the CFP average actually went DOWN 18K from 2003 to 2004?
This is due to the large amount of CFP's coming out of college making 30K as paraplanners. Check the FPA salary report which shows the average CFP with 10yrs is something like 220K... (something close to that)
I just found it interesteing, noting the decrease that Bankrep pointed
out. I am an advocate of all education, I just found this and
thought it was interesting…mostly that a good salesman in a bank
program with a license eclipses ALL of these degree figures. I
don’t think averages mean anything anyway. My CA makes more than
the Doctorate.
BR…thanks for clearing that up…I had a thought that it might have something to do with an influx of less experienced CFPs, but hadn’t heard that. At the same time, these folks at the bottom of the food chain still have to have three years industry experience, right?!!
[quote=bankrep1][quote=Indyone]
RW...am I reading this right...the CFP average actually went DOWN 18K from 2003 to 2004?
This is due to the large amount of CFP's coming out of college making 30K as paraplanners. Check the FPA salary report which shows the average CFP with 10yrs is something like 220K... (something close to that)
[/quote]
Don't those paraplanners work in the bank's trust department primarily?
Nog…posting on the evening of the 14th?!! Didn’t you have anything better to do!!!
He already took care of it. 5 minutes, and he didnt even have to leave his computer…
Yeah get a doctorate and become a liberal or a professor. Dude thank you for not posting some of my posts.
The number of CFP's now exceeds 50,000 up 40% over 3 years, most are trying to find a fee based job (can't) so they work as paraplanners for a fee based advisor basically a secratary with a CFP. This is why salary #'s are down, it amazes me what some of these people are willing to do to "learn", I say build it and convert
Some important points are here:
The Master of Business Administration (MBA) is a prestigious postgraduate qualification that provides an overview of key business practices and is highly valued by top employers.
Whereas, CFP enables you to learn all about Wealth Management and Financial Planning. CFA is one of the hardest financial credentials you can get in the world. It has 3 levels to get through before you will be considered as CFA whereas, CFP is significantly easier if you talk about levels.
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