Will passing a CFA exam help get me a job?

I decided to complete a degree in economics after studying a lot of subjects. I've been applying to jobs and internships at smaller asset management places but without luck. Recently, I tried the CFA sample questions and I got 80% of them correct. It seems like stuff I've learned in finance, accounting and econ.

Is asset management a good field to get into? I've been applying to jobs in that area rather than corporate jobs but I don't know. I enjoy reading about economics and investments. Although, sometimes I think I'd like to be an actor.

I was awarded my CFA charter in 2001 and the reason I pursued the CFA(r) designation was because I wanted to enter the asset management industry.

The short answer is passing Level 1 of the CFA(r) exam will open more doors for you as there are companies who use the passage of the Level 1 as a job requirement.

The hidden question that you didn't ask and you should ask yourself is do you enjoy asset management. Keep in mind you will be working in an industry that is filled be fraud, corruption and unethical behavior. You have to ask yourself if you pursue your CFA(r) designation are you will to be a servant and be loyal to your clients. The CFA(r) mandate is that the interests of your clients comes first, the interests of your employer comes second, and your own interest comes third.

In my case, I enjoyed analyzing numbers and working to help my clients. I didn't mind working 50-60 hours a week to as much as 70-80 hours a week during earnings season because I enjoyed financial analysis, the investment process, and locking under rocks for answers.

You mentioned you liked to be an actor. Here is Warren Buffett' career advice as told to Tuck MBA Candidates.

"Q: What is your career advice?

A: If you want to make a lot of money go to Wall Street. More importantly though, do what you would do for free, having passion for what you do is the most important thing. I love what I do; I'm not even that busy. I got a total of five phone calls all day yesterday and one of them was a wrong number. Ms. B from NFM had passion, that's why she was successful. A few months ago I was talking to another MBA student, a very talented man, about 30 years old from a great school with a great resume. I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense."

You will succeed in whatever you do if you have passion for that job. Therefore, passing the Level 1 CFA exam will open doors, but to succeed on your job, you need passion.

CFA is highly respected and would definitely help you get a job, but it sounds like you have some soul searching prior to making that big of a commitment. Asset management can be a very rewarding field but it is very intense and requires a good deal of passion to be successful. Additionally many job candidates will already have certifications, JD's, industry experience, and MBA's. More education may be required than an econ degree. Given that the economy is currently very soft, it may be difficult to land a job right now. Keep at it and if you enjoy the testing, go forward with a CFA.

It all depends. If you want to work in corporate finance side (research analyst in asset management, analyst in investment banking department, M&A dept...etc), CFA is valuable. For sales and trading (ya....people who stare at a few monitors at the same time and make trading decisions), CFA is not valuable at all.

So, it all depends.