CFA + JD Combination

[lawblawz]

I'm in a unique spot as I prepare for law school in the fall where I have a lot of the knowledge needed for the CFA, and am considering signing up to write L1 this summer.

There are two reasons I would like to sign up:

• I genuinely really enjoy learning about Finance, and would rather bolster my skills and certifications while the knowledge is fresh in my head.
• I've had a lot of interest in working in Securities or M&A Law, or within Legal at a bank. I'm hoping that this would set me up to learn quicker and succeed in that type of financial law industry. I also believe that certain law jobs of this line can qualify as the work experience necessary to gain a CFA certification.

I guess my real question ends up being if it is worth pursuing this program to help with my career (I am aware that it is a LOT of work, and I have watched others go through the many hours spent preparing), or if this would be a waste of time that could be spent doing other things. Otherwise, I was wondering if there were any other certifications, courses, or anything that would be worth pursuing while I have fresh finance knowledge that could help me both in my career down the line, and potentially within recruiting while I'm in law school.

I'm curious if anyone here has had experience with (or knowing others with) this combination, and could share their experience or opinions.

Edited February 28 by lawblawz
context of my knowledge of the subject before people respond

[canuckfanatic]

47 minutes ago, lawblawz said:

I guess my real question ends up being if it is worth pursuing this program to help with my career (I am aware that it is a LOT of work, and I have watched others go through the many hours spent preparing), or if this would be a waste of time that could be spent doing other things.

When I had a lot of downtime early during the pandemic, I asked the same question on this forum. The responses I received at the time was that the CFA is not really going to add value to my career.

I'm a banking/finance lawyer now, and I've only met a couple of other lawyers in my field who had completed L1. That said, if you want to pursue the CFA L1 out of your own personal interest, there's nothing wrong with that. Not everything has to be in service of your career, as long as you find it fulfilling in other ways.

55 minutes ago, lawblawz said:

Otherwise, I was wondering if there were any other certifications, courses, or anything that would be worth pursuing while I have fresh finance knowledge that could help me both in my career down the line, and potentially within recruiting while I'm in law school.

Depends on the area of law. I know L&E lawyers who obtained their CPHR, and I know tax lawyers who completed the In-Depth Tax Program. At the same time, neither of those certifications/courses are at all required, and most lawyers don't pursue them.

[Rashabon]

There are some niche areas of securities law where having a CFA can benefit you just from a knowledge standpoint but it's by no means strictly necessary. I can't say if it will help in recruitment (it's a nice soft factor) and won't be a huge deal, but having some advance knowledge never hurts.

[LawNewbie]

Hi lawblawz,

I hesitated for a while over whether I should reply to your post or not, because in doing so, I risk exposing my actual identity here. My colleagues could easily tell who I am based on this information. But I eventually decided to reply, in the hope that this may help you a little.

I am a CFA charterholder, currently attending law school. I have worked in investment banks, commercial banks, and fintech, around the world.

I was lucky to have gotten to know many lawyers who work in collaboration with banks, funds, or other financial institutions. All of them invariably told me that you don't have to have a CFA designation to practice in these areas of law. And they are telling the truth—99% of those lawyers did not take CFA exams, and they are doing well in their respective fields. However, because most lawyers have this mindset, it makes those with such credentials rarer. So, once you have it, you will at least be viewed differently from most of your peers, whether it be because of the simple rarity of your background, or because they truly value it.

On the other hand, regarding how much it would actually help you further your career in these fields, in terms of expertise, I think you do not have to take these exams just to pick up financial knowledge. You will pick up the knowledge in your specialized area of law fairly quickly as you get on board. The CFA is just too broad to be directly applicable to a certain area of law.

Hope this helps.

[Dinsdale]

10 hours ago, LawNewbie said:

 

I was lucky to have gotten to know many lawyers who work in collaboration with banks, funds, or other financial institutions. All of them invariably told me that you don't have to have a CFA designation to practice in these areas of law. And they are telling the truth—99% of those lawyers did not take CFA exams, and they are doing well in their respective fields. However, because most lawyers have this mindset, it makes those with such credentials rarer. So, once you have it, you will at least be viewed differently from most of your peers, whether it be because of the simple rarity of your background, or because they truly value it.

Agree.  Definite asset in recruiting because so few of your competitors will have it.  For corporate finance in BigLaw, I mean, of course.