Hello I am currently looking for potential professional degrees / certificates to expand my horizon and "add some value" to my CV. To my background: I have a MSc in Economics / Finance, 5+ years expercience as an ALM Strategist / Quantitative Financial Analyst in the investment managment area of international insurance companies and completed the CFA as well as the FRM exams. I would like to stay in this area, i.e., working with quant models, ALM-related issues (e.g., pricing and implementing structures to hedge surrender risk / reinvestment risk) as well as regulatory / accounting issues. With regards to further education I have three major constraints: (1) it should be a well-accepted certificate, (2) it should not take more than three years to complete it, and (3) it should be on-the-job and self-study (like CFA, FRM). Spontaneously, I can think of three ways to deepen my knowledge in areas related to what I am currently doing:(1) Certificate in Quantitative Finance (CQF)(2) CPA(3) Fellow of the Society of ActuariesCould you please comment on the value of these programs for my specific position. E.g., does it make sense for an ALM-driven investment guy to become an acutary / accountant by education? Do you see any trends in ALM / Pensions desks at investment banks? Or are there other certificates that would potentially fit my needs even better?Thanks a lot for your help!

I can't tell if you are in the US or UK, but it sounds like the US. The CPA route requires a large number of accounting courses (each US state is different, but the state requirements have gone up in the past 5 years). If you have studied little accounting (not sure if the CFA is recognized by the CPA boards), be prepared for at least a CFA like commitment in the time required to catch up on required accounting courses, probably after you finished your work day. Besides, I don't think accounting would be "staying in this area" of finance. From what I've gathered, the FSA can be a 5 to 10 year lifestyle, and that assumes you're good at maths exams. And while the FSA types can look down on the CFA exams in terms of mental challenge, I've never been quite sure what marketability they have except for insurance work.In terms of payback, the CQF seems the choice by deduction.

CQF is probably the shortest route.But all your options point to different career paths, so you better be sure about what you choose because there's no easy way to turn back.

QuoteOriginally posted by: KTEI can't tell if you are in the US or UK, but it sounds like the US. Actually, I am based in Switzerland. Thanks for your comments.

QuoteOriginally posted by: jomniCQF is probably the shortest route.But all your options point to different career paths, so you better be sure about what you choose because there's no easy way to turn back.Maybe I was not clear enough: I do not want to change my career path, I just would like to broaden my knowledge in areas I consider more and more important for ALM-driven investments (i.e., actuarial science and accounting). I am then just wandering what you think of the mentioned certificates in terms of "usability" and if there are other certificates / degrees that could help me.Your feedback is very much appreciated. Thanks.

In that case, if you want to go further in terms of learning ALM, then the ASA then FSA track would seem to be preferred IMHO. The better insurance companies have mastered long term ALM pretty well for decades, it seems.

I'd say ASA-FSA as well, but only because he's working for an insurance company.It sounds like he has plenty of certs already and is getting to be a "qualification junkie".Speficically, why do you want this ?to earn a promotion or just for fun ?If it's to move up the ladder, you should ask those at the company which certs they would prefer you to take

QuoteOriginally posted by: ppauperI'd say ASA-FSA as well, but only because he's working for an insurance company.It sounds like he has plenty of certs already and is getting to be a "qualification junkie".Speficically, why do you want this ?to earn a promotion or just for fun ?If it's to move up the ladder, you should ask those at the company which certs they would prefer you to takeActually my goal is not to collect certificates, I would like to add relevant knowledge (getting a certificate is just a nice and sometimes useful byproduct) and (of course) eventually "move up the ladder". Honestly, I consider the value added from certificates like CFA and FRM to be rather small, especially the CFA is more like a "must have" in certain companies than an real value (especially if you have already studied economics / finance). Therefore I am looking for programs that are really adding value (i.e., areas related to finance / investments) and hopefully relevant to get a deeper and well-founded understanding of the various aspects driving strategic investment decisions of an insurance company (and there are many aspects, e.g., in actuarial science, where I know the very basics or some concepts even only from hearsay).Can you think of any other degrees / programs? Having no quantitative background (physics, engineering, math) I think it is best to stay away from (dauntingly) trying to move into a real quant position. Therefore (for my case) I do not see much value in quant programs (like CQF). There is no such thing as a "quasi-quant".Thanks for your feedback!

I would be willing to give any career advice related to Sell Side or Hedge Funds.

Ditto. Ask your employer, or the employer(s) where you want to work what they want. From what I've heard, the ASA-FSA track will be a learning event, no doubt. Thereafter, it's up to you to go deeper into the subject, just like everyone else has to do. ------------------------------------------It sounds like he has plenty of certs already and is getting to be a "qualification junkie".Speficically, why do you want this ?to earn a promotion or just for fun ?If it's to move up the ladder, you should ask those at the company which certs they would prefer you to take

Congrats dostojewski. Have not met too many people with so many certifications under their belt. Don't you think you are going out of focus ? From my 2 cents experience your present qualification is good enough for any bank or i bank - quant position. (although Phds are seen more often).FSA is very insurance actuary oriented, CPA are primarily for accountants and CQF is yet to totally make a mark in the industry(what is CQF going to add that you have not done while during your MS in Eco and Fin).Why don't you determine which industry you want to be in and then go for one or none of the certifications??Best

dostojewski,Why do not you apply for top PhD in finance programs e.g. Stanford, Havard, MIT?

QuoteOriginally posted by: WiennerWhy don't you determine which industry you want to be in and then go for one or none of the certifications??BestThanks for your remarks, Wienner.Actually, I really want to stay in the ALM-driven investment area. Currently, I am working in the investments department of an insurance company but I could also imagine moving to consulting or an Insurance / Pensions desk of an investment bank. Personally, I think that the investment world (espec. related to pensions / insurance companies) has become much more complex so that knowledge not directly related to finance (e.g., accounting, regulatory environment, modelling of liability cash flows) becomes more valuable. This is why I would like to step into these areas.An alternative to getting a degree / certificate is always to read books / papers on these topics (there are plenty of good reading lists, papers available on the internet). But, an this is more a personal thing, motivation to really dig into a rather new topic is a lot driven by the pressure from a future exam (i.e., much more structured and disciplined approach to learning / reading). But this is a characteristic trait not valid for everyone.As mentioned before, the CFA and FRM exams are (if you have studied econ / finance before) neither really challanging nor do they add a lot of value. In the case of these two programs, the best thing really is that you have a very structured curriculum and in the end you eventually get a (valuable?) certificate.

QuoteOriginally posted by: CBdostojewski,Why do not you apply for top PhD in finance programs e.g. Stanford, Havard, MIT?Maybe I have to disclose my age ; I am 30 years old. I would presume that the average student age is much lower. And more importantly, I do not really think that I will get accepted by these top PhD programs. Besides that, I personally think that work experience (especially in my age range and with my goals) is more important than an extremely focused PhD.

To be honest, in your situation, the FSA exams will provide little additional relevant knowledge to your existing data base.And at some point, which you may have reached, experience trumps qualifications anyway.Rather than spending more time studying, careerwise you'd be a lot better off socializing with your coworkers and superiors.