Ok guys... let me make a contribution, CFA is not anything close to an MBA the difference is commonly captured by the anology CFA is a foot wide and a mile deep and MBA is a foot deep and a mile wide. CFA test some derivative but not enough, Msc in finance and Phd in finance do not cover enough derivative either unless you take Standford PHD finance, the rest are a couple of finance and economic classes. The mail program that covers derivative is Master in finance engineering if you want enough derivative you can get it in that but again the cost is absolutely over the roof, the cheapest school is maybe Illinois institute of technology, Chicago around $35k a year otherwise top quant schools charge around $80k to $120k. I took Msc Finance engineering from University of Michigan in 2007 and the fee total $70k, The good thing in going to these top programs is that signing bonus alone can cover the loans you took to pay and average salaries for the first years top $90k with 100% placement rates in most quant schools but if you wanna get to these schools you need to have an impressive resume coz most applicates have masters and phds in hard science like engineering, Math, Economics, computer science and finance together with impressive work experience and CFAs.

@CapitalMarketsGeek well, what you are saying is that the CFA program does not in itself cover derivatives well enough? which aspect of derivatives does it not cover well? because unlike the CFA course it is Professional as opposed to the Masters in financial engineering that is academic.

Aspects such as distressed securities,commodity markets insurance weather and energy derivatives, are adequately covered in the CFA program.Moreover the sensitivity analysis of options hedging and portfolio insurance are tested in greater detail with a case study approach that matches no other investments and securities course world over!

Te CFA program has an investors approach factoring in emerging issues,the international tax environment and equips its students with skills of how to effectively perform the functions of an investments professional.

in light of the above though a Masters in financial engineering is an excellent degree in the finance field, the creativity and dynamism matches no other.

Emlyn..
I from the way you defend CFA, I can tell you probably a CFA or heading there, well I am a CFA, I have been for just about a year now. Like you said, CFA is a very unique program and most prefered by the investment professionals and I agree, CFA is bigger tha MS in Finance and is bigger than PhD in finance in my own view but a MS in finance engineering is a whole different program that was designed to solve financial problems that ordinary finance programs like CFA and MS finance and ordinary quant programs like math,finance math, statistics, software engineering, computer scie could not answer. Ms in finance engineering is an hybrid program design specifically to solve derivative problems( the most complex area of finance), so its by far better than any finance program in finance quants related areas i.e Derivatives coz thats what it was designed for. The markets also value MS financial engineering high than CFA and MBA combined this is shown by the average starting salaries for MBA and CFA with average around $60k a year and MS financial Engineering averaging around $80k with additional signing bonus averaging around $30K. Again CFA is a great program, I wouldn't have enter into it if I didn't think so but CFA alone cannot push anyone to a higher level considering the competition and how some MBA schools have responded to threat by CFA by teaching off the CFA programs!

http://financialeng.engin.umich.edu/careers.html
Look at 2007 employment statistics for University of Michigan program

boy oh boy! mba courses in kenya have become a fad every one seems to be doing an mba in strategic management,or in finance or in project management. I have read the info and the msc in fin engineering looks pretty good!. but can it be contrasted to an msc in finance? as far as course content and coverage?