Is anyone a current CFA or going through the process? I am contemplating getting a few credentials over the next few years and need help finding out the benefits of a CFA.
I understand that the CFA positions a finance professional in terms of international recognition. Since I am presently US based with aspirations of working abroad, I am hoping that additional credentialing will allow a greater flexibility both in the search for positions and also their caliber.
Since the CFA program is quite costly and demanding in terms of time that is required to prepare, I would like to know whether it is worthwhile in regards to ROI and expanding ones knowledge of investments. I am willing to do it, just need to evaluate whether it is worth the trouble.
I would like any advice from more experienced members of this forum.
I think nobody is doing CFA on this forum. I had plans to do it but that never came true. Anyway you can join this forum and you may find a lot of people over there!
I'm actually waiting to get my CFA Level III results.
Its definitely a committment in terms of time and effort. The exams arent easy and the material gets harder as you go through the levels. Levels II and III are still only offered once a year so it can take a minimum of three years to get it done, not because thats how long it takes to study but because you have to wait to give the exam. The CFA exams definitely test you in terms of the sheer quantity of the material and your ability to perform under pressure.
That being said, I think its totally worth it. If you're planning to go into investment management of any type ( institutional, private wealth mgmt) etc then this qualification is the equivalent of an MBA and its recognized globally. Once you have it, it carries a lot of weight in terms of career advancement.
I'm actually waiting to get my CFA Level III results.
Its definitely a committment in terms of time and effort. The exams arent easy and the material gets harder as you go through the levels. Levels II and III are still only offered once a year so it can take a minimum of three years to get it done, not because thats how long it takes to study but because you have to wait to give the exam. The CFA exams definitely test you in terms of the sheer quantity of the material and your ability to perform under pressure.
That being said, I think its totally worth it. If you're planning to go into investment management of any type ( institutional, private wealth mgmt) etc then this qualification is the equivalent of an MBA and its recognized globally. Once you have it, it carries a lot of weight in terms of career advancement.
All the best! I do hope that you get favorable results. For teh benefit of CFA aspirants on gupistan, do you mind answering a few questions?
Do you recommend taking a prep course?
How much did you study while taking the level I exam?
How is the CFA helpful in investment managment? Besides credentialing, did you find the expanded knowledge base helpful at work?
I am really looking forward to your insights. As you said, the CFA program is quite a commitment so I am hoping to gauge the benefots of the credential.
All the best! I do hope that you get favorable results. For teh benefit of CFA aspirants on gupistan, do you mind answering a few questions?
Do you recommend taking a prep course?
How much did you study while taking the level I exam?
How is the CFA helpful in investment managment? Besides credentialing, did you find the expanded knowledge base helpful at work?
I am really looking forward to your insights. As you said, the CFA program is quite a commitment so I am hoping to gauge the benefots of the credential.
I took a prep course for Level I. It didnt really help me but it has helped a lot of other people I know because it forces them to sit down and cover the material. Since the CFA exams are all about you making the time and effort to sit down and study, that can be valuable. The reason it didnt help me is because I tend to do well with independent study. I ended up not reading the scheduled material in time and getting impatient during the classes if the pace was too slow.
For Level II, I bought the books and studied on my own. That worked well for me, it depends on individual study habits and preferences.
There is a wealth of material out there, study notes, online seminars, 5 day seminars, practice exams etc etc. You can choose to use as much or as little as you like.
You're supposed to study a few hours a day, every day for about 6-7 months before the exam. Again, it depends on whether you've had a finance background. I minored in finance and had also been working for a year in investment management so a lot of the initial material was familiar. I would NOT recommend following my timeline, I crammed the two months before the exam, and had to study every spare hour I had to catch up and was in a panic by the time the exam came around. A few hours a day starting January would be much more effective and less stressful. But there is so much material that you need to keep revising otherwise you'll forget everything you looked at in Book I.
To be honest, I think the primary advantage lies in the credentialing aspect, just like an MBA from a good school would work for you. More and more of the best IM firms are requiring CFA's.
I've been at an investment mgmt firm 3 years now and most of my knowledge is based on experience though the CFA material did solidify what I was actually doing. Also, it gives you a very good big picture of basic skills so you can move around between equity research or portfolio management or even the client side.
I took a prep course for Level I. It didnt really help me but it has helped a lot of other people I know because it forces them to sit down and cover the material. Since the CFA exams are all about you making the time and effort to sit down and study, that can be valuable. The reason it didnt help me is because I tend to do well with independent study. I ended up not reading the scheduled material in time and getting impatient during the classes if the pace was too slow.
For Level II, I bought the books and studied on my own. That worked well for me, it depends on individual study habits and preferences.
There is a wealth of material out there, study notes, online seminars, 5 day seminars, practice exams etc etc. You can choose to use as much or as little as you like.
You're supposed to study a few hours a day, every day for about 6-7 months before the exam. Again, it depends on whether you've had a finance background. I minored in finance and had also been working for a year in investment management so a lot of the initial material was familiar. I would NOT recommend following my timeline, I crammed the two months before the exam, and had to study every spare hour I had to catch up and was in a panic by the time the exam came around. A few hours a day starting January would be much more effective and less stressful. But there is so much material that you need to keep revising otherwise you'll forget everything you looked at in Book I.
To be honest, I think the primary advantage lies in the credentialing aspect, just like an MBA from a good school would work for you. More and more of the best IM firms are requiring CFA's.
I've been at an investment mgmt firm 3 years now and most of my knowledge is based on experience though the CFA material did solidify what I was actually doing. Also, it gives you a very good big picture of basic skills so you can move around between equity research or portfolio management or even the client side.
Thank you for the detailed responses. It sounds like it could be manageable with a full time work schedule. In regards to the benefits, I would really like to have some more than the CFA title on my business card, so learning new concepts is priority.
I think I am all set with the questions. Hopefully a few other members will come out the woodwork add their thoughts.
Its basically a forum for people writing CFA. Here people who have written CFA can guide you, if you cant figure out a question, you can post it here and people will answer it for you.
Very helpful.
By the way, you can write CFA I without having a job, but II and III tests, you need to have a job.
narissa: do u think that it is better to have work experience before giving the exam?
It helped me to be able to relate what I was learning with what I did at work. No matter what field of investment management you're in, there will be sections of the syllabus you understand and can race through because you deal with at work and then there'll be parts you cant understand at all. :)
You need 4 years of work experience ( used to be 3) to actually get the certification. Passing the exams isnt enough.
You dont NEED to have a job to write the exams, it helps with understanding the material but its not a requirement. I have colleagues who gave the exams when they were in college and are just waiting to complete the work experience requirement.
