CFA: worth the time and money?

I have an MBA from one of the top 20. I took the first CFA test but didn't pass. I will try again when I have had more time to study for it. They structure the costs to encourage you to try and follow through once you've started. It's definitely a good program.

I think the ordered list ballsofgold outlined is true. MBA or CFA doesn't open doors. You still need friends in the business or some way to demonstrate excellence to break in.

As someone with a programming background, I'm just working on projects like automated systems and trading user intefaces to build a portfolio of work. In the meantime, I'm still working a job in IT.

To the OP, just use what you've got and try to find new ways to demonstrate that you're the right fit for a job.
 
Not that anyone wants to spend more time or money to study; however, the world is so competitive nowadays that legit firms would not give you a job without CFA or further studies degree/ect. Bill Gross, Warren Buffett, Carlos Slim(the wealthiest man in the world) are not competting with our generation. If they were, I doubt they would have a job at the first place. They are not even knowledgeable in technical analysis nor using phone/computer...how many of us can say this in the interview or application & get a job offer?
 
If you take it seriously and really try to learn the material vs. game the test is is fairly worthwhile as a self-improvement/knowledge builder. I studied for and passed the three levels for this reason, as I was not particularly interested (and currently am not) a CFA member or CFA charter holder.

Think of it this way: It is a low cost, self study way to gain pretty much all (or more) the knowledge of a Finance masters degree program. In fact, most finance masters degree programs actually END with u being able to take the First CFA exam, If i remember correctly! So if you think of it this way, it is a great value.

In terms of how valuable the knowledge is and if it will help you make money: Well, I think it certainly can. Finance (such as discounting cash flows, project evaluation) and accounting are both very valuable if you are to have any type of career as a serious investor. Do you need to do the CFA program to learn this? OF course not. You don't need a program or school to learn most things, in fact (though some seem to discount/forget this).

I personally have major qualms with modern portfolio theory and techniques, however having a general understanding of how the "industry" thinks is not entirely unhelpful.

I encourage anyone interested in the program to start thinking like a first hand person who is interested in bettering themselves and gaining knowledge, and not a useless credential seeker who thinks some initial on their name is going to "make the difference".

It might give u a bit of a boost, however The real pros will still want to test you and see if you are a "me-too poindexter" or the real deal who genuinely seeks to master (and has mastered) information.
 
I'm a cyclist, so I'll use a cycling metaphor.

The CFA is one of two things:

It's either A:

A course put on by a bike tool company to provide training to repair a bike with their tools.

Unfortunately, CFA holders aren't being taught bike repair nor maintenance...look at the Markets.

Or its B:

It teaches you to be a coach, so other people, traders, entrepreneurs, and your customers can take on risk and fall on knives on their own. Somehow pedaling is not included in this metaphor, likely because CFA's aren't doing any heavy lifting.

But its endemic in Canada, where to jump into the investing / banking field you need to sacrifice your weekends for an industry that will likely be cut in half or by 2/3rds in the coming year or two...

Either way, a CFA is a kind of surrogate for day to day rhythm of the Market and the intimate knowledge of coding a system, digging up dirt on a Company or working at one or more jobs or as a self employed person while you trade.... its a synthetic way out.
 
Having a CFA charter is better than just an BA in economics. With your enrollment in the CFA Program, you are showing employers your interest in finance. It wouldn't necessary open more doors, but it would definitely separate yourself from other entry-level candidates.

If you are seriously into trading and wanted to make trading a career, learn programming as well. Also, read the Market Wizard--the first book. Research and try to figure out how each of the top traders (including Soros) trade. Learn from the mistake of LTCM and Victor Niederhoffer.

This should get you set for the rest of your life.


PA
 
NOT worth the time or the money.

Fuk the degrees and credentials...and the blind leading blind BS that goes on at these forums where a lot of chumps congregate.. Learn to roll up your sleeves and learn to create alpha
 
Quote from Ripley:

NOT worth the time or the money.

Fuk the degrees and credentials...and the blind leading blind BS that goes on at these forums where a lot of chumps congregate.. Learn to roll up your sleeves and learn to create alpha
More...

Typical. Mindless. Response.

Save it - please.
 
Some of u guys are a little nutz about the "time and money" part. First it is not that expensive, just a few thousand dollars basically. In terms of time, 3-4 months of diligent study during off hours should be adequate for most intelligent people per test, if that.

So in the grand scheme of things it is actually NOT much time OR money. If it is "worth it" or not depends on what you are trying to accomplish. There is no right or wrong answer.
 
Quote from 1prometheus:

Some of u guys are a little nutz about the "time and money" part. First it is not that expensive, just a few thousand dollars basically. In terms of time, 3-4 months of diligent study during off hours should be adequate for most intelligent people per test, if that.

So in the grand scheme of things it is actually NOT much time OR money. If it is "worth it" or not depends on what you are trying to accomplish. There is no right or wrong answer.
More...

Some people can't comprehend taking the time to learn their trade. They think that a few hundred grand in the bank from trading spreads means they know everything there is to know about finance.

Good for them.
 
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