CMT - is this a good program?
- Thread starter BearHunter
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Quote from kut2k2:
Looks like half a scam, or maybe more than half. A pseudo-academic, expensive study of mostly worthless techniques so you can claim to be an TA "expert"? God, I hate con artists and their scams.
well i don't think it's a scam. some employers do recognize it. it's affiliated with the canadian securities institute as well which speaks for itself.
i think the problem has more to do with the fact that they just tell you to read a bunch of books that you can buy at indigo and charge you a shitload for the exam. i'd be more inclined to enroll if they wrote their own material
After passing the CMT Level I exam I was hoping more companies would start hiring technical analysts, but the I saw articles like this one this year...
http://www.fool.com/news/commentary/2005/commentary05030204.htm
and i did a job search on the MTA website and came up with 1 posting. It was a fun course, but not too sure it will help my career / trading situation.
http://www.fool.com/news/commentary/2005/commentary05030204.htm
and i did a job search on the MTA website and came up with 1 posting. It was a fun course, but not too sure it will help my career / trading situation.
well, they fired the TA research team because they weren't worth it. it doesn't mean that their knowledge is rubbish
do you plan on taking the next 2 levels? how was the difficulty of the exam? buying those books must have cost you quite a bit. especially murphy's book
do you plan on taking the next 2 levels? how was the difficulty of the exam? buying those books must have cost you quite a bit. especially murphy's book
I didn't mean to say that I think the information isn't good, only that finance companies don't seem to be hiring technical analysts as much as I thought they would.
I may take the other 2 portions of the exam soon, but I'm trying to wait until next year. I guess it is also worth mentioning that some of the discounts you get as a member are good.
The level 1 exam is entirely from Murphy's technical analysis book, not too difficult, and the book cost about $65 on amazon.
Good Luck if you take it.
I may take the other 2 portions of the exam soon, but I'm trying to wait until next year. I guess it is also worth mentioning that some of the discounts you get as a member are good.
The level 1 exam is entirely from Murphy's technical analysis book, not too difficult, and the book cost about $65 on amazon.
Good Luck if you take it.
I think the combination of CFA and CMT would be great. Not only because of the charters but also because of the knowledge you'd get during study process.
When I decided to get CMT 2 years ago, my idea was just to put my previous TA knowledge in a good order in my head. But surprisingly, I've gained a lot more, what I was not aware of before. Intermarket analysis alone would be enough but there were also Kaufman and Connie Brown books, where you could find a lot of valuable practical information.
Actually, it's possible just to buy these books and read them without taking exams. It depends on personality. For me, the necessity to take exams is a disciplinary factor that keeps me concentrated.
I was fortunate enough to pass all 3 levels from the first attempt. Level 1 (multiple choice) is easy if you're TA practicioner. I did it very calmly and finished 30 minutes before the end of exam anyway. Pass rate is about 80-85%.
Level 2 (multiple choice) is easy, too, imho (again, if you use TA in you work). But the pass rate is about 65-70%.
Level 3 (essay) was a disaster some time ago. When I passed it in November 2004, pass rate was about 25-30%. I was sincerely surprised when they told I passed, taking into account that English is not my native language. The exam was tough, we had to write by hand a lot !
But as I know, MTA makes all exams computerized from November 2005 and that should help, imho.
Regarding Citigroup, yes they fired Louise Yamada, Ron Daino and other smart guys (I really enjoyed their technical reports), but that doesn't mean Citi doesn't use TA anymore. They outsource it from DorseyWright, who also are reputable guys in the field of TA. Probably outsourcing costs Citi less money.
Good luck !
When I decided to get CMT 2 years ago, my idea was just to put my previous TA knowledge in a good order in my head. But surprisingly, I've gained a lot more, what I was not aware of before. Intermarket analysis alone would be enough but there were also Kaufman and Connie Brown books, where you could find a lot of valuable practical information.
Actually, it's possible just to buy these books and read them without taking exams. It depends on personality. For me, the necessity to take exams is a disciplinary factor that keeps me concentrated.
I was fortunate enough to pass all 3 levels from the first attempt. Level 1 (multiple choice) is easy if you're TA practicioner. I did it very calmly and finished 30 minutes before the end of exam anyway. Pass rate is about 80-85%.
Level 2 (multiple choice) is easy, too, imho (again, if you use TA in you work). But the pass rate is about 65-70%.
Level 3 (essay) was a disaster some time ago. When I passed it in November 2004, pass rate was about 25-30%. I was sincerely surprised when they told I passed, taking into account that English is not my native language. The exam was tough, we had to write by hand a lot !
But as I know, MTA makes all exams computerized from November 2005 and that should help, imho.
Regarding Citigroup, yes they fired Louise Yamada, Ron Daino and other smart guys (I really enjoyed their technical reports), but that doesn't mean Citi doesn't use TA anymore. They outsource it from DorseyWright, who also are reputable guys in the field of TA. Probably outsourcing costs Citi less money.
Good luck !
That would be my guess, too, especially since most (but not all) of what passes for TA is BS.
Some time ago someone highlighted that the CMT association (?) is worth being a part of given some heavyweight participation and learning opportunities? On that, I wouldn't know ... but it must have been an interesting point given I remembered it.