Go for CFA or not?

A

Algo_Design_Kid

Just graduated with my finance degree. I came across the CFA curriculum books and was surprised to see the first level is like 1500 pages of reading. Are people really doing this with 300 hours of studying on average?

I graduated with a 4.0 major gpa, and I have a hard time believing that people out of the academic setting are memorizing everything within 6 months - especially if you have kids/family/full-time job.

The cost is around $1100 (just for first level) + you have to get a passport, which is another $100. It is pretty much all of my cash on hand.

Do you think that if I successfully pass the level I exam that it will make me more desirable to hire? I haven't had a lot of hits from prospective jobs at all, of course I am in FL where it isn't the greatest job market. I'd like to get a full-time job now, but am conflicted on how much time I will get to put back into the CFA exam.

What is your opinion about

1) CFA in general

2)Realistic time needed to study and memorize all these equations

3)What study materials would you purchase? I guess now they ONLY give you an E-Book, I think that is trashy. I can't read an E-Book without getting a headache, don't know about anyone else.

4)Do you think if I pass the level I exam that it will increase my job chances and/or pay?



Thanks
 
I am working on level 2 now--

it is quite valuable ---but there are lots more CFA holders around these days than in 1990.

Absolutely worth it ,,especially from a cost perspective

Level 1 was hard...its not the difficulty of the material for level 1 ---just the amount of information---i work fully time and studied for more than 6 months---prob closer to 400 hours and passed.

Level 2 --is quite a bit harder---might have to throw in 500 hrs.

takes real commitment dude---no messing around
 
Realize you are asking this question on a trading forum. The perspective/opinion of most here will prob not be in favor of pursuing a CFA.

With that said, it is absolutely of value to obtain. People wont ask you where you got your CFA from. Your 4.0, however, is a different story.

FWIW, I have worked on the floor (CME), off the floor at a reputable prop shop, at a family office, traded on my own, and at an RIA. A CFA would've been valuable, to some degree, everywhere i have worked.

The CFA opens doors. It is, however, just an arrow in the quiver, not the bow.
 
Quote from Algo_Design_Kid:



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What is your opinion about
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Thanks
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It depends essentially what carrier path do you see for yourself.
If you want to be an employee in a bank, best of all in an investment bank, then definitely, YES. Spend your money, waste your time, and may be you will be rewarded in the future (no guarantee though).
If you want to pursue a career of independent trader, this certification is almost worthless. Spend your valuable time and study the fundamental things: quantitative finance, computer science, data analysis methods and tools.
Think about this. The curriculum of CFA contains something about 20% of ethics. What does it mean? It means that this field of activity is heavily related to manipulation of public opinion and strong emphasis to ethics means - we have done what we could, but still it can happen. You will come to big money with CFA only if one day you will be able speak on behalf of a big institution and to present its opinion.
If you feel this is what you want and this is your field of excellence – go for it.
 
With a finance and accounting major, I passed level 1 with only about 10 hours of studying, as most of the material was basic accounting and financial statement analysis.

I was able to barely pass level 2 and 3 with about 100 to 150 good hours of studying each, although most people would need more I think. I almost did not touch the provided materials at all. I much prefer the study guides and doing sample exams.

I have yet to hear someone with a CFA getting a big tangible boost in their career from the title. I would be curious as well to hear of such stories if anyone has them to share. Most people just say its something that is nice to have and will help rather than hurt. Of course this statement is true of many things, including having a nice haircut and showering.

In terms of the material, I work in equity research and consider the the equity investment section of the CFA to be largely useless.
 
Quote from Algo_Design_Kid:
----Just graduated with my finance degree.
----CFA....
----1500 pages....
----300 hours of studying....
----4.0 major gpa....
----memorizing everything within 6 months....
----$1100....
----desirable to hire?
----CFA in general....
----increase my job chances and/or pay?
More...
1) You need hardcore job experience in order for the credential to have "value". The same applies if you were to consider getting an MBA degree. :cool:
2) The CFA has more "prestige" compared to other credentials but it won't be of any use in trading natural gas futures. :)
 
Quote from a5519:

If you want to pursue a career of independent trader, this certification is almost worthless. Spend your valuable time and study the fundamental things: quantitative finance, computer science, data analysis methods and tools.
More...

Sorry to hijack the thread a little, but what kind of trader one will be by studying these subjects, and what exact books or sources do you mean?

As far as I know traders come in shapes and sizes. There are classic books like Reminiscences but no one talked about computer science and all that then. I know, the market was different (or fundamentals didn't change? who knows?). Tricky question.
 
Quote from Algo_Design_Kid:

Just graduated with my finance degree. I came across the CFA curriculum books and was surprised to see the first level is like 1500 pages of reading. Are people really doing this with 300 hours of studying on average?

I graduated with a 4.0 major gpa, and I have a hard time believing that people out of the academic setting are memorizing everything within 6 months - especially if you have kids/family/full-time job.

The cost is around $1100 (just for first level) + you have to get a passport, which is another $100. It is pretty much all of my cash on hand.

Do you think that if I successfully pass the level I exam that it will make me more desirable to hire? I haven't had a lot of hits from prospective jobs at all, of course I am in FL where it isn't the greatest job market. I'd like to get a full-time job now, but am conflicted on how much time I will get to put back into the CFA exam.

What is your opinion about

1) CFA in general

2)Realistic time needed to study and memorize all these equations

3)What study materials would you purchase? I guess now they ONLY give you an E-Book, I think that is trashy. I can't read an E-Book without getting a headache, don't know about anyone else.

4)Do you think if I pass the level I exam that it will increase my job chances and/or pay?



Thanks
More...

In a perfect world, we would all get to sit down when we are young and get a video of our life to come and see all the things we did and didn't do, the mistakes we made, things to watch out for and then we could take that information and perfectly plan the alternative to that life where everything would work out perfectly. Unfortunately we don't get that glimpse. We have no idea what our future will hold. None. I promise you will go through major changes every 10 years of your life and in some cases transform into a completely different person with completely different interests.

So the optimal strategy seems to be, learn as much as you can about everything you can given whatever available time you have at what you believe is a fair price. If you follow this formula you will find that while you might not be perfectly hedged in your future life, you will be ahead of most. Good luck.
 
Quote from Datradr:

I am working on level 2 now--

it is quite valuable ---but there are lots more CFA holders around these days than in 1990.

Absolutely worth it ,,especially from a cost perspective

Level 1 was hard...its not the difficulty of the material for level 1 ---just the amount of information---i work fully time and studied for more than 6 months---prob closer to 400 hours and passed.

Level 2 --is quite a bit harder---might have to throw in 500 hrs.

takes real commitment dude---no messing around
More...

Cool, no doubt.

What study materials did you use for Level 1? I guess you don't find out how many you missed, just Pass of Fail, right?
 
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