Well let me clarify, I don't see it as any worse than most MBA programs... I just see it as a cheaper option for the same thing (3 letters after ur name). IDK how good MBA programs at various schools are so I couldn't say if you learn more from one compared to the CFA program.

From what I understand, if you want to take a break from the fast track or want to switch fields getting a MBA is the way to go. If you're already in finance and don't mind killing urself studying after working to save $$ then CFA makes more sense.

I don't think being part of the CFA program or having a CFA charter lands you a job (certainly helps though) but a MBA at the right school could.

tasty chicken what are you basing all this off of? just curious

cfa is rigorous, and while it might not cost 50k+/yr, the opportunity cost of your time spent studying for the cfa is considered valuable. i think having a cfa is > a decent portion of mid to low tier bschools simply because it demonstrates your ability to motivate yourself independently and more importantly because it demonstrates a clear and objective understanding of the field. there are dozens of concentrations within mba programs, fin eng, marketing, bus mgmt, etc. cfa is alot more targeted towards financial analysis/analytic based work.

CFA = you're smart enough and motivated enough to learn that basics of a wide range of topics in finance

MBA = networking + vacation from the real world

Well as I said I can't speak to quality of individual MBA programs since I haven't gone to one or bothered to since I'm on CFA track. Almost all fund managers, lead analysts, or associates that I've talked to or looked at have a CFA or MBA.

CFA by itself won't land you an analyst role imo.... I think the experience carries more weight. Was definitely a decent add-on to someone who already had experience in the field but passing some level of the CFA curriculum (or even the whole thing probably) won't land you a front office position on its own. I think numerous sites and people I've seen/talked to believe the same thing.

I guess stinky put it pretty simply if u don't consider the $$

You can also network through your local CFA society. I know at least one person who got a job as a result.

i know so many people who have got really good money management jobs thru the toronto cfa jobline. might not be as good these days as domestic money management is a declining (rapidly declining?) industry in canada. not sure about wall street but i can't see things being good either. but CFA society posts alot of really good jobs in general and they are usually competitive postings.

Anyone else taking level III want to do a pass/fail bet with me to motivate us?

I would really like to hear from those who have passed the CFA. How hard is it to walk in to a job if you have completed level 3? I am at a crossroads in my life as to what to do. I have studied and am interested in finance. Was this worth doing to those who have finished it?

I am 28 years old right now so will be slightly older than the person who does this course straight out of uni. I also do not have much relevant work experience. Will all this be an issue? I am finding it really hard to get my foot in the door with a degree, not that much work great work experience, and the fact that I am 28 years old. I was wondering if a CFA would change all this.

Thank you.

None of it matters if you don't have any relevant experience. I guess it's like hiring a MBA graduate with no internship experience.

Thanks for your reply.

I guess it is not worth the time and effort then and I should just try and get any job.

I would recommend considering it after landing a job... it's kind of like a chicken and egg problem.

other users might have a different opinion so i wouldn't give up hope yet

when I was applying for a job after poker it was very useful. Just do both if you have the time. but saying in an interview next week that you're registered for lvl 1 isnt going to help much.

Thanks for your reply.

I bookmarked your blog. Are you still adding to it?

Your story is encouraging plus I think I would enjoy studying the CFA - what else am I going to do right? If I manage to pass all 3 levels then it has to be a big plus.

*Just to add, a good friend of mine wants to study the CFA. His dad passed away right at the same time as he was doing his final year undergrad exams and he took it badly. As a result he failed just one exam and did not graduate due to this. I am not sure whether he can still apply to do the CFA levels 2 and 3 as I was under the impression that you need a degree. However I saw this:

Have a bachelor's (or equivalent) degree

or be in the final year of your bachelor's degree program at the time of registration*
or have four years of professional work experience (does not have to be investment related)
or have a combination of professional work and college experience that totals at least four years. Part-time positions do not qualify, and the four-year total must be accrued prior to enrollment.

He has worked in temp roles at financial institutions for a few years. Do you know if he can still apply?

Thanks again.

This ended up not being necessary, but would not have been offered by my current employer. They pay for the exam but would not give days off. My job has very little to do with CFA anyway so it wouldn't make much sense from their POV.

This.

I ended up studying much under recommended measures, something like 50 hours total probably. Drank beer after work and studied at the office for 2-3 weeks ~4 times a week. I finished my undergrad in finance a year before the exam and passed quite easy.

I think this exam just requires you spend some time on reading ethics and know your **** about basic finance. My friend works for ibanking at a mid-sized firm in London and he failed, but he started studying the night before the exam. I suspect he failed because of ethics (so does he).

The exam was short. I studied too much the details. You basically only need to know the general formulas, no need to get fancy for L1. I lost points because I forgot basic formulas I hand't used in over 2 years and hadn't gone to review because I didn't get through the whole material. If you just review the basic formulas and understand them you should breeze through. DO NOT SPEND TIME ON THE ADVANCED STUFF, IT WILL NOT BE WORTH IT.

if you have a masters AND undergrad in finance, and took some dcent accounting (it's almost as important as finance), L1 should be ~20-50 hours of study. L2-3 will be more I expect. See my previous post (I did undergrad finance and accounting, B average but B+ to A average in finance classes). Spend your time on the basics, i.e. remembering basic formulas. All the advanced stuff is unnecessary for the test imo.

I don't think suggesting someone do it w/ any less than 100 hours is a good idea.

I'm in a corporate finance position in a large company. Is the CFA material also valuable (compared to what I could do with my time otherwise) in this sense or is it really more for bankers in your opinion?

isn't this something to ask your bosses? do you want to get into buyside? do you like prestigious "degrees"?

I'll definitely talk to my bosses. They haven't taken the CFA though, so figured I would get the opinion of guys who have.

I don't really care for a degree per se, but I like the opportunities it could bring - especially for a guy who has had no job the past 8 years until recently besides poker... :-)

it's a time-intensive undertaking that requires serious, multi-year commitment. there's no definitive answer unless you know what your goals are. if you just want to improve yourself generally in finance and don't overly value your spare time, then it's a cheap and respected way to get more knowledge

depends where you want to go. If you want to work in buyside or sellside its probably necessary/useful at the least. If you stay in corporate finance (with no M&A) then probably not.

going to try to be better at updating it than I have been recently, but obviously have less time now than I did.

not sure about your friends situation. He should call them up, they are helpful.

Anyone doing Level 1 in Dec?

All prepared?

How brutal is the 2 3 hour papers on the same day, I've done it before on a written paper so shouldn't be too much of a shock, but just preparing myself.

i would kiss ur weekends goodbye.

but if u pass it's all worth it bra

Is there a level 1 study guide which is considered as the ''best'' one everyone uses? Want to start studying it for it (still in uni) but don't want to register yet so I can't get their official guide. What should I get?

i like schweser a lot