Advice required re CFA Level 1 currently, University, Investment, 2010, effort

MythosHF

I don't know you, but studying for level 1 (yes, even level 1) in 80 days would be very very tough. With those time constraints it becomes practicly impossible regardless of your degree. Plus, level 1 won't get you anything with this economy, especially in a city like London.

I would wait till June, no doubt.

An by the way, CFA means very little for IB.



Edited 1 time(s). Last edit at Thursday, September 16, 2010 at 09:18AM by Fdez.

studyn

I'd suggest you register for June 2011 and start preparing early with minimal stress...

And keep your job till you get a new one!

brk1yn

Hi Guys, Some urgent advice required....

I am currently working in a Retail banking field, and would like to study CFA Level 1 and take the exam this December 2010 with the view of moving into a back office/similar role in the Investment Banking field, and then taking up CFA Level2 and progressing within the ranks in the Investment bank.

I have an Economics degree from a University in London for which I received a 2:2, I am confident that IF i put in the effort i.e 30+ hours a week studying (by myself), I will pass Level 1 CFA between now and December (80 days!). Currently I haven't registered or started for the exams.

Problem being is that my job will not physically allow me to study 30 hours a week due to time constraints, and hence I will end up failing the exam (especially given that I haven't studied for a few years now, and my job will tire me out, and also as I will be paying for the course MYSELF!). My work will not give me the time off for me to study CFA as it is not directly related, and also because I am not in their best of books!

SO....The dilemma I am facing is; Do I leave work to study CFA Level 1 with the hope that I will be able to secure a better job with the CFA Level 1? How much of a difference will it actually make to my career prospects? Is it worth taking the risk, and leaving a secured job? Or can it easily be done while working?

PS. I live in London with no previous experience in Investment banking

Any help appreciated pleaassse!!

Thanks & Regards.

Matori

Why not wait for the June exam? Your economics degree might be an advantage, but on the other hand if it's in economics you might still find other topics such as FSA overwhelming. In my opinion it would be unwise to leave your job. The only scenario I can possibly imagine where that would be an advantage is if you, say, are very (extremely) unhappy in your current position for some reason (e.g. bullying) in which case the studying (regardless whether you pass or not) could serve as an official explanation to why you decided to leave your current position without having anything else lined up around the corner. Also: if you're specifically aiming for a back office position this might not be the right program for you, (and I hope you other forum members can correct me here if I'm wrong!) What you could do, instead, if you're not absolutely certain, is to register later on, say in December, possibly joining some classes (depending on your financial situation), and spend the next 70-80 days reading up on foundational material such as financial statement analysis, basics re various instruments (bonds, equity, derivatives) from your own choice of literature where you use the LOS as your guide to what to read. That way you don't have to commit any funds to the program until you're absolutely sure that it is the right program for you. If you were to sign up for the June exam in December, you'd be on the sort of official time schedule that is followed by many course providers, and there would not be a rush. When you mention your aim to be the back office, it sort of raises a red flag in my mind and I think the program might not be right for you unless you choose to study from pure interest in the field of finance. Meanwhile (the 70 or so days) you may also check out other alternative programs that are more tweaked towards back- and middle office.

manasib

I have to agree with earlier posters. Don't leave a job for Level 1.

kd26gioi

Keep your job. I'm sure everyone on this forum knows, the supply of labour is significantly greater than the demand in the financial sector and even the cfa charter holders find it difficult to find a job. Level 1 doesn't mean much unless you're VERY WELL connected.