Hi, I'm new here and want to know a few things. management, investment, department, job

andytrader

A bit about myself - I'm a recent college graduate with a math degree and a minor in economics. 3 months ago I just started a job at a bank in the asset servicing department. I'm technically a business analyst so much of my work is behind the scenes and project related. The bank I work in does asset management, but isn't really an investment bank.

Also, I'm essentially an actuarial drop out, which means I passed the first two exams but had a miserable time on the MFE exam because it was incredibly difficult. Also, I wasn't 100% focused on becoming an actuary so that affected my motivation for sure. Needless to say, I don't think studying for 9-10 near impossible exams are worth my effort and frustration.

But the CFA - that sounds interesting. Like I said before, I work in asset servicing and a couple of co-workers have taken the first 1-2 levels and passed. I borrowed the first textbook from a co-worker (which has ethics and quant methods on it) and the CFA designation sounds like something I want to try. I doubt it will help me in my current position, but I do feel ambitious enough to complete another challenge in addition to my job. At the very least, I feel like you could learn a lot of useful stuff just from studying the material. Also, my commute is an 80 minute train ride each way so I gotta do something while I'm sitting on the train

So here are some questions:

1) If I just use the official CFAI level 1 textbooks, would that be enough to study?

2) What are the main advantages/disadvantages if one was to solely use the CFAI textbooks for their material?

3) Apparently, there are 6 volumes in the CFAI level 1 textbook set, where the first volume is nearly 600 pages. How do the other 5 texts compare in length?

4) In your opinion, which topics are most difficult? How about most tedious? Why?

5) Are CFA holders truly a dime a dozen? That's what my dad says, but I don't think that's the case. It's not like getting an MBA where you can just go to any school. If you can get through all the exams, is the end result worth it? Do you at least get an incredible grasp on the finance industry?

I think that's all I have for now. It's great a forum like this exists and if anyone wants to answer my questions, I will be very grateful!

Thanks!

ruchita

You kinda remind me of me.

I studied actuarial studies at uni for two yrs before dropping it for finance. After I graduated, I was a business analyst for 5 years at a financial services firm (but not really applying any finance/investments knowledge). I studied CFA cause it was challenging and it may lead me to better opportunities. I'm currently 2/2 and will enroll for lvl 3 2012.

It's hard to ans ur questions on the iPhone but essentially:
- try avoid solely studying with the cfai text. Each book is approx the same width as the first one. From memory economics is a book on its own and so is accounting. You will save heaps of time getting a hold of Schweser notes.
- hardest and most important topics for someone of ur background is prob accounting, equities and derivatives. But this is all relative.
- I dont work in the industry so can't specify on cfa numbers but I wouldn't say a dime a dozen.
- as u r making at least 3 yr commitment, and 1000+ study hrs, u better b sure this will b worth it. A lot of ppl here will be bias and say go for it. But just ask urself where u want to b in 5 yrs time.

lunarfollies

I used Shweser notes for preparing for CFA Level 1 exam and I passed in the first attempt. They are comprehensive and easy to retain. In case you don't understand any thing from Shweser try moving to the CFAI text books. As far as Ethics are concerned especially the standards, try reading them from CFAI text books and plan it after you have at least covered the other four books because there are several terminologies which you'll find in Ethics but they are elaborated in other books.

The major advantage is that the curriculum is from CFAI whereas the disadvantage is that CFAI text books are quite lengthy and require a lot of time to go through. As I used shweser I can only speak about them.

The first book is quite lengthy. The other books aren't that much apart from the Financial reporting and analysis book but as compared to Shweser; Yes they are quit lengthy!

I found Ethics to be challenging. The other tricky parts are Derivatives and Alternatives but their weight-age is less that's why dealing with them is easy. The FRA portion holds the maximum weight and Ethics come next to it. Its better to make yourself good in these areas.

Come on! CFA vs MBA? No comparison at all! CFA is considered to be a highly respectable course in the field of Finance. Professionals have designed it and the CFAI keeps on evaluating the course to maintain its quality and prestige.

Andreas42

connor skyggen Wrote:
>
> 1) If I just use the official CFAI level 1
> textbooks, would that be enough to study?

MORE THAN ENOUGH
>
> 2) What are the main advantages/disadvantages if
> one was to solely use the CFAI textbooks for their
> material?

PRO: DEEP UNDERSTANDING AND SAVE MONEY
CON: TAKE A TON OF TIME TO GET THROUGH

> 3) Apparently, there are 6 volumes in the CFAI
> level 1 textbook set, where the first volume is
> nearly 600 pages. How do the other 5 texts
> compare in length?

CFA BOOK: 3000 PAGES
PREP PROVIDER: 1100 (ELAN GUIDES...I USED THOSE..I THINK SCHWESER IS ABOUT THE SAME)

> 4) In your opinion, which topics are most
> difficult? How about most tedious? Why?

FRA: TAXES AND LEASES

> 5) Are CFA holders truly a dime a dozen? That's
> what my dad says, but I don't think that's the
> case. It's not like getting an MBA where you can
> just go to any school. If you can get through all
> the exams, is the end result worth it? Do you at
> least get an incredible grasp on the finance
> industry?
>
MORE LIKE ON THE ASSET MANAGEMENT AND INVESTMENT INDUSTRY

Chuckrox8

Do the textbooks come free when you sign up for the exam?

For me, timing isn't an issue - I plan on starting pretty early (would take a June sitting). Also, I get like 2.5 hours every day off the bat just from the train ride so with a few hours each weekend, I should have no problem getting 15-20 consistently. How much on average are additional study materials?

joehogue

The text books are a part of the package. While signing up, you have three options either to get the 'E-books', 'Printed Books' or both. The dues increases with the order mentioned. If you order printed books or both, you may have to pay custom duty when you receive the books (depending upon the laws of the area in which you reside).

By additional study material if you mean the Shweser notes or other material then I don't think it is necessary to go through them. As i mentioned before I only used the Shweser notes and consulted the curriculum when I couldn't understand any thing from the notes. If you use CFAI text books technically there shouldn't be any need for the additional materials. However there comes a Q bank which can be used for testing. After completing any study session or a chapter you can test yourself in Q bank.

mkytz15

Welp, it's official...I signed up and will take it in June. I'm going to start off with the texts for now and see if there's a supplement I could do which has thousands of practice problems that are exam-caliber.

I was on the fence about registering this entire weekend, but the only thing I have to waste is 1000$. Time isn't an issue because of the long train ride I have every day. I mean, WTF else am I going to be doing? Listening to a small Ipod every day with the same songs can get a bit tedious too.

So, yeah, I guess I'll see you guys on the forum!

tikfed

connor skyggen Wrote:
-------------------------------------------------------
> A bit about myself - I'm a recent college graduate
> with a math degree and a minor in economics. 3
> months ago I just started a job at a bank in the
> asset servicing department. I'm technically a
> business analyst so much of my work is behind the
> scenes and project related. The bank I work in
> does asset management, but isn't really an
> investment bank.
>
> Also, I'm essentially an actuarial drop out, which
> means I passed the first two exams but had a
> miserable time on the MFE exam because it was
> incredibly difficult. Also, I wasn't 100% focused
> on becoming an actuary so that affected my
> motivation for sure. Needless to say, I don't
> think studying for 9-10 near impossible exams are
> worth my effort and frustration.
>
> But the CFA - that sounds interesting. Like I
> said before, I work in asset servicing and a
> couple of co-workers have taken the first 1-2
> levels and passed. I borrowed the first textbook
> from a co-worker (which has ethics and quant
> methods on it) and the CFA designation sounds like
> something I want to try. I doubt it will help me
> in my current position, but I do feel ambitious
> enough to complete another challenge in addition
> to my job. At the very least, I feel like you
> could learn a lot of useful stuff just from
> studying the material. Also, my commute is an 80
> minute train ride each way so I gotta do something
> while I'm sitting on the train
>
> So here are some questions:
>
> 1) If I just use the official CFAI level 1
> textbooks, would that be enough to study?
>
> 2) What are the main advantages/disadvantages if
> one was to solely use the CFAI textbooks for their
> material?
>
> 3) Apparently, there are 6 volumes in the CFAI
> level 1 textbook set, where the first volume is
> nearly 600 pages. How do the other 5 texts
> compare in length?
>
> 4) In your opinion, which topics are most
> difficult? How about most tedious? Why?
>
> 5) Are CFA holders truly a dime a dozen? That's
> what my dad says, but I don't think that's the
> case. It's not like getting an MBA where you can
> just go to any school. If you can get through all
> the exams, is the end result worth it? Do you at
> least get an incredible grasp on the finance
> industry?
>
> I think that's all I have for now. It's great a
> forum like this exists and if anyone wants to
> answer my questions, I will be very grateful!
>
> Thanks!

1) Yes. But that's not the only way to study. For the sake of efficiency, there are a number of third-party study materials that you can consider for Level I -- the most popular are Schweser, Stalla, and Elan.

2) Advantage: ALL of the study material is covered pretty extensively from A to Z. Disadvantage: Not all of the material needs to be covered extensively to pass Level I.

3) The other books are pretty comparable in length, ranging anywhere from 300-550 pages.

4) The "Core 3" Topics for Level I and Level II are: (1) Ethics, (2) FRA, and (3) Equity.

5) Your dad (who I'm willing to bet $100,000 is not a CFA) is absolutely wrong, imo. MBAs are handed out left and right, nowadays, and I feel that the only worthwhile ones to have are those from top-tier schools. To date, more than 150,000 CFA designations have been earned over nearly 50 years, with roughly 2/3 of those occurring over the last 10 years. Is there is rapid increase in CFA charterholders? Yes. Like MBAs, I don't think the CFA designation will hold the same value as it did 15 years; while many other designations are popping up all of the time, the CFA designation is still considered the "gold standard" in the finance industry and I can't imagine anything else taking its place during your lifetime.

(You're welcome)