work experience - am i screwed? experience, discounted, investment, particular, companies

chunty

CFAI seems to have some mixed signals on this. I've spent the bulk of my time doing audits of Fortune 500 financial services companies. This has involved a heavy focus on the valuation of debt securities, equity securities, derivatives (with a particular focus on equity options using black scholes and binomial models) and business units (using discounted cash flow and the method of comparables).

One the one hand, i'm not sure if this meets the "investment decision making criteria" but on the other, they have the following example on their website -

JOB TITLE: Auditor


NOT ACCEPTABLE: Review the internal control processes to ensure compliance with the requirements of the Sarbanes-Oxley Act and recommend process improvements. Perform non-SOX-related financial and operational audits on businesses to identify control and process weaknesses and recommend process improvements.


ACCEPTABLE: I perform financial statement audits of investment companies and in the process test the custody and pricing of the portfolios. Used Bloomberg and learned the accounting of several security types, including equities, bonds, options, and futures.

In addition, as far as sample job titles go, they do list "auditor". What do you guys think?

DSquaredSlim

...fund accounting.

yalo

what sort of day-to-day work do you do in BO?

ap0258

I think you should just copy and paste their accepted definition and not worry about it further.

wilslm

CFACurse Wrote:
-------------------------------------------------------
> yea.. I work in back office, and i'm concerned
> that after all this hard work studying for the
> tests, they're going to come back to me and say:
> UNACCEPTABLE!
>
> I have a feeling i'm going to have to fight them
> on it.

I don't think working in the back office will cut it -

SpyAli

cgeorgan Wrote:
-------------------------------------------------------
> CFACurse Wrote:
> --------------------------------------------------
> -----
> > yea.. I work in back office, and i'm concerned
> > that after all this hard work studying for the
> > tests, they're going to come back to me and say:
>
> > UNACCEPTABLE!
> >
> > I have a feeling i'm going to have to fight
> them
> > on it.
>
> I don't think working in the back office will cut
> it -

+1. if you work in BO but do FO work, i would emphasize the FO work you do

flyinggirl

nice, i do that anyway. The fact that they recently changed it means that "auditor" is still going to be acceptable.

hooray for me! now all i have to do is actually pass the damn thing...

still waiting for my band 10...

jarobi04

You will be fine...you just have to relate what you did to the CFA program. In other words, reference specific LOS from the curriculum and how that related to your audit work.

RepoToronto

Seems pretty clear from that example that you will be okay, but don't be surprised if you have to fight them on it a little.

onelife1

Anyone notice how they changed the auditor example, do you guys think that means the old example no longer is acceptable?

Here's the new one:

I performed financial statement audits of companies that carried significant assets and liabilities subject to fair value accounting. I assessed the reasonableness of the valuations and assumptions behind the valuations of those assets and liabilities.