# Is anyone a CFA??



## prawn_86 (18 June 2007)

Just wondering if we have any members that are Chartered Financial Analysts or studying towards?
As this qualification is becoming more and more recognised and i am looking at trying to complete it when i leave uni.
thanks


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## the barry (18 June 2007)

I did the exam in june for level 1. Was very hard and long. 6 hours and 240 multiple choice questions. Praying i got through, couldn't sit through that again.


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## prawn_86 (18 June 2007)

the barry said:


> I did the exam in june for level 1. Was very hard and long. 6 hours and 240 multiple choice questions. Praying i got through, couldn't sit through that again.




whats it like to study? does it take much time out of a week? ie can you still do everything you normally did

any info appreciated. feel free to PM me if you want


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## sleeper88 (18 June 2007)

from what i heard, the failure rate for CFA is extremely high, correct me if im wrong
Im interest in studying for CFA as well, would anyone know how many years it'll take, the work experience required, and any perquisites needed?


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## the barry (18 June 2007)

sleeper88 said:


> from what i heard, the failure rate for CFA is extremely high, correct me if im wrong
> Im interest in studying for CFA as well, would anyone know how many years it'll take, the work experience required, and any perquisites needed?




There is no prerequisite to go for level 1. Most people without qualifications in the finance industry try to get this as a stepping stone into the industry. It is also extremly useful to have if you are in the industry. The pass rate ranges between 30 and 40 percent over the last couple of years. According to people i sat with, you need to get between 60 - 70 percent to pass. Easier said then done. 

You can get your level 1,2 and 3 in a couple of years, but you need 3 years expirience in the finance industry before you can obtain your certificate.


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## s3081402 (18 June 2007)

Do you have to have financial background to do CFA? I got a degree in engineering so can I do a CFA. How long does the course go for? Cheers.


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## the barry (18 June 2007)

s3081402 said:


> Do you have to have financial background to do CFA? I got a degree in engineering so can I do a CFA. How long does the course go for? Cheers.




Most of what you ask is answered in the above post, no you do not need a financial background and the other thing is it is not a course. It is soley three exams which you either pass or fail.


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## Broadside (18 June 2007)

the barry said:


> There is no prerequisite to go for level 1. Most people without qualifications in the finance industry try to get this as a stepping stone into the industry. It is also extremly useful to have if you are in the industry. The pass rate ranges between 30 and 40 percent over the last couple of years. According to people i sat with, you need to get between 60 - 70 percent to pass. Easier said then done.
> 
> You can get your level 1,2 and 3 in a couple of years, but you need 3 years expirience in the finance industry before you can obtain your certificate.




is this run by the Securities Institute?  I haven't heard of this before but I am a long time out of the industry.  My qualifications now are effectively a SFA specialising in NFI.


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## the barry (18 June 2007)

Broadside said:


> is this run by the Securities Institute?  I haven't heard of this before but I am a long time out of the industry.  My qualifications now are effectively a SFA specialising in NFI.




No it is run by the cfa institute. There website is http://www.cfainstitute.org/


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## Flying Fish (19 June 2007)

the barry said:


> Most of what you ask is answered in the above post, no you do not need a financial background and the other thing is it is not a course. It is soley three exams which you either pass or fail.




So whats the best way to gain the knowledge top past the exam? do a course, or can you reccomend so good books? Any ideas please barry?


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## the barry (19 June 2007)

Flying Fish said:


> So whats the best way to gain the knowledge top past the exam? do a course, or can you reccomend so good books? Any ideas please barry?




Seems to be a few people interested so i will post the steps required.

1.First you have to become a member with the cfa, costs about 400 US. 
2. You can then either buy the text books from them, or you can buy the books from schweser. (i choose schweser as i thought they read a little easier)(cost about 400 US as well)
3. You can book in to do your exam in either the start of june or the start of december. (costs 400 US as well)

A lot of people i spoke to where going for it for their third time. It is such a vast array of topics to be covered, it is like doing a complete commerce degree in accounts and finance in a single sitting. I think personally the best way to pass it is to do the june exam, get a feel for what is on it and then really have a go at the december exam. That way you can see what areas they are targeting that year. The other problem to is that the accounting is based on the US system so you have to get your head around that as well

Hope this helps


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## Broadside (25 June 2007)

the barry said:


> Seems to be a few people interested so i will post the steps required.
> 
> 1.First you have to become a member with the cfa, costs about 400 US.
> 2. You can then either buy the text books from them, or you can buy the books from schweser. (i choose schweser as i thought they read a little easier)(cost about 400 US as well)
> ...




hi the barry, thinking of doing this as a challenge, it isn't my job but I have the time in my current job and did SIA and worked in the industry a while back.  Would like to become more systematic with my investment decisions and do some comprehensive fundamental analysis.

Looked at the website and the materials.....do the materials cover US accounting principles? I definitely need a brush up on basic accounting, haven't done this since my uni days.  If I got hold of materials now is this enough time to prepare for December or is it typically one exam per year?  I know it depends on the person, I do have a lot of finance subjects and work behind me, but very rusty.  Thanks.

PS how did you decide on Schweser material over the standard course materials, did you see sample books?


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## doctorj (5 March 2008)

I don't suppose if anyone has heard anything about the CFA moving to IFRS?  It seems a little odd teaching a qualifacation the world over using US GAAP...


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## reece55 (5 March 2008)

doctorj said:


> I don't suppose if anyone has heard anything about the CFA moving to IFRS?  It seems a little odd teaching a qualifacation the world over using US GAAP...




DoctorJ..... Take it from an accountant, the yanks will never move to IFRS... those guys love their GAAP and are more than content to keep things the way they like it.... However, the CFA certification last time I checked was more about fundamental analysis of company metrics, which certainly could be applied without much effort to the Aus market.....

Cheers


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## doctorj (5 March 2008)

Who knows, the yanks did ease off on SOX after all the dollars started going to London.  There's hope yet!

From my understanding, there isn't that much accounting in the CFA, but it is a component and so far, it's all USGAAP.


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## lazyfish (6 March 2008)

I hope there isn't too much accounting because it is my weakest field and I am taking level I this June. But then there is a whole book on financial statement analysis and I have not touched that book yet =(


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## doctorj (6 March 2008)

How are you finding it so far?


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## lazyfish (6 March 2008)

doctorj said:


> How are you finding it so far?




Personally I think the material is not that difficult, but there are too much stuff to read and it is really sucking up lots of my time . There are 6 text books for Level I, I think the thinnest book is nearly 500 pages.


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## lazyfish (6 March 2008)

Ugh I just checked again the thinnest book is less than 300 pages. Man I must be getting so tired reading these books


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## prawn_86 (6 March 2008)

lazyfish said:


> I am taking level I this June.




Can i ask what made you decide to do it LF?

Is it employer encouraged or off your own back? 

Also do you expect your job opportunities/salary/conditions to improve when completed?

Any info appreciated


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## lazyfish (6 March 2008)

I was hoping that one day I could become a mining stocks analyst, haha  I have actually just started doing a degree in mining geology as well. Since I trade material and energy stocks almost exclusively I hope studying the CFA curriculum would help me in my stock selection.


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## Dezza (2 April 2008)

Contemplating on doing further studies after the Adv. Dip FS (FP) is completed.

However, tossing up whether to complete a Masters of Applied Finance, or CFA? 

Similar type of modules but differently recognised. 

Any other opinions out there from those who have gone through the pain?


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## mrkmr (3 April 2008)

Your decision but I think

Masters is a waste of time
- some employers like ppl having masters
- masters is expensive 
- have to spend time at courses etc.
- dont get paid
- takes along time
- doesnt apply to real world

CFA
- internationally recognized
- learn on the job 
- get paid whilst at work
- get to study in own time
- cheaper than a masters
- applies to real world
- big increase in salary when completed

I have neither but I was thinking along the same lines when I was offered to do a masters in commerce or become a CA or CPA.


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## kransky (3 April 2008)

what about if coming from a non-finance industry?

(Masters Vs CFA)


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## lazyfish (8 June 2008)

For anyone who's interested, the CFA exam took place today in Hyatt. There are about 50+ level 1s, significantly less level 2s and about 4 level 3s. The exams are long (1 morning paper and 1 afternoon paper totally 6 hours consisting of 240 multiple choice questions). The questions in general are easier than what I have expected, and certainly not impossible!


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## prawn_86 (8 June 2008)

Thanks Lazyfish,

How much prpeperation before the exam did you put in? Like how much did you study?

As im assuming if you did a heap of study then the questions would seem easier than someone who didnt do much/any study before the exam


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## lazyfish (8 June 2008)

prawn_86 said:


> Thanks Lazyfish,
> 
> How much prpeperation before the exam did you put in? Like how much did you study?
> 
> As im assuming if you did a heap of study then the questions would seem easier than someone who didnt do much/any study before the exam




Not really prawn, I didn't do a lot of studies, maybe on average 3 hours a day for 3 month. Before the exam I thought I was going to fail for sure, but now I think it's going to be pretty close. I said it's easier than I thought because I think most of the questions were very straight forward and were easier (IMHO) than the practice exam questions and the questions at the end of each reading. The calculations were all quite straight forward and those very complicated formulas were never needed.


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## prawn_86 (9 June 2008)

3 hours a day for 3 months seems like a lot of study to me! :

I dont do anywhere near that much for my uni exams... 

Let us know how you go when you get your results, and please add anything else you think may be of importance for others looking at doing it


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## pan (9 June 2008)

prawn_86 said:


> 3 hours a day for 3 months seems like a lot of study to me! :
> 
> I dont do anywhere near that much for my uni exams...
> 
> Let us know how you go when you get your results, and please add anything else you think may be of importance for others looking at doing it




G'day Prawn may i ask what uni course your doing?

I want to go into into this area, anyone else got any recommended uni courses for finance, commerce, economics?


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## prawn_86 (9 June 2008)

pan said:


> G'day Prawn may i ask what uni course your doing?
> 
> I want to go into into this area, anyone else got any recommended uni courses for finance, commerce, economics?




I study a double degree in Applied Finance and Marketing (anyone out there want to offer me a job?  )

I chose Finance as it covers pretty much everything, aside from accounting. Obviously we do the basic accounting stuff, but i cannot go on and become a CA or CPA, which i didnt want to do anyway.

Marketing is just something a bit different which i also enjoy and gives another perspective rather than solely focusing on numbers/valuations etc.

I am picking up as many economics subjects as i can with the few electives that i have.

Feel free to PM if you want


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## Hyperion (9 June 2008)

CA and CPA are very well regarded in the accounting industry but I have doubts as to whether the same applies for CFA in finance.

Does anyone have any personal experience as to the relevance/importance of a CFA to the finance industry?  If so, which area of finance in particular?

I ask because as far as I know, the major investment banks don't really care about it.  In fact, I don't think some of them have even heard of it...

Hyperion


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## lazyfish (1 August 2008)

Hyperion said:


> CA and CPA are very well regarded in the accounting industry but I have doubts as to whether the same applies for CFA in finance.
> 
> Does anyone have any personal experience as to the relevance/importance of a CFA to the finance industry?  If so, which area of finance in particular?
> 
> ...




I did a quick search on seek today, didn't get too many but a few are interesting.

This one says you must be CFA qualified

And this one is from Rio

I won't mind this job either 

Have a look on seek.com.au, search for CFA analyst and you should get some results. 

I passed Level I by the way, don't know the overall grades but they do give you (not very useful) grade ranges for each section. From that I think I barely made it, whew.  This year's passing rate is 35%. I would encourage people to do it early if you are thinking about it, because from what I see it is becoming harder. For example, some Level II exam questions from some years ago are now Level I exam practise questions.


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## prawn_86 (11 June 2009)

Thought i would bump this again.

Im going into my final semester of uni, but will only have 75% study load, do members who have sat the test think that it would be advisable to go for the test in December and treat the study foir it as an extra subject? Apparently you can do level 1 without having completed a degree.

EDIT - And one more question - Is it an open book exam? Or are you allowed to take some form of calculator?


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## Kez180 (11 June 2009)

prawn_86 said:


> Thought i would bump this again.
> 
> Im going into my final semester of uni, but will only have 75% study load, do members who have sat the test think that it would be advisable to go for the test in December and treat the study foir it as an extra subject? Apparently you can do level 1 without having completed a degree.
> 
> EDIT - And one more question - Is it an open book exam? Or are you allowed to take some form of calculator?




I think I might throw myself on the same grenade... I finished my last uni exam today! B Commerce, 2 Majors: Banking and financial Services + Financial Planning Woot Woot Woot...

I am currently downloading Gigabytes and Gigabytes of the Lv 1 notes and the shweser notes(Spelling? I think that is right the other name is Kaplan)

If they don't scare me off I am going to sign up...


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## Kez180 (11 June 2009)

oh and yes you can do Lv 1 without a degree but you must have either started a degree or have some other tertiary qualification...


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## prawn_86 (11 June 2009)

Kez,

could you PM me the link for the download?


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## Timmy (11 June 2009)

Kez180 said:


> I finished my last uni exam today! B Commerce, 2 Majors: Banking and financial Services + Financial Planning Woot Woot Woot...




Good on ya Kez - well done on finishing!  Honours year coming up?


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## lazyfish (11 June 2009)

prawn_86 said:


> Thought i would bump this again.
> 
> Im going into my final semester of uni, but will only have 75% study load, do members who have sat the test think that it would be advisable to go for the test in December and treat the study foir it as an extra subject? Apparently you can do level 1 without having completed a degree.
> 
> EDIT - And one more question - Is it an open book exam? Or are you allowed to take some form of calculator?




It is definitely possible for someone like you with relevant studies to finish the level I curriculum before Dec and pass the exam, as long as you put in the hours. The work load is definitely more than a 25 credit unit, though.

The exams are not open book so you would have to memorize all formulars. You would need to use specific models of calculators. http://www.cfainstitute.org/cfaprog/resources/examdetails/policies/calculator.html

Good luck if you do decide to go ahead with it


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## prawn_86 (11 June 2009)

Memorising all forumlas sounds hefty as, dont even have to do that for hardest uni courses!


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## Kez180 (12 June 2009)

Timmy said:


> Good on ya Kez - well done on finishing!  Honours year coming up?




I am too happy that its over to go and do honors lol!!! I think I am going to forget about everything study related for the next month or two, and then look at the CFA level 1 exam for December...


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## Kez180 (12 June 2009)

prawn_86 said:


> Memorising all forumlas sounds hefty as, dont even have to do that for hardest uni courses!




As long as you have St Dev, covariance, Corelation co-efficient, NPV/NPVA, Full array of ratio analysis etc.. all down pat I can't see how you'd run into trouble...  (Love to hear what else you need)

You can learn alot in 3 months worth of 3 hrs a day if you want to


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## rub92me (12 June 2009)

Imho something like a CFA would be more useful to do once you are in a job already, rather than as a means to increase your prospects for getting a job. I.e. get some experience first, see if you like it and then decide what is most suitable for you in terms of additional education.


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## doctorj (12 June 2009)

rub92me said:


> Imho something like a CFA would be more useful to do once you are in a job already, rather than as a means to increase your prospects for getting a job. I.e. get some experience first, see if you like it and then decide what is most suitable for you in terms of additional education.



At least here, CFA (part or full qual) is looked on quite favourably by recruiters and companies - it does open doors. Though, if you're looking at spending some time and money on education that will really make a difference, you can't beat getting some sort of post grad business qualification from an internationally recognised school (US, UK, Fr). I constantly come across groups of 'Oxbridge' old boys in good positions in good companies here and right across Europe. As good as Australian education is, if you can afford something international, you'll be well placed for just about any job you go for, home or abroad.


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## Kez180 (12 September 2009)

I just enrolled in the June 2010 Level1 exam, I'll let everyone know how it goes!

~Kieran


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## lazyfish (12 September 2009)

Kez180 said:


> I just enrolled in the June 2010 Level1 exam, I'll let everyone know how it goes!
> 
> ~Kieran




Good luck Kieran. I am about to start studying myself soon


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## shoe crew (13 September 2009)

thank you all for your info and stories on CFA..
Im still deciding if im going to do it...
id probably follow the advice of one of the other posters and pursue CFA when im in a job, and at least that way my employer can pay for it...

Ive recently got a finance major and finishing off my last paper on economics... I choose the finance of econ thinking it would be easy with my background, but im finding it theory and real tough...
Ive only done 3 hours study so far though...
I pretty much bull****ttted my way through uni, and rarely failed...
I spent too much time investing in oil stocks,
now that I have graduated, and come back for this paper to complete econ, I dont really know what to do with myself...

now that ive graduated I want to retire even though im not there yet.....
im very talented, but I have not been able to take the next step in the real World...
I am lost....


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## mazzatelli (13 September 2009)

Sounds like you need a round the world trip partying, boozing, wo[man]izing and getting everything out of your system before actually working.

I support the notion to try jobs, and only committing to the CFA if it will enhance your skills in the field you are interested in. No point studying and then finding out that's not what you would like to do for the REST of your life.

Good luck!!!


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## Largesse (13 September 2009)

shoe crew said:


> thank you all for your info and stories on CFA..
> Im still deciding if im going to do it...
> id probably follow the advice of one of the other posters and pursue CFA when im in a job, and at least that way my employer can pay for it...
> 
> ...






does anyone feel like punching themselves in the groin after reading this tripe?


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## Wysiwyg (13 September 2009)

Largesse said:


> does anyone feel like punching themselves in the groin after reading this tripe?




Rolling on the floor laughing out loud.


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## Julia (13 September 2009)

Largesse said:


> does anyone feel like punching themselves in the groin after reading this tripe?



Well, I suppose at least he/she doesn't have a self esteem issue!


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## cuttlefish (13 September 2009)

Broadside said:


> is this run by the Securities Institute?  I haven't heard of this before but I am a long time out of the industry.  My qualifications now are effectively a SFA specialising in NFI.




shoe crew - maybe you could look into the qualifications that Broadside refers to above  - it sounds like you're well qualified.


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## lazyfish (13 September 2009)

CFA is a big commitment, I absolutely agree with that. In some cases I also agree that it's better to wait until you think you will make finance your career before doing it. The only thing though, is that passing rates are falling while candidate number is rising. For example, the pass rate for level III this year is the lowest since 1963 and the pass rate for level II is the third lowest.

About half of the curriculum so far (Level 1-2) is not entirely useful to me. They are good to know, but not that practical e.g. fixed income stuff (again how much stuff you do in uni is relevant). Some useful stuff for me are quantitative tools, valuation models, financial report adjustments and some portfolio theories (there are more but I just can't recall off the top of my head). I haven't started studying level III yet so I have no idea how it's going to be. For me personally these are very worthwhile, even if I don't get to become a mining analyst eventually


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## Garpal Gumnut (13 September 2009)

Garpal Gumnut is offering the GG CFA 2009 

You need to bring all cds of Tom Waits , "Orphans, Brawlers, Bawlers and Bastards"  and a four quarts of Evan Williams Black Label bourbon.

After each track you are required to drink a finger of EWBLB.

Should you be standing at the end of the test, I will bestow on you a 
GG CFA 2009.

It will be worth as much as any you can get in Australia and I'll teach you things that the University of Western Sydney never taught to Storm Financial.

And they got a Masters.!!

gg


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## Kez180 (15 September 2009)

GG, it is because of my complete lack of respect for the Australian financial sector that I looked elsewhere for some post grad education.

Believe me this course bears no resemblance to anything that any storm advisors would have conned their way into...

Back on topic, I just received my textbooks, I'll post up pics in a day or two when I find my camera!


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## stocksontheblock (15 September 2009)

I’m not in finance, yet after reading all the posts - esp. the amazing failure rate I have to ask, is this not a great scam to fleece people of their money?

$US400 to register; $US400 to by books; $US400 to sit an exam - odds are you fail a few times, so multiple that 400 a few times – and for each level, and for what?

If as I have read it takes a couple of years to do this, and costs so much to fail - over and over, then why is not a commerce degree or some other accounting qualification as good?

As I say, I have no idea about this, yet a cursory look on the net and I can’t find many finance jobs that say anything about wanting CFA qual's.


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## swm79 (15 September 2009)

my bro is a CFA... got 99 UAI, he was working at the Res bank, did uni at usyd, got hons, got thesis published, got chartered... then did his CFA... he said it was pretty hard.... but he says everything is hard, and then gets 100%

two years later he's pulled out to become a medical dr - doing the GAMSAT


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## 4fundamentals (15 September 2009)

Honestly,

I agree with a lot of posters on this topic.  I think the CFA, is only really valuable (for job prospect purposes) if you are currenlty or intend to work as a mining analyst.  Otherwise I believe its WAY toooooo much work, for little reward. 

Honestly I would rather do a graduate program in economics or applied finance, than the CFA course, failure rate is simply way too high.


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## shoe crew (15 September 2009)

Largesse, wysiwyg
you two clowns laughing at me after I told you my story...
Im a kiwi...
I came up from nothing...
look, on this link below I have shown how to value an oil production stage project... if someone shows me another interesting insight on how to value oil and gas projects, then I will show you another trick of the trade....
it would be good to share knowledge...
I am an oil analyst (without an oil analyst job)...
apart from the dorks, there must be heaps of smart cats around here?
CFA is the nuts and bolts, the real deal...


https://www.aussiestockforums.com/forums/showthread.php?t=3094&page=4


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## Cink (16 September 2009)

Hi was wondering if its possible to do the CFA lvl 1 in Australia, then CFA lvl 2 in another country then CFA lvl 3 back in Australia ?


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## lazyfish (16 September 2009)

Cink said:


> Hi was wondering if its possible to do the CFA lvl 1 in Australia, then CFA lvl 2 in another country then CFA lvl 3 back in Australia ?




I believe so, you get to select the test center (where you sit for your exam) when you sign up for exams every time. Alternatively you can change your test center. Here is the link.

http://www.cfainstitute.org/cfaprog/resources/examdetails/centerchange.html


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## Largesse (16 September 2009)

shoe crew said:


> Largesse, wysiwyg
> you two clowns laughing at me after I told you my story...
> Im a kiwi...
> I came up from nothing...
> ...




I apologize, I shouldn't laugh at the disadvantaged.


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## Cink (17 September 2009)

Why isn't there a test centre in brisbane ?!


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## Bushman (17 September 2009)

shoe crew said:


> im very talented ...




Who said - your mama?


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## Gerkin (18 September 2009)

One of my mates is.

Only did it as he landed a job with as an analyst then decided to do it.

I like the idea of actually getting some work experience first and then deciding what professional designation you take on. If you take on this sort of stuff theres a chance you get stuck in study mode with no work experience.

I like the idea of the co-op year in uni. I have had my pick of jobs since I have left uni including jobs in singapore & hk as employers value work habits before marks.

Im still deciding what professional designation to take up if any. I already have a masters in applied finance which I did whilst working in my 2nd & 3rd years out.  Your all right about the Australian Financial System in education trying to find some common ground, its just not there at the moment.

By the way, im one of the good financial planners, if theres such a thing

I think to give financial advice is way to easy in Australia, it should be at least a minimum finance degree, not a 2 week course.


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## Garpal Gumnut (19 September 2009)

It is quite possible that the present Parliamentary Joint Committee on Corporations and Financial Services will suggest that we get rid of all these mickey mouse degrees.

So anyone considering paying out hardearned to become a cfa should think twice about it.

Bernie Ripoll is quite disgusted by the shamans advising people on their investments and bogus qualifications are high on his list.

The FPA are history from what I've been told.

gg


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## Gerkin (20 September 2009)

Garpal Gumnut said:


> Bernie Ripoll is quite disgusted by the shamans advising people on their investments and bogus qualifications are high on his list.
> 
> The FPA are history from what I've been told.
> 
> gg




I agree,

A bloke who worked as a labourer said to my dad, I'm going to become a financial planner. I will be up and running in 1 month. After 2 weeks in the AMP academy Would you like to come and see me?

Dads response, How the fu*k can you become a financial planner in 2 weeks. My son went to uni for 4 years then did another thing after that. 

I used the above to demonstrate the DFP is a disgrace on its own.

You would be interested to note the Australia's largest Investment Bank is not supporting the FPA anymore. Whilst not publicy admitting it, Employees are speaking out from the banks veiwpoint against the FPA. My company has even taken a stand that professional courses such as CFP are on hold until the outcome of this.

By all means I encourage people to do the CFA course, just have a job first.


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## Kez180 (22 September 2009)

Garpal Gumnut said:


> It is quite possible that the present Parliamentary Joint Committee on Corporations and Financial Services will suggest that we get rid of all these mickey mouse degrees.
> 
> So anyone considering paying out hardearned to become a cfa should think twice about it.
> 
> ...




You are getting CFA confused with CFP....


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## 888 (20 January 2010)

I signed up for June Exam today.  I'm not even working in finance sector but curious to see first hand the exam that people fussed about.  Hopefully I won't lose too many sleeps and hair over this.


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## Kez180 (5 June 2010)

Garpal Gumnut said:


> It is quite possible that the present Parliamentary Joint Committee on Corporations and Financial Services will suggest that we get rid of all these mickey mouse degrees.
> 
> So anyone considering paying out hardearned to become a cfa should think twice about it.
> 
> ...




Sorry to drag up an OLD thread, but my exam is tomorrow...

GG, do you think there is any value in earning a CA or a CPA?

The CFA has the same sort of ethical framework as these programs coupled with some seriously in depth practical financial knowledge...

To everyone else: The exam is tomorrow, I'll let everyone know how involved it is, I am under prepared and only scored 63% on the practice exam so I'll need to lift to have any hope of passing.


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## Kez180 (5 June 2010)

888 said:


> I signed up for June Exam today.  I'm not even working in finance sector but curious to see first hand the exam that people fussed about.  Hopefully I won't lose too many sleeps and hair over this.




Where are you taking the exam mate? I am in SYD


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## prawn_86 (25 November 2010)

OK im seriously considering this now. Looking at signing up in Jan and that will give me 21 weeks to study before the exam.

Will this be enough?


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## stock nub (5 December 2010)

prawn_86 said:


> OK im seriously considering this now. Looking at signing up in Jan and that will give me 21 weeks to study before the exam.
> 
> Will this be enough?




Prawn, i did the level 1 exam in june 2010 and passed. Im now studying for the level 2 june 2011 exam. I can give you some tips. Are you working during these 21 weeks and is it a new job you just started?

Order the books and get the stuff asap. There is loads of material to go over so the sooner you start the better.

The notes that you can get cut the material back to just the basics, which is helpful as it saves lots of time.

21 weeks is enough time, i signed up end of jan and made it through but my situation may be different to yours.

pm and ill answer any questions and send you some helpful stuff


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## lazyfish (18 January 2011)

prawn_86 said:


> OK im seriously considering this now. Looking at signing up in Jan and that will give me 21 weeks to study before the exam.
> 
> Will this be enough?




Hi Prawn,

Someone like you with financial education background should not have too much trouble passing lvl I. Lvl II and III require much more effort though.


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## stock nub (8 March 2011)

Havnt seen anyone in here for a while so thought id bring the thread back to life.

Is anyone doing Level 2 June 2011? Im enrolled for it and keen to chat with other candidates. 

If anyone is enrolled and wants to go over particular topics or just talk about any of it im open to anything. Im a bit behind the great schedule i set (finish at least 2 books by Jan) as i havnt even finished book one yet but i should be ok. Hopefully.... 

Also just a note to anyone considering the CFA program get the Schweser notes as they will save you huge amounts of time.


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## Renitent_Precept (14 January 2012)

This is very probably threadicide, but I didn't want to start another thread.

I will be taking my level 1 CFA exam in June this year and was wondering if there's anyone in Melbourne interested in a buddy for revision study.


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## prawn_86 (29 January 2013)

Well i bit the bullet and am signed up to do Level 1 in December. I figured by signing up now it will give me heaps of time to study for it as with only a 35% pass rate i want to give myself the biggest opportunity available


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## prawn_86 (9 February 2013)

Renitent_Precept said:


> I will be taking my level 1 CFA exam in June this year and was wondering if there's anyone in Melbourne interested in a buddy for revision study.




How did you go? Any tips?


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## Anyones Guess (4 September 2013)

prawn_86 said:


> How did you go? Any tips?




I've finished all 3. Just put in the time and you should be fine for Level 1. 

Level 2 and 3 are harder. Do all the EOC questions and numerous Mock exams. You have to be dedicated to pass


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## prawn_86 (5 September 2013)

Anyones Guess said:


> I've finished all 3. Just put in the time and you should be fine for Level 1.
> 
> Level 2 and 3 are harder. Do all the EOC questions and numerous Mock exams. You have to be dedicated to pass




Thanks.

Having recently moved internationally time is something I am struggling with now... I will just give it a crack after doing as much cramming as possible. I am averaging about 65% on mock exams, so need to bump that up about 10%


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## doctorj (5 September 2013)

prawn_86 said:


> How did you go? Any tips?




Level 1 is broad, not deep, so given you have a finance background my recommendation is to throw away all the textbooks but the economics and ethics ones and just do every practice question you can get your hands on.  Twice.

Then read the ethics book, realise its a load of rubbish that you'll never remember anyway and throw that one away as well, and spend a bit of time on the economics as it can trip some people up despite being quite straightforward.

If you can use your calculator blindfolded and you've done a couple of thousand practice questions in good time, you will pass.


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## prawn_86 (6 September 2013)

doctorj said:


> Level 1 is broad, not deep, so given you have a finance background my recommendation is to throw away all the textbooks but the economics and ethics ones and just do every practice question you can get your hands on.  Twice.
> 
> Then read the ethics book, realise its a load of rubbish that you'll never remember anyway and throw that one away as well, and spend a bit of time on the economics as it can trip some people up despite being quite straightforward.
> 
> If you can use your calculator blindfolded and you've done a couple of thousand practice questions in good time, you will pass.




Cheers Doc,

My two worst areas are Quant, and Fin Reporting due to the sheer number of formulas needed to remember, so I am trying to brush up on them at the moment. Will add Econ into the mix also, but seem to do OK on the practice questions for them at the moment


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## DJG (6 September 2013)

Would you say its harder than a Bachelor of Finance for example?
I would imagine you would get quite a few credit points if you completed some form of relevant degree?


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## prawn_86 (7 September 2013)

DJG said:


> Would you say its harder than a Bachelor of Finance for example?
> I would imagine you would get quite a few credit points if you completed some form of relevant degree?




I have a bachelor of applied finance and would say the degree is probably easier as it is over 3 years, and you can have formula sheets in your exams.

There is no credit for anything for the CFA. It is simply a 240 question exam, you can study as much or as little as you want


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## DJG (7 September 2013)

prawn_86 said:


> I have a bachelor of applied finance and would say the degree is probably easier as it is over 3 years, and you can have formula sheets in your exams.
> 
> There is no credit for anything for the CFA. It is simply a 240 question exam, you can study as much or as little as you want




Interesting. Seems easy and low cost for them. - I reckon assignments + maybe one exam would've been better. Seems like you can apply what you've learnt in a more realistic scenario. 240 question exam seems excessive.


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## prawn_86 (20 September 2013)

Really struggling with remembering all the formulas etc. I am ok a day or two after the topic reading, but if i go back and do sample questions from 3 weeks ago i dont score well. Cant even memorise basic things like F-test and T-test.

Looks like i am going to have to resort to just rote learning and hand writing every formula over and over....


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## prawn_86 (5 December 2013)

prawn_86 said:


> Looks like i am going to have to resort to just rote learning and hand writing every formula over and over....




Well hasnt worked much. Sit my exam on Sat and am still only averaging low 60%'s, need >70 to be guaranteed a pass. I think my brain is full...


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## Dividend (10 November 2015)

prawn_86 said:


> Well hasnt worked much. Sit my exam on Sat and am still only averaging low 60%'s, need >70 to be guaranteed a pass. I think my brain is full...




Any update on your progress?


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## Dividend (27 January 2016)

Well, what a serendipity. I managed to pass level 1. 

2015 Dec pass rate is 43%


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## prawn_86 (27 January 2016)

Dividend said:


> Well, what a serendipity. I managed to pass level 1.
> 
> 2015 Dec pass rate is 43%




Congrats man, i missed out be a couple % as i moved internationally during my study period. But still, trying to learn everything by myself was proving super difficult


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