Is anyone a CFA??

[prawn_86]

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

 

[the barry]

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.

 

[prawn_86]

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

 

[sleeper88]

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?

 

[the barry]

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.

 

[s3081402]

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.

 

[the barry]

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.

 

[Broadside]

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.

 

[the barry]

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/

 

[Flying Fish]

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?

 

[the barry]

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

 

[Broadside]

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

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?

 

[doctorj]

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...

 

[reece55]

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

 

[doctorj]

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.

 

[lazyfish]

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 =(

 

[doctorj]

How are you finding it so far?

 

[lazyfish]

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.

 

[lazyfish]

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

 

[prawn_86]

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