Is anyone a CFA??

[lazyfish]

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.

 

[Dezza]

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?

 

[mrkmr]

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.

 

[kransky]

what about if coming from a non-finance industry?

(Masters Vs CFA)

 

[lazyfish]

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!

 

[prawn_86]

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

 

[lazyfish]

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.

 

[prawn_86]

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

 

[pan]

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?

 

[prawn_86]

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

 

[Hyperion]

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

 

[lazyfish]

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

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.

 

[prawn_86]

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?

 

[Kez180]

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...

 

[Kez180]

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...

 

[prawn_86]

Kez,

could you PM me the link for the download?

 

[Timmy]

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?

 

[lazyfish]

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

 

[prawn_86]

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

 

[Kez180]

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...