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.
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?
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.
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.
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?
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
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...
How are you finding it so far?
I am taking level I this June.
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