Hi guys
I have a few questions regarding the CFA qualifications which I'm hoping those who have completed the exams can answer. I am an economics graduate, and I start work in a MO position within an investment bank this autumn. If I start studying now, is it within the real of reality to pass the december exam? I have looked at other threads on here, and various people have said it takes 2-3 months, which I have (just about). I looked at the official CFA website today and a whopping 6 MONTHS is recommended for each exam with regard to prep!
Secondly, I wanted to know the minimum amount of time it would take for somebody to complete all three levels, if they were done sequentially. For example, if I pass in December, am I able to sit Level 2 in June 2014?
Thanks
I think that in regards to time it takes to study for these exams, it is highly dependent on the individual. IMO, it is definitely possible to pass the L I with only 2-3 months of study. Also, I believe that you can basically take all three tests sequentially, however you will not qualify for charter holder status until you have the equivalent of four years of professional finance experience (although, I may be wrong on this part).
This is spot on.
You can still pass L1 in December. I started for my L1 roughly 3.5 months before, covered the Schweser notes in 1.5 months and then spent the last 2 months just doing practice questions and mock exams. Realistically you will need to dedicate a lot of time to it and give up weekends, but it's doable.
Definitely possible, but you won't have much breathing room. Will have to be prepared to sacrifice weekends and a few hours most nights to ensure you pass, depending on your prior knowledge.
Thanks!
I have thought about this as well but my biggest worry is the quick turnaround for level two. Is Jan - June enough time to study for and pass L2 if you are studying ~16 hours/week? Assume 3 hours/day Mon - Thurs and 4 hours over Sat/Sun?
Yes. You won't remember anything you studied more than 6 months beforehand. I actually found it easier to study for L2 right after the L1 December exam than when I had taken time off between the L2 and L3 exam. It's tough to get back into study mode.
Thanks for the comments guys
Completely depends on the individual, but you could pull it off if you start now. Your econ background should help you and hopefully you have taken a couple accouting classes because that's a significant part of L1.
Some people need 6 weeks, some need 4 months. I don't take L1 lightly by any means but I think the 6 months they recommend is overkill unless you don't have a business background.
Just to add to that - if English isn't your first language (which it isn't for a huge number of test takers) I would imagine the studying process would take some additional time.
C.F.A exam before or after 1st job (Originally Posted: 12/15/2017)
hi guys just recently concluded masters in banking and finance in a relatively reputable university in London with little or no worthwhile experience in banking roles. However, been having difficulties in getting into corporate banking analyst roles which is what I'm aiming for. Is it advisable that start looking towards gaining a professional qualification specifically at least CFA level 1/2 to help my odds before I start applying again, or still try to keep trying?
I don't think CFA adds much value to your search, especially when you're targeting CB roles.
Am I picking the right time to take the CFA (Originally Posted: 02/28/2013)
So I'm in my penultimate year at uni studying International Business and after my second WSO meetup in London a member persuaded me to take the CFA this December instead of following year.
Although I understand the amount of attention the CFA requires, I'm not quite sure of how it would impact my studies (besides the obvious [extra workload]) and therefore do not know if taking the exam is as wise as it may otherwise seem.
It would be much appreciated if you guys could shed some light on matter, and it would be even better if someone - that's taken or past the exam whilst at uni - could give me some advise.
Level 1 is super easy
In retrospect, between: 1) enjoying my senior year 2) keeping up with my classes 3) studying for the CFA there's no way I could have done all 3. I opted for 1 and 2, and did L1 in december after leaving. To each their own though.
I'm curious does one normally take the CFA during college, or when you start working? And what sort of jobs do the CFA exam takers do? I know that the CFA basically sets you up to possibly be a portfolio manager at a mutual fund, but I'm curious if the exam-takers are i-bankers or investment consultants or something?
from what I've gathered, IB doesn't usually care for CFA (from M&I); usually ER, hedge funds, AM, etc. The guys that deal with the markets more.
Also, sounds tough OP. Maybe it is easy like someone mentioned, but I couldn't do it. Maybe December would be a good time, but June would be brutal (bc on top of the other stuff, I've been looking for jobs which is one in itself).
In my case as well, I honestly don't have the grand to drop on a test until I actually get a job. Sort of a Catch 22
CFA Exam - Best time to begin? (Originally Posted: 03/16/2008)
When is the best time to begin the CFA exam program? While you're still in college? Once you've started working? Before you start working? Also, how helpful will classes in finance and accounting be for the exams?
If you're taking lots of finance/accounting classes, take the first exam your senior year in college while everything's still fresh in your head. That's what I'm doing right now and it really helps that I took derivatives, fin. statement analysis, advanced corp finance just last year... Also, in college you feel like you're busy, but if you don't have time to study for CFA in college, I guarantee you you won't have time to study once you start working. So take Level I in college and then you'll see how busy you are/if you need it for career advancement/ if you need to finish it at all. Also, it's a nice little plus you have to talk about in your interviews.
I would strongly consider taking Level I in December of your senior year and Level II in June before you start FT wrok. Most of the finance you've learned in school is fresh in your mind, and your also still in the mindset for studying for exams. This is what I did.
Then you can take Level III anytime after you start work. If you're doing an IB analyst program, you're going to be hardpressed to find the downtime to get any meaningful studying in.
nystateofmind: how did you take L2 in June? They won't let me register for L2 June (I'm in my senior year, took L1 in December) because I don't have my degree yet and they're saying you need yoru degree just to register for L2.
BTW, yes I do agree.. doing L1 while in college is best.
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