Hi, I need some advice on if I should take CFA level 1 exam.
Background:
I went to University for 2 yrs and left, not because I couldn't handle it but because the school system is broken (BTW I was enrolled in a 5th best B-school) and it's not a test of how smart/capable you actually are. Currently I'm 21 yrs old, a realtor & a tech startup CEO (In the beginning phase which is for why I have time for working as a realtor).
I've been a huge fanatic for investing and am seriously considering the CFA program. Do you guys think I should go for it?
*I've read that "To register for the program, a)Have at-least 2yrs in college"
Hi Muhammad-Ali12, no, I never sleep and so I can respond to any lonely threads (like this one) at all hours of the night. Impressive, I know ;-)
You're welcome.
CFA charter holder here.
All I can say is YMMV.
For me it was an absolute piece of trash.
Hi, I’m wondering about the CFA myself. What makes it not worth it in your experience?
The CFA charter is made for people who work in investments and want to give their clients a business card with a nice title. Since this is my goal I enrolled in level I last week and plan to complete the whole programme. This doesn't seem to be true for you, though. You're thinking about the programme because of your personal interest in investments. Maybe doing online courses or just level I of the CFA programme would benefit you more. Keep in mind that level II and III go into details of portfolio management, ethics and asset classes that aren't really necessary for non-professional investors. (Of course there is a whole discussion on the overall relevancy of the CFA curriculum for professional investors.) Also, you have to ask yourself whether you really want to spent 3x300 hours on the CFA.
If you're considering to do an online course I recommend Investment Management by Rice University on Coursera. The topics are directly applicable to CFA level I if you later decide to enroll. You could also just get the Schweser CFA books to study at home and not register for the exams.
Thank you for the awesome in-depth reply. I can see why the CFA designaiton isn't a must for me right now. Do you believe I should get an accounting designation instead? Such as the CA or CMA?
The ultimate question is what is your end goal?
L3 candidate here, i wouldn't do it if i were in your position. Too much of a commitment and would take away from your preneur's, which--to be successful at--require more than a typical 40-50 hr week dedication.
You should self-learn finance/accting for your own interest and benefit. Take coursera classes, hell, order the finance textbooks online that students buy (and never read) for their expensive educations and learn it. The CFA is just a glorified way of doing that; for many of us our industry (AM/ER/IM) basically requires it to get ahead.
Without a 4 yr degree to tack a CFA onto and vie for experienced investment roles, the designation is a useless title that just shows how hard-working you are.
Second this.
Start with the intelligent investor and security analysis.
Utter waste of time unless you’re in the industry and arguably a waste of time still for those in the industry. Biggest benefit are the optics and network, not the shallow level of learning.
Many proffessionals say a certification is really helpful either have a undergrad, cpa, cma or cfa.
But I'm already making more than the average ivey grad student. I don't want to spend so much time at university if I can get a better certification for less!
Okay those people are wrong and misinformed.
**CPA you have to have like 150 credit hours of undergrad accounting to even sit for.*
**CFAs without an undergrad don't exist. Show me one. No one who's willing to put in a 3+ year commitment to studying, wouldn't first just invest that in a degree, even a cheap one.*
**CMA? Literally never heard of that unless you're talking about the country music awards, in which case--absolutely--go for it!*
Not sure why you're so focused on certification. If you want to accredit yourself so badly, finish your degree part-time online somewhere.
I would focus less on the CFA and more on graduating college first.
Many proffessionals say a certification is really helpful either have a undergrad, cpa, cma or cfa.
But I'm already making more than the average ivey grad student. I don't want to spend so much time at university if I can get a better certification for less!
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