I just passed my level I (got the results today ;), I am wondering whether I should pursue my CFA all the way to level III, or if it is completely useless. I'll be starting in June at a BB in equity sales derivatives, and of course I will go and ask my future co-workers what they think. But I want to know NOW ;) And I will also wait for my company to pay for that, since I assume all BBs will pay for it.
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Im wondering the same thing...
Congrats on passing. Ive heard only like 40-50% pass level I... Also interested to see what people think. Are you interested in going into Portfolio Management later down the road? If so I would say continue. Personally I would go for it as you already passed Level 1.
39% passed Level I this time around. This also includes numerous people taking it for the 2nd and 3rd times. You've already shelled out the time and money for Level I, keep going. Take some time off if need be, and shoot for the Level II in June '09
Sales guys typically do not need a CFA/most sales guys I know don't have the CFA. From my experience, sales guys are the intermediary between the buy-side analyst and the sell-side analyst and typically give a fairly basic pitch to the buy-side firm. Sales guys typically don't need the depth of knowledge you would earn through the CFA exams. It would be good for career diversification, though. If you end up not enjoying your role in sales, transferring to a different department (IBD or Research) would be a lot easier if you have the CFA skill set.
Also, since you will only have a few months between L1 and L2, definitely go for L2. Waiting a year or more between exams makes you forget a lot of the info. Taking them back to back with only 4-5 months between exam dates will undoubtedly give you a huge advantage when you sit for L2.
I wouldn't assume they'd pay for your CFA charter. Even if they didn't, it's irrelevant given the relatively low cost of the CFA charter relative to the gain.
Thanks a lot for your guys' answers. I don't really know about portfolio management, but who knows, I might not like sales in the long run so as some of you mentionned it won't cost me much to try and pass level II. I was thinking that the bank would pay for your exams usually, I believe Lehman does, not so sure about my bank. I was supposed to go for drinks with my future co-workers, but with the current market conditions they don't really have time for much so I'll just keep on browsing ibankingoasis.com for answers.
I never really wanted to work in IBD in the first place though; I had a job offered to me in research and that is something I could potentially see myself doing. Well at least it's good to know that a CFA is pretty pointless for my line of job, and that I shouldn't stress out about taking it or not in June.
Thank you again all for your inputs. And if you are going to take your CFA, really think it over, it is a painful, very painful examination, and you need to be ready to dedicate a significant amount of time for it. I would say I probably studied 150 hours for it and I have a finance BA and I am currently doing a masters in finance. Sure some people will tell you they studied 10 hours and got it, but either they are bsing you, or good for them.
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Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
No, don't take time off. L2 is really only slightly harder than L1. If you were able to pass L1, take L2 this June (although it sounds like you have already decided to skip the CFA entirely). Waiting will only make you forget the formulas, concepts, etc.
Wait: quick disclaimer. I haven't sat for L2, but I'm studying for it now. I guess I can't really say that it is only "slightly harder than L1." A lot of my time is spent refreshing my memory of L1 info. From what I have studied so far, it all seems very similar.
F9 - Agree that taking it June would be much easier. That's why I said "if need be." If he took Level I while still in school, I could definitely understand wanting to enjoy his last semester of school.
A buddy of mine has the CFA level II books, so I am going to start studying them, and I will register at the latest possible time if I feel like I am ready for this June. Although, I feel like I am going to try and focus on my masters program as well as my thesis, and then have my bank sponsor me for my CFA level II in June 2009; I figured that with the pressure and expectations of your co-worker I will have enough drive to study for it again.
Thank you for your advices F9, I really appreciate it. Are you currently chartered? And what line of business are you in?
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Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
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