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Don't waste your time nor money on this. Better allocate that time to working out those networking chops and knowing your technicals down solid. Also, hit the gym, slim up a bit and cut the bread out of the diet. It is imperative that you look polished and presentable for your interviews
BreadBaker - I was thinking the same thing but Revoutio is right. Spending your time networking/getting short work experience is far more useful.
It simply shows that you have an above average interest in finance. It does however provide a good conversational piece. I'm on L3 and I have always been asked about it in interviews.
So just to reiterate, this wouldnt help get any IB interviews? I just want to do everything possible to hep for junior year next year.
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kingtut.... so if you can't secure an internship and have months to spare this is a good way to go (I'm an undergrad)? My friend at a BB said that loads of people are doing the CFA 1 so its not unique anymore...
Exactly, its just not as vaunted and unique as it was once. This is because so many people are in your situation or worse and feel that the time/money spend on this is the one way to break into the biz.
Like others have said, if you could spend 300 hours networking vs. 300 hours studying you would be much further ahead than your competition. The problem with Level 1, as you mentioned, is that everyone is doing it now. It doesn't do much to distinguish you from the rest of the pack. Once you get beyond L1 people will start to take you a little more seriously. There's a reason why there are quite a few empty seats in the L1 section each year.
There's still plenty of time to secure something for the summer. Focus on the job first. The CFA will always be there.
You can't take it anyway. Have to be in your final year.
M&I I think has a pretty good stance on this -- basically that 300 hrs of networking is going to have an exponentially greater effect on you landing an IBD job than spending 300 hrs studying for CFA Level 1 would.
a) Doesn't take 300 hours to study for. 200-250 is plenty.
b) Time/opportunity cost of setting up and traveling to those meetings. It's not like you just teleport to some location and already have a meeting set up with a guy. There's a lot of behind the scenes networking to just get the initial meeting.
c) Why not do both? Yah you're social life will suffer even more, but you can work, study and network.
Sure it may not be as prestigious as it once was (Level I), but with a ~35% pass rate, it is still a challenging test and shows your commitment. And if you can pass Level II and III then you know it's going to have some pull in securing interviews, regardless of what people on here say.
when i see a CFA level 1 candidate on the resume of a kid who is a junior in college it screams "nerd"
no one has mentioned that cfa doesnt do much for ibd or could very well be seen as a negative; why ibd instead of am, er, etc
I just finished with assoc recruiting at the MBA level and my CFA progress was seen universally as a positive. I would especially think this the case if you came from a non-business undergrad background, or if you're trying to recruit into IB post-MBA from a non-finance/business career.
I actually bumped into more CFA charterholders than I thought I would have while networking with bankers (associate level and up). I think this allow me to differentiate myself, although I have significant progress (vs. just L1/2 candidate).
CFA in sophomore year?Summer Analyst apps? Help me decide. (Originally Posted: 05/23/2017)
I'm currently studying at StonyBrook University Applied Math and Comp Sci. My dream is to get into CUNY Baruch's MFE program. Anyways, I am wondering how a CFA would look on my application/resume. Most of the stuff there looks rather simple(looked thru Quantitative Methods, skimmed Economics) I'm entering sophomore year with 56 credits and no finance experience. I guess I'm asking what should my next step be.
A CFA would look tremendous on your resume. Keep in mind, certificates such as the CFA act as tools to set you apart from others. A CFA will provide you with the credibility to compete with top tier schools. As for next steps, continue to get good grades. That is the most important thing in your journey to accomplishing your dream. Next, network and apply yourself in internships in your field. This will give you relevant experience to talk about in your application into CUNY Baruch's MFE.
Pretty sure you have to be in your graduating year to begin your CFA exams, just focus on GPA and experience
You need relevant work experience as well as passing all three exams to have the title of CFA. Honestly, having a high GPA and good work experience will be plenty.
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