Get CFA in Senior year?
Hi, is it a good idea to try to get CFA level 1 during your senior year?
Trending Content
| +72 | Q&A - Buyside Equity Research Analyst/PM | 27 | 1w | |
| +31 | How the heck do you learn all of this stuff? | 5 | 4d | |
| +28 | Getting Frustrated | 10 | 3w | |
| +27 | My experience on the sell side | 20 | 1w | |
| +22 | What’s my next move? | 6 | 2w | |
| +18 | Biotech ER vs IB | 16 | 3w | |
| +14 | Am i fairly compensated? | 7 | 6h | |
| +14 | Data Science to PM | 8 | 22h | |
| +14 | Heard they don’t model at Oppenheimer | 10 | 1w | |
| +13 | ER time line and ways to break in help | 17 | 3w |
Career Resources
yeah, i also know someone how got it during their 1st year. quite an undertaking though - doing it while full time.
I'm guessing that it would provide a huge boost to an ER analyst application, is this true? I imagine that if the recruiters see someone with an ER internship and who is taking the CFA level 1 during their senior year, they would have to take that application seriously.
I agree, actually I know first hand that they are impressed...
I know a couple people who did it senior year once they were eligible. Figure it's good to have out of the way, especially if it overlaps with any current finance/accounting coursework.
Thanks for the replies. I'm not a finance major, but I think I would still be in a strong position to take level 1.
However, I was reading over at analystforum.com and there were mixed views about taking CFA in your senior year. They were saying that employers don't care very much, that you can take it easily enough when you are employed full-time and have more relevant experience, and that it's more important to focus on recruiting and your grades in your senior year.
On the other hand, I don't think many people over there were hoping to get into equity research immediately out of college. It makes more sense to me that employers would care about it, that a solid, lengthy internship would be sufficient experience to go for level 1 in December of senior year, and that good time management would help you fit it in along with your job applications, college study and extra-curriculars.
Maybe this would be worth mentioning to ER internship colleagues?
Lol, grades important senior year? Sorry, just thought that was funny.
My impression is, CFA is VERY highly regarded still for ER, so any mention of doing the CFA is going to score you points. Having the CFA will definitely score a lot more points for ER. You could probably work it in pretty well by asking one of your more senior people about the CFA, i.e. "I'm interested in taking CFA next year, can you tell me about your experiences, how you studied, etc."
My impression was that if you don't have too many real classes to take senior year, studying for GMAT and CFA will probably be a pretty valuable use of your time.
god that would be sick. If you somehow did that, you'd be hired in a second. I mean seriously, that would be sick. Maybe the IMC is a more tenable route. The pass rate for CFA level 1 is like 40% yo.
agree
Passing level one in your senior year would be great, but it won't help your application at a bulge bracket unless you write in June BEFORE your senior year (can you even do this?)
If you take it in December, you are already beyond the point where all of the BBs have wrapped up fulltime recruiting. Nevermind that you need to wait 2 more months until you get your scores.
I am personally involved in recruiting for my group, and I can tell you passing level one would be an absolute plus. Just having on your resume that you are planning to sit for level one in a couple of months (recruiting is usually in late sep./early oct), will be a slight positive, but nothing major. It will also ensure that I will take the interview in a very technical direction.
so does it make a difference if you are a dec candidate or june candidate in senior year? both happen after recruiting anyway.
I would say no, however, I think the december exam would be better, if you can swing it. That thinking is primarily from a time perspective; I would want to do nothing but relax/travel after graduating and before starting work.
Thanks for the input. BrokenIncome, they say you have to be in your final year to become a candidate, and I will still be taking exams in June, so sadly that looks impossible.
http://www.cfainstitute.org/cfaprog/requirements/
This means that if I go through with applying to take the CFA, I will be a level 1 candidate during the recruiting season. Though you describe this as a "slight positive", I'm willing to go for anything positive at all! I understand that this will set me up for a more technical interview, and I'm absolutely ok with that.
xistguru, I'm in Europe and the GMAT/MBA route is probably not something that I will be seriously considering; I would definitely have the time to study for level 1 before Christmas.
It seems to me that everything about the CFA is perfect for equity research. I guess that this has a lot to do with the influence of Benjamin Graham.
Anything you can do to steer the direction of an interview is a plus, in my opinion, since you can prepare for those questions more. I definitely thought it helped in my interviews, since I wanted to get asked technical and fundamental questions about stocks and the market, which I had pretty well prepared answers for.
I also found CFA is much more valued than MBA. None of the people I interviewed with had an MBA, and all had CFAs. They actually specifically told me that the CFA is more important to have, and an MBA is not really expected or even encouraged to some degree.
True, it probably won't help you for recruiting, since you can't sit for it until senior year.
Yeah, I feel the same way. I will happily take technical and fundamental questions all day.
So are you interning or full-time yet?
I'm going to be a SA, so probably will be doing the CFA sometime during my senior year.
Ok, we are in the same boat, so to speak. Good luck :-)
I know this is the ER forum, and from my studying so far CFA seems to lend itself more to ER, but does anyone know if it's helpful for other departments e.g. IB?
there's been comments on that already. It doesn't help much for bankers or traders.
Has anyone here used Schweser's notes?
http://www.schweser.com/products/products.php?category=NOTE
They sell for $329 and seem to be well-recommended. I'd like to get started as soon as I'm done with my summer exams, but I don't want to waste my money. Schweser also have "packages" starting from $449 including a practice exam book, online access, etc. If anyone thinks that these guys are good or if you have any other recommendations, please talk to me. Thanks.
Scwheser's seems to be the one of the best sources for CFA prep, I am going to be preparing for L1 and plan to use it. Another good source I've heard is Stalla. Any of those (or a combination of them) plus actual CFA material should be more then sufficient.
Is it necessary to use specific CFA prep materials, or would alternate sources of finance material be sufficient.
Though it would probably make financial sense to shell out $300+ for prep stuff if the tests costs $750-$1K to take...
I wouldn't know how necessary it is, but I think getting the specific CFA materials would be a more closer realization to the actual exam, especially since it has undergone some changes in structure lately.
anyone studying for the June level 1 exam who uses msn messenger PM me
If anyone here is interested in buying the 2007 schweser Video Lectures+Audio MP3s for $150(retail value being $800) send me an email at [email protected]
What's the difference between the CFA curriculum and the Schweser stuff? Do most people buy both, or is it a one or the other kind of thing?
Good question. I overlooked these materials:
http://www.efastcom.com/CFABookstore/control/view?screenName=CURRICULUM…
Some people over at analystforum.com are saying that the Schweser QBank of possible questions is extremely useful. There's no chance of my buying both CFAInstitute and Schweser notes, so I'm going to have to choose. Feedback would be great.
Seriously - enjoy colllleeegggeee- you have the rest of your life to study this shit. As a charterholder I know how miserable this stuff is to get through. Start studying after college. College is so once in a lifetime. I could not imagine ruining my seniour year by studying this stuff. My 2cents.
I don't think senior year will be ruined. I'll only need to study it until Christmas, and my real classes don't require that much work. It will be ok!
yeah, enjoy college - you'll never get that time back - working can suck massive donkey balls. College and drinking and getting up whenever you want is WAYYYY more important than CFA level uno.
but I bet if you are a finance major, you wouldn't need that much time to prepare?
It would depend. It just a ton of work to cover the material that will be tested on Level I - the cirriculum's breadth is massive even though the depth is not extreme. Its just a lot of work for a senior to tackle considering other classwork and responsibilities. Besides, this is the last year of college. Its just my opinion- I would not do it. If making college memories and having fun with friends is not as important to the OP as studying duration and wacky derivative structures, then by all means, study away. However, I recommend enjoying the moment, and studying later.
if you are a finance major, you will need to study only 90% as much as non-finance majors
I disagree. I'm in the process of studying for the June exam and I haven't come across anything that hasn't been touched upon in one of my accounting or finance classes.
If you can do I definitely would. I took it right after I graduated undergrad. Gruelling experience with finals, job applications, and everything else but it's a big leg up. I finally finished the curriculum last year and am I glad it's over!
To clarify, I disagree with the comment that a finance major will have to study 90% as much as a non-finance major. The CFA is challenging, but things are always easier when you're seeing them for the second or third time.
the CFA isn't that hard - it's really all about time to study for it - it's pretty much quite a bit of common sense.
you're right, it's not that hard. the fact that only 35-40% of people pass any one of the levels (which means that a lot of finance majors and MBA types are failing) backs up your assertion. please continue to post more, you are really enlightening people here.
if you're wondering, i have the letters - went 3 for 3 on that biatch.
My two cents is that CFA is not neccessary to do the job well but is increasingly becoming required once you are in the industry - just like having a degree is required to get in in the first place.
Having CFA level 1 does not get you the job, it only helps you to get an interview. If you don't think you'll get interviews without it then go for it.
Once you get the interview, qualifications are set aside and then it's all down to how you articulate and justify yourself.
CFA Level 1 During Senior Year? (Originally Posted: 12/27/2014)
I will be starting in a FT buyside role after I graduate this spring. I plan on completing the CFA and was wondering what everyone's opinion is on studying for level 1 during the upcoming spring semester for the June 2015 examination. Should I get started early or wait for the December 2015 or June 2016 exam? Relevant factors I've been thinking of include the amount of study time I will have available once I start working and whether the amount of studying necessary will make the end of my senior year significantly less enjoyable. I'd love to hear from anyone who has made the decision and if you would do the same thing if you had the chance to do it over.
DON'T DO IT! It's your last term, enjoy it. You should think about a vacation after graduation instead of cramming for the CFA until 6/15. The breadth of information is just incredible even if you majored in finance/econ/statistics. You can guarantee yourself you'll work really hard the first few years out of college, and the CFA levels will be part of that equation. Enjoy your last moments of freedom while it lasts!
Take Level I December of your senior year and Level II right after graduating (in April / May). Then, you will have one left which you should be able to complete a year into your first job. If you're going to get it eventually...why not do it sooner to realize the benefits now?
I normally recommend taking the test senior year to college students who don't have a job. But in your case, what's the rush?
Just wait, man...
the CFA isnt going anywhere...
You need to enjoy this last semester.... Relax and chill... You dont want to get burned out too fast...
Not sure if this is still a thing, but 5-6 years ago if you could find a CFA charterholder who teaches at your school (check b-school faculty) willing to sign a piece of paper, you could get a 'scholarship' and take it for cheap, maybe free, I forget. Definitely don't pay full price for it as your employer will most likely sponsor you in a year otherwise.
Other posters are right though...not at all worth studying for, but if you think you covered enough of the material in undergrad it's a nice time saver to knock it out early. If inexpensive, can't hurt to sign up and take the test, even if just for practice. All you lose is one Saturday.
To echo others, If you think you have a 50/50 shot at passing without studying, might as well take it. But don't waste your last semester studying for it. You already have a job lined up, congrats, now use your last semester to make college memories you'll never forget.
At neque id soluta repudiandae ut voluptas unde in. Autem exercitationem sint sit. Eveniet vel modi eveniet quibusdam. Ut dolorem ea laudantium incidunt vitae beatae. Placeat vitae velit assumenda. Alias soluta sint est dolorum magni eum accusantium eius.
Doloribus voluptatem id quas rem. Vero aut a sunt qui aspernatur quos. Tempore quia ex dolor a rerum aut facilis.
Nihil tenetur modi maiores sed ut maiores molestiae. Qui ut neque dolorum fuga et enim pariatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Tempora incidunt culpa aperiam est quia qui eos tempora. Saepe sed non qui est modi commodi ut. Nisi quam et esse voluptatum. Ipsam ex cumque eum eum eaque rerum qui. Vel neque nobis quaerat ad id possimus repudiandae.
Qui ut voluptatem labore. Repellendus harum ut veritatis quisquam. Qui non non nam non. Est ea sit soluta illo aliquid possimus. Cumque voluptatum magnam quibusdam.
Molestias est facilis fugiat. Ipsum iusto error eveniet consequuntur.
Qui quam aspernatur voluptate occaecati aut cum. Sunt ea amet excepturi et adipisci animi earum. Molestiae quas hic sapiente architecto veniam. Vero et porro aliquam vel maxime quo quo tempora.
Consequuntur dolores repudiandae assumenda rem hic quo et non. Sed autem quisquam velit non quos maxime. Accusamus nobis illum quia.
Qui id cum magnam enim enim. Perspiciatis laudantium nemo repudiandae. Tempore perspiciatis quo consequuntur optio necessitatibus laborum alias. Harum esse possimus eligendi non.
Perspiciatis officiis aperiam nisi tempora sequi dolore iusto. Qui animi ea et a quia consectetur voluptates. Assumenda id cupiditate qui libero amet sit. Dicta quidem tempore dolorem aut sint nemo.
Facere quod fugiat aliquid dolor fuga. Delectus qui nisi itaque et. Rem maxime incidunt optio natus aliquam labore cum. Ex culpa ea pariatur non aspernatur voluptatem. Dicta molestiae cumque autem earum sed quasi. Iusto totam vero voluptatem quaerat.