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Started By
Message
Advice for studying for the CFA
Posted on 8/10/15 at 3:50 pm
Posted on 8/10/15 at 3:50 pm
I'm going to start the CFA process either in December or June. For those that have taken it, please tell me about how much time you spent studying, how hard the test is, etc.
I'm a management consultant with a background in O&G operations. I want to possibly move into PE in a few years and know this would be a great thing to have on my resume. Preferably a smaller shop that dabbles in operations as well as finance. In the mean time it will come in handy as we do a lot of PE transaction work and could possibly get me on some engagements that I wouldn't have access to before. Plus finance interest me in general and frankly now that I'm out of grad school I'm missing learning new things.
I'm a management consultant with a background in O&G operations. I want to possibly move into PE in a few years and know this would be a great thing to have on my resume. Preferably a smaller shop that dabbles in operations as well as finance. In the mean time it will come in handy as we do a lot of PE transaction work and could possibly get me on some engagements that I wouldn't have access to before. Plus finance interest me in general and frankly now that I'm out of grad school I'm missing learning new things.
4
Posted on 8/10/15 at 3:59 pm to barry
Oh God. This test is not for the faint of heart.
I poured at least 2 hours a day for probably 4 months into the first section. And that was with a very extensive finance background (I took it my second semester of Masters Finance).
If you started to study now, you could be ready for the December test.
First piece of advise: don't read the books given to you by CFA institute. They are entirely too cumbersome. Either buy or get Schweser Notes. I watched the Schweser video series and did hundreds of practice problems.
For the first part of the CFA, make sure you spend a TON of time on Ethics. That's a 15% chuck you can score very high on.
I'd spend less time on Economics because even though the material is extensive, the % of the test is much smaller. Plus a lot of economics questions can be solved with better knowledge of Quant methods.
Same can be said about alternative investments. So much material for a small % of the exam.
I'd suggest going to some CFA study message boards and searching thru different study plans.
Just know it's a long haul. I passed level 1 in college but didn't complete the program due to going into a field that didn't even know what CFA was. Still, I loved taking the first part. I learned more studying for that exam than my entire 5.5 years in college.
I poured at least 2 hours a day for probably 4 months into the first section. And that was with a very extensive finance background (I took it my second semester of Masters Finance).
If you started to study now, you could be ready for the December test.
First piece of advise: don't read the books given to you by CFA institute. They are entirely too cumbersome. Either buy or get Schweser Notes. I watched the Schweser video series and did hundreds of practice problems.
For the first part of the CFA, make sure you spend a TON of time on Ethics. That's a 15% chuck you can score very high on.
I'd spend less time on Economics because even though the material is extensive, the % of the test is much smaller. Plus a lot of economics questions can be solved with better knowledge of Quant methods.
Same can be said about alternative investments. So much material for a small % of the exam.
I'd suggest going to some CFA study message boards and searching thru different study plans.
Just know it's a long haul. I passed level 1 in college but didn't complete the program due to going into a field that didn't even know what CFA was. Still, I loved taking the first part. I learned more studying for that exam than my entire 5.5 years in college.
This post was edited on 8/10/15 at 4:18 pm
Posted on 8/10/15 at 4:09 pm to barry
Been going back and forth on doing this or the CMA. CMA material seems like a hybrid from CPA and CFA.
CMA is not a "prestigious" and recognized as the CFA, but it seems more applicable to my day to day.
CMA is not a "prestigious" and recognized as the CFA, but it seems more applicable to my day to day.
Posted on 8/10/15 at 4:40 pm to SouthOfSouth
quote:
Oh God. This test is not for the faint of heart.
So I've heard. I have a mechanical engineering undergrad degree so not much phases me in the academic realm after that ego crushing adventure.
Posted on 8/10/15 at 7:02 pm to barry
I've talked to some people within my company about going that route for commodity trading. I won't be making a career out of corporate acct.
3 years worth of CPA type studying... frick yeah
3 years worth of CPA type studying... frick yeah
Posted on 8/10/15 at 7:05 pm to barry
It's like the song that doesn't end. Some people started taking it not knowing what it was, and they'll continue taking it forever just because....
I started in '09. Knocked out 1&2 by 2011 and have been floundering on 3 ever since. It's possible as a student, but as a professional, it's a lot of personal sacrifice.
I started in '09. Knocked out 1&2 by 2011 and have been floundering on 3 ever since. It's possible as a student, but as a professional, it's a lot of personal sacrifice.
Posted on 8/10/15 at 7:11 pm to TheHiddenFlask
I need something to occupy my time... tired of twiddling thumbs.
Posted on 8/11/15 at 9:04 am to Louie T
CFA is definitely not a requirement to get into trading. I'd say you'd do better with an MBA in energy finance from UT or one of its peers.
Posted on 8/11/15 at 10:20 am to SouthOfSouth
Anyone know if the study material changes much?
Looks like ill buy access to the Qbank but would like to borrow or buy used Schweser notes.
Looks like ill buy access to the Qbank but would like to borrow or buy used Schweser notes.
Posted on 8/11/15 at 10:41 am to barry
quote:
Looks like ill buy access to the Qbank but would like to borrow or buy used Schweser notes.
There are "ways" to get the notes for the 2015 test if you are into that type of thing.
I'd say for the most part getting notes a year earlier isn't that big of a deal but I always spent for the new ones. There are some third party sources that sell them for a significant discount as well.
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