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Started By
Message
CFA designation.
Posted on 7/13/16 at 3:30 pm
Posted on 7/13/16 at 3:30 pm
Thinking about starting to study for the CFA. I realize it's much more specialized than an MBA, but it seems to be more respected. I don't really have any desire to stack it with a CFP and be a glorified salesman. My main reason for pursuing it is personal, but if I did actually want a career change(I'm in oil&gas) I wonder how useful it would be in South Louisiana.
For anyone who already has it: is there a time limit from completing the exams to garnering the 4 years of relevant experience? I'd hate to pass the exams, then not start in the field within some timeframe.
For anyone who already has it: is there a time limit from completing the exams to garnering the 4 years of relevant experience? I'd hate to pass the exams, then not start in the field within some timeframe.
4
Posted on 7/14/16 at 1:45 pm to dragginass
No time limit that I am aware of. The relevant work experience can be obtained at any time, even after you finish Level III. Passing Level III will not grant you the CFA designation without completion of the other requirements.
For the Record, I don't have a CFA, but since you didn't get any responses, I figured this was better than nothing. I passed Level I and began to study for Level II. Never made it to that point. I had a future ex-wife and two kids that took up all of my study time. It will take an enormous amount of time and effort, so if you are single, or kids are older, I say go for it. I figure I will finish somewhere around my 60th birthday.
As for South Louisiana, I really can't speak to that, but I know several here in Houston that work in everything from Banking to Law Firms where they specialize in business valuations to a few CPA's.
Good Luck
For the Record, I don't have a CFA, but since you didn't get any responses, I figured this was better than nothing. I passed Level I and began to study for Level II. Never made it to that point. I had a future ex-wife and two kids that took up all of my study time. It will take an enormous amount of time and effort, so if you are single, or kids are older, I say go for it. I figure I will finish somewhere around my 60th birthday.
As for South Louisiana, I really can't speak to that, but I know several here in Houston that work in everything from Banking to Law Firms where they specialize in business valuations to a few CPA's.
Good Luck
Posted on 7/14/16 at 1:48 pm to dragginass
quote:
My main reason for pursuing it is personal, but if I did actually want a career change(I'm in oil&gas) I wonder how useful it would be in South Louisiana.
Not very. I'm guessing most CFA's work in a major metro area. What do you do now?
I just sat for L2.
Posted on 7/14/16 at 2:26 pm to dragginass
I'm an o&g "accountant" working for a large MNC doing mostly FP&A work. Likely looking at a career change into ER, so I'll be taking the CFA.
I'd determine what segment of finance you're most interested in before spending the requisite time/money on the CFA.
For anyone that has completed all of the parts of both the CPA & CFA, is the study time commitment relatively similar?
I'd determine what segment of finance you're most interested in before spending the requisite time/money on the CFA.
For anyone that has completed all of the parts of both the CPA & CFA, is the study time commitment relatively similar?
This post was edited on 7/14/16 at 4:28 pm
Posted on 7/14/16 at 9:08 pm to Wortivi22
I'm not sure what niche I'd find at this point, though business valuation would interest me. I have young kids, so at this point I think I'm going to purchase the LVL 1 hard copy books so I can begin reviewing the material and see how it fits into my life at this point. I think there are even 3rd party practice tsets I can purchase without ever sitting /paying for LVL 1.
Posted on 7/14/16 at 9:32 pm to dragginass
I see tons of people fail it and 1 guy passed it but he was like genius smart.
Posted on 7/15/16 at 11:46 am to dragginass
quote:
I'm not sure what niche I'd find at this point, though business valuation would interest me. I have young kids, so at this point I think I'm going to purchase the LVL 1 hard copy books so I can begin reviewing the material and see how it fits into my life at this point. I think there are even 3rd party practice tsets I can purchase without ever sitting /paying for LVL 1.
Couple of things. Like the last poster said, the guys I know that passed are "genius smart." No lie, I feel dumb next to these guys (one of them even passed all three without failing once - incredible). But for the most part, they either didn't have kids, or are terrible fathers. Meaning, they sacrificed going to ball games, etc, to study. The guy that didn't fail would put in about 30 hours of study time in after work each week. He missed a large part of his daughters growing up (and is now addicted to Adderall).
My advice would be get the Level I books and start reviewing, but know that you will eventually have to choose between study time and kids activities (and you better have an understanding wife). There are other ways around this as well. You could look for a job in valuations, banking, or a larger CPA firm and see if your employer would sponsor you to get the certification. Most that do this will allow you to cut out of work early on slow days to get some study time in. The sponsorship works in the same way as getting an MBA through your employer. They will ask you to stay on for "X" amount of years, or pay back a prorated portion of the fees.
I'm not trying to talk you out of doing it, just go in with your eyes open. Unless you are genius smart and have a doctor that can give you all the Adderall prescriptions you want.
I would suggest looking for the career change with an employer that would consider sponsoring you. Nothing worth getting is ever easy, right?Posted on 7/15/16 at 12:05 pm to Wortivi22
Ideally that's the way to go, but the issue with getting hired and then sponsored is that it's extremely hard to get hired.
I have less then 2 years experience but graduated with 3.9+, have a MS & passed the CPA. I am getting next to no interest from decent companies without the CFA and/or elite Excel proficiency.
I have less then 2 years experience but graduated with 3.9+, have a MS & passed the CPA. I am getting next to no interest from decent companies without the CFA and/or elite Excel proficiency.
Posted on 7/15/16 at 1:38 pm to Wortivi22
Thanks for the advice. I'm not "genius smart", but without studying I took a practice test and got about 55% right. Now, maybe that next 20% of improvement/studying is where the genius comes in, but I'd like to see how intuitive the material is to me once I start studying. I won't sacrifice my family, so if I can't pass while being a good father I'll chase another dream.....
This post was edited on 7/15/16 at 1:42 pm
Posted on 7/16/16 at 12:39 pm to dragginass
Are there any good online sites (Khan Academy, e.g.) where I can learn some of the concepts for free?
I don't really have the time or career need to sit for a full CFA exam, but I would like to study the concepts that relate to my job.
I don't really have the time or career need to sit for a full CFA exam, but I would like to study the concepts that relate to my job.
Posted on 7/16/16 at 3:12 pm to dragginass
Considering random guessing gets you 33%, you didn't exactly blow it out of the water. Also, the third party tests are significantly easier than the actual CFA exam. However, you only need a ~65% to pass.
The real problem is that L1 is a cakewalk. It's just a trap to lure you into taking L2, which will eat your soul and then lead you to taking L3, which will turn a sane man crazy. Unless you have a super chill job where you can study a 2 or 3 hours a day at your desk, you're gong to give up a lot in your personal life.
The real problem is that L1 is a cakewalk. It's just a trap to lure you into taking L2, which will eat your soul and then lead you to taking L3, which will turn a sane man crazy. Unless you have a super chill job where you can study a 2 or 3 hours a day at your desk, you're gong to give up a lot in your personal life.
Posted on 7/16/16 at 5:48 pm to TheHiddenFlask
quote:
Unless you have a super chill job where you can study a 2 or 3 hours a day at your desk
When you are an actuary, you are expected to study 2-3 hours a day
I've had a good number of friends looking into CFA from actuarial. They definitely studied but got through pretty quickly
Posted on 7/18/16 at 8:15 pm to Bayou Tiger
quote:
Are there any good online sites (Khan Academy, e.g.) where I can learn some of the concepts for free?
Not that I found, but you can find older editions of the text for cheap on ebay.
Posted on 7/18/16 at 8:19 pm to TheHiddenFlask
quote:
Considering random guessing gets you 33%, you didn't exactly blow it out of the water.
This isn't the OT. I wasn't boasting, bragging, or embellishing. I don't know if 55% without studying makes me a moron or a genius, my point was merely relative to my interest in the subject matter.
Posted on 7/19/16 at 5:28 am to dragginass
This isn't the OT. I wasn't putting you on blast. I was just giving some insight on where you were. Lighten up Francis.
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