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CFA guys- question
Posted on 4/18/12 at 6:34 pm
Posted on 4/18/12 at 6:34 pm
Any of you guys that have passed L1 not have a finance degree? I graduated from LSU with an Econ degree and I'm just wondering how much catching up I'll need to do to prepare for L1. I only took 1 corp finance and 1 investments course in college, but I did intern at a brokerage firm and a hedge fund so I learned a little there. I also passed the Series 7(not that it was either difficult or required much finance knowledge).
I probably won't take it until next June, so I've got plenty of time to catch up. Anything I should do(like re-read a corp finance book) before I start or are the CFA books descriptive enough to teach me some basics?
TIA
I probably won't take it until next June, so I've got plenty of time to catch up. Anything I should do(like re-read a corp finance book) before I start or are the CFA books descriptive enough to teach me some basics?
TIA
2
Posted on 4/18/12 at 7:28 pm to Chris Farley
CFA books are enough. It's not just finance though, there is a good bit of accounting that will be tough if you have never taken intermediate. There is econ too, but you should be fine. Corporate finance is easy on Level I. Derivatives, equity, and fixed-income might give you trouble.
Posted on 4/18/12 at 7:29 pm to raw dog
*Quant methods are a pain unless you majored in math or statistics or something really interesting like those.
Posted on 4/18/12 at 7:41 pm to Chris Farley
What he said, except I didn't find quant all that hard, everything through L2 I saw either in undergrad ISDS classes or grad accounting classes at LSU and UNO. FWIW I have MS in Acct (concentration in Finance).
Posted on 4/18/12 at 7:43 pm to kfizzle85
Not so much hard as they are just a pain in the arse to study for and memorize formulas.
Posted on 4/18/12 at 7:44 pm to raw dog
I would say that's generally true of anything that requires memorizing formulas, but to each his own.
Posted on 4/18/12 at 7:45 pm to kfizzle85
MS Acct., concentration in finance, and CFA bound? Can I ask what it is you do kfizzle? Sounds like an academic path I wish I would have taken.
Posted on 4/18/12 at 7:47 pm to raw dog
I work for a small investment bank that does mostly financial advisory work in Houston. I worked for an accounting firm in metro nola for about a year and a half (internship and full-time) to get someone to sign off on the cpa prior to that.
Posted on 4/18/12 at 7:50 pm to kfizzle85
Can I e-mail you with some questions?
Posted on 4/18/12 at 8:03 pm to kfizzle85
Thanks guys, I'm worried about the accounting more than anything. My girlfriend is a CPA so hopefully I can make her teach me everything on that.
This post was edited on 4/18/12 at 8:04 pm
Posted on 4/18/12 at 8:05 pm to Chris Farley
Take a good bit of time on the financial reporting and analysis that's all.
Posted on 4/18/12 at 8:15 pm to raw dog
Sure. kfizzle85@yahoo.com. Farley, the CFA books really do cover everything you need. There's very few parts of accounting that are actually hard to comprehend, its just a lot of information (that's the general theme of the tests imo).
Posted on 4/19/12 at 4:42 pm to kfizzle85
The CFA books are geared toward someone with no knowledge in the subjects. Its slow for someone who already knows most of it. You could easily take the exam in December. Then start immediately studying for June lvl2. It really isnt hard if you put in the hours.
Posted on 4/19/12 at 4:45 pm to Chris Farley
I'm studying for level 1 right now and am thoroughly convinced that this could be an exit exam from getting your bachelors degree in finance from any respectable institution. There are a couple more things you need to learn here and there, but an econ degree + a series 7, you should be able to knock it out in december with no problem.
Posted on 4/19/12 at 4:48 pm to SouthOfSouth
L1 isn't, L2 is. "Really isn't hard if you put in the hours" is only true when it's not hard to put in the hours. If you work in finance, that's hard.
Posted on 4/19/12 at 4:49 pm to kfizzle85
quote:
"Really isn't hard if you put in the hours" is only true when it's not hard to put in the hours. If you work in finance, that's hard.
Thats what Im coming to realize. I just started full time employment 3 weeks ago and I am really struggling to study after work and workout. June 3rd cant come soon enough
Posted on 4/19/12 at 4:55 pm to SouthOfSouth
Adjusting to working full-time, whether its 40 or 60, is hard as it is on pretty much every one. I don't envy you brah, don't envy me either though.
Posted on 4/19/12 at 7:58 pm to kfizzle85
Agreed, I think I work too much now to legitimately have a chance at passing L1 in June or December. I also live in the NE so I'll get my best studying done during the winter.
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