Ask me about the CFA program - Page 2

Foghatlive · #11 09-28-2007, 04:59 PM

This might be a bit more of a general question.

I currently work in Real Estate Mgmt, but I'm getting tired of it and am considering a career change.

I've always been interested in financial markets and I live in Manhattan. Are there any opportunities available on Wall St. for a guy pushing 40?

I have a BBA. But, I'd be willing to go back to school.

kevkev60614 · #12 09-28-2007, 05:09 PM

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which of the 3 levels is the hardest? do they get progressively harder, easier, or the same?

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It's sort of difficult to say because each of the three exams is different in content, format, and pass rates.

The first exam focuses more on analytical tools, the second on a deeper understanding of asset classes (including financial statement analysis), and the third most on portfolio management. If you're no good at quantitative analysis and heavy math, for instance, you might struggle more with the first exam.

The first exam is multiple choice, the second is item sets and the third item sets and essay. I know a lot of candidates who spoke English as a second language were worried about the essay portion of the third exam.

Pass rates in 2007 were 40/40/50% for the three exams. But when you factor in the fact that during the second exam you're no longer competing against those who failed to pass the first exam, and by the third exam you're really competing agains the cream of the crop, those pass rates are pretty skewed.

I had the hardest time with the second exam because I detest accounting, and financial statement analysis makes up a big chunk of the second exam. I think if the CFA Institute put it to a vote, most charterholders would vote the 2nd exam as the hardest.

Man, having to pick up those books and start over from scratch after failing the 2nd exam was one of the hardest things I've ever done. I was like "I spent five months of my free time and gave it my all, and now I have to do it again from scratch." Of course, it really wasn't from scratch nor had I really given it my all (lack of focus mostly), but I'm allowed to self-pity. [img]/images/graemlins/tongue.gif[/img]

Foghatlive · #13 09-28-2007, 05:20 PM

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I had the hardest time with the second exam because I detest accounting...

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I took the HR Block Tax Preparer course. I remember constantly thinking, "How could anyone do this full time?"

kevkev60614 · #14 09-28-2007, 05:23 PM

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Are there any opportunities available on Wall St. for a guy pushing 40?

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I'm really not the right guy to ask. I don't know much about real estate management or what you were doing, I don't know what you'd be interested in doing, I live in Chicago and I'm 27. Sorry. I'd give more detail about what you want to do and how much you expect to make and then hope someone other than me sees your post.

thing85 · #15 09-28-2007, 05:23 PM

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I had the hardest time with the second exam because I detest accounting...

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I took the HR Block Tax Preparer course. I remember constantly thinking, "How could anyone do this full time?"

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Fortunately, successful accounting students don't go to work at HR Block and prepare 1040s for a career. The accounting profession is much broader than this.

DcifrThs · #16 09-28-2007, 05:35 PM

i have an MBA and am fine w/ the maths etc., but what is the deal with having to get somebody to sponsor you?

i have a few people in mind but am curious as to how that works.

also, i looked at the paperwork and it seems pretty intensive.

i'm sure i'm going to be in the investment analysis profession for a good long time.

Barron

stinkypete · #17 09-28-2007, 05:38 PM

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how helpful is having passed level I in finding a good job out of school? what about level II?

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As I imagine you'll find with pretty much any certification relevant to the job you seek, the further you progress in the CFA program, the easier it will be to find a job and command a larger salary. But as I said earlier:

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that sounds like a [censored] answer that anyone could have come up with without any actual knowledge of the program. obviously it helps. that's why it's there. but how much does it actually help? do you really have any knowledge of this or is the point of this thread just to brag? .

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An MBA is respected in nearly every field, but a CFA charter is often not as highly regarded outside the investment profession.

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The CFA program isn't something to undertake lightly. I'd only consider it if you're really very certain about your career path. I don't think that many people coming out of college can be that confident. How many times does the average person change careers in a lifetime?

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the CFA program is something i've been undertaking lightly. passing the first exam was a breeze, and my background in finance before picking up the stalla prep CDs was practically zero. i imagine level ii and level iii will be more difficult (though probably still easy), but is it worth the effort?

also, even if i decided not to go into finance, i don't think studying for level I would be wasted. if you're ever going to have any money to invest, you should at least know the basics of finance, which is what level I is. being certain about your career path isn't at all necessary to take level i - i don't see why you suggest that. if you're interested, do it. once you've taken it the first time you can decide if you want to move on to level II or III (or if you fail, you can decide if you want to take it again). even if you don't end up doing level II and level III, you probably won't regret studying for level I.

but i figure if you're smart enough to pass these without too much effort, you should be smart enough to progress in your career without having some silly certification. how useful is that little piece of paper or whatever it is in actuality?

Foghatlive · #18 09-28-2007, 05:43 PM

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Are there any opportunities available on Wall St. for a guy pushing 40?

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I'm really not the right guy to ask. I don't know much about real estate management or what you were doing, I don't know what you'd be interested in doing, I live in Chicago and I'm 27. Sorry. I'd give more detail about what you want to do and how much you expect to make and then hope someone other than me sees your post.

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No worries.

I'm an office mgr for a group of co-ops in Manhattan. I don't think anything I'm doing would transfer to a Wall St. career.

However, because of where I work, I know a lot of people who might be able to help. One of them said I could do research.

As far as pay, I have a pretty decent bankroll and manageable expenses. So, I could afford to take a salary hit for a year or two.

howdydudey · #19 09-28-2007, 09:27 PM

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how useful is that little piece of paper or whatever it is in actuality?

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Enough to make median salary 233k for a charterholder w/ ten years experience as of a few years ago. That is more than someone w/ a MBA,

stinkypete · #20 09-28-2007, 09:32 PM

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how useful is that little piece of paper or whatever it is in actuality?

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Enough to make median salary 233k for a charterholder w/ ten years experience as of a few years ago. That is more than someone w/ a MBA,

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but that's less than i'd expect to be making with ten years of experience anyway (and a LOT less than i'd hope to be making). numbers like that don't mean anything.