Has anyone taken the CFA exams?

godofgamblers · #1 10-09-2007, 10:18 PM

I feel I might be interested in working in the investments field in the future, and since this is a pretty lengthy process I figure I might as well get started and attempt to take the level I exam even if I'm not completely sure I'll finish it. If anything it'll be something to talk about or put on my resume as I'll be graduating soon.

I'm wondering if anyone has taken it, and how difficult it is to pass the level I exam with only a couple months of prep time. I've taken maybe four courses relating to finance and investments, which I know is not very much at all. However, from what I've read, level I is not TOO difficult and I'd really like to know if I could cram for a month or two and pass it with currently a mediocore understanding of most topics.

Edit: I've browsed a few forums and realize that I've severely underestimated the time committment that I would be giving it. I would still really want to give it a try at June, if only to perhaps add to a resume/interview, and would really appreciate any experiences people have had with it.

Phone Booth · #2 10-09-2007, 11:33 PM

[ QUOTE ]
I feel I might be interested in working in the investments field in the future, and since this is a pretty lengthy process I figure I might as well get started and attempt to take the level I exam even if I'm not completely sure I'll finish it. If anything it'll be something to talk about or put on my resume as I'll be graduating soon.

I'm wondering if anyone has taken it, and how difficult it is to pass the level I exam with only a couple months of prep time. I've taken maybe four courses relating to finance and investments, which I know is not very much at all. However, from what I've read, level I is not TOO difficult and I'd really like to know if I could cram for a month or two and pass it with currently a mediocore understanding of most topics.

Edit: I've browsed a few forums and realize that I've severely underestimated the time committment that I would be giving it. I would still really want to give it a try at June, if only to perhaps add to a resume/interview, and would really appreciate any experiences people have had with it.

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This is really not a question anyone can answer - it's like asking how much do you need to study to get 1500 on the SAT test. Depends on who you are and what you know. I'm sure some have passed having studied for a few days and I'm sure some have failed having studied for an entire year. Most of us fall somewhere in between.

SuperWhale · #3 10-10-2007, 08:41 PM

There is a thread about this:

http://forumserver.twoplustwo.com/showfl...part=1&vc=1

disciple · #4 10-11-2007, 01:25 AM

I am taking Level III this June so this is based on my own experience. Considering you having no background, I think you can pass only if you study full time for a couple of months. The material for Level I is not that difficult but the volume of material is huge.

I don't have a finance background either but I did 4 months of studying during work plus I took 2 weeks off before the exam to prepare for it.

Level I has a lot of theoretical questions so you have to understand the materials well, especially in accounting. I was pretty surprised when I wrote with the few usage of my calculator.

Hope that helps. Best of luck.

stinkypete · #5 10-11-2007, 02:23 AM

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Considering you having no background, I think you can pass only if you study full time for a couple of months.

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or a couple of weeks if you're reasonably smart.

whyherro · #6 10-11-2007, 03:03 AM

Before heading down this track, I would think about the type of field you want to work in. Generally the CFA is important for research analysts and not much else.

disciple · #7 10-11-2007, 10:49 AM

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Considering you having no background, I think you can pass only if you study full time for a couple of months.

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or a couple of weeks if you're reasonably smart.

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There are a lot of smart ppl I know that failed Level I with 2-3 months of studying, but there was a guy who bragged about on the analyst forum who passed with 2 weeks of studying and he had finance background and was already in the industry. But hey, props to you if you can do it because I sure couldn't have. Maybe I'm not reasonably smart [img]/images/graemlins/tongue.gif[/img].

And yeah, research before going into it unless you like the stuff. It's a big time committment.

knght311 · #8 10-11-2007, 11:38 AM

Sorry to Hijack, but would taking the CFA level 1 exam (and passing) be an opportunity for someone without a background in finance to get a job in finance?

What other alternatives would you recomend to get into finance without a background in it, ie. a degree.

stinkypete · #9 10-11-2007, 01:55 PM

[ QUOTE ]

There are a lot of smart ppl I know that failed Level I with 2-3 months of studying, but there was a guy who bragged about on the analyst forum who passed with 2 weeks of studying and he had finance background and was already in the industry. But hey, props to you if you can do it because I sure couldn't have. Maybe I'm not reasonably smart [img]/images/graemlins/tongue.gif[/img].

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i guess i do think pretty much everyone is stupid, so maybe my definition of "reasonably smart" is unreasonable.

EdmVan · #10 10-11-2007, 02:13 PM

I am actually taking the exam in Dec this year. From what I have studied so far (almost done book 5 out of 6), most of the materials you should at least be familiar with if you have taken some finance and accounting courses, at least for me as a final year student who is double majoring in Finance and Accounting. I think the biggest trouble I will be having is with the Ethics part which some people say is a killer and you gotta memorize a lot of it. Can anyone confirm this?