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746466 No.746466 [Reply] [Original]

Ok CFAgs, who here has the CFA, has taken the CFA, or is studying for it now?

Studying for it now, level 1 in December.
Reading schweser and basically just doing the readings and answering the questions. Dedicating about two hours to it a day, making sure I get the end of the reading questions right before moving on to the next topic.

>> No.746469

>>746466

Not worth it. Even if it's directly relevant to your field you're better off networking to land interviews than getting that, but suit yourself.

>> No.746475

>>746469

yep. I'm consistently surprised that tards continue to take this worthless exam. the CFA charter has little worth today. everyone has it.

talk to people who have wasted both their time and money with the CFA. it won't help you, especially if you already have a finance degree

>> No.746505

>>746469
>>746475
A $3000 total price for all 3 levels, for a certificate that will take a mere 900 hours to study for, that will qualify you as much as a MBA would for much less cost and time? I'll take it.

>> No.746523

>>746475
>everyone has it.

This statement shows how stupid people are here. Less than something like .0000001% of the world population is a CFA. There are less than 200,000 CFAs in the entire world.

I still haven't figured it out if it's worth it for me or not, but it's definitely not a waste. The amount of shit you learn while taking it is almost 100% finance.

>> No.746563

>>746523
This. Many people take it for Level 1 and 2, but few are actually charterholders.

>> No.746592

>>746523

Oh god you are a fucking moron. Talk to someone who has wasted their time with this bullshit and actually WORKS in the industry.

No, actually, on second thought, go ahead and take this exam retard. I want you to waste thousands of dollars and hundreds of hours just because you are a fucking idiot who doesn't listen.

>> No.747029

Bump

>> No.747037

>>746592
What about someone who didn't study finance. Is it a decent way to show that you're at least competent/dedicated enough to the field?

I was thinking of using the level 1 just to get my foot in the door...or use it as a talking point while networking.

>> No.747038

>>746505
>https://www.fiverr.com/simon_t/index-5-urls-in-24-hours?funnel=c49f0042-19bb-4571-aff4-2e757ab7fa3b

No. Whole point is MBA is the network you get. Imagine 20 years later all your classmates will be principals, CEOs, partners, and this is assuming you go to an M7 school. CFA is decent for investment management but for the most part it's really not necessary.

If you spend 1/3rd of that amount of time on networking you'll be much better positioned.

>> No.747043

Charterholder here. Earned it in 2012. Here's the deal:

>It is a huge time commitment. Be prepared to lose most of your free time for 4 months a year for at least 3 years (4 years for me, I took L2 twice). Most people do not pass all 3 exams on the first try.
>It will probably not help you break into finance if you're coming from an unrelated field. It will probably make your resume stand out a little, but experience and connections trump certifications.
>Other CFA charterholders will respect what you went through to get the charter. They know how much of a commitment it takes.
>CFA events are good for networking, but again, if you don't have experience in finance already, I don't think you're necessarily going to be finding great career opportunities.
>Personally, I got the charter because most of the people at my firm (a financial consulting firm that deals with transfer of ownership and stock based compensation issues for mid-sized companies) have the charter and I got a new title and good raise for earning it. I'm glad I did it and I'm glad to have it on my resume in the event that I ever need to look for another job, especially if it is functionally different than what I do now.

>> No.747054

Thought about doing CFA too.
I'm doing my masters in physics (top university in Germany). If my own business doesn't work out, I hope that the CFA can get me into investment banking. Wrong thought?

>> No.747065

>>747043
How much are you making now, out of curiosity?

>> No.747067

>>747043
Thanks for the breakdown. Kinda disappointing that it doesn't help you break into finance, but I'm sure it's better than nothing? Or would it be more beneficial to do a MA in finance?

>> No.747093

>>747065
Total comp last year was $105k. I'm 29 and I live in a fairly large city in the US, but not a major financial center. I could probably make more if I moved, but I'm happy where I am, plus I don't work insane hours.

>>747067
I think if you go to a good school with a strong alumni network, doing an MBA would give you more immediate career prospects. Of course an MBA (or MA) is a much larger financial and time commitment.

>> No.747097

>>746475
>if you already have a finance degree
So you are assuming everyone here has a finance degree so it is worthless? I am seriously trying to figure out if it is worth me time. For 3,000 dollars and 900 dollars, why shouldn't I take this instead of finance classes like >>746505 said. I go to a run of a mill D3 in football university with a decent accounting program but basically no finance program. Why wouldn't this substitute a finance degree sufficiently if I graduate with an accounting degree?
>>746469
>>747038
If I were to spend my time networking instead of getting a CFA, what would be the best way to go about it? I am really bad at just winging shit and do best with a plan. Basic information would be fine, I'm not a social retard just don't even know where to start.

>> No.747098

I'm still in Uni but that's my eventual goal. My cousin is the biggest fucking boss I know and it's because he is a CFA. He makes 600k a year and lives the fucking life, I can't even explain it. Whoever is saying that it is unnecessary just has too low aspirations. I hope these threads are still around in a year, I'll be able to post my feels, but currently I'm feeling

>tfw summer internship in Manhattan
>$14 an hour, $20.5 for overtime

Feels good

>> No.747100

>>747098
I don't live in Manhattan, and have never been there, but I am under the assumption $14/hour in New York is only enough to buy a box and pay off restaurant owners so you can dig through their garbage. Do you get rent payed for?

>> No.747110

>>747100

Top lel m8. My dad is still gonna give me allowance and obv pay for my apartment. Who gives a shit about the pay its an internship.

>tfw ur whole family is in finance
>study math and benefit from all the connections anyway

Oh baby. But also you're wrong $14 is plenty an hour

>> No.747130

>>747110
Pretty shit pay for a finance internship.
I'll be making 20 - 25/hr (60 - 80hrs) at my internship, and its not even in NY...

>> No.747134 [DELETED] 

>>747098
>600k
>biggest boss
>"too low aspirations"
M80 I've met MDs that make the money your cousins 600k look like chump change. Guess what they don't have?
The CFA, because its unnecessary unless you want specific career paths within finance. For the "top tier" ones (IBD, PE, HF) practically nobody has them because they add no value.

>> No.747136

>>747098
>600k
>biggest boss
>"too low aspirations"
M80 I've met MDs that make your cousins 600k look like chump change. Guess what they don't have?
The CFA, because its unnecessary unless you want specific career paths within finance. For the "top tier" ones (IBD, PE, HF) practically nobody has them because they add no value.

>> No.747141

>>747136
Would you agree a CFA is a cheap way to get your foot in the door? I'm not a frat boy at an ivy league school. How else is someone like me suppose to compete against those people? Even if I could of gone there out of high school, I wouldn't of been able to afford it even with the scholarships they give poor families. At least not without getting even more loans and even more grant money. I don't like the idea of the debt, and I feel bad for using the little bit of grant money I get as it is. So how else to I compete if not with the CFA or even more schooling?

>> No.747144

>>747141
Well it depends on what you're going for. Assuming you want IBD / PE / HF (which most people do) then the CFA is pointless.
There is almost no link between the curriculum that is taught and what you'll be doing in those jobs. Given that the technical skills taught aren't really relevant to those fields, its unlikely that professionals in those fields have the CFA (you almost never see IBD / PE / HF people with it), so they probably won't be at the CFA networking sessions either. In short, it provides zero value other than being a single talking point. You'd be better off taking a financial modeling course from Wall Street Prep or Breaking into Wall Street, and doing some aggressive networking. Its about 20% of the cost but its much more relevant than a CFA.

>> No.747156

>>747144
Thanks for the input, this was exactly what I was looking for as an argument against getting a CFA. I think the only question is then what my goals are and what I want my timeline to look like. The CFA looks like a quick bump but in the long run not very important. Sad thing is, I am better at studying than networking. So I feel like I need to set my goals a little lower than most others would.

>> No.747169

>>747130

But I'll be in NY and what I make doesn't matter cuz I have daddy's credit card :)

>>747136
To me he is, he's 26 years old. Yes there are always richer people m8 I understand that, I'm just saying his life style is very attractive to me, don't get ur panties in a bunch

>> No.747219

Where does a CFP fall in to this.

>> No.747230

>I-it's worthless!
Lel, I intern at a company with $5B aum and all the PMs have the charter.

>> No.747246

>>747230

>$5b AUM
>thinks this is impressive

stay pleb brother, stay pleb.

>> No.747255

>>747144

The CFA curriculum is directly relevant to those working at hedge funds, and many in the HF industry have completed the program. It wasn't at all uncommon for me to see ", CFA" on the business card of a hedge funder. MBAs in HF/PE are certainly more common, but CFAs aren't a rare breed either.

>> No.747405

>>747219
shit tier

>> No.747419

>>747405
Not even worth getting

>> No.747444

What do you learn by taking a CFA exam? Is it worth more than a bsc and msc in finance?

>> No.747527

>>747141
>doesn't like the idea of debt
>wants to work in finance

>> No.747775

How do I nework into a PE or hedge job? I'm a CPA with 2 years experience at smaller CPA firms (mostly tax). My GPA is very average from a no name school.

>> No.748398

>>747775
You don't

>> No.748403

>>747775
Doesn't happen. Unfortunately PE/hedge funds are the types of careers where if you aren't on track directly out of college, you will never be able to break in.

Of course some really exceptional people are able to do it (particularly into hedge funds, not really PE), but you are asking for advice on an internet forum, so I assume you are not one of these people.

>> No.748438

Bump for more knowledge

>> No.748466

>>747527
Hey, I bet most of the more successful coke dealers have never touched their product...

I did tax prep for 2014 tax year and I'll never go to a tax preparer in my life...

What's your point?

>> No.748467

>>747037

Yes.

I had no background in finance but I put in the hours and I passed level 1. I ended up getting a job as an accountant for a mid-sized publicly traded company.

The CFA society is like a fraternity and CFA Charterholders are going to hire CFA Candidates and Charterholders.

The networking in that case is very valuable. Despite what people on these boards say, there is a lot of value to the charter.

Best of luck.

>> No.748490

>>748466
My point is that you're clearly financially illiterate despite studying finance.

>> No.748500

>>748467
Thanks for the contribution.

I have a bachelors of science in an unrelated field and I study finance on my own time. Strongly considering the CFA as a means of legitimizing myself as a candidate for financial vocations.

>> No.748607

>>748398
>>748403
Okay, so what's the harm in taking the CFA then? I want to continue my education, and am not paying for grad school. A CFA, in my mind, will help me land an analyst or other finance related job somewhere (industry or otherwise). It will lead to other opportunities than if I didn't pass it.

>> No.748610

>>746592
Salty cunt who failed Level I detected.

>> No.748739

>>748467
Worked out well for you then.

>> No.749183

>>748607
Would like a response please.

>> No.749187

>>746466
Every person who did it says it's a waste. Don't do it.

>> No.750141

>>749187
You talked to all of them

>> No.750171

>>749187
Really? Is that what you really think eh?

>> No.750175

>>750171
Idk anon is gay tho

>> No.751187

Level 3 candidate here. It's crunch time now. Less than 4 weeks before showtime.

>> No.751270

>>751187
What was your study plan

>> No.751286
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751286

>>746466
The cheapest, fastets and most reliable way to get a CFA (or MBA) is swift and easy.

YOU HIRE ONE!

>> No.751667

>>751270
Pray to whatever gods I have? Seriously, I don't have much of a plan. I did what I could, and now I'm in the reviewing phase, mainly doing practice tests and practice questions as much as I can.

>> No.752239

>>751667
I'm Buddhist tho