CFA Qualification - Opinions?

cson

Basically the story is I'm pursuing the ACA Qualification via the Masters - Training Contract route. Naturally this will mean a 3 year contract with only 1 set of exams - FAEs. Whilst I don't doubt that the FAEs will be the toughest exams I'll likely ever sit, I'm working off the proviso that I will get them leaving me some room in the remaining time to pursue a further qualification.

Ordinarily I would pursue the AITI exams as Tax would have been one of my best subjects at Undergrad level however I have no inclination to go into the area of Tax for the purposes of the training contract.

I do however have an interest in investing and markets hence the thread title. I like to get opinions on the qualification and whether it would be worth pursuing, is it time consuming and lastly is it tough - more work than its worth?

LightningBolt

If you've got an interest in investing and would see yourself working post contract in an investment fund the CFA is a great qualification to have if you wanted to do equity research i.e. making buy/sell calls on stocks.

It's possible to do your CFA level 1 and 2 exams at the same time during your masters. You'd sit level 1 in December and level 2 in June. You'd want to be fairly smart and on the ball to be able to handle that workload though depending on where you do your masters.

If it were me, I'd get level 1 done in December on the masters then look to get level 2 done in the first year of your contract and finish it off post faes...

Clanno

the CFA are very tough! i would suggest you should seriously consider talking to some students or even to some people that tried them before putting your name forward.

SBWife

I completed my CFA while working 60+ hours a week at a US investment firm. At the time exams were only offered in June but I didn't really do much prep before January so that wouldn't have made much of a difference. It helped that I was working in equity research and the CFA is significantly equity focused so there was some overlap.

But yes it's very tough, I'm currently taking the ACCA exams and TBH in comparison to the CFA I'd be temped to call even P2 easy, but it's hard to be completely objective given that I'm going into ACCA with the knowledge and experience that comes from having achieved the CFA and working for many years.

Jim2007

cson wrote: »

Basically the story is I'm pursuing the ACA Qualification via the Masters - Training Contract route. Naturally this will mean a 3 year contract with only 1 set of exams - FAEs. Whilst I don't doubt that the FAEs will be the toughest exams I'll likely ever sit, I'm working off the proviso that I will get them leaving me some room in the remaining time to pursue a further qualification.

Ordinarily I would pursue the AITI exams as Tax would have been one of my best subjects at Undergrad level however I have no inclination to go into the area of Tax for the purposes of the training contract.

I do however have an interest in investing and markets hence the thread title. I like to get opinions on the qualification and whether it would be worth pursuing, is it time consuming and lastly is it tough - more work than its worth?

Well speaking from over 20 years experience, I say there is no advantage in taking the CFA on top of ACA, there is far to much of an overlap and when it comes to equity research I'd take a big four CA over a CFA any day, simply because of the experience involved. An experienced CA will be in a far better position to identify issues with accounting policies and so on that a CFA.

If you are interested in investing and markets, then I'd suggest you'd be far better improving your maths skills. Being able to understand the models produced by so called "Financial Engineers" is an important skill and even more important is to be able to identify the weaknesses and neither the CA or CFA will teach you maths to that level.

Jim (Switzerland)

SBWife

Jim I really think you need to do some more research into the requirements to receive a CFA designation.

There is probably more coverage of actual FS reporting issues and without doubt a higher experience requirement with the CFA than the accounting designation.

Jim2007

SBWife wrote: »

Jim I really think you need to do some more research into the requirements to receive a CFA designation.

I work with CFA everyday, I review their equity research papers on a regular basis......

SBWife wrote: »

There is probably more coverage of actual FS reporting issues and without doubt a higher experience requirement with the CFA than the accounting designation.

I'm not talking about theory, I'm talking about hard nosed, on the job experience of what is involved in putting the package together and all the tricks that can be played in doing so.

Like I said I see a far greater benefit out of putting time in to maths than doing the CFA.

Jim.

Pawwed Rig

If you are doing the training contract and want to have something to study every year the CFA would be a good step. It is internationally recognised and will put you ahead of others doing the same training contract as you. As you will be getting the CAP2 exemptions with your masters you will have no exams in the first and third years of your contract so CFA might fit nicely into one or both of the years. The more qualifications you can get the better. The firm you join may even pay for them if they think you are worth the investment.

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goodmand88

Hi, just want to get involved in the whole conversation here! Just wondering is there anyone who is on here that has actually completed if not all the CFA exams then maybe the first two?

Has the experience significantly improved your employment prospects and what are your own personal opinions of the course? I have heard a variety of opinions some negative some positive, but nothing from someone with significant experience! Thanks.