CFA

Clauric

Putting this here, but if mods feel it should be moved, please do so.

Basically, I am looking to get into investor/investment research in a professional capacity after finishing a degree in Finance. From my research, it seems that the best method of getting into this area is to undertake further education as a Certified Financial Analyst (CFA). From what I can see it is similar to the actuarial exams in terms of time and difficulty, and is mainly self taught in Ireland.

I was wondering if anybody had undertaken these exams, or even part of them, and if they found them useful? Also, what were the costs involved as well as time commitments?

Any help would be gratefully appreciated.

bridgepeople

Do you have a job at the moment or still in college? By all means apply to take level 1 in December (you could try for June if you are feeling ambitious), but the most important thing is to get your foot in the door somewhere in financial services. Apply for graduate programmes. Consider moving to London if you have to.

The CFA would be a nice add on to your CV as you move up the jobs ladder. Even saying you have applied for level 1 may be a slight (very slight!) advantage to you in interviews. However, there is no point in passing level 1, let alone the other two, if you do not have a job in the industry.

To answer you questions. It will cost you a few hundred a year which your employer may well cover. Kaplan offer study guides and courses which are pretty good but a little expensive. I think the CFA Institute usually recommends about 150-200 hours study per level. That might be a bit less for you given your degree.

SBWife

When you register it includes all materials and the program is designed as self study. Experience requirement is 48 months in a decision making/influencing roll. Degree might help with Level 1 but the other two are at a level above most undergraduate finance programs in Ireland. It's a highly competitive area so unless you have a very good primary degree your chances of even getting your foot in the door in the current environment would be very low.

Clauric

SBWife wrote: »

When you register it includes all materials and the program is designed as self study. Experience requirement is 48 months in a decision making/influencing roll. Degree might help with Level 1 but the other two are at a level above most undergraduate finance programs in Ireland. It's a highly competitive area so unless you have a very good primary degree your chances of even getting your foot in the door in the current environment would be very low.

I'll finish in May with a 1st in finance. Original background is in engineering. Have worked on large mulitimillion Euro rojects for a number of years. Hopefully this will stand to me.

Helpneeded86

Is teh CFA a good thing to have if you wanted a more localised financial advise business of your own?

Clauric

Helpneeded86 wrote: »

Is teh CFA a good thing to have if you wanted a more localised financial advise business of your own?

My understanding I'd that if you want to offer financial advice, especially investment advice, to the general public or businesses, you need a QFA qualification. This can be obtained by sitting the Institute of Bankers (www.bankers.ie) exams.

bridgepeople

Helpneeded86 wrote: »

Is teh CFA a good thing to have if you wanted a more localised financial advise business of your own?

Yes I think so. A large part of the level 3 curriculum deals with financial planning. The rest of the curriculum will give you good backround knowledge on finance generally.

That said, it requires a big effort over several years to pass the CFA exams and at the end of it will a typical Irish private wealth client know the difference between CFA and QFA (much easier to get)?

rgmmg

Helpneeded86 wrote: »

Is teh CFA a good thing to have if you wanted a more localised financial advise business of your own?

Personally, I would advocate ACCA over CFA if local, financial advisor is the route you intend. It's easier than CFA and is more widely known domestically. Besides, I think it'd be easier to switch industry and travel with an ACCA (have only level 1 CFA myself mind you ).

Helpneeded86

rgmmg wrote: »

Personally, I would advocate ACCA over CFA if local, financial advisor is the route you intend. It's easier than CFA and is more widely known domestically. Besides, I think it'd be easier to switch industry and travel with an ACCA (have only level 1 CFA myself mind you ).

What does ACCA really teach you about investing and so on? I personally wouldnt be against the idea of ACCA with QFA.

Zippy1991

If anyone is interested in Part 2s I have the CFA 2 Schweser study books, June 2011.

Edit to say: €100 o.n.o.

whattodo82

I am QFA qualified and have a number of years in the pensions/investments industry. The last 2 as a financial adviser. I'm thinking if doing the CFA as I see more opportunity in the investment/funds industry than pensions.
My degree is maths and economics although most of it forgotten at this stage:D
Are the CFA's as hard as they say? Is it too much work with little reward? I will be funding this myself so don't want to waste my time and money. Any help/ideas would be appreciated.

soddy1979

whattodo82 wrote: »

I am QFA qualified and have a number of years in the pensions/investments industry. The last 2 as a financial adviser. I'm thinking if doing the CFA as I see more opportunity in the investment/funds industry than pensions.
My degree is maths and economics although most of it forgotten at this stage:D
Are the CFA's as hard as they say? Is it too much work with little reward? I will be funding this myself so don't want to waste my time and money. Any help/ideas would be appreciated.

It really depends on what you want to do. If you are looking at managing money in the funds industry (IE Portfolio Management) it is pretty much a necessity, likewise if you want to be a securities analyst.

I am neither of the above, but I feel my career got a LOT of traction, even from participating in the CFA program. It didn't get me a move to portfolio management, but it did get me to a place where I felt I could hold my own having discussions around portfolios and investments with Front Office personell. I went from what I would consider a highly back office role, to a much more middle-to-front office role. Not making investment decisions per se, but doing a lot of the analytical work around portfolios and investments.

In my opinion definitely worth the time and effort (both of which are significant!)

whattodo82

soddy1979 wrote: »

It really depends on what you want to do. If you are looking at managing money in the funds industry (IE Portfolio Management) it is pretty much a necessity, likewise if you want to be a securities analyst.

I am neither of the above, but I feel my career got a LOT of traction, even from participating in the CFA program. It didn't get me a move to portfolio management, but it did get me to a place where I felt I could hold my own having discussions around portfolios and investments with Front Office personell. I went from what I would consider a highly back office role, to a much more middle-to-front office role. Not making investment decisions per se, but doing a lot of the analytical work around portfolios and investments.

In my opinion definitely worth the time and effort (both of which are significant!)

Thanks Soddy. I am hoping to move into a more technical/analytical area as I enjoy that aspect to my job as opposed to the sales element. My concern is that I'm not sure how relevant my experience to date would be for those type of roles. That is why I'm hoping that studying for the CFA might help towards making up for some of that lack of experience. I guess it's a case of I won't know until I try it. Even in a worst case scenario it'll help my understanding of investments in my current role.

Pablo Sanchez

Hi Guys, i have a few questions re the CFA, and apologies if they seem simplistic!

Looking at the CFA Ireland website i cant seem to glean much info.

The CFA is described as self study, does this mean that there is no classroom time involved?

What are the costs and how long (on average) does it take to complete?

I note that there is a Grauate Diploma in Financial Planning (Leading to a CFP qualification) offered jointly by the LIA, Institute of Bankers and the Irish Taxation institute. This is a 18 month course and involves 5 hours of class a week in the evenings, at a cost of around €6k. How does this qualification compare to the CFA?

https://www.lia.ie/course/graduate-diploma-in-financial-planning

Thanks in advance!

Oscardewringer

Helpneeded86 wrote: »

What does ACCA really teach you about investing and so on? I personally wouldnt be against the idea of ACCA with QFA.

What do ACCA and CFA have in common ??? Accountancy vs Financial Analyst ? ACCA will help you with few CFA l1 topics ie Financial Reporting and then Corporate Finance ... That's all... CFA had econ, quan etc you need to master ... Very daft and unprofessional advice when you compare ACCA and CFA..... Irrelevant and confusing ....