Am I over ambitious???

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palakdave

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Hello,
I am a new user and in a dilema on whether to book for a CFA exam on 1st Dec and need some advise from the experts here…….
Little about my background……..
I am from a non-financial background………I had completed my Bachelors of Engineering (Computer) in 2005 and have been working in IT sector since then…………I want to now make a transition from IT to finance………Through web search I have been inclined to purse the CFA program……………reading through the forum post I have got the feeling that only a minority of candidates coming from non-finance background pursue CFA program as it is a very rigorious and the contents of the ciriculum are hard to understand if one has no prior knowledge or experience in finance, accounting or economics………….Also got to know that CFA level 1 exam ciriculum is wide and requires atleast 300 hours for study……………..I can put in 20 hours of study time per week but don’t know if it is enough for me to cover the content and be prepared for the Dec 2012 exam………………..Just want to know am I being over ambitious to attempt to sit for the CFA level 1 exam in Dec 2012……………as I have approx only five months………..
*I am very good in mathematics and analysis, and have scored a section score of 47on Quant in GMAT test. This may be of little relevance to CFA studies, but mentioned to give a brief overview of my quant skills.
I would appreciate any and all feedback.
 
Hey mate, i would say go for it. That advice is dependant on you actually wanting to learn about finance/econ/accounting basics. I say that because the majority consensus on the forum seems to be that the CFA is (esp. Level 1) isn’t sufficient to “break-into” the industry. So bearing that in mind, I think that you need a serious interest in the field- so that you’re endgame is more educational than job related (but we all hope it does help). Maybe search for some sample 3rd-party lecture videos and see how you enjoy the topics covered? If you can do 20 hours a week you’ll be in great shape for December.
Worst case senario, if you pass and it doesn’t help you employment-wise: you’ll understand the business section of the paper a lot better.
And btw: one full stop is more than sufficient. ;)
 
Based on what I know from finance interviews, CFA may help with regards to the knowledge base and stuff like that. But depending on the job, you’d probably want to make sure you are actively managing investments and other activites that demonstrate interest and experience.
 
As you are from non finance background, keep in mind you need way more than 300 hours to pass this exam… CFA exam is not simple methematics, its technical. if you have registered for december then try it, may be you got lucky or you will get a good experience… if you have not registered yet go for June 2013 and bear in mind that you may need a lot more than 300 hours. im saying this coz im a finance background and i had to spend way more than 300 hours to drill the concepts…..
you can do it… but remember you need to be consistent in studies. dont underestimate this exam.
Good Luck…
 
Well.. I believe you can pass the exams, at least Level 1 anyway. The material is pretty easy. The real question is whether it is worth it for you to spend the time. The CFA is not going to get you a finance job by itself. You should ask yourself, if you did not have any CFA credentials, how would you get a finance job? And then work on that, maybe in addition to the CFA if you have a good plan.
 
If you took the GMAT then you are either in or considering business school. Business School + CFA (at least one level) are really good steps to getting a finance gig, i took the CFA in June and am starting B-School this fall!
Anyways, I will echo what other people have said. It is hard, and it is specially hard if you don’t have a finance background. I had a degree in accounting and spent probably around 300 hours studying (though I was stupid enough to use the CFAI materials). It won’t hurt you to take a crack at it in december, either you pass or you can just take it again in June. As far as the material, it will be a good starter to get you knowledgeable for interviews, and even as prep for the first year of b-school. Good Luck!!!
 
Go for it.. your expertise in statistics and math will take you a looooong way! Who remembers trying to follow through the breakdown of Variance of a portfolio and how the book derives the formula? You’d find that easy!
 
Thanks Alpha for your feedback..wat can i say i am a full stop manic :-)
Well my main objective is learn about finance and hopefully try to break into the finance sector. Lets see, as a new commer into this field I will be posting a lot of questions during my journey.
Hope to get some help on the forum.
 
Thanks rawiswarden, Gypsy, ohai, mbaer2012 and finwarrior. Your views has provided me a lot insight into how should I be thinking about CFA - 1 exam. Will ponder upon your comments for couple of days and might come back with more questions.
Hope to get some help
Cheers
 
Hey Palak, you and I seem to be in the same boat however I am currently in telecommunications rather than IT. I appeared for the June 2012 exam so speaking from a “non-finance” background let me tell you this: The CFA level 1 exam is very comprehensive in its coverage of essential financial topics so do not go by the CFA Institute guideline of 300 hours. It’s in all probability going to take you way more than 300 hours considering that finance has not been a part of your regular studies so far and it has been some time since you have graduated from college. Getting back to hardcore studies can be really challenging especially when the course is as vast as the level 1 CFA exam. Some might argue that the material is easy but I will reiterate my point, it is vast. You need to understand as well as memorize a lot of key concepts. I took around 7 months of preparation (I am working full-time as well) and yet I was struggling for time.
Your target is achievable but you need to consistently put in a lot of time for the preparation. Focus, put in regular hours, keep revising the stuff you’ve already covered and towards the end take a lot of mock exams to observe how you are managing time and you should do good.
Another thing, most of the others have already spoken about this but I would reiterate - do not expect a decent job offer based on clearing the CFA level 1 exam. Considering your experience, any offers that might even come your way wouldn’t be worth your time.
 
Nothing on the CFA curriculum is rocket science. Understanding the concepts will be pretty simple. The big challenge, in my opinion, is memorizing all those concepts and formulas, and keeping them fresh on mind on test day.
Bottom line: as long as you put the time to review the curriculum, do the blue boxes, EOC, practice tests, you will be more than fine.
 
I think ohai pretty much hit the nail on the head. Are you doing this solely for career aspirations? I can tell you from personal experience that passing the exams does not mean much when the competition out there is pretty fierce. I’ve worked as a US bank regulator and am currently in risk consulting; passed L3 last June. In addition, I live in NYC so relocation expenses aren’t a factor, neither are visa sponsorship requirements. The only jobs being pushed in my direction are other consulting gigs or compliance roles at banks. By no means am I trying to discourage you from taking the exam, but I think you should have your expectations straight before you go through what may be the most grueling 2 or 3 years of your life. On a positive note, the knowledge gained from growing through the program is invaluable.
 
bpdulog wrote:
I think ohai pretty much hit the nail on the head. Are you doing this solely for career aspirations? I can tell you from personal experience that passing the exams does not mean much when the competition out there is pretty fierce. I’ve worked as a US bank regulator and am currently in risk consulting; passed L3 last June. In addition, I live in NYC so relocation expenses aren’t a factor, neither are visa sponsorship requirements. The only jobs being pushed in my direction are other consulting gigs or compliance roles at banks. By no means am I trying to discourage you from taking the exam, but I think you should have your expectations straight before you go through what may be the most grueling 2 or 3 years of your life. On a positive note, the knowledge gained from growing through the program is invaluable.
Click to expand...
What regulatory agency?
 
Thanks TelcoToVC. Really appreciate for sharing your experience, this has given me an insight from a person who has a similar background to mine.
If I may ask what were your thoughts before you embarked on your CFA journey coming from a Telecom background. Where do you see yourself with respect to Level 2 & 3 and finance related career in general, going forward ?
Once again I highly appreciate you sharing your thoughts and suggestions, this will definitely go a long way in making few things clear in my mind.
Thanks bpdulog and L3Bol for your views. Highly appreciate you guys taking time out of your busy schedule and sharing your views on my position. I absolutely agree that clearing Level 1 ain’t gonna get me a super job in finance, however, it will definitely allow me to gain a broader perspective about the fundamentals. The job scene is anyway all messed up at the moment with the Euro-debt crisis and US crisis still not over, people with years of experience in finance are struggling, so in my case, it’s a real far shot
 
Hey Palak, the path that I have chosen is difficult considering that I am looking for a career in venture capital/private equity. The CFA curriculum is ideally suited for people who are looking to move in the direction of portfolio management, equity research etc. However, considering that I knew zip about finance prior to my participation in the CFA program, I would state that it was the best way I could learn about finance and investing, in general. The CFA charter is not really my end goal rather learning more about finance and investing is.
While it would premature for me to comment about the future course of action with reference to the CFA program (I might very well fail the level 1 exam), I am also thinking of preparing for the GMAT. However, if I do clear the level 1 exam, I may very well prep for the level 2 exam. I feel that given my goals, the CFA program as well as an MBA from a top school and my background in technology might help me break into a VC firm. This is why I emphasize that it is very important for you to understand what your expectations are from the CFA program (or the charter, as the case may be). Be clear about how the CFA program is going to help you because honestly speaking, for a person from a non-finance background it can be very time consuming so much so that you will be left with very little time for other activities.
 
5 months is plenty of time even if you don’t have a finance background. Spend a month (maybe even two) getting familiar with the material (i.e. reading the books etc…) and for the remainder of the time just do practice problems and review.
If you do decide to join the program, check out these formula sheets: http://notesnack.com/Notepages/index/featured:1
 
The program will teach you a lot. But as others said, if you are betting on passing these tests to land you a highly desired job, you will be very disappointed.
 
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