Local society?

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Zorba

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Hi everyone,
Do we have to be a member of our local society as well?
I thought being a member of the CFA institute was enough to receive the charter once you passed level 3 of course and have your work experience validated, but this is not clear to me anymore…
Thanks
 
Dunno, but I went through with registration for L3 and it made me apply to a local society and sent me this email:
CFA Institute ID #: 396118
Dear Mr. Green,
Thank you for applying to CFA Institute and a member society. To complete your application, you must have two sponsors: one regular member of CFA Institute and your supervisor. Either the CFA Institute regular member or the supervisor must be a member of the society you selected. If you cannot meet the supervisor requirement, you may substitute another regular member of CFA Institute. View full sponsor requirements.
Forward this e-mail to each of your sponsors with the following instructions:
Sign into the CFA Institute sponsor page using your CFA Login. If you do not have a username/password you must create one then return to this email and click the sponsor page link again.
Select either “Supervisor” or “Other” to identify your relationship to the applicant.
Identify the applicant whom you are sponsoring by entering the following e-mail address:[email protected]
Complete the four sponsorship questions.
If you have questions, please contact us.
Thank you,
Client Services
 
Can somebody clarify wht has to be done with regard to the email ? I got the same email.
 
So I ask a friend and she told me we actually have to be CFA Institute member and also a member of our local society to be a CFA charterholder - apparently this is described in the ethics section of the CFA exam!!
So you have to pay registration fees to both CFAI ($225) and your local society ( about $200).
Regarding the email you received, you should forward it to your supervisor and to a person who is a CFA charterholder and part of the same local society you are applying to(Nyssa in NYC for instance).
If you don’t want or cannot have your supervisor be your sponsor, just find a second person who is a CFA charterholder - even if this second person is not part of the same local society as yours.
 
Zorba Wrote:
——————————————————-
> So I ask a friend and she told me we actually have
> to be CFA Institute member and also a member of
> our local society to be a CFA charterholder -
> apparently this is described in the ethics section
> of the CFA exam!!
> So you have to pay registration fees to both CFAI
> ($225) and your local society ( about $200).
>
> Regarding the email you received, you should
> forward it to your supervisor and to a person who
> is a CFA charterholder and part of the same local
> society you are applying to(Nyssa in NYC for
> instance).
> If you don’t want or cannot have your supervisor
> be your sponsor, just find a second person who is
> a CFA charterholder - even if this second person
> is not part of the same local society as yours.
This is kind of weird. When did they implement this?
 
The way I understand it is that you can join the local society whenever you want. You can take L3 of the exam but you don’t have to apply for membership.
I don’t plan on applying for membership until I finish the cirriculum because I’m not paying membership dues without being a charterholder. Also, if I pass L3 next year, I will still be short 2 years of acceptable work experience.
 
Yes, before you are done with all 3 levels, you don’t have to apply.
I just passed level 3 and I am now applying to be a regular member. And apparently to be a CFA charterholder you have to be a member of the CFA Institute and your local society.
In the CFAI email we received it says “Thank you for applying to CFA Institute and a member society. […] Either the CFA Institute regular member or the supervisor must be a member of the society you selected.” So I assume you automatically apply to a local society as well, right?
 
Zorba, is the $200 and $225 a one time registration fee? I thought they were annual dues.
 
One time registration fee for NYSSA is 100…and an annual fee of 200
Anyone’s registration stuck at NYSSA….I just paid the dues (pre-condition to being approved it seems)
 
So when I apply I’m going to have to pay a total of $525? This is getting ridiculous. What a racket.
 
Will NYSSA come to me to apply for membership or do I just do it now online?
 
This is a little confusing. I received an e-mail from NYSSA for regular membership and it essentially said that if I pay my dues to them and they approve me and the end of the month, they’ll recommend me as a member to CFAI. So that afternoon, I faxed my payment info to NYSSA.
When I got home, I had an e-mail from CFAI (which appeared to be unrelated to my payment to NYSSA but I can’t confirm this) saying that I was accepted as a regular member and could pay my dues.
So, I’m thinking that even though the local society says you need to pay their dues, you don’t really have to. The other theory would be that you have to pay the local society for at least one year as “compensation” for helping the CFAI review your application.
Anyone join CFAI but not NYSSA first time around? I think you can technically do this even though NYSSA seems to be very misleading.
 
this is the most retarded thing i’ve ever seen in my life
 
You have to pay “annual” dues to both local society (nyssa) and the CFA to become affiliate or regular member.
As for the first time, you send in your application to CFA who then forwards it to the local society. Local society accepts you and then forwards the recommendation to the CFA who routinely accepts it without any more questions and Viola! You are a affiliate or regular member, depending on your work ex, Level etc.
 
I haven’t paid either CFAI or NYSSA at least 2 years. My status on CFAI profile was “Affiliate” (Lapse) for both CFAI and NYSSA.
Spoke to CFAI rep who told me that, I could pay dues for both, but actually no need to pay anything in advance of membership approval. Was told to “Upgrade” to regular membership, fill in the work experience on line form, then wait for approval email. Once approved, just pay the CFAI $225, and voila CFA Charterholder. I was told no actual need to pay NYSSA anything (for this purpose of becoming a CFA charterholder).
 
ok, this is very confusing now!
So we don’t really know if we have to be a member of CFAI and our local society or if the local society is optional…
Just sent an email to CFAI to ask for some clarifications…
and I thought taking the exam was the most difficult part ;-)
 
I guess you have to pay the society atleast the first year…and from the second year it would be optional (you won’t remain soc. member), only CFAI dues would be required to maintain charter
 
Zorba Wrote:
——————————————————-
> ok, this is very confusing now!
>
> So we don’t really know if we have to be a member
> of CFAI and our local society or if the local
> society is optional…
>
> Just sent an email to CFAI to ask for some
> clarifications…
>
> and I thought taking the exam was the most
> difficult part ;-)
Please post when you hear from them.
 
Yes. Please post. Have written to them myself. Will post when reply comes.
 
Zorba Wrote:
——————————————————-
> ok, this is very confusing now!
>
> So we don’t really know if we have to be a member
> of CFAI and our local society or if the local
> society is optional…
>
> Just sent an email to CFAI to ask for some
> clarifications…
>
> and I thought taking the exam was the most
> difficult part ;-)
you absolutely, 100% have to belong to a local society. i know some guys in west TX that dont have a society and have to belong to the Dallas chapter.
when you pay your dues on the CFAI website, the society dues are included, so you do it all in one shot.
 
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