Programmer looking to take CFA

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eagles_dare13

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I am a computer programmer working for an IBank in Toronto with 7 yrs of experience. I have decided to take CFA as the first step to break into the finance worls (cannot afford MBA).
I have no background in economics, finace and accounting. I have planned to take L1 in Jun 2012.
The material for L1 2012 jun will come out in Jul 2011. will 10 months of prep be enough?
if I fail in Jun 2012, I will retake in Dec 2012. Will the material change ‘vastly’ from exam to exam?
Thank you.
 
The material doesn’t change much between exams and 10 months is generally more than enough time.
But anyway, have you talked to anyone regarding your finance ambitions? This isn’t something that automatically happens once you get a CFA.
 
For the same year exams, material is same, no change whatsoever. If you are targeting for June’12 and planning to appear again in Dec’12. You can prepare using the same material. I don’t know how much time you can take out from your work, but 10 month is just too much. It’s hard to persist for that long. People hit peak within four months itself. My advice would be to take it easy in the beginning even if you start 10 months before and when you have 3 months left, you can start hitting the rock real hard.
I am also in the similar situation as yours but even I am not sure whether we will be able to crack any job in finance world after CFA. When can we start hunting for jobs? I heard countries like India people get it immediately after level 1. Is it possible here in USA? How much salary and experience do we have to forgo – or do we really have to – to get into finance? Do we enter as trainee or get some advantage of experience we already have. These are the questions which used to bother me a lot in the beginning and as a result used to get demoralized big time. But, now I am completely focused and somehow want to crack the level 1 exam.
 
sgupta0827 Wrote:
——————————————————-
> For the same year exams, material is same, no
> change whatsoever. If you are targeting for
> June’12 and planning to appear again in Dec’12.
> You can prepare using the same material. I don’t
> know how much time you can take out from your
> work, but 10 month is just too much. It’s hard to
> persist for that long. People hit peak within four
> months itself. My advice would be to take it easy
> in the beginning even if you start 10 months
> before and when you have 3 months left, you can
> start hitting the rock real hard.
>
Thanks. do you have a career plan post CFA? I spoke to the institute and they suggested this: After getting L1, try to look for part time jobs where you can use the knowledge. So by the time you clear L3, you are eligible for 4 yrs work exp so far as work exp is concerned.
About your other question, here is my reasoning:
As a programmer –> project manager –> business analyst, the salary caps at ~100 - 110 k here in toronto. Without further education, no chance to move ahead.
Since toronto, NYC are big financial centers, a career in finance pays well, even if it is slow to take off.
I am 30, I hope to complete CFA by 35, and that would hopefully open up more doors.
I also looked at Ms in finance, CQF, etc (on wilmott), but those are very math intensive.
CFA, although difficult seems doable.
Good luck on your preparation. Please keep posted about how you are doing.
> I am also in the similar situation as yours but
> even I am not sure whether we will be able to
> crack any job in finance world after CFA. When
> can we start hunting for jobs? I heard countries
> like India people get it immediately after level
> 1. Is it possible here in USA? How much salary and
> experience do we have to forgo – or do we really
> have to – to get into finance? Do we enter as
> trainee or get some advantage of experience we
> already have. These are the questions which used
> to bother me a lot in the beginning and as a
> result used to get demoralized big time. But, now
> I am completely focused and somehow want to crack
> the level 1 exam.
 
ohai Wrote:
——————————————————-
> The material doesn’t change much between exams and
> 10 months is generally more than enough time.
>
> But anyway, have you talked to anyone regarding
> your finance ambitions? This isn’t something that
> automatically happens once you get a CFA.
I wish to make a career in finance, investments etc. The ambition is not very well formed…working on it. Thanks.:)
 
I’m wondering why would you want to break into finance world? Whats wrong in programming/IT world? As far as I know programmers are more demanded than bankers/financiers and competition is much lower. So why do you think you would like to compete with guys who finished finance in universities and made a lot of efforts to get in the industry when you got 7 years of experience in programming?
P.S. I just found the answer in your previous post.
 
optiix Wrote:
——————————————————-
> I’m wondering why would you want to break into
> finance world? Whats wrong in programming/IT
> world? As far as I know programmers are more
> demanded than bankers/financiers and competition
> is much lower. So why do you think you would like
> to compete with guys who finished finance in
> universities and made a lot of efforts to get in
> the industry when you got 7 years of experience in
> programming?
>
> P.S. I just found the answer in your previous
> post.
Yes..among IT people, after they realise that the salary is stagnating, it feels it is almost too late. After all, you have 8 - 10 yrs programming exp. and it seems MBA is only option and you cannot afford to take out 2 yrs of your work and shell out 150 k:)
So I am taking a risk here by opting for CFA.
Also, in Toronto, at least, a finance job with a big bank is more respected than your avg IT job. And being knowledgable about finance can help in your personal finances also.
 
How do you search for the part time CFA jobs in USA? I would love to have some experience before I complete all three levels, even if I have to work for free.
 
sgupta0827 Wrote:
——————————————————-
> How do you search for the part time CFA jobs in
> USA? I would love to have some experience before I
> complete all three levels, even if I have to work
> for free.
Are there any local meetup groups etc? I would look there first. If not, call CFAI and they can give ideas. Not sure if these kind of jobs a re offered free:0 More like a high risk, high reward thing you know.
 
When I said free, I said it because I wouldn’t mind working for non profit organization to get some experience, as I am not sure if I am allowed here to work part time for another employer.
That was my next target to do some networking in the local meet ups and figure out from there, of course if I pass. I am not sure if I understand your last statement correctly, “High risk high reward”.
 
I am also in the same boat. 7+ years of IT exp and decided to take CFA level 1 in coming Dec. I started few days back and currently going through Quant section. Mostly my decision to pursue CFA level 1 was due to my inclination towards understanding financial markets and be able to make sound investment decisions for myself. I don’t know how much of this will help me to make career out of it so keeping expectations very low at this point and focusing to get through the 1st phase. What I will do next will depend on how I perform on level 1. I also do not have any experience in finance,accounting,economics so finding it extremely difficult but also interesting at the same time. Hopefully I will pass in 1st attempt or else June 2012 is always there :).
Good luck to both of you eagles and sgupta . I don’t think going for CFA and understanding financial basics can be a drawback to anyone regardless of any background.
Sgupta:
Where are you in USA? I am on west coast.
 
a.nayak Wrote:
——————————————————-
> I am also in the same boat. 7+ years of IT exp and
> decided to take CFA level 1 in coming Dec. I
> started few days back and currently going through
> Quant section. Mostly my decision to pursue CFA
> level 1 was due to my inclination towards
> understanding financial markets and be able to
> make sound investment decisions for myself. I
> don’t know how much of this will help me to make
> career out of it so keeping expectations very low
> at this point and focusing to get through the 1st
> phase. What I will do next will depend on how I
> perform on level 1. I also do not have any
> experience in finance,accounting,economics so
> finding it extremely difficult but also
> interesting at the same time. Hopefully I will
> pass in 1st attempt or else June 2012 is always
> there :).
> Good luck to both of you eagles and sgupta . I
> don’t think going for CFA and understanding
> financial basics can be a drawback to anyone
> regardless of any background.
> Sgupta:
> Where are you in USA? I am on west coast.
.Don’t mess with Texas..lol..u get it?
 
sgupta0827 Wrote:
——————————————————-
> When I said free, I said it because I wouldn’t
> mind working for non profit organization to get
> some experience, as I am not sure if I am allowed
> here to work part time for another employer.
>
> That was my next target to do some networking in
> the local meet ups and figure out from there, of
> course if I pass. I am not sure if I understand
> your last statement correctly, “High risk high
> reward”.
By ‘High risk high reward’, I mean a high profile job where chances of lay off are high but if you perform, you get 150k:). So.usually a not-profit will not fit the bill here. But yes, that seems a good idea to start. Keep posting your progress. hope you crack L1 with flying colors.
 
sgupta0827 Wrote:
——————————————————-
> For the same year exams, material is same, no
> change whatsoever. If you are targeting for
> June’12 and planning to appear again in Dec’12.
> You can prepare using the same material. I don’t
> know how much time you can take out from your
> work, but 10 month is just too much. It’s hard to
> persist for that long. People hit peak within four
> months itself. My advice would be to take it easy
> in the beginning even if you start 10 months
> before and when you have 3 months left, you can
> start hitting the rock real hard.
>
> I am also in the similar situation as yours but
> even I am not sure whether we will be able to
> crack any job in finance world after CFA. When
> can we start hunting for jobs? I heard countries
> like India people get it immediately after level
> 1. Is it possible here in USA? How much salary and
> experience do we have to forgo – or do we really
> have to – to get into finance? Do we enter as
> trainee or get some advantage of experience we
> already have. These are the questions which used
> to bother me a lot in the beginning and as a
> result used to get demoralized big time. But, now
> I am completely focused and somehow want to crack
> the level 1 exam.
Hey,
I think it is a good idea to start a thread to discuss successful career transitions from IT to finance. how it worked out, what it cost energy wise and money wise, and are the people happy with th move? There are plenty of people who have made the transition, it would be good to get their POV.
If you wish, I can start it?
 
eagles_dare13 Wrote:
——————————————————-
> sgupta0827 Wrote:
> ————————————————–
> —–
> > For the same year exams, material is same, no
> > change whatsoever. If you are targeting for
> > June’12 and planning to appear again in Dec’12.
> > You can prepare using the same material. I
> don’t
> > know how much time you can take out from your
> > work, but 10 month is just too much. It’s hard
> to
> > persist for that long. People hit peak within
> four
> > months itself. My advice would be to take it
> easy
> > in the beginning even if you start 10 months
> > before and when you have 3 months left, you can
> > start hitting the rock real hard.
> >
> > I am also in the similar situation as yours but
> > even I am not sure whether we will be able to
> > crack any job in finance world after CFA. When
> > can we start hunting for jobs? I heard
> countries
> > like India people get it immediately after
> level
> > 1. Is it possible here in USA? How much salary
> and
> > experience do we have to forgo – or do we
> really
> > have to – to get into finance? Do we enter as
> > trainee or get some advantage of experience we
> > already have. These are the questions which
> used
> > to bother me a lot in the beginning and as a
> > result used to get demoralized big time. But,
> now
> > I am completely focused and somehow want to
> crack
> > the level 1 exam.
>
>
> Hey,
> I think it is a good idea to start a thread to
> discuss successful career transitions from IT to
> finance. how it worked out, what it cost energy
> wise and money wise, and are the people happy with
> th move? There are plenty of people who have made
> the transition, it would be good to get their POV.
>
> If you wish, I can start it?
Please feel free..
 
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