Should I quit the CFA process?

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Alexandrov

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Long time lurker here, currently at a crossroad and hoping to get some thoughts on what you think I should do in my current situation.
I am in my mid 20’s with a degree in Accounting, been working in my field for over 2 years with a F500 and have two years until I get my accounting designation. I am currently interviewing for more senior roles in different industries, have two interviews coming up this week with a giant telecom and oil and gas. Having said that, if I do end up getting a job in the next few months I will have to bust my balls in the first 6 months to earn my stripes and prove myself during my probation period. This means 50hrs/week at the least, plus some studying for my designation.
Time wise, I will be busy, but not overly busy, my girlfriend is away for her post grad so I have some time to kill anyway. My dilemma stems from the CFA designation and whether or not I should continue. I passed L1 in 2008, didn’t go on to L2 this year because I had to write my Accounting designation exam, which was scheduled on June 16th. I wouldn’t have been able to handle both so I committed to the one that actually provides my cash flow. L2 on its own will require 300hrs from me at the very least, which is manageable, but if I start a new job I think it may be too much in the beginning as well as my accounting work.
So far the situation is pretty clear; now for the not so clear part. I highly doubt I will ever officially get the charter, even if I pass all exams I don’t think I will have the experience required to be designated (there is a possibility that my potential new job will count). I don’t plan on working/pursuing PM, ER, VC, etc. I plan on starting my own business (real estate) in the next 5 years that’s unrelated to accounting or finance. I simply want to get my accounting designation and network some more before I jump into self employment, so I figured in the down time I can maybe wrap up the CFA exams. My motivating factors for finishing the charter are: 1. I’ve already started it and have only two to go and 2. it’s a challenge. I enjoy the material and it goes somewhat hand in hand with my equity portfolio, which is enjoying decent returns (mostly due to experience though and not the CFA exam material). It’s also worth noting that the exams are pretty cheap in relation to other designations.
Having said all that, with all the ‘ifs’ and ‘buts’, do I continue, or do I leave it at L1 and never come back to it? My biggest worry is regretting the fact that I didn’t finish.
 
Alexandrov Wrote:
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It’s also worth noting that the
> exams are pretty cheap in relation to other
> designations.
Never really understood why accounting designations cost that much in Canada.
The Canadian CMA costs about $11k!!.
 
“1. I’ve already started it and have only two to go and 2. it’s a challenge. I enjoy the material and it goes somewhat hand in hand with my equity portfolio, which is enjoying decent returns (mostly due to experience though and not the CFA exam material).”
Given that these are your listed reasons for taking the CFA exams, and neither of these has changed, one would rationally suggest that you should take the remaining two exams.
 
Before passing level II I thougth I was one third of the way there, which is not true.
I think it’s more 20-40-40, possibly even 10-40-50. In any case level I isn’t more than one fifth of the way. You must know that before you take your decision.
 
Interesting way of putting it and SO TRUE! I’d go with 10-40-50.
Viceroy Wrote:
——————————————————-
> Before passing level II I thougth I was one third
> of the way there, which is not true.
> I think it’s more 20-40-40, possibly even
> 10-40-50. In any case level I isn’t more than one
> fifth of the way. You must know that before you
> take your decision.
 
Very true. After lvl III, i think I’d put it at 0-0-100.
Viceroy Wrote:
——————————————————-
> Before passing level II I thougth I was one third
> of the way there, which is not true.
> I think it’s more 20-40-40, possibly even
> 10-40-50. In any case level I isn’t more than one
> fifth of the way. You must know that before you
> take your decision.
 
> I highly doubt I will ever officially get the charter, even if I pass all exams I don’t think
>I will have the experience required to be designated (there is a possibility that my
>potential new job will count). I don’t plan on working/pursuing PM, ER, VC, etc. I plan
>on starting my own business (real estate) in the next 5 years that’s unrelated to
>accounting or finance.
I would proably not bother with the program given the above. If the subject matter interests you that much, you can just buy read up on similar material to the CFAI books and not worry about the tests. You can always continue on the L2 and L3 if you change your mind and want to get back into investment related work.
 
So what’s up with these splits, the tests still require generally the same amount of time. If i was to pass all on my first try the effort is pretty much the same, material is harder, but it’s still essentially the same time spent studying. If I was to fail then I can see how my effort would be doubled/trippled/etc. I started reading the L2 books last year and got through most stuff, it’s not that bad, it’s just more tedeious and not as straight forward as L1.
 
being an accounting guy, it will be 1-1-98 for you. those who fail lvl 2 tend to have had little derivatives and finance experience, where those who fail lvl 3 tend to have had little financial planning, wealth mgmt experience.
i’ve never even heard of a guy with an accounting designation failing level 1 before. most will fail level 3 b/c the way of thinking is different plus most accountants aren’t good at long answer (from my group of accounting friends + a little bit of stereotype).
 
MattLikesAnalysis Wrote:
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> being an accounting guy, it will be 1-1-98 for
> you. those who fail lvl 2 tend to have had little
> derivatives and finance experience, where those
> who fail lvl 3 tend to have had little financial
> planning, wealth mgmt experience.
>
> i’ve never even heard of a guy with an accounting
> designation failing level 1 before. most will fail
> level 3 b/c the way of thinking is different plus
> most accountants aren’t good at long answer (from
> my group of accounting friends + a little bit of
> stereotype).
I have tons of long answer case work from my degree and accounting designation, which is focused on management (not much in the way of financial planning though). Derivatives, well the most exciting part of my trading is options trading, I wish the CFA curriculum covered more FRM stuff on pricing/evaluating options, etc.
I guess we will find out. BTW, your Accounting friends are dorks ;)
 
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