to take or not to take

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hari_iyer16

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Hi,
I am a post-doctoral research fellow (life sciences/oncology) and am interested in getting into the biotechnology industry. I see Biotech investment/consulting as a very interesting area to pursue. With some readings and talking to friends, I realise that having a atleast level 1 cleared would be helpful to step my foot in this area. I have very basic understanding of accounting and finances (had taken some courses in basic accounting, managerial finanace, fundamental economics) just enough to be able to read the accounting statements, try to play and interpret with ratios, etc. Nothing complicated; and most importantly no work experience in the field of finance/economics. With someone of my background, what is a wise thing to do: take the level 1 in Dec (2007) or next June (2008). I haven't yet started and have no idea how hte curriculum looks. And what are the best study materials to start?

Really would appreciate any input.

Thanks,
HI
 
Um... this has really been debated before (sidling into finance from a different profession). Also: Check the banners on top of this page, these will lead you to the necessary material.
 
For your question re timing, if you do intend to write the exam, I think you'd probably find it very challenging to get through all the material in time for a decent shot at December. If you are able to and want to commit at least several hours per day between now and December 1, you could probably pull it off, but it would be a fairly intensive few months.

There's a lot of material. And given that your foundation is very basic, and that you have no work experience in the area, it will probably be fairly tough slogging. Not impossible, but it wouldn't lend itself to rushing through it.

The clincher for me is your objective, which makes you the exception rather than the typical candidate. It sounds to me like you want to do a good job of getting through the Level I material so that you understand it, and that you may or may not stop at that point. If that's the case, all the more reason to go through the material carefully, rather than rushing to December. My obective is very similar to yours -- I'll make a decision about Level II after I've written Level I. The other similarity between us is that my academic foundation in the area is pretty skinny. I do have an advantage over you in that I've spent a few years working in a tangentially related job so I've been exposed to some of the things.

I'm a month into studying (writing in December), and I sure wouldn't want to be starting from the beginning now. And if I didn't have the somewhat relevant work experience, I don't think it would even be a serious option for me.
 
I have a lot of background in this area (plus an MBA, phD in a different field, CMT, written a big book on the subject, etc), and I studied for June exam for about 3 months, then decided there was really a lot of material to cover, and decided to go for December. I was right. The exam is very detailed, and does not really rely on your prior knowedge, but more so on your mastery of the required reading material.

Get the best brain in business/finance today, and have him/her take this exam. No chance in heck he could pass. It's just that simple.

You must read the material and or read lots of notes and take lots of practice tests.
Guy
 
TorontoTim's post is logical and well written.

You've still got time for December, but it would be a very demanding race to prepare.

Alternatively, you can register for June '08 and spend the next few months:

1) casually reading the introdutory material posted at CFAI's website.
2) browsing the alternative study solutions offered by third-party vendors and deciding which, if any, you think will best complement your official CFAI volumes.
3) searching AF for guidance on study tactics and other helpful tips.

Just my $0.02.
 
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