What is your view on the expiry of the CFA results?

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kaveh_nobari

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Do you think they would ever change their policies so that CFA results expire?
I have passed level 1 and 2 exams on first attempts and although I am currently working as an investment analyst, I will be studying an MSc at a prestigous British university in October. I am planning to take level 3 next June along my MSc and then I will be working 2 years as a research assitant before embarking a Ph.D programme in Quant Finance. So I will only have 3 years work experience by the start of my Ph.D (assuming that CFAI would count research assistant experience as acceptable experience) and then will be conducting research for another 3 years (Ph.D in UK takes 3 - 5 years), which means I won’t be able to apply for the charter till 2021. I will be working part-time in AM during my Ph.D though and I am not sure part-time work counts.
My worry is that CFAI would change their laws so that once you have passed all the exams, there is limited time to obtain the charter and qualify for work experience.
What is your view on this? Do you think CFAI would ever change their policies? Cause sitting CFA all over again would be an agony!
 
It’s not impossible but I view it as highly unlikely. More important question is why are you doing a Masters, PhD, CFA examinations and FRM examinations which I read in another thread without getting much work experience? What is the endgame in terms of career or prospects? Head of a strat group? You make it easy to look up your name and currently you’re working I’m guessing in the PWM area though for a pretty big firm. Do you plan to stay there with all your education and qualifications or have different ambitions?
 
Phallacy wrote:
It’s not impossible but I view it as highly unlikely. More important question is why are you doing a Masters, PhD, CFA examinations and FRM examinations which I read in another thread without getting much work experience? What is the endgame in terms of career or prospects? Head of a strat group? You make it easy to look up your name and currently you’re working I’m guessing in the PWM area though for a pretty big firm. Do you plan to stay there with all your education and qualifications or have different ambitions?
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Thank you for your feedback Phallacy. Indeed it is true that I have not made any efforts to conceal my identity. After all, I also view this forum as means to build connections with other professionals. Hence, why I have put my real name here. I come from a very mathematical background and a family of engineers and physicists! My uncle is a professor at Imperial College and my both my cousins are pursuing Ph.Ds at the same unviersity (and so did my sister). I have been the exception and despite great mathematical talent, I decided to leave the maths world and get a degree in Accounting and Finance (which I now regret). I now see this huge urge to work as quant, as frankly I find it a lot more stimulating. Hence, I wish to get on the Morgan Stanlety Qunat Finance Ph.D Sponsorship program, which requires a Ph.D in quant finance (which is why I am interested in researching high-frequency econometrics).
My long term goal is to open a quant fund, and assuming that I manage to get into Morgan Stanley, I will be applying to places such as Citadel to build up my career track record before opening my own fund. I understand, these seem way down the road and perhaps to one’s argument rather naive. However, I believe having goals that you feel ambitious about are always a good thing. The CFA and FRM are merely for personal interests, but that is not to say that I want my results to get revoked.
 
Wow your career path sounds exciting and I wish you the best of luck. I am sure any changes with expirary of exams would be grandfathered in so I do not think you need to worry. Plus I am doubtful they would ever make this change.
 
muncher wrote:
Wow your career path sounds exciting and I wish you the best of luck. I am sure any changes with expirary of exams would be grandfathered in so I do not think you need to worry. Plus I am doubtful they would ever make this change.
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Thank you for the encouraging words. I really hope that CFAI won’t screw me.
 
kaveh_nobari wrote:
I have passed level 1 and 2 exams on first attempts and although I am currently working as an investment analyst, I will be studying an MSc at a prestigous British university in October. I am planning to take level 3 next June along my MSc and then I will be working 2 years as a research assitant before embarking a Ph.D programme in Quant Finance. So I will only have 3 years work experience by the start of my Ph.D (assuming that CFAI would count research assistant experience as acceptable experience) and then will be conducting research for another 3 years (Ph.D in UK takes 3 - 5 years), which means I won’t be able to apply for the charter till 2021. I will be working part-time in AM during my Ph.D though and I am not sure part-time work counts.
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Or you could die of a freak accident next week.
 
I am impressed Kaveh, best of luck on your plans, , I am more of a 1 year (which I find hard) planner, hope I can emulate you in that regard. though would also recommend not to mention your plans to everyone, MS might be reluctant to hire you if they know for sure your going to start your own fund.
 
I doubt they would implement this, as it would greatly decrease the number of candidates (and revenue) who take the exams hoping to land a job to get said experience.
 
khan_salman wrote:
I am impressed Kaveh, best of luck on your plans, , I am more of a 1 year (which I find hard) planner, hope I can emulate you in that regard. though would also recommend not to mention your plans to everyone, MS might be reluctant to hire you if they know for sure your going to start your own fund.
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Was going to post this.
 
khan_salman wrote:
I am impressed Kaveh, best of luck on your plans, , I am more of a 1 year (which I find hard) planner, hope I can emulate you in that regard. though would also recommend not to mention your plans to everyone, MS might be reluctant to hire you if they know for sure your going to start your own fund.
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That is a fair point that you brought up. However, my fund plan is something in the very long horizon (15 years from now the least) and I am sure discussing it would not have a material impact on my employment in the near future. Although, you would never know how people with different state of minds and perspectives would look at it. I think in general you are correct and I better keep my future aspirations to myself. Though, thank you for making a valuable point!
 
kaveh_nobari wrote:
Do you think they would ever change their policies so that CFA results expire?
My worry is that CFAI would change their laws so that once you have passed all the exams, there is limited time to obtain the charter and qualify for work experience.
Click to expand...
Why worry about something that is not in your hands??
 
rahul roy wrote:
kaveh_nobari wrote:
Do you think they would ever change their policies so that CFA results expire?
My worry is that CFAI would change their laws so that once you have passed all the exams, there is limited time to obtain the charter and qualify for work experience.
Click to expand...
Why worry about something that is not in your hands??
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Because I have the option of postponing level 3 for anothe 2-3 years so that when I take the exam and pass it, I will be able to gain enough experience before the results expire (assuming they would ever implement such law)!
 
I wouldn’t worry about it. Should they pass anything saying scores will expire, they are more likely than not to provide a period of time for you to be grandfathered in for a few years.
 
Would you be joining the Imperial College, assuming that you get on the Morgan Stanlety Qunat Finance Ph.D program?
 
Would you be joining the Imperial College, assuming that you get on the Morgan Stanlety Qunat Finance Ph.D program?
 
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