When Should I Do The CFA 1?

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hopesanddreams

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Hello all,
I am a penultimate year undergraduate at a ‘target’ university studying some finance modules. From what I have read I am allowed to complete the CFA Level 1 next year (my final year at university). I would like to complete this exam to help me land a job at hopefully an investment bank as my degree on its own does not seem to be enough.
I’m not sure if its better to learn everything over the summer and complete the exam in December (2013)? Or do the exam in June with my other finance/accounting/math exams (there is an overlap of content from what I have seen).
Any suggestions?
Also if you fail will anyone know except you?
 
Also is 7 city learning good for the CFA 1? Their courses are quite expensive but it seems like a no pass no fee situation which is pretty tempting (of course I’ll work hard but anything can happen!)
 
Re CFA1 exams, a lot of people will say how easy they are. The content is easy (at least compared with L2) but don’t underestimate the time you will need to put in. Yes, as a finance undergrad you will have a big advantage, but you’re still talking ~200hrs. I would suggest doing them in December, you don’t want them messing up your grad exams, which you can only take once. A 2:2 will exclude you from pretty much all institutions at the moment, whereas the difference between CFA 1 pass and CFA 1 candidate is very small.
FYI - The best bet to get into an investment bank is to land a summer intership. Apparently 50-70% of the big UK bank’s grad intake is from grads who did an internship with them. Now add the people that get in through contacts, and the remaining places are incredibly competitive. If you still have time, go for that!
 
mattmania wrote:
FYI - The best bet to get into an investment bank is to land a summer intership. Apparently 50-70% of the big UK bank’s grad intake is from grads who did an internship with them. Now add the people that get in through contacts, and the remaining places are incredibly competitive. If you still have time, go for that!
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I’d say that % is higher. Your change of getting into a big bank as an IB analyst if you didn’t do a summer internship is virtually zero. Some people have obviously done it but its very unlikely. Smaller places without such rigorous programs are a different story.
 
I’m thinking of doing the CFA1 this December. Can I self-study and go for the exam in Dec? Do I have enough time (its already October)? Or shall I wait till June next year? Do you recommend self-study or do you recommend places like Kaplan etc?
I will get a 2:1 or a 1st in my uni degree no problem (my previous grades are high enough for a 2:1).
I’m trying to get into an IB but its very difficult at the moment despite ‘ticking their boxes’. :( Just trying to find a way of making my application even stronger really.
 
hopesanddreams wrote:
Also if you fail will anyone know except you?
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Not unless you tell them.
If you have an undergrad in finance, and have taken Intermediate Accouting 1 and 2, then you should have no problem with Level 1, regardless of when you take it.
Personally, I think you should take it in June, so you have a full year to study for Level 2, which is significantly harder than Level 1.
 
I’m actually taking the accounting course this year (September 2013 - April 2014) as well as the corporate finance course this year. This is why I’m not sure if I should wait till june or give it a stab in December and if I fail then retake it in June? I’ve had a look at the books and my ‘weak spots’ are the econ book and the accounting book really as thats all new content. The other books don’t look too difficult from what I have seen….
I graduate next summer btw, my undergrad is stats + finance, and all my exams are in May 2014.
Thanks!
 
Don’t worry about doing the CFA while in college, you only get to enjoy university once, the CFA will always be there. Focus on enjoying college and improving your GPA which will go much further in the long run.
 
sailor wrote:
Don’t worry about doing the CFA while in college, you only get to enjoy university once, the CFA will always be there. Focus on enjoying college and improving your GPA which will go much further in the long run.
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That is good advice. One day if OP decides to go to graduate school, a higher GPA and CFA exams done afterward will look better than all done at the same time and lower GPA. Even for employment purposes, they look at it. You can never go back and boost up your GPA.
 
To me B’school is the same idea, if I see a resume of someone with their masters but no experience, it is worthless. The value is a masters or CFA is the real world experience that was gotten before or during the process, not the degree or charter itself, they only guarantee a minimum understanding but not necessarily the ability to apply the knowledge in the real world.
 
I wouldn’t take it because you think it will improve your chances to break into a IB. Perhaps it would be a tiebreaker in a deadheat, but the weighting placed on it will be very small. I would focus on mastering excel in case they give you an excel test in an interview.
 
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