Anyone writing the CFA exam this weekend? - PeachParts Mercedes-Benz Forum

420SEL · #1 05-27-2002, 07:40 PM

Anyone writing this weekend? Any last minute tips? I have been studying my brains out for over 9 months and I can't wait unitl it is done so I can relax a bit. If anyone else out there is writing good luck to you, and wish me some of the same.

#2 05-28-2002, 10:21 AM

Jason,

Good luck this weekend with the CFA exam. I guess you are taking level one. I took and passed level one last year; it was the hardest test I have ever taken. I was not able (or willing) to put in the nine months of studying for level two this year. I'll takle that next year. At 45, I didn't have the enthusiasm or enery for two years in a row.

I'm a NASDAQ market maker, and I would like to get into money mangement in the future, so I'll be with you next year for level two.

After nine months of studying, don't try to hit it hard this week. What I remember from last year are ratios. For example, if you have ratio A and a certain factor changes, what effect would it have for ratio B. There were probably five questions like this, so review your ratios.

Also, foreign currency rates were a little more important than I thought they would be. If you have a rate for currency A, how many of currency B, how many for currency C? It's been a year ago, so I'm not phrasing it very well, but make sure to review this.

I think ethics is the very important. It takes up a lot of the test, so review that and think logically. Give the most humble answer if unsure.

Good luck and let me know your impressions next week.

Phil

420SEL · #3 06-02-2002, 03:32 PM

Thanks for the tips Phil. The exam went well, no surprises, but it wasn't easy either. I had been doing practice exams and had been hitting 80-85% and completing 120 questions in about 1.5 hours. For the exam I needed almost the full three hours for both the morning and afternoon sessions. That didn't leave much time to check my work. I feel good about it, but you never know, they are expecting to only pass about 48% of those who sat for it.

I'm pretty relieved, but I think I'll start getting ready for level II pretty soon. I have a friend who wrote level II on saturday, I'll have to ask him what he thought of it.

Good luck!

420SEL · #4 07-22-2002, 08:53 AM

Well the results for level 1 just came out and I passed it! Thanks for the advice Phil. Now on to level 2.

420SEL · #5 05-28-2003, 08:24 PM

I thought I would bring this thread back up as it is that time of year again. Anyone out there writing a CFA exam this year? I'm on level 2 and just about at the burn out level. My head is so packed and overloaded that I just can't wait for it to be over so I can go a few months without having to think about free cash flows to equity, eurofutures, or the three-stage dividend discount model. Success to all those who are writing on Saturday!

Kuan · #6 05-30-2003, 09:15 AM

Good Luck! This is one of the more difficult professional certifications out there. Get some sleep

420SEL · #7 08-12-2003, 08:27 PM

Level II and III results came out today and I passed level II!

Talk about a natural high, and the end of a lot of stressful waiting. Now on to level III.

vrsmith · #8 08-17-2003, 01:41 AM

Congratulations Jason! Though I don't know what it entails,
I applaud your dedication and success. Good luck with
the level III.

The Godfather · #9 08-17-2003, 05:50 AM

This is cool to read up on the posts and look at the dates

suginami · #10 08-17-2003, 01:38 PM

Does CFA stand for Chartered Financial Analyst?

What kind of job does this certification allow you to do?

What happens when you pass the different levels?

Do you get a promotion / raise at work?

PC Dave · #11 08-17-2003, 03:27 PM

Quote:

Originally posted by suginami
Does CFA stand for Chartered Financial Analyst?

Yes

Quote:

What kind of job does this certification allow you to do?

It's primarily a certification for people in the asset management industry, on the passive side (i.e. not private equity/venture capital). If you ever see sell-side analyst reports from investment banks, the analyst will frequently have a CFA behind their name. It's also used by buy-side financial analysts, i.e. working for mutual funds, hedge funds, insurance companies, pension funds, etc. A few other people working general financial service jobs might get it, but its a painful enough process that few will get it just for fun, plus you generally have to be employed at a reasonably relevant firm to start the program.

Quote:

What happens when you pass the different levels?

If you've passed the Level I or Level II, it just means you go on to the next level the following year (the exam is only offered once a year, in June, but they do it at sites around the world - I took my level I in Frankfurt). When you pass the level III, you have become a CFA, you get to say you're certified (which you can't do after the first two levels), etc., etc.

Quote:

Do you get a promotion / raise at work?

I guess it depends on the company - if you're working at a mutual fund or as a junior investment banking analyst they might have some program where they give you some recognition, but mostly it just makes it easier for you to move up in your industry over time. With the investment bubble of the mid- to late-1990's, spurred on by some astute marketing by the AIMR (Assoc. for Investment Management and Research - the sponsoring organization), the number of CFA candidates grew exponentially. It's not required for most investment jobs, but as it becomes more prevalent it will be a pretty typical "ticket punching" step, sort of like an MBA in senior management these days. It helps that you take it as an extracurricular process while you're employed, so there's no opportunity cost as with an MBA.

420SEL · #12 06-05-2004, 07:23 PM

Sorry to drag a really old post up to the top, but today hopefully marks the end of three years of brutal studying. I just got home from writing the Level 3 (final) CFA exam. If the markers like my answers (and can read them, more importantly) it should all be over. If anyone else was writing today, good luck to you and keep up the good work.

PC Dave · #13 06-05-2004, 08:06 PM

Congratulations, Jason, getting through all three levels is an accomplishment (and a lot of work). What sort of job do you have that you need (want?) your CFA?

420SEL · #14 06-05-2004, 08:12 PM

I am an associate investment counsellor with a private investment counsel. We operate as discretionary managers for our client's money. I am responsible for about $250 million in assets and the CFA is a regulatory requirement for full Investment Counselor/Portfolio Manager licensing in Ontario. So, when it is offical that I passed and the Charter is issued, assuming I meet all the work experience and other requirements this means I can drop the associate from my title and it should also mean a nice big fat raise. Otherwise, my responsibilities will be pretty much the same.

#15 06-06-2004, 03:22 AM

Congratulations 420 SEL. I don't know anything about finance beyond the "street" level, meaning my street, not Wall Street.

I do know about studying for something over an extended period of time, what a commitment it is and the kinds of sacrifices it entails, and I respect and congratulate you.