I am currently pursuing the CFA level one, and will continue for all three regardless. I am in an entry level finance job that is mind numbing, but at least getting my feet wet. I got an interview at Chimera capital for a new trader position. Trading sound right up my alley and very interesting. Up untill now I have been in buy and hold type of positions. CME from 199 to 305 was one of my better picks (I know I got out to early). Anyways, I have a friend who trades on the merck in chi town and he seems to think I'd do well at it. I have had trouble locating info on chimera and have heard mixed things from this web site. Is Chimera Capital a good place to start? Am I better off sluggin out getting the CFA one and then looking into trading positions at more established firms?
As a CFA with many years of trading experience, I can assure you that the trading firms will not care whether you have the CFA or not. Also, the analytical approach of a CFA may actually hinder your trading instincts. The CFA is worth having, but only if you want to work as an analyst. If you want to trade, take the job and get the best experience that you can. Good luck! PM me if you would like more info.
trading? trading what? cubfan makes a good point but it really depends on what we're talking here.. what do you actually want to do? trade? or manage investment? they both require dealing in securities. trading at some small firm is different working at some investment house. and working in asset management, managing portfolios, a CFA is very much appreicated. regardless, it won't make you a better trader, and as cubfan pointed, nothing is more valuable than experience in trading. in any case, if you can do the CFA on the side, go for it. it'll be a good thing to fall back on in any case. but it does require real committment and alot of study hours. good luck.
CubFan is right. There is zero connection between CFA and trading. Show me a candidate with documented born math talent... (Were you 1st in math in Grade 10?) Who has a history of poker, sports betting, blackjack, and trading... A non-conformist who understands that the securities industry is a Racket... Understand Gambler's Ruin and is not "fooled by randomness"... Understands that Technical Analysis is a brilliant Sell Side scam... And I got something to work with. Give me a conformist pointdexter who is slogging his way through a CFA... And thinks you learn how to ** take money away from pro traders ** by taking courses... And I go to sleep... yawn 1,000,000 times. I spent 2 years in the TSE Futures Pit 91-92... Surrounded by brilliant traders... And they were from all walks of life... Engineers, dentists, Registered Colonic Hydrotherapists, etc All had natural talent... none got there by taking courses.
thanks guys...all helpful Batman-- I would be trading nyse listed stocks, but I have heard strange things about chimera captial i.e. they only allow you to scalp, their systems are slow/outdated also, I have heard they are great to start with b/c they put up the money and thus have an interest in training you correctly. I can def do the CFA on the side...it isn't all that hard at least level one isn't. Plus I am not ordinary 24yr old. I have a fiance very dedicated, more than willing to work the hours studying Hound Dog-- I was not taking phd math as a 10th grader or anything crazy but I was all honors...I have a top 4% IQ tested by a neurologist (I am ritalin kid)...love to play poker....I study english in college b/c at 19 I didn't know what f**K I wanted to do with my life...securities are obviously a racket....randomness is only a stats calc away from a pattern...as for technical analysis i have only been reading about it online for 4-5 months...but I am intrigued.....I am no pointdexter....I barely cracked a book until I started studying for the CFA...I don't think the CFA will make me a good trader, but isn't successful trading dependent on risk management I guess the CFA would be part of my life's risk management. thanks again guys, glad I didn't bashed like other posts I have seen on here.
I agree batman and hound dog both gave you excellent advice. The CFAs I know are mostly intelligent people but are too slow at pulling the trigger to be successful traders. You need to decide if your interest lies in trading or investing (asset management).
The classic 70s movie "Parallax View"... Is the mother of all conspiracy movies. http://us.imdb.com/title/tt0071970/ Warren Beatty is an undercover journalist... Who applies for the job of "assassin" with Parallax Corporation... Who are in the business of assassinating political figures. As part of the interview process... They strap him in a chair covered with electrodes and sensors... Then show him a 3-4 minute movie... In order to analyze his reactions to specific, often disturbing, images. Today... I use the same movie and procedure with "wannabe traders"... Because assassins and traders have a similar skill set. Here is the film on YouTube: http://www.youtube.com/watch?v=MNMi8fXi5Os
NO. Churn & burn shop. As others have said it, zero connection between CFA & trading. CFA can help you with institutionals, like pension & mutual funds but it will be more toward analysis.
A big part of trading is risk management for most people. Since institutions like the CFA, as Hydroblunt correctly states, a CFA can reduce your career risk since it will make it easier for you to transition into institutional analysis (which pays well) in the event that trading does not work, at least at this point in your nascent career. The CFA likely will not help your trading.