There is little argument to "little time". downside isn't the money, but the time required studying to pass all three levels. According to what CFA institute says, for each level you need to do 250 hours of quality study. ( i had looked at text books, they are 3000 pages just for level I, so i assume most need to study 350 hours at least for each level) You might need to study further depend you don't have strong fundamental knowledge in investing
'It outlined which designations were actually meaningful.' CFA, CPA, CMA w/CFM, MBA from a good school, CTS (I think for Certified Turnaround Speacialist or of similar role) are all order winners for a job. They show you can take a difficult project and finish it. Most of the certifications 'confirm' your suitability for the industry. Getting them will put anyone ahead of the crowd.
Finishing the CFA is just matter of putting enough time into it and doesn't prove intelligence. I think what ElectricSavent said make sense, Most don't have any trading or programming skills when it comes to trading, because CFA study doesn't leave you much time left for anything else that relates to trading (not investing). IMO If you are planing to get a job and sitting on your butts then it opens door to Morgan Stanley, merryle lynch, goldman... all with over 50,000 employees I don't think hedge funds with tens to few 100s employees will give you any opportunity without having sound tracking record and programming skills. Please correct me if i'm wrong, i can't really make decision about whethere taking CFA program P.s I read according to what CFA institute says: average charter holder makes around $200K a year, Good amount? Considering most will fail in their trading career in long-term
Not going to dispute that... To some extent what you say is true, although not entirely. There are some areas that cover quantitative techniques and simple arbitrage relationships. Also, many short-term trading opportunities arise becaues of fundamental events that require proper interpretation. ...But don't dismiss "investing." There is a lot of money to be made, and it can be fun. Many hedge funds say "preference for CFA charter holders or CFA candidates," or "will be expected to make progress towards CFA" in job advertisements. A track record counts for something, but the game is quite different from 1M in BP to 100+M, and many skills are not highly transferrable. Programming abilities are required for many jobs. They are also useful if you want to strike out on your own. ------------------- Is it worth the effort for the knowledge? Probably. Is it worth it for the flexibility, and credibility? I think so. Is it worth it for both? IMO, yes.
To succed as a CFA and hold a buy and hold positions type job is 10 times easier than succeeding in trading.........I agree totally! However, having CFA and other designations like in accounting do open lots of doors upto 5 years in the industry and after that it is same as trading..............how good is your track record on portfolios and picks etc. I read last year only 33% were given the pass grade for L1. Trading is where the challenge is every single day..........CFAs with their asset allocation strategies with buy and hold long only focus are pretty much insulated from market swings.........they can always blame the markets for the loss year.
Has anyone read schweser CFA fundmental, I ordered the book very recently for prior preparation to level I, which is an easy read. Now, original CFA text books for level 1 is nearly 3000 pages when all combined which included many hard and useless reading, while schweser prepartion text books are nearly 800-900 pages Is schweser text book equals to CFA text books covering all important subects? No way i'm gonna read that Level-one 3000 pages from CFA material ps. thanks MorganSys, Toc for being responsive, further comments appreciated
I read an article yesterday (in the globe and mail) stating the same results for the level 1 test. The rates have been steadily declining since the 1960s. However, in this article the decline was mainly attributed to the large increase in people writing the test; people not giving enough studying in preparation for the exam and those lacking the educational background.