Chances of passing all three levels the first time you sit for it is slim. So it may take you a lot more than 3 years to complete. If you have a demanding full time job, studying for the CFA, trading (or to learn) in conjunction with the demanding job would be a toll. Not to mention if you have a family .... I've know people that took three tries for Level II ... and he had no time for anything else. You decide.
hypbone, this person that sit level 2 three times, can u tell me where he is? US EU? and also his education? i don't understand how CFA is anything different from other exams. I've looked at the sylb and it's actually alright.i think wot's happening is lot of people with poor education and no idea of CFA content go sit it thinking it'll change their lives.. it is a difficult exam, but not that hard. passing all levels first time is very possible, provided you're in the right profession - that the content is actually related to ur job. nurses taking CFA to become bankers will also fail it 3 times.
In my previous life of Information Technology slavery, certifications become all the rage. Snake oil shops selling false hope, all the while companies were being duped into believing the hype and thus requiring them, which would cut out the more qualified and bring in the incompetent. It seems the CFA is much like the one certification in IT that stood the test of time and is highly regarded. That is Ciscos highest level router cert. Like the CFA it has multiple levels, requires perhaps years of studying and capital investment/travel. I only mention all of this become companies seem to become more and more demanding of these certifications. From my research on the CFA, it is nothing to laugh at. I am sure you would learn things you didn't know previously, how relevant those are to just strictly trading is certainly questionable. In the pursuit of knowledge the CFA intrigues me, and would seem like a great hedge against a future trading blowout or something of that nature. Then I think about the time required, and things I would rather be learning then intense accounting and other things I don't want to pursue. I've also looked around the job market here in AZ for CFAs, and it seems like you could do well yourself on the sell side of things. I know that is probably a horrible thought (it sure is for me) but it's a hedge for your future. If you live somewhere like NY I would imagine you would need every conceivable advantage, where as maybe somewhere like AZ a CFA could do well with less qualifications. Good luck. It's crossed and continues to cross my mind
I don't agree with you at all, most who take CFA test are business graduate or traders like us. But don't have decipline to sit down and put enough time required (250 hr if you have investing background, and much more if not) to understand it Have you ever taken a look at CFA text books? 3000 pages and scared hell out of me. The contents are not anything like TA books
Presuming you want to be paid as a big bucks trader...... 1. Prove you can trade consistently well, and nobody will care whether you have CFA. 2. Prove you cannot trade consistently well, and nobody will care whether you have CFA.
What guarantee independent trader has that can make money consistently in future? Look at late 90s traders, many are considered unskilled traders in today work place. As a trader or investor today, it's necessary to have both academic qualifications and technological understandings, this way you can have more network and rise money easier consequently less risk on your side
Of course, a period of successful trading does not guarantee future results. However, to be successful for a few years will probably require the development of a solid style which will carry forward. (Either that, or you were just a lucky hack to make any money in the first place.) I tell you from my own experience.... I went several *years* knocking the hell out of the market before people began to say, "you've shown me enough... please manage my money". You'll never get to that point without a solid track record. After I *proved* I could handle the market, they didn't care that I didn't go to Wharton, didn't have an MBA nor CFA. (I was just a professional bowler, poker playing, pool hustling Biologist.) PROVE you can trade and nobody will give a crap about any "qualifications". But if you're considering a pencil-pushing, number-crunching position to fall back on because you can't succeed in the markets, then a CFA will probably help.
Good for you, and don't forget to vote the poll here http://www.elitetrader.com/vb/showthread.php?threadid=70105
He is actually well qualified and is currently in the equity analysis industry. We went to school together here in the state of Texas and our school has a student managed mutual fund. We were both equity analysts and one of the portfolio managers of the fund. He was born and raised here in the good ole USA and has just completed his Master degree in Finance. The point is that the CFA exams are not easy and if you don't dedicate all your time to them you'll likely need more than once to pass all three levels. The percentage of people passing all 3 levels on the first try is not high at all. I am not saying it is not possible, but you really need to be free from most distractions we all have in life. I myself have sit for level one but I did not pass. I just did not have the necessary time to properly study and prepare for it. With a very demanding full time job, Master level degree program, and a family, it was just too much. Now that I am done with my Master level degree program and with the time commitment of bettering myself to be a trader, I am not going to sit for the CFA anytime soon. Earning the CFA is no guarantee of any financial security or success as it has becoming a little bit commoditized with many other countries spitting out candidates left and right. Plus, analysts positions may even be offshored one day and your CFA may not mean a whole lot, other than what you've learned. I just think it is different for everybody. You may find it necessary to have and would be able to devote the time and commitment to earn it. If you do, then good for you as it is definitely an awesome achievement if you can earn it, and my hats off to you. It is just not for everyone and I rather use the time to devote to trading and manage my own small nano hedge fund in the near future
'would seem like a great hedge against a future trading blowout or something of that nature.' Excellent comment, there are many boutique firms which will pay you to be on the team if you have a CFA. It is not joke to get CFA, talk about comprehensive testing of Level 3. For me it would not be 250 hours but 1500 hours of study if I can hope to pass it.