CFA LEVEL I (DEC 2007) How should I study? Help/Tips!!

[dealsoutlook]

Hey everyone,

I just graduated from Ryerson University doing my major in Finance and was thinking of doing my CFA since I am having a hard time finding jobs in Finance (dont have my CSC yet). I just want to jump the gun to CFA since it should open up more job opportunities for me.

Now the question is how do you recommend I study for my CFA? I did a lot of reading online and some people say I should take the study aids (Stalla, schweser etc) and other say I should be ok on my own. I must confess that I cant study very good on my own and need a nudge every now and then. So I was thinking of joining Stalla with in class studying option (since I have heard more good things about Stalla than Schweser).

There are so many options out their, can anyone recommend something for me so I dont go around wasting money on something rather useless. If anyone has taken study seminars, do you think it is worth it? Should I take the inclass lessons as well? Is the basic package enough for the study material? Sorry I ask too many questions, but any help/comments would be appreciated.

PS. I wont be working from July 9 - December and would be giving my full attention towards the CFA exams.

[timbball]

Check out the Analyst Forum first: http://www.analystforum.com/phorums/

Do a search on past posts to see how people passed it and what to focus on. You should be able to find some useful posts a month before the exam and some time after. When I studied for it I made a list of topics that was consistently tested on and used it to check on my review during the last month.

I personally used Schweser alone and scored everything 70+ except derivatives and I'm an econ major, so you should be fine with a Bcom. I read the notes once and then did a lot of practice (~5000 questions) from SchweserPro and Analyst Notes. Get the Practice Exam Book from Schweser because I find it more difficult than the actual exam to kill some of your confidence. I'm sure Stalla has similar products but that's how I approached it.

You should still find something to do between now and then, maybe a part-time job? Because the few weeks leading to the exam you'll be really burned out from reading and studying all day.

[dealsoutlook]

Thnx for ur opinion, i think i will get stalla notes for reading and schweser for the final since I have heard their questions are pretty hard and give u a good background as to what to expect.

I am just unclear about one thing when I signup for CFA exam through their website do I get their books as well? Are those books good or should I get the study aid as well?

I might get a part time job as well, after I get all the stuff required

Check out the Analyst Forum first: http://www.analystforum.com/phorums/

Do a search on past posts to see how people passed it and what to focus on. You should be able to find some useful posts a month before the exam and some time after. When I studied for it I made a list of topics that was consistently tested on and used it to check on my review during the last month.

I personally used Schweser alone and scored everything 70+ except derivatives and I'm an econ major, so you should be fine with a Bcom. I read the notes once and then did a lot of practice (~5000 questions) from SchweserPro and Analyst Notes. Get the Practice Exam Book from Schweser because I find it more difficult than the actual exam to kill some of your confidence. I'm sure Stalla has similar products but that's how I approached it.

You should still find something to do between now and then, maybe a part-time job? Because the few weeks leading to the exam you'll be really burned out from reading and studying all day.

[timbball]

I am just unclear about one thing when I signup for CFA exam through their website do I get their books as well? Are those books good or should I get the study aid as well?


The curriculum will be part of the registration fee starting in 2008 so it's still separate for you for December exam. I think they are US$250 and has about 2000 pages to read selected from original textbooks. Not many people can finish it in 6 months plus all the review and practice.

[controlyar]

Unemployed from now until December?
Does that mean you will remain unemployed until you pass L2 and L3?
The CFA is designed to be a part-time program in addition to working full-time.
This will help separate the elite from the ordinary. Not to sound harsh, but completing the program without working is a cheap way out.

Do you know the charter requires work experience?
The CFA program has made it mandatory to purchase the books as well.
Do you know exactly what the CFA is and what type of jobs the designation is designed for?

Why does it seem as if every new grad wishes to pursue the CFA?
I have found that the vast majority of individuals pursuing the CFA do not even truly understand it. Or even after completing L1 (or the charter for that matter) , they cannot even explain the present economic environment.

I recommend Schweser. Nothing but great feedback.

[dealsoutlook]

Unemployed from now until December?
Does that mean you will remain unemployed until you pass L2 and L3?
The CFA is designed to be a part-time program in addition to working full-time.
This will help separate the elite from the ordinary. Not to sound harsh, but completing the program without working is a cheap way out.

Do you know the charter requires work experience?
The CFA program has made it mandatory to purchase the books as well.
Do you know exactly what the CFA is and what type of jobs the designation is designed for?

Why does it seem as if every new grad wishes to pursue the CFA?
I have found that the vast majority of individuals pursuing the CFA do not even truly understand it. Or even after completing L1 (or the charter for that matter) , they cannot even explain the present economic environment.

I recommend Schweser. Nothing but great feedback.

Well I did my major in Finance so I dont think their is any other designation that I should pursue. I was thinkin of doing CSC but I dont see any point doing it when I can just do my CFA. I dont want to go into the marketing side of finance so that is why I did not want to pursue my CFP.
If i can get a part time job in the finance industry then I will gladly take it..but since I am spending almost $2000 on the exam..I dont want to be repeating it again.

So now I have to buy the books from CFA's website as well? I think i will first order from CFA website and then get the study aids.

[march9]

Unemployed from now until December?
Does that mean you will remain unemployed until you pass L2 and L3?
The CFA is designed to be a part-time program in addition to working full-time.
This will help separate the elite from the ordinary. Not to sound harsh, but completing the program without working is a cheap way out.

Do you know the charter requires work experience?
The CFA program has made it mandatory to purchase the books as well.
Do you know exactly what the CFA is and what type of jobs the designation is designed for?

Why does it seem as if every new grad wishes to pursue the CFA?
I have found that the vast majority of individuals pursuing the CFA do not even truly understand it. Or even after completing L1 (or the charter for that matter) , they cannot even explain the present economic environment.

I recommend Schweser. Nothing but great feedback.

The OP has made it perfectly clear he hopes to land a better job than what he would be getting now after completing CFA level1, IIRC he even opened a thread about it, and this is the advice many people gave him, including you.

[AxelF]

Don't give up on the job hunting!

Try to get a fulltime job that's atleast marginally finance related and then study for the CFA in your spare time.

Getting a CFA Level 1 with no relevant work experience won't really increase your chances.

[dealsoutlook]

The OP has made it perfectly clear he hopes to land a better job than what he would be getting now after completing CFA level1, IIRC he even opened a thread about it, and this is the advice many people gave him, including you.

yup, that was me before as well and at that time i was asking about CSC and people told me just to get my CFA. What am i to do if I cant get a job with my undergrad degree :confused: I know I dont have experience but that is what I am doing the CFA for, so atleast I can be considered for financial positions. I know that CFA requires 4 yrs working experience before u officially get the charter.. I wont be working only till L1, hopefully after that I can land a decent job and finish L2 and L3. This is my ultimate goal.

[dealsoutlook]

Don't give up on the job hunting!

Try to get a fulltime job that's atleast marginally finance related and then study for the CFA in your spare time.

Getting a CFA Level 1 with no relevant work experience won't really increase your chances.

I dont know where else to apply? I went in personally to all the banks in downtown toronto and handed in my resume for a basic teller job (after completing my university degree). I have applied online and I even applied through careeredge.ca where they only pay u $1500 per month, but still no calls. I dont know where else to apply for finance jobs.

[Thalo]

You'll have an easier time finding an entry or close-to-entry level position (meaning maybe a teller job first for a little while if you go the bank route) with the CSC. Just as you can't get the hot shot 6-figure finance jobs straight out of university with no experience, just having the CFA and no experience doesn't really open that many extra doors. To get any jobs that require a CFA you'll have to have years of experience in the finance industry.

I would recommend go for the CSC and try for trainee positions at major banks or investment firms (this is pretty much where you'll have to start, in customer facing positions). Having it in your resume that you've started the CSC will mean a lot more to them than a CFA level I. You may need to do other things first, like PFP or PFPC to advance before you get a chance to start the CFA.

Myself, I'm a Financial Advisor at TD and I got into an entry level position (telephone banking) partly on the merits of having begun my CSC. Then, after completing it, moved to the FA role and completed the PFPC, as was required in that role. I'm planning on starting the CFA in the next couple of weeks (as soon as they start registration for June 2008 exam) so that I may get into a Financial Analyst or Investment Banking role some day but I know I'll need at least another year experience in my current job to get there anyway.

I seem to hear it a lot too, kids who just finished their BCom or Economics degrees wanting to go straight to doing their CFA. We got two of em in our branch, they're not even in the FA role yet, or have even contemplated starting CSC, and they're already talking CFA.

[Thalo]

By the way, try applying at TD in the next couple months. They haven't started the hiring frenzy yet but they will soon. Hours are being extended in November and they're gonna need a ****-ton more people. Here in Edmonton they're talking about hiring 200+ in the next couple months and are begging existing staff to refer their friends. They're mostly looking for tellers but if you start there and managers see some initiative (and the fact that you've started your CSC) you can be put on an FSR trainee program as soon as you're fully trained as a teller (month or two).

[pitz]

Or even after completing L1 (or the charter for that matter) , they cannot even explain the present economic environment.


Lol, I absolutely *love* watching TV or reading 'investment' related stuff where people talk about this big nonsensical thing called the "Yen carry trade" or "low Japanese interest rates". Gives me a big laugh, listening to people on TV describe it as some form of riskless arbitrage, when in fact, its nothing other than forex speculation/gambling of the worse kind.

Basically, whenever I hear that term, it absolutely destroys the credibility of the individual who is speaking of it. I can't believe highly educated people, CFAs even, believe in that nonsense.

On a related note, my cousin did L1 CFA while working as a bartender in London. His charm and his completion of the L1 of CFA got him a job at Goldman Sachs where he continues to work and makes an ungodly amount of money. Its a useful step to take -- why would an investment banking firm hire a total greenhorn when there are lots of L1 CFA-completed applicants pounding on their doors?

[aZian_]

just having the CFA and no experience doesn't really open that many extra doors. To get any jobs that require a CFA you'll have to have years of experience in the finance industry.


HE's right, i would be more worried about not able to find a job after you graduate.....cause no experience + CFA = not too beneficial

On the other hand... getting your CSC is the basics.....its pretty much a certificate proving you kno the basics of the market/economy of canada. SO definitely would help on that job search.

[controlyar]

Lol, I absolutely *love* watching TV or reading 'investment' related stuff where people talk about this big nonsensical thing called the "Yen carry trade" or "low Japanese interest rates". Gives me a big laugh, listening to people on TV describe it as some form of riskless arbitrage, when in fact, its nothing other than forex speculation/gambling of the worse kind.

Basically, whenever I hear that term, it absolutely destroys the credibility of the individual who is speaking of it. I can't believe highly educated people, CFAs even, believe in that nonsense.

On a related note, my cousin did L1 CFA while working as a bartender in London. His charm and his completion of the L1 of CFA got him a job at Goldman Sachs where he continues to work and makes an ungodly amount of money. Its a useful step to take -- why would an investment banking firm hire a total greenhorn when there are lots of L1 CFA-completed applicants pounding on their doors?

:lol: Yes, it is definitely entertaining! I guess it cannot be avoided though. These broadcasts typically like to speak of the hot issues. Next thing you know, you got a VP talking nonsense about a straightforward concept.

It would be nice if Canada had a centre of finance equivalent to London. Maybe in a century! :lol:

[YnD]

I dont know where else to apply? I went in personally to all the banks in downtown toronto and handed in my resume for a basic teller job (after completing my university degree). I have applied online and I even applied through careeredge.ca where they only pay u $1500 per month, but still no calls. I dont know where else to apply for finance jobs.

Try financial call centres.

[xsighted]

PS. I wont be working from July 9 - December and would be giving my full attention towards the CFA exams.

i wouldnt suggest this ...

get a job .... plus .. july 9 - december ??? thats a whole lotta time .... u wont need that much ...

as far as books are concerned ... historically .. schweser has been a good supplement .. however, the institute is not too pleased with that, and therefore they are changing things to scrutinize people strictly dependant on study guides ...

i suggest .. get the cfa course material ....

[adehbone]

I am a financial intern at F100, CPG firm for the summer. Basically filling in till the full time analyst arrives. No one I work with has a CFA, it is absolutely useless in our line of work.

How can a CFA help us know how to forecast sales for the next period or if a new innovation makes sense, adds value to our Top Line/Bottom Line?

The CFA is strickly for Investment Analysis and Equity Research, in the world of corporate finance/Ibanking all the crazy CFA formulas/rules are useless.

In our line of work the CMA is much more valuable and respected, alot of people do a part-time MBA/CMA. We need people to make spilt second strategic decisions on our brands and products, not to sit there and learn a bunch of crazy economics and finance which is used to only evaluate stocks.

As a finance grad, I would suggest you figure out what area of finance you like more, because if you want to work in F100 company, the CFA may get you and interview thats about it.

Also I agree with others, if your doing the CFA full time, alot of people will lose respect for it.

[DaFonz]

Do tons and tons of practise exams.

[bluedcfive]

We need people to make spilt second strategic decisions on our brands and products, not to sit there and learn a bunch of crazy economics and finance which is used to only evaluate stocks.

completely untrue - stop listening to the rumors put out by your coworkers and read what the curriculum covers.