CSC and CFA inquiries..

[asot24]

CSC:

1) I just graduated with Bachelors in Econ. 4 year. UWO. Is it worth getting CSC to supplement this for ANY jobs in bank sector (for example not just for investment advisory roles aka SALES route).

2) If yes to above, should I just enroll and write that on resume as such and take the exam few months down the line; or go ahead take 2 weeks (or requisite study time off) and write both the exams.

CFA:

1) I heard it is 10x more difficult than CSC... true?

2) I also heard that it is okay just to enroll in Level 1 as most people put this on their resume and don't even end up taking the exam. AKA just looks nice to have.

Thanks guys.

[brucemeng]

CSC:

1) I just graduated with Bachelors in Econ. 4 year. UWO. Is it worth getting CSC to supplement this for ANY jobs in bank sector (for example not just for investment advisory roles aka SALES route).

2) If yes to above, should I just enroll and write that on resume as such and take the exam few months down the line; or go ahead take 2 weeks (or requisite study time off) and write both the exams.

CFA:

1) I heard it is 10x more difficult than CSC... true?

2) I also heard that it is okay just to enroll in Level 1 as most people put this on their resume and don't even end up taking the exam. AKA just looks nice to have.

Thanks guys.

1) CSC - high school graduates take it, and pass it with flying colours. It's a test of knowing basic investment products (equities, fixed income, funds).

2) CFA - 3 levels, I don't quite remember the statistics, but something like 30-40% pass rate for level 1. This designation is for the investment management industry... e.g. equity research or portfolio management. Requires 4 years of qualified experience. Will take avg. 3 years of testing to complete.

So.. you see, it is a completely different ballgame. 2 weeks study for CSC vs 3 years for CFA.

Oh... and it doesn't mean much to put level 1, it won't get you any interviews... and you are not suppose to by their ethics laws, so if you do interview with another CFA, they may/will not look favourably on it...

I think it would hurt you more than help you if you lie about level 1.

[jimb]

not too sure why you want a bank job. retail bank is probably safe though.

as for the cfa, i think its pretty worthless nowdays, dont expect a job with it - doesnt gaurantee you anything. If your doing it for personal knowledge then its great.

just look at the below:

http://www.cfainstitute.org/cfaprog/overview/employers.html

how many of those are still around? and for those who are, they certainly wont be hiring people or expanding. yoru lucky to even have a job in the industry at this stage.

in regards to your questions.

1) yes its much harder and takes a while (3-4yrs)
2) yes you can put that your "studying for Level 1", even if your not. At least they can see that your aiming for it.

[playanav]

the CSC is extremely easy...a week or 2 of casual studying is all you need, if that.

cfa is in a complete different ball park..you need months of daily studying for each level.

[Eazy E]

2) yes you can put that your "studying for Level 1", even if your not. At least they can see that your aiming for it.

Interesting; I'll have to remember to ask additional questions during my hiring process to weed out those who just lie and put in on their resume as opposed to those who are really studying for and writing the next exam...

asot24, if you're actually enrolled, then put that on your resume but I would hesitate to put it down if you're not enrolled. Say I'm interviewing you and I find out you're lying about your enrollment, not only would I not hire you, I would email your name to everyone I know in the industry (people in Toronto, Boston, NYC and HK) to ensure that you're not hired and believe me, we have pretty long memories in this business.

Lying reflects extremely negatively on your integrity and in money management, it's all you have.

[brucemeng]

Interesting; I'll have to remember to ask additional questions during my hiring process to weed out those who just lie and put in on their resume as opposed to those who are really studying for and writing the next exam...

asot24, if you're actually enrolled, then put that on your resume but I would hesitate to put it down if you're not enrolled. Say I'm interviewing you and I find out you're lying about your enrollment, not only would I not hire you, I would email your name to everyone I know in the industry (people in Toronto, Boston, NYC and HK) to ensure that you're not hired and believe me, we have pretty long memories in this business.

Lying reflects extremely negatively on your integrity and in money management, it's all you have.


^^
Case in point of costs > benefits.

[wacky632]

Interesting; I'll have to remember to ask additional questions during my hiring process to weed out those who just lie and put in on their resume as opposed to those who are really studying for and writing the next exam...

asot24, if you're actually enrolled, then put that on your resume but I would hesitate to put it down if you're not enrolled. Say I'm interviewing you and I find out you're lying about your enrollment, not only would I not hire you, I would email your name to everyone I know in the industry (people in Toronto, Boston, NYC and HK) to ensure that you're not hired and believe me, we have pretty long memories in this business.

Lying reflects extremely negatively on your integrity and in money management, it's all you have.

Do you work in HR in the financial industry? Just want to know is it hiring freezes right now or just very little. Im looking for some excuse to start focusing on another career path, do you know how the prospects are in marketing and advertising right now?

[brucemeng]

Do you work in HR in the financial industry? Just want to know is it hiring freezes right now or just very little. Im looking for some excuse to start focusing on another career path, do you know how the prospects are in marketing and advertising right now?

I don't think hes hr...

[OracerO]

Interesting; I'll have to remember to ask additional questions during my hiring process to weed out those who just lie and put in on their resume as opposed to those who are really studying for and writing the next exam...

asot24, if you're actually enrolled, then put that on your resume but I would hesitate to put it down if you're not enrolled. Say I'm interviewing you and I find out you're lying about your enrollment, not only would I not hire you, I would email your name to everyone I know in the industry (people in Toronto, Boston, NYC and HK) to ensure that you're not hired and believe me, we have pretty long memories in this business.

Lying reflects extremely negatively on your integrity and in money management, it's all you have.


Perfect. Couldnt have said it better.

Any industry is small, and word spreads like wild fires.

As well, registering for the CFA is not cheap.

[asot24]

k forget CFA

is CSC worth it then? for finance oriented position applications

[DaFonz]

2) I also heard that it is okay just to enroll in Level 1 as most people put this on their resume and don't even end up taking the exam. AKA just looks nice to have.

You shouldn't even put it on your resume. You realize it costs something like $1k to register right?

edit: dont bother with the CSC. It's a waste of $1k too (or whatever it's going for these days). Get the job and get your employer to pay for it.

[jimb]

Eazy E, I see it in a different way. If a kid just graduated with a Finance major and is looking for his first job, i see no real harm saying he is aiming or studying for level 1, even if not.

why? (1) because some job databases specifically scan for the letters CFA when searching through resumes, writting that your studying for it at least enables you to be considered; (2) its not that a big of a lie since he studied Finance in any case. Afterall, your not writing down that you passed it

Anyway, i know more than 5 ppl that wrote they were studying for it and had no issues. During the interview they mentioned they just started and thats it. Just to note, they had all the CFA books and had looked through them. Its a small lie but helped them all.

I do however see your point if someone has no idea what the CFA is and has never even glanced at the books or program.

[Eazy E]

i see no real harm saying he is aiming or studying for level 1, even if not.

The fact of the matter is that by saying you're a Level I Candidate when in reality you're not, not only calls into account your integrity, it also implies, to me at least, that you have no respect for the Charter itself or the hard work involved in earning it.

You're trying to freeride off the blood, sweat and tears of actual Candidates who are working through the program and the Charterholders who have already gone through by claiming that you're one of them when you're not.

No, I'm not in HR and yes, I am a Charterholder.

[ACC-Major]

people lie on their resumes all the time, it's the matter of extremeness.
I, for one didn't lie on the resume and didn't even got a call for an interview while another friend (not as qualified as me) who applied for the same position and got the job (talks about fairness). I have seem his resume after he got the job, and oh boy am i surprised. More than 50% of the stuff on his resume are fake because i have known him for many years. But then, he got me into his company 1/2 year later (can't complain there).

[steevee]

I've read a CSC study guide, and it tells me that the CSC is garbage.

[steevee]

The fact of the matter is that by saying you're a Level I Candidate when in reality you're not, not only calls into account your integrity, it also implies, to me at least, that you have no respect for the Charter itself or the hard work involved in earning it.

You're trying to freeride off the blood, sweat and tears of actual Candidates who are working through the program and the Charterholders who have already gone through by claiming that you're one of them when you're not.

No, I'm not in HR and yes, I am a Charterholder.

Well, he did say that he's only studying for it, not necessarily a candidate. It'll be important to distinguish between the two.

[jimb]

Its all about getting your foot in the door. I never said I was a charterholder or that I passed any of the levels. That would be a massive lie, and quite pointless. Last thing anyone wants is get accepted to a job that they are utterly incapable of doing.

"Studying" for level 1 or "aiming to pursue" does not equate to passing it or holding the charter. If you insist that its a lie, its definatley a white one.

[Eazy E]

Well, he did say that he's only studying for it, not necessarily a candidate. It'll be important to distinguish between the two.

For the CFA, studying for it is the same being a candidate, meaning that you've paid the fees to enroll in the program and received the books. It's not one of those things that you just pick up the books for fun to read.

[OracerO]

Just dont lie, small lies turn into bigger one's. Pretty soon you might get caught and your career is over.

Its not worth it. You will appreciate it more when you achieve something from hard work.

[rocketdan9]

csc is not useless. If you want to get an entry customer service job in the investment/banking sector a csc and job experience could be just as good as having a business diploma/degree alone .

But with competition being stiff lately with the whole economic issues you usually need post secondary education, plus csc and customer service experience to even get such a job.

Its good to get all the certificates you can even if they are totally not related like cip, csc , ribo etc. It shows that you are ambitious, and keeping up with the stds of todays business practices/ethics

[mma01]

cfa is in a complete different ball park..you need months of daily studying for each level.

It depends on your educational background and aptitude for testing taking. I did each level of the CFA concurrently with bus. school so everything was still fresh in my head. Passed each level with 3 wks of studying for each one.

[MugensilverSiR]

In my opinion I think nothing is a waste of time it's all in relative. Some will view ones achievement differently then the next. I think its always good to continue education after school, it only gives you that much more of an edge. Having said that it means nothing if you have all the industry designations if you have the personality of a gnat.

Don't lie but certainly let them know your intentions.

Good luck in the field!

[neostylez3]

Here's something to think about:

CSC - consider the basic of basic things, Banks look at you and say well, you don't have CSC, its another cost to them, and you have to spend time studying and passing. While another person has it, then they'll take that person unless you can demonstrate you have skill, desire, and ability to trump, that means you've competed in competitions, you had leadership role positions... etc. Costs approximately $1000 ~ CAD, completed mine in December 2008, really really simple - I'm sure you can pass that easily.

CFA - its entirely another beast, if you want really mastery of finance take this, or do a MBA - Finance Engineering (which is still hot and very useful). Dependent upon the currency conversion rate it costs approximately $1300 ~ CAD, its originally priced in American dollars. I'm a CFA candidate writing level one in June, its serious and at times is overwhelming to think about. Alas, I recall one step at a time, and I have a plan set forth to do all the readings and progress through it.

Anyways, that's the gist of it, I'm somewhat alarmed at how the market has collapsed, there's a lot of competition for jobs, when everyone has the same qualifications and ambitions its hard to differentiate. Accounting isn't looking so bad... :P

[johnboy]

Here's something to think about:

CSC - consider the basic of basic things, Banks look at you and say well, you don't have CSC, its another cost to them, and you have to spend time studying and passing. While another person has it, then they'll take that person unless you can demonstrate you have skill, desire, and ability to trump, that means you've competed in competitions, you had leadership role positions... etc. Costs approximately $1000 ~ CAD, completed mine in December 2008, really really simple - I'm sure you can pass that easily.

CFA - its entirely another beast, if you want really mastery of finance take this, or do a MBA - Finance Engineering (which is still hot and very useful). Dependent upon the currency conversion rate it costs approximately $1300 ~ CAD, its originally priced in American dollars. I'm a CFA candidate writing level one in June, its serious and at times is overwhelming to think about. Alas, I recall one step at a time, and I have a plan set forth to do all the readings and progress through it.

Anyways, that's the gist of it, I'm somewhat alarmed at how the market has collapsed, there's a lot of competition for jobs, when everyone has the same qualifications and ambitions its hard to differentiate. Accounting isn't looking so bad... :P


$1k now for the CSC? Damn... I agree, it's garbage as someone said, especially graduating with a B.Comm, but some employers look for that too - unforunately. I don't recall it paying more than $300 8 or so years ago. Damn the inflation!

[johnlam321]

For the CSC, there are vol 1 and 2. so are there 2 exams or 1 final exam including both vol?

[DanP]

sorry to divert a bit, but does anyone have any info on the Cfp test? Im planning on taking my cfp, then attempting my cfa. Key word, attemping.

[phomp]

For the CSC, there are vol 1 and 2. so are there 2 exams or 1 final exam including both vol?

1 book then 1 exam, 2nd book then 2nd exam.

I am doing My CSC right now. I am currently working a service/management job but looking to change gears a bit. My work paid for CSC btw.

I was thinking once I finished my CSC, I would either take the course they offer on Technical Analysis or going for the CIM desgination or both. I know the CFA requires a B.Comm which I do not have I only have a Bus. Admin diploma.

For those out there that might know, what is better to do? I was considering dong the B.Comm in Finance at Athabasca (I do need to work full time) and once I am done the CSC getting an entry level bank job while I do the B.Comm. and then hopefully move up.

Any suggestions?

I happen to play hockey with a V.P of an Asset Fund company, I was considering asking for an internship as well.

[monty613]

I happen to play hockey with a V.P of an Asset Fund company, I was considering asking for an internship as well.

Forget about everything else and stick with this. If you only have a college diploma your best bet is to network yourself into a job on the ground floor and work your way up.

[phomp]

Forget about everything else and stick with this. If you only have a college diploma your best bet is to network yourself into a job on the ground floor and work your way up.

Yeah, I have not yet asked but plan on it once I can at least complete the CSC which is going to be soon.

I plan to ask if he is willing to take on a intern.. even if it is for nothing. Then I can just get a part time job and go off the savings I have. :D I am young, but plan on being married and all soon.