Pursuing a CFA - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

flamesrule_kipper34 · 07-12-2010, 01:51 PM

Hello all so I'm currently in my last semester at the U of C in the Haskayne School of Business. My concentration is in MIS but realistically I want to be pursuing a CFA. I've only take one FNCE course, which is FNCE 317. Anyway I'd like to get some tips and advice on pursuing a CFA from anyone who's done it or who's looked into it as well like I have.

I've just done some prelim research on it, and I'm wondering at the U of C what FNCE courses I should take that would be beneficial for my FIRST CFA exam. Or how one would recommend going about it.

Also I'm told that if I graduate at the end of this semester and go in as an Open Studies student to take some FNCE courses then I'll lose any sort of leg up on students that I have right now being a Business student. I was told I could either still do this, delay convocating, taking less courses this semester (I only have 4 left to graduate) and delaying finishing my degree and/or switching majors to FNCE so that I won't be able to graduate until I've done all the required FNCE courses.

Anyway any help from CPers knowledge on the CFA courses, program, examinations etc. would be helpful, thanks in advance.

red sky · 07-12-2010, 02:08 PM

You can learn everything you need to from studying the CFA material. Obviously having a bit of a background and understanding of finance material helps but Level I isn't too difficult if you put your time into it. There is a course that Cont Ed offers that is once a week for a few hours, which might help you to stay on track. It isn't that the material is difficult, more so the breadth of material that you have to know. You easiliy need to put in the recommended 250 hours and most likely more.

Let me know if you have any other questions.

Edit: I realized I didn't answer your question because I don't know the courses at UofC so I won't be much help. But there is a bit of everything on the exam including, statistics, economics, portfolio mgmt, fixed income, derivatives, equities (valuation), financial statement anaylsis... you get the idea

J pold · 07-12-2010, 02:12 PM

I plan on writing my Level 1 in December, I'm a finance major so I'm fortunate to have already covered some of the material during during my degree. I'll be graduating in December and with only three courses left I figure it will give me enough time to study hard and write it the same time I graduate.

On an semi-related note, is anyone planning on writing it December who is going to be in Lethbridge? I understand that studying in a group can be highly beneficial for the exam.

IliketoPuck · 07-12-2010, 02:13 PM

The CFA is not an exam to be taken lightly my friend.

If you have only done FNCE 317, you will find the material quite a bit more advanced than what you are used to.

There are several study and prep courses offered to help CFA candidates during their preparation, the CFA Institute is very good at providing study opportunites through emails from the Calgary CFA society.

I can't go into any more detail than that, sorry

hope that helps.

red sky · 07-12-2010, 02:16 PM

One word of advice I can give you, make sure you read the CFA Institue material at least once. There is a lot there and there seems to be some filler but the study guides (i.e. Schewser, Stella) unfortunately leave some important material out. Using the questions banks from the study guides does help though, IMO.

@J Pold: good luck juggling the two. It can be done but I recommend starting no later than September.

red sky · 07-12-2010, 02:18 PM

Quote:

Originally Posted by IliketoPuck

The CFA is not an exam to be taken lightly my friend.

If you have only done FNCE 317, you will find the material quite a bit more advanced than what you are used to.

There are several study and prep courses offered to help CFA candidates during their preparation, the CFA Institute is very good at providing study opportunites through emails from the Calgary CFA society.

I can't go into any more detail than that, sorry

hope that helps.

You wrote Level I correct? How did you find it? (obviously don't disclouse exam details)

flamesrule_kipper34 · 07-12-2010, 02:25 PM

Thanks for all the replies already everyone, I appreciate it.

As for taking it lightly I most certainly will not I've heard a lot of stories regarding it. I'm in no rush to get through it just to do it, I want to take my time and all the extra courses at U of C (Finance ones) or Continuing Ed Prep courses or both, whatever is required. I just thought I'd get some advice on it first, wondering if I should take FNCE courses or do what a lot of people have said so far and that's to get all the information from the CFA Institute and go about it that way teaching myself sort of thing.

At the moment it's that what I'm trying to decide between, taking Finance courses to increase my knowledge or grabbing all the information from CFA Institute, teaching myself and then in time taking Exam prep courses after and taking my exams.

I hope that makes sense.

IliketoPuck · 07-12-2010, 02:27 PM

I found level 1 fairly easy to be honest. But I also went completely OCD on studying, and did every practice question / extra anything I could to get an edge on it.

Flames89 · 07-12-2010, 02:31 PM

I only used Schweser for all 3 levels. Worked great.

Finish all chapters with a month before the exam, then blast every question possible until the exam. The Schweser question bank was good for this.

IliketoPuck · 07-12-2010, 02:35 PM

That is pretty much what I did too Flames89, I did practice questions until one day I laughed and said, "Hell I've got this nailed, I literally have nothing else I could possibly study."

flamesrule_kipper34 · 07-12-2010, 02:43 PM

Quote:

Originally Posted by Flames89

I only used Schweser for all 3 levels. Worked great.

Finish all chapters with a month before the exam, then blast every question possible until the exam. The Schweser question bank was good for this.

Quote:

Originally Posted by IliketoPuck

That is pretty much what I did too Flames89, I did practice questions until one day I laughed and said, "Hell I've got this nailed, I literally have nothing else I could possibly study."

Just wondering though, how much previous learning of FNCE did you guys have done (like courses wise) going into using Scheweser and other respective practice question-like packages?

Thanks.

J pold · 07-12-2010, 02:45 PM

The one thing I'm worried about is the value of the designation, I've talked to a few very high up financial guys who have the CFA and they've told me it isn't the 'be all end all' that the institute would want you to think it is. In fact most have told me that so many people have or are getting them nowadays that it is going the way of the MBA and doesn't mean as much as it's used to. What really blows my mind is some of these guys who have their MBA and their CFA, what the hell? How did the pull that off? Do they not have lives?

IliketoPuck · 07-12-2010, 02:51 PM

I actually have looked into doing the MBA at the same time as the CFA. If you time things right you can do MBA classes in the fall semester, and rock the CFA winter semester, rinse and repeat.

But the complete lack of social activities would be mind boggling.

Clarkey · 07-12-2010, 02:52 PM

Quote:

Originally Posted by IliketoPuck

That is pretty much what I did too Flames89, I did practice questions until one day I laughed and said, "Hell I've got this nailed, I literally have nothing else I could possibly study."

How many hours would you say you've put in for the Level 1?

IliketoPuck · 07-12-2010, 02:56 PM

Quote:

Originally Posted by Clarkey

How many hours would you say you've put in for the Level 1?

I started studying for the level 1 exam at the start of February, and read 2 textbooks a month with complete note taking. The last month was complete practice questions, from the website, from the books, from anywhere I could find them.

I would say I averaged about 2-4 hours a night for the first two months, 4-6 for the third and half of the fourth, and then with two weeks before the exam I took some time off work and put in 10-12 hour days.

They suggest 250 hours of studying, but everyone has a different amount they need to study to be successful.

I went into the exam and felt very confident after it, whereas some of the people I talked to seemed a bit hesitant and stressed out after it.

Flames89 · 07-12-2010, 02:57 PM

Previous courses help, of course. For people who have an Bachelors of Commerce, CFA level 1 is basically review. It is not the depth of material that is difficult for level 1. It is the breadth.

Just go here and look for courses that are similar - it is all basic undergrad level stuff.
https://www.cfainstitute.org/cfaprog..._sessions.aspx

J pold · 07-12-2010, 02:58 PM

Quote:

Originally Posted by IliketoPuck

I actually have looked into doing the MBA at the same time as the CFA. If you time things right you can do MBA classes in the fall semester, and rock the CFA winter semester, rinse and repeat.

But the complete lack of social activities would be mind boggling.

A part of me almost wants to do both, but than again I'm thinking of going into investment banking where a young guy like me works 14 hours a day 6 days a week so I really don't see that working, unless a completely remove sleep from my life.

Flames89 · 07-12-2010, 02:59 PM

Quote:

Originally Posted by IliketoPuck

I actually have looked into doing the MBA at the same time as the CFA. If you time things right you can do MBA classes in the fall semester, and rock the CFA winter semester, rinse and repeat.

But the complete lack of social activities would be mind boggling.

I would not suggest this. If you do an MBA, do it right. Take your time and enjoy the "back-to-school" element, and get to know your classmates - they will be just as valuable as the education itself.

IliketoPuck · 07-12-2010, 03:02 PM

Quote:

Originally Posted by Flames89

I would not suggest this. If you do an MBA, do it right. Take your time and enjoy the "back-to-school" element, and get to know your classmates - they will be just as valuable as the education itself.

That's one of the main reasons why I didn't pursue it at this time. That and the 60k+ price tag.

flamesrule_kipper34 · 07-12-2010, 03:04 PM

Quote:

Originally Posted by Flames89

Previous courses help, of course. For people who have an Bachelors of Commerce, CFA level 1 is basically review. It is not the depth of material that is difficult for level 1. It is the breadth.

Just go here and look for courses that are similar - it is all basic undergrad level stuff.
https://www.cfainstitute.org/cfaprog..._sessions.aspx

Thanks for the help thus far, it's been invaluable. I guess I was most concerned what to do with my education right now as in, prolong my graduating and having that option to getting more FNCE courses in my "degree" but I'm leaning towards just finishing up my commerce degree and going about the CFA route myself and taking complimentary courses along the way if/when that arises.

I'll keep asking questions on here when I come up with them though, haha, but again thanks for all the info/input so far.