Down the rabbit hole

[arcfyr]

Thanks for the answers. I suppose my short-term objective is to ensure that I have as many options as possible in the event that I lose my job, and that the downturn in the O&G sector lasts for awhile. I've been looking at furthering my education/qualifications, such as getting a MBA (not 100% keen on it so far, but we'll see), PMP (don't qualify yet!), and others. Of course, it goes without saying that the best thing to do right now is to do well at work and avoid needing a backup plan! I've been saving up money for awhile, ever since trouble started, and I think I have enough emergency fund saved up to pay for exam fees.

So, I suppose the question to ask would be:

In the event of a job loss and a prolonged downturn in the energy sector, would it be beneficial to have an engineering degree + passing CFA level 1 or 2? Would this help for a job search in another industry, such as the financial sector?

Haven't written yet, but I'm considering Level 1 this December and Level 2 next Fall.

Thanks again!

[peter12]

Originally Posted by Slava

Did you write this June?

No, in December. I got the early bird deal and signed up in March.

Where does a Level 1 start studying??

[Slava]

Originally Posted by arcfyr

Thanks for the answers. I suppose my short-term objective is to ensure that I have as many options as possible in the event that I lose my job, and that the downturn in the O&G sector lasts for awhile. I've been looking at furthering my education/qualifications, such as getting a MBA (not 100% keen on it so far, but we'll see), PMP (don't qualify yet!), and others. Of course, it goes without saying that the best thing to do right now is to do well at work and avoid needing a backup plan! I've been saving up money for awhile, ever since trouble started, and I think I have enough emergency fund saved up to pay for exam fees.

So, I suppose the question to ask would be:

In the event of a job loss and a prolonged downturn in the energy sector, would it be beneficial to have an engineering degree + passing CFA level 1 or 2? Would this help for a job search in another industry, such as the financial sector?

Haven't written yet, but I'm considering Level 1 this December and Level 2 next Fall.

Thanks again!

Well education is always a good investment IMO. The thing with the CFA is that there is no such thing as a partial designation, such as a 'level one CFA' or things like that. Instead you can say you passed that level of exam when you do. It might help, but it depends on what kind of job you're after. Lots seem to ask for people who have started their CFA or are working toward it, so it wouldn't hurt.

You can write level one in December but two and three are only offered in June...which is partly why I really hope I made it past level two this year.

Originally Posted by peter12

No, in December. I got the early bird deal and signed up in March.

Where does a Level 1 start studying??

I would use the CFA books and do all the end of chapter questions and blue boxes. Use the mock exams on the CFA site and for more questions get the Schweser question bank. Basically if you can rip through those questions and know exactly what to do and how to do it, you should pass. Level one is much more of that kind of thing than level two. Don't let me mislead you into suggesting the qualitative questions aren't important, because they are and you can expect plenty of those as well!

It's tough. I'm not a guy who fails things, and I've written all kinds of tests and exams. When I got my band 10 fail for level one I was both stunned and surprised. The thing is that everyone sitting around you is in the same boat - no one there puts in hundreds of hours of work and just sort of mails it in.

[IliketoPuck]

If you are serious about obtaining the designation, the best piece of advice I can give you is to give the material the respect it deserves. Go through every single piece of material, do every single practice question, do every single practice exam, and then buy more materials to supplement (and do every single practice question in those).

I made the mistake of thinking simply graduating with a finance degree would gift me a pass on the level 1 exam (I can assure you this was not the case). Not only is the material very challenging, the pass rates are extremely low on the first two levels. You need to know your stuff inside and out, as the time constraints of the exam doesn't allow much leeway.

[peter12]

Originally Posted by IliketoPuck

If you are serious about obtaining the designation, the best piece of advice I can give you is to give the material the respect it deserves. Go through every single piece of material, do every single practice question, do every single practice exam, and then buy more materials to supplement (and do every single practice question in those).

I made the mistake of thinking simply graduating with a finance degree would gift me a pass on the level 1 exam (I can assure you this was not the case). Not only is the material very challenging, the pass rates are extremely low on the first two levels. You need to know your stuff inside and out, as the time constraints of the exam doesn't allow much leeway.

Based on a lot of feedback, and info from friends in finance, I have basically heard that the Level 1 gives you the same skill set as a B'Comm in Finance. Whether untrue or partially true, it can't hurt to have a similar set of skills.

[IliketoPuck]

Originally Posted by peter12

Based on a lot of feedback, and info from friends in finance, I have basically heard that the Level 1 gives you the same skill set as a B'Comm in Finance. Whether untrue or partially true, it can't hurt to have a similar set of skills.

Certainly the material covered is similar in many respects, but there are many differences as well.

Material presented by CFA institute is very specific to the CFA program (and the competencies they are looking for in various areas) and can differ substantially from material learned in a standard university finance class.

Based on my personal experience, the foundation I gained from my finance degree was certainly helpful, but was not a golden ticket to passing level 1.

[heep223]

Originally Posted by arcfyr

Quick question for those who have passed their exams / work in the industry:

I am currently employed as an EIT (O&G, Jr. Project Engineer/EIT) with 2 years of experience in the industry so far. I have a casual interest in quantitative finance, and I think that it is the career I would like the most outside of engineering. Given the state of the O&G industry, I am going to preemptively look into alternatives just in case.

Are the exams a good way to get one's foot in the door within the industry? Or is the lack of a business degree a deal breaker?

Appreciate the input!

Honestly man....a casual interest in finance will not get this done. You need complete determination, particularly if you have 0 finance training. I'm sure I'm beating a dead horse here but the biggest mistake people have made, and I've seen it over and over, is: "yeah the CFA looks interesting....I'm just going to give it a try". Don't bother, if this is how you're feeling. Sure you might pass level 1 with some determination but that's the easy part, levels 2 and 3 are another ball game.

I passed all three first try. And it really, really sucked. I don't mean to sound negative but if you're serious about getting your charter, and you have to be in order to get it, you will hate your life.

[Slava]

Originally Posted by heep223

Honestly man....a casual interest in finance will not get this done. You need complete determination, particularly if you have 0 finance training. I'm sure I'm beating a dead horse here but the biggest mistake people have made, and I've seen it over and over, is: "yeah the CFA looks interesting....I'm just going to give it a try". Don't bother, if this is how you're feeling. Sure you might pass level 1 with some determination but that's the easy part, levels 2 and 3 are another ball game.

I passed all three first try. And it really, really sucked. I don't mean to sound negative but if you're serious about getting your charter, and you have to be in order to get it, you will hate your life.

I know what you mean and what you're driving at here, but as I sit here waiting for results next week, I really feel for you!

[IliketoPuck]

Originally Posted by heep223

Honestly man....a casual interest in finance will not get this done. You need complete determination, particularly if you have 0 finance training. I'm sure I'm beating a dead horse here but the biggest mistake people have made, and I've seen it over and over, is: "yeah the CFA looks interesting....I'm just going to give it a try". Don't bother, if this is how you're feeling. Sure you might pass level 1 with some determination but that's the easy part, levels 2 and 3 are another ball game.

I passed all three first try. And it really, really sucked. I don't mean to sound negative but if you're serious about getting your charter, and you have to be in order to get it, you will hate your life.

This post sums it up perfectly. There is nothing casual about studying for 4-6 months straight and trying to pass an exam with a 35-40% pass rate.

[heep223]

Originally Posted by Slava

I know what you mean and what you're driving at here, but as I sit here waiting for results next week, I really feel for you!

Haha, sorry man. It is worth it in the end obviously. L2 or L3? Good luck!

[arcfyr]

Originally Posted by heep223

Honestly man....a casual interest in finance will not get this done. You need complete determination, particularly if you have 0 finance training. I'm sure I'm beating a dead horse here but the biggest mistake people have made, and I've seen it over and over, is: "yeah the CFA looks interesting....I'm just going to give it a try". Don't bother, if this is how you're feeling. Sure you might pass level 1 with some determination but that's the easy part, levels 2 and 3 are another ball game.

I passed all three first try. And it really, really sucked. I don't mean to sound negative but if you're serious about getting your charter, and you have to be in order to get it, you will hate your life.

Thanks for the reply. Definitely something to think about.

In terms of commitment, I am ready to do whatever it takes to pass the exams if I sign up and pay the examination fee. I am very motivated to do anything that will help get my foot in the door in an alternative industry, just in case there is an extended downturn in O&G. I already know too many people with similar credentials as myself (e.g. engineering degree holder with <4 years experience) looking for employment!

I am very open to moving to another industry if needed. Also, I will definitely be kicking myself if I feel like I haven't done everything possible to keep options open and stay employed. Is there any alternative to the CFA exams that will accomplish this?

[heep223]

Originally Posted by arcfyr

Thanks for the reply. Definitely something to think about.

In terms of commitment, I am ready to do whatever it takes to pass the exams if I sign up and pay the examination fee. I am very motivated to do anything that will help get my foot in the door in an alternative industry, just in case there is an extended downturn in O&G. I already know too many people with similar credentials as myself (e.g. engineering degree holder with <4 years experience) looking for employment!

I am very open to moving to another industry if needed. Also, I will definitely be kicking myself if I feel like I haven't done everything possible to keep options open and stay employed. Is there any alternative to the CFA exams that will accomplish this?

Having an engineering degree with energy experience and a CFA charter would certainly be an excellent combination. You'd most likely be heading down the research route, though banking or buy side wouldn't be out of the question by any means. Just know that a) by the time you get your charter you're likely looking at 4-5 years from now, assuming you follow the regular timeline of successful charter holders, and by then hopefully things will be better, and b) the finance industry is full of smart, experienced, motivated people who already have a huge leg up on you. Without knowing your personal situation too much (ie. are you with an EPC firm or a producer), and at the risk of giving a complete stranger unsolicited career advice on a Flames forum (lol), I'd say finish your P.Eng and then re-evaluate.

Or go the CFA route. The material is really interesting, applicable and relevant. If you're a finance nerd and willing to sacrifice your work/life balance over the next 4-5 years.

As to your final question of course there are lighter, easier options than the CFA program, but they will not garner the same kind of advancement and respect that the charter will. Check out the courses offered by the Canadian Securities Institute, they're really easy if you're looking for a quick leg up. Of course there are many other finance/investment/planning/accounting designations, each with their own levels of difficulty and corresponding perception in industry, but the CFA is really the gold star in the finance world.

I hope that's helpful...not sure if the other guys have anything to add (Slava, Puck, peter). I should probably get back to work now or else I will be looking for a new job as well

[Slava]

Originally Posted by heep223

Haha, sorry man. It is worth it in the end obviously. L2 or L3? Good luck!

No, I was kidding. I had hoped of knocking them off without failing and then I took the courses. I'm on L2, hopefully on the backstretch, but honestly who knows.

[Slava]

Well I don't know if anyone else wrote in June, or cares, but I passed level two and am pretty excited! I just need to decide on whether I should have a bonfire to get rid of all these study materials or whether I might want them for level three. Seriously, your input would be appreciated!

[Jiggyiggy]

Originally Posted by Slava

Well I don't know if anyone else wrote in June, or cares, but I passed level two and am pretty excited! I just need to decide on whether I should have a bonfire to get rid of all these study materials or whether I might want them for level three. Seriously, your input would be appreciated!

I never looked at the Level 2 materials again after passing the exam and do not think they would have helped in preparing for Level 3.

SO BURN BABY BURN!

Or you could keep them and give them to some other sad sack that wants to try for the CFA designation.

Oh and congratulations, getting through the level 2 exam is a big and very very difficult step.

[heep223]

Originally Posted by Slava

Well I don't know if anyone else wrote in June, or cares, but I passed level two and am pretty excited! I just need to decide on whether I should have a bonfire to get rid of all these study materials or whether I might want them for level three. Seriously, your input would be appreciated!

Congrats man! What a great feeling!

Re: materials as ^ said I never looked at them after I was done, with the exception of the textbooks a few times (assuming you wouldn't burn those).

[IliketoPuck]

Apparently for approximately 1 hour yesterday, CFAI accidentally made available unconfirmed level 3 results.

Needless to say, this set off quite the little firestorm on various analyst forums....

[IliketoPuck]

Passed! Got the email on my way into work this morning.

Somewhat stunned at the moment that I'm done.

[Slava]

Originally Posted by IliketoPuck

Passed! Got the email on my way into work this morning.

Somewhat stunned at the moment that I'm done.

Congratulations!! That's great. Now if you have some level three mocks that you no longer need

[IliketoPuck]

Originally Posted by Slava

Congratulations!! That's great. Now if you have some level three mocks that you no longer need

Haha thanks man.

Happy to lend you the level three Schweser practice exams if that would be of any use.