So I passed the FRM part 1 and part 2 examinations on first attempt in November 2013. At the time I have been a fresh graduate and to day I only have around 8 months of work experience. I will be working at a wealth management firm part time, while I pursue further education for another 4 years (Ph.D research)!
For those who not know, after passing all FRM examinations, you have 5 years time to submit the required 2 years work experience and if you fail to do so, you have to sit all the examinations again. I was under the impression that Ph.D research would count towards my work experience. It turns out I was wrong and the “researcher at an academic instituion” which is under the acceptable work experience in GARP’s website is only for post-docs.
Now, I know that CFAi exam results remain valid indefinitely. But now paranoia has set in and I keep asking the question “what if I pass CFA level 3 next year” and whilst doing my Ph.D out of nowhere CFAI come up with a new rule regarding the expiry of my exam results. While I don’t mind sitting FRM exams again, my nightmare is to sit all 3 levels of the CFA exam again.
Sorry for the rant, but what the **** GARP? CFAI please do not follow GARP’s suit.
Ah before you ask why my part-time work at the wealth management firm cannot be used as the work experience, well this is the email I recieved today:
Thank you for your inquiry. We do not accept any work experience that is obtained while in school Sincerely, Marta Amorim Member Services Team Global Association of Risk Professionals (GARP) 111 Town Square Place, 14th Floor Jersey City, NJ 07310 t: +1.201.719.7210 f: +1.201.222.5022www.garp.org
You didn’t ask for my .02, but I’m going to give it anyway.
I’m not sure that any school worth going to would accept a PhD student with zero work experience. Even Hacksaw State requires a few years before they’ll let you in the program.
Forget the PhD. Focus on working in the industry for a little while. In a few years, you’ll know whether or not you want to go back into academia.
Let me also add that studying for a PhD while studying for CFA L3 sounds suicidal. You’ll probably wind up sacrificing one for the other, or at best, trying to balance them and both will suffer because of it.
Greeman, thank you for your input. I am not sure how things work out in other countries, but in the UK you could get admitted to the best schools for Ph.D research with no work experience. In fact I study at a top 5 British university (MSc) and my friend who graduated with me will be beginning his Ph.D at the same university in September. My cousin studies at Imperial college (Ph.D) and she has never worked in her lfie.
Once again… maybe things are different in the states. My cousin obtained her Ph.D from imperial college, which is a top 10 world university and she had 0 days of work experience in her life. She was headhunted by Morgan Stanley and now earning $$$$$ as a quant. So say what you wish, but things are different here in the UK. In this country majority of Ph.D researchers at top schools don’t have much work experience. My point about this post was something entirely different anyways.