Long time lurker, first time poster here. Really appreciate this wonderful community, this is absolutely brilliant. I look forward to regular interaction.
I wanted to set a decent 2015 new year’s resolution and believe I might have done just that.
Next year I plan on sitting:
CAIA L1 in March 2015 - CFA L1 in June 2015 - CAIA L2 / CAIA L1 (retake) in September 2015 - CFA L1 (retake) in December 2015
Of course, here’s hoping I won’t sit the retakes.
Primary rationale for this being that I want to pass CAIA as soon as possible (very interested in alternatives), and feel that CFA L1 shouldn’t be overly difficult based on my background. And I can then free up some time in 2016/17 to focus only on CFA.
My background:
Currently private equity, previously investment banking - Finance major from top undergrad program, about 4 years out of college - Can squeeze 2-3 hours of studying during weekday, prepared to give up the weekend (work hours aren’t too bad)
Based on previous threads it seems AFers almost always advise candidates to sit CAIA in September after June CFA, however these were based on CFA L2, not L1. Also I gather from search results that CAIA appears doable with slightly less than 3 months of prep on each level (of course assuming disciplined approach).
So, given all of this, would you advise my plan at all? Has anybody pulled this off? Or am I almost guaranteed to burn myself out and potentially lose all my rabbits??
I can’t really speak of your rationale for studying CAIA because only you can know that. And also, don’t underestimate the demotivation caused from failing an exam as well as the waste of time and money.
But if your mind is set up on taking three exams this year, my suggestion is -
CAIA L1 in March 2015 - CAIA L2 in September 2015 - CFA L1 in December 2015
And use the time between March and June to study CFA.
The road to CFA is paved with New Year’s Resolutionists so best just to get started.
This question was asked before and some people managed to pull this off. If you can discipline yourself and allocate sufficient time for studying - you can certainly do this.
I am in a similar situation, as I am preparing for the CAIA level I in March and CFA level II in June.
I have not received my grades yet for the CFA 1 I sat for earlier this month, but I am pretty confident I passed it.
I have already covered 2 CFA II Schweser books and 1 CAIA I book. I am planning to finish with the CFA readings by the end of January (leaving the Atl section as last) in order to concentrate on the CAIA in February, and getting back to che CFA in March after the exam. In those three months I am planning to spend 1-1.5 months reading again some chapters I am allergic to (financial reporting and corporate finance), then 1.5 months of practice exams. Then in September CAIA II, eventually.
I don’t know how much it takes you to study, but I would approach it differently, if I were you (the same way Che 24 suggested). I personally need to be always stressed out in order not to get bored, that’s the reason why I would not leave 9 months between the CAIA II in September and CFA II in June 2016 (or, more importantly, 1 year between the two CFA exams). Since you have to wait in any case, I would go for the CAIA I and II in March and September, and you will have enough time to prepare for the CFA I in December. With things still fresh in your mind, then you can start tackling the CFA II at the end of December.
What I am saying is that with your plan you will have a lot of idle time after the CAIA II: that situation would “screw up” my routine too much, that’s why I would spread them (your total completion time won’t chance)
I agree with Che and Andrea. Focusing on CAIA first then working through CFA starting Dec '15 sounds more practical and realistic. Over the past few days I glanced over CFA L1 Schweser notes and the Dec exam definitely seems doable. There’s a lot of volume but it’s basically a refresher of my undergrad.
My main motivation for CAIA + CFA is credential and knowledge. Tbh haven’t given much thought on the pay raise/career change angle, I think given my background and interests CAIA + CFA would add only marginal value (vs effort).
I want to further build credential with specialised qualifications. I’m very interested in alts, and want to learn on a deeper level than just working within one facet (PE) and reading articles/journals/blogs about other fields of interest. I may stay within AI for the long term so I might as well go for the CAIA charter in the process.
Then I have always respected CFA charterholders. From experience my chartered colleagues have often taken interesting approaches in analysing data and interpreting the markets, more theoretical if you like. I liked their way of thinking partly trained by the CFA program but work was way too demanding (IB). I also like that it is very well recognised and has wide alumni base. Overkill or not, I think CFA is always a good credential to have for any serious finance professional. Also it’ll keep my brain active for the next few years.
The hours at my shop are top notch so I want to focus on CAIA for now then focus on CFA afterwards.
Andrea are you studying CAIA with Schweser as well? Are you liking their notes so far?
Ramos from your question (and since you passed CAIA and CFA) it sounds like you are/were working outside of alts? Are you trying to get in, and has CAIA + CFA proved useful?
PE is alts…I work in leveraged buyouts so yes I would say I work in alts. CFA was useful…CAIA not so much, but it was interesting. No one in an investment role at an alts firm knows what CAIA is…it is more used by investor relations and marketing people.