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Becoming Charterholder

Feel pretty confident in having passed LIII.

So, I will have 4 years of work experience soon after the results are due and as I have some spare time now as well as the urge to get the 3 letters ASAP, I wonder if

there is anything I can prepare right now? I know that you get an email from CFAI when you pass telling you what you should do now, but can I prepare some documents before that email? Such as a description of my work experience? 

Should I apply for membership already?

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You can apply for regular membership after you pass Level 1. If you’re a member at the time you pass the level 3 exam, I guess it would be way faster to become a charterholder (due to the large number of people who would be applying for membership at that time). The obvious downside is, in case you didn’t pass, you would have paid your membership dues for the year anyway (which are not insignificant).

I would go ahead and apply for membership as it takes awhile for them to review anyway (think they give themselves an 8 week time limit to review the application).  I think the annual fee is $345 at the moment but someone please update if I’m wrong.

If you end up not passing for some reason then at least you won’t have to worry about applying next year.  

The dream is now a reality

thanks guys.

I have tried and I have found that I will need to have 48 months of work experience BEFORE I can apply for a regular membership. Unfortunately, this will coincide with the results release date meaning I cannot apply before results are out.

Well.. anyway.

I am a little uncertain with the work experience because I have over a year of audit work experience.

The definition of CFAI for relevant work experience is

“For a position to qualify, at least 50% of your time should be spent directly involved in the investment decision-making process or producing a work product that informs or adds value to that process.”.

My thinking is, that as I basically just contributed to financial statement audits of banks and mutual funds, the end product being audited financial statements, which are used by potential investors. This should be sufficient without any further detail such as what exactly I audited. 

Basically I would write

“I contributed to financial statement audits of financial services companies such as banks and mutual funds.

The end products of my work were audited financial statements that inform the decision making process of investors.”

 

Do you think that is sufficient? 

Especially, I wonder whether it matters if I audited public companies that are available to anyone to invest in or whether I audited companies which do not have listed equities.

My thinking is that it should not matter as long as someone may use the financial statements as a product to inform the investment decision but I am not sure. 

So if someone is a regular member of the CFA do they become a Charterholder the instant they receive a passing score on the level 3? 

arbguy wrote:

So if someone is a regular member of the CFA do they become a Charterholder the instant they receive a passing score on the level 3? 

You become a charterholder once you receive the actual charter.  If you pass L3 and have the requisite work experience, your status is “Charter pending” until you actually receive it.

bps23 wrote:

arbguy wrote:

So if someone is a regular member of the CFA do they become a Charterholder the instant they receive a passing score on the level 3? 

You become a charterholder once you receive the actual charter.  If you pass L3 and have the requisite work experience, your status is “Charter pending” until you actually receive it.

Umm are talking about the physical certificate? If so, no that doesn’t matter. You are a CFA Charterholder and can begin using the designation the moment it’s reflected on your online member profile on the website. That will happen on Level 3 results day if pass and if you’re an approved regular member with dues paid up.

JayWill wrote:
bps23 wrote:
arbguy wrote:
So if someone is a regular member of the CFA do they become a Charterholder the instant they receive a passing score on the level 3?

You become a charterholder once you receive the actual charter.  If you pass L3 and have the requisite work experience, your status is “Charter pending” until you actually receive it.

Umm are talking about the physical certificate? If so, no that doesn’t matter. You are a CFA Charterholder and can begin using the designation the moment it’s reflected on your online member profile on the website. That will happen on Level 3 results day if pass and if you’re an approved regular member with dues paid up.

And if you have the requisite work experience.

Simplify the complicated side; don't complify the simplicated side.

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i think you need the requisite work experience to be accepted as a regular member right? 

arbguy wrote:

i think you need the requisite work experience to be accepted as a regular member right? 

Yeah that’s right.  I just did it earlier this year.

all that is important is whether we get a gala dinner for the award ceremony. I’ve seen different things on youtube.

That Candidate wrote:

all that is important is whether we get a gala dinner for the award ceremony. I’ve seen different things on youtube.

I’d rather get half of the money I spent on the exams refunded, thank you very much.