My 1st post, so I apologize if this has been covered, but I couldn’t find it. I’m sitting for L1 in June and am currently a personal banker/investment representative for a bank. I’ve been series 7 & 66 licensed for 3 years. I’m wondering if this will count for work experience. Before this job I was a financial advisor for American Express (now Ameriprise…don’t ever work there). Would the banking or AMEX job count toward the required work experience for the charter, or should I look for a new job after I pass L1?
The CFA website is helpful here. As far as I know, a financial advisor/personal banker is the decision maker for the end client and therefore it is valid 50%+ of the investment decision making process requirement. I worked at Ameridump too…
The work experience requirement makes no sense. Real estate and other alternatives count, so long as they’re part of a portfolio of diversified securities? That makes no sense. So the “finance” experience depends on how the ownership is arranged? How does investment banking analyst count as CFA work experience? From my stint in IB and from what I know from others, analysts don’t make any investment decisions–in fact, even when they work on actual finance, they’re modeling STRUCTURES of primary market deals, not making investment decisions. How does business valuation count? How does it get greater priority than real estate valuation? Have you ever seen an appraisal (real estate) valuation Excel sheet? In valuation, the closest I think one could come to making investment decisions is giving one’s opinion on the strength of a proposed investment. It seems to me that you have to practically be a portfolio manager of bonds or stocks (or derivatives) for your job to actually fall under the true work experience guidelines.
are you sure real estate valuation doesnt count?
From what I can tell (for what it’s worth), it appears as though it only counts if the real estate being valuated is part of a “diversified portfolio of securities.” Of course, the valuations I do are on a diversified portfolio of real property that are not part of a diversified portfolio of financial securities. Their MORTGAGES might be owned in the nebulus world of financial securities, but who knows? I don’t get the CFA Institute work experience requirement. Almost no one spends 50% of their time making investment decisions. Hell, some PMs don’t spend 50% of their time making the investment decision. It’s an idiotic standard likely created by someone sitting on the CFA board who had their work experience grandfathered in.