would i be cleared by the cfa institute and be able to take the cfa level 1 exam in dec and the level 2 the following june of my fourth year in college, even though i will come back for a 5th year in college?
are you doing a 5 yr ba/ma program? in that case, i think they probably would, but otherwise probably not. i think the CFAI specifically said that you can still be in undergrad for level 1 but not l2. then again, how would they know?
You can’t take 1 unless you are graduating that year…so for you No…you can’t take 2 unless you’ve either graduated or went to school for 3.5 years and worked FULL time for .5 year
Also, most likely scenario for you is you’d be cleared to take level 1 only in June (big maybe)
That blows. I will have fulfilled the requirements for one of my major by the end of my 4th year (june), and half way done with the other. Would i be able to sit in for the level 1 if i send a transcript from my college stating ive fulfilled all requirements for my degree? If not, is there a date or deadline from the time you take the exam that they require you to send a certificate of your degree? or they need solid proof before you sit in for the exam?
“If not, is there a date or deadline from the time you take the exam that they require you to send a certificate of your degree? or they need solid proof before you sit in for the exam?” I took L1 in college and went through this research. (1) You are ABLE to take L1 in your 4th year. It may not be technically what CFA wants you to do, but they don’t have any enforcement procedure in place to stop you from doing this even if it takes you another year to graduate. (2) You will NOT be able to register for L2 until you have graduated. I took L1 in December of my senior year (Dec 2005). I was not allowed to take L2 in June 2006 even though my graduation date was in May — registration closed before I graduated.
newsmaker is 1/2 correct… track if you completed your major and are taking another one (and i mean fully completed as if you could graduate, if you wanted to)–not just completed major classes but have a pe class left—then you CAN sit for level 1. Level 1 you can take if you are in your final year of graduation, doesn’t matter how long u been at the school. You have to have your school send the institute documents that specifically say that you could graduate if you wanted to but are deciding to take “another elective”. IF this is the case you can take level 1 in June. For level 2 similar situation. If you have completed your first major in December. Again, fully completed as if you could graduate in December but staying year for sh*ts and giggles, then you are eligible to take level 2 in June, under the same premise (you are “graduated” or could have been by the time you register). If you are fully completing your first major in June and not December you can take level 1 but not 2. Finally, if you worked somewhere full time for 6 months (does not have to be in a financial capacity), but did hit 35+ hours a week you can take level 2 with 3.5 years of education and this half a year of work experience. So this counts if you worked full time and went to school as well. Again its confusing but hope this helps.
Thanks miker, you probably solved my weeks old dilemna. I’ve been hearing all different kinds of stories. So tell me if i am right… If i fulfill all my gen. education, university requirements, college requirements, and the major requirement (basically done everything to earn a degree for 1 of my 2 majors) by June of my 3rd year, i can take the december level 1 exam and june level 2 exam my 4th year?
The best way to be sure is to call CFAI. They are the only ones who can give the definitive answer.
Yes you can take the December Level 1 exam, since you could have technically graduated in December OR the next June, both in your 4th year. You can take the level 2 exam in June if you could graduate ONLY IN December and not a month later (well before the registration date). I am 100% on Level 1, and 90% sure on Level 2 (that is if your school sends proof that you could have graduated, but are just taking more classes for “fun or whatever the reason”-- think of it like graduating undergrad but continuing to take graduate level classes to earn an MBA). Either way you might want to call, but unless they changed it you should be good to go.