CFA Newbie

Hey all…So I’m CAIA Level I Candidate and 90% sure I’ll end up passing in March. I’m considering taking the CFA Level I test in December afterwards. My question is what advice would you give to someone who has no finance background taking the CFA? I would like to avoid taking classes if possible just because moneys tight. If the average person w/ a finance background takes lets say 6 months-300 hours to study… maybe I should do 8 months of 400 or even 450 hours? (My main concern is the financial analysis part which I have absolutely no knowledge in) Any suggestions or advice would be greatly appreciated. Thanks. - Simon

Find out how many people from Non-financial background passed the exam and how many actually got job related to finance Just by passing CFA exam.

@Simon - You have plenty of time to take the L1 in december, Start mid june and you will be able to meet your goal. 400+ hours should definately see you through. I am currently finishing my engineering degree and will be taking the L1 this June. The material is not difficult to understand, its just the sheer amount of the curriculum that poses problems. One thorough pass(with Qbank questions), a quick review of weak areas and mock exams towards the end should be enough. Don’t worry about the financial analysis part. All it needs is some patience. The CFAI texts explain everything very well and Schweser notes/Qbank help a lot as well. Like I said L1 is easy to pass provided you give it enough time. 400 hours are definately enuf even for a non-finance background person. L2 I hear is a completely different story but I cant say much on that , not until I pass the L1 at least :slight_smile: @Gauravthapa - I dont think your post answers Simon’s question. I doubt if just passing all three exams is enough for them to get a good job in their chosen finance field. That said , passing all three exams requires effort ,dedication and academic skill. If a person is serious enough to take on the CFA and pass all three exams , then it would be a reasonable guess to say that they are also working on other things that will help them to secure a good finance related job .

be on my egga whites

AlphaBoy- Thanks for the response. Helped a lot…My concern with the Financial Analysis part was that I don’t even know the basics so I didn’t know if it was neccessary to take an introduction to accounting type class before diving in. Sounds like that won’t be necessary though. (Correct me if I’m wrong…) Regarding getting a job, that is definetely one of the reasons I’m considering taking the test. With the dismal job market, no finance degree, and little experience I need whatever edge I can get. I’m currently looking for an entry-level position and I’m hoping an employer will like seeing that I’m a CFA candidate (and CAIA candidate). I realize no certificate will ever guarantee a job but hopefully it will help my current situation or somewhere down the road… Of course, the education I would get would be the other reason I would take it. I do like the self-study factor and it’s definetely a lot cheeper then getting a Masters.