Another post brought this to my attention, they is an updated acceptable work requirement on CFAI website. This includes software developer, accountants, actuary and portfolio admin. I don’t mean to be offed any1 here, but wtf??? I thought the whole point of having work experience is so that you can apply and enhance what you learn in CFA curriculum. How the hell being a software developer or accountant counts as experience in the financial world? I mean you guys create programs for financial models or create financial statements, but that shouldn’t be count as experience in obtaining a charter. An fyi, I’m a level 2 candidate thats currently working in a buyside shop. Any1 else feeling like the CFA recognition is going to be water down due this? Criticisms or arguments are welcome.
Accountant is such a broad term, im curious where exactly they draw the line… I
This sucks. It is just a way for them to open up the program to a broader audience (read: generate more revenue).
I’m filling out my application right now and a lot of those titles aren’t included. Not to mention, it’s not the title of your position that matters, it is your duties and responsibilities that matter. I wouldn’t worry about anything.
CFA is become an industry-wide qualification. Lots of people start out in portfolio admin roles and move into more applicable roles after passing a level or two. This list is probably an effort not to penalize these people… who comprise a very large portion of people passing L3 each year.
They tried to hedged this by saying “Titles alone can’t determine your qualifications for regular membership. You must spend at least 50% of your time in the investment decision-making process.” How does a software developer get involve in the investment decision making process? Investor Relations? Their only involvement in the investment decision making process is to tell you to invest in the firm they represent, for whatever reason they can make up/think ok. Compliance officers, well I guess they are part of the decision making process because they can tell the firm not to invest in somthing as it violates rule xyz in the compliance handbook handbook. That just means that if you hold these job titles, and you word your experience nicely by including the word “investment” in it, you’ll probably get qualified. It doesnt’ even need to be analytical. Screw the A in CFA. Way to dilute the brand equity CFA.
There is no way what I do on a day-to-day basis should ever qualify for the CFA charter…
how does a software developer’s experience be counted toward CFA? well , how about 50% the time they do is to analyze the trading model/ systems they built… we build the software according to the mathematical financial model, the calculation on the system we developed is helping the traders make investment decisions… so it is part of the decision-making process…
This should open up the floodgates of BOMs who want to break into the industry.
I may be missing something but in my company a pass of Level III gets you nowhere. Perhaps if you fly high in back office with a lot of interest in front office work… without experience a CFA means 0,0 which also counts for anyone with a programming background. We don’t want them and we don’t need them. With or without CFA.
Those of you who are new to the program may not know that they had actually cut out a lot of titles about 2 years ago, and I think that this is an effort to fix some of those changes. It’s not title alone that determines if you meet the requirements, its what you are doing. A software developer that has to write the code to record a swap, mark it to market, incorporate ISDA and CSA requirements, etc., should understand the product as well as the trader. The concept of saying the charter is exclusively for people involved in the investment decision making process really needs to br broadly interpreted, for example this would be the case when talking about traders. Is a trader told to buy or sell something at a certain strike price involved in the “investment” decision making process as most people would define it? Accountants may not be making the decisions, but in many cases they are crunching the numbers putting together the analyses which are the basis of making the decision. Sounds relevent to me.
Trading platforms, including electronic trading, internet java based applications, palm trading applications, Bloomberg software at everyday traders, Enterprise resource planning (ERP) software which runs all the corporations including Fidelity, Merill and Citi. These are some of the financial applications built by software developers with in-depth knowledge in financial background.
Super I Wrote: ------------------------------------------------------- > Those of you who are new to the program may not > know that they had actually cut out a lot of > titles about 2 years ago, and I think that this is > an effort to fix some of those changes. It’s not > title alone that determines if you meet the > requirements, its what you are doing. > > A software developer that has to write the code to > record a swap, mark it to market, incorporate ISDA > and CSA requirements, etc., should understand the > product as well as the trader. > > The concept of saying the charter is exclusively > for people involved in the investment decision > making process really needs to br broadly > interpreted, for example this would be the case > when talking about traders. Is a trader told to > buy or sell something at a certain strike price > involved in the “investment” decision making > process as most people would define it? > > Accountants may not be making the decisions, but > in many cases they are crunching the numbers > putting together the analyses which are the > basis of making the decision. Sounds relevent to > me. honestly…would u hire a person with CFA that had 4 years work exp as a programmer/accountant or a guy with a CFA that had 4 years of work exp in i-banking for a buy side firm? you wouldn’t hire the programmer/accountant because even though if there were “involved” in the investment process…how da hell are they going to contribute to the firm??
I think a BOM with a CFA would be less marketable (and just as expensive) relative to an experienced person without a CFA. Companies pay for hands-on experience. MBAs and CFAs are just an icing on the cake which combined with experience (the cake) makes for a wonderful treat. I feel like having cake now.
Hmmm…how about an accountant who was responsible for preparing monthly consolidated financial statements (B/S, P&L, CF, Ratio Analysis) for a $ billion privately held holding company, for presentation to a syndicate of banks who provide a large-scale line of credit to said firm, and to subordinated debt holders who’s funding is what is floating the company in the first place? Does that sound like supporting the investment process?
I work in BO and there is no way in hell that what I do should qualify.
> honestly…would u hire a person with CFA that > had 4 years work exp as a programmer/accountant or > a guy with a CFA that had 4 years of work exp in > i-banking for a buy side firm? Dude, the CFA is a designation. It does not mean that every person holding the charter is equal. It is meant as a complent to experience. Find me someone who has 4 years of i-banking experience for a buy-side firm.
I have 14 months experience as a Fund Accountant and 9 months experience as a Portfolio Analyst. I’m an L3 but obviously even if I pass this June, it will be 3 more years until I get my designation. “Fund Accounting” = data entry, no doubt about it. However, I would obviously be psyched if those 14 months counted so I can earn my designation sooner. I agree allowing that kind of work experience count will lure a few people from those backgrounds into the program, it will not dilute the quality of the people with the designation. In my old fund accounting group, 3 people were too lazy to attempt the designation, 7 were too stupid, and 2 are L 2 candidates with currently applicable jobs and good prospects to pass 2 & 3. Broadening the experience base will essentially allow us to get our designation quicker but it won’t help the lazy & stupid people to get the designation. Has anybody with “fund accounting” experience gotten the CFA institute to sign off or consider it?
Some fo you guys don’t get it. The “would you hire” people. Not everyone gets thier charter so that they can go and get a research job. The programmers get charters to advance in theri hierarchy. Credit people so they can monitro and understand capital markets and derivatives risks. Accountants may want to controllers in cap markets divisions, etc. There is no job in the universe that incorporates everything that is required in the curiculum. It really functions much like a specialized, self study finance MBA.