Hello from a New Member

Hello All, I enrolled just a day ago for Level 1. I dont have any kind of finance backgroud (except watching CNBC). I am in Info Security field. But am really interested in obtaining a CFA and someday becoming a money manager/trader/equity research analyst and hopefully earn millions ;). Anyone in this forum on the same boat (ie without financial background?

There are many people in this forum who do not have a financial background. I recommend that you use CFAI material because the “filler” should be helpful. Or, if your feeling more ambitious, you could purchase schweser and use CFAI materials as a reference. Either way, it’s going to be a difficult journey. Not to sound cynical but there are many people who have the CFA designation and do not make “millions”. However, if your interested in the industry, signing up for the Level 1 exam is a great start. GL

I’m on the same boat. Just journey to the reading 9 is already feeling the pain.

Let me tell you right now, it’s freaking hard. You have to think people with business and accouting degress, people with MBAs… these are the people you’re competing with. And 60% of these people (roughly) fail each exam… and they knew that before they signed up, so they studied crazy hard and STILL 60% failed… on top of the fact they’ve studied this material in undergraduate extensively for like 4 years. And here’s us, walking in the door with almost no background. It’s hard. Really freaking hard. Financial Statement Analysis will probably kick your ass the hardest, so start learning about income statements and balance sheets PRONTO. Not to mention FSA is generally the biggest part of the exam. I’m about 60-70% of my way through the material for the first time using Schweser 2007 (purchased used from someone who took it in June), studying 1/2 hour on my lunches at work, studying from the Stalla cue cards during the day at work and studying 12-16 hours on the weekend and 5-10 hours a week during the week. And I still don’t know if i’m going to be ready for June. Whatever you think is “enough” will probably not be “enough”. Seriously.

iamsmrt Wrote: ------------------------------------------------------- > Let me tell you right now, it’s freaking hard. > You have to think people with business and > accouting degress, people with MBAs… these are > the people you’re competing with. And 60% of > these people (roughly) fail each exam… and they > knew that before they signed up, so they studied > crazy hard and STILL 60% failed… on top of the > fact they’ve studied this material in > undergraduate extensively for like 4 years. > > And here’s us, walking in the door with almost no > background. It’s hard. Really freaking hard. > Financial Statement Analysis will probably kick > your ass the hardest, so start learning about > income statements and balance sheets PRONTO. Not > to mention FSA is generally the biggest part of > the exam. I’m about 60-70% of my way through the > material for the first time using Schweser 2007 > (purchased used from someone who took it in June), > studying 1/2 hour on my lunches at work, studying > from the Stalla cue cards during the day at work > and studying 12-16 hours on the weekend and 5-10 > hours a week during the week. And I still don’t > know if i’m going to be ready for June. Whatever > you think is “enough” will probably not be > “enough”. Seriously. My $0.02: What seems to be a very good option for the “accounting challenged” is the harris financial accounting workshop. It’s $500 and two days out of your life, but if it makes the difference betwen passing and not, it’ll be worth it - FSA is the heaviest weight on the exam. There’s a thread on it in the L2 forum - many of the participants took it for L1, and speak very highly of it: http://www.analystforum.com/phorums/read.php?12,642914,644831#msg-644831 The general wisodom is that you should nail the 2 or 3 heaviest weight sections to get some slack - that’s be (in order) FSA, Ethics, and FI and Quant. Of FI and quant, the quant part is heavily used in L2, so there’s a positive externality to nailing this, too. If you’re very $$ constrained, you might not want to go that route. But my feeling is that there’s a pretty big payoff to passing, and a high cost already (the 200-300 hours of studying). So, if it really increased your chance of passing at the margin, go for it. However, if you’re already pretty solid in accouonting, it probably wouldn’t be worth the cost. I talked with HArris a bit last week, and he said that his “market” are the folks who’ve only taken one or two intor-level accounting classes. If you have and UG major in accounting (or took a few intermediate level courses), there probably isn’t a smuch of a payoff to the course.

Thanks a lot guys. Firstly for responding and secondly for the info. ya…I guess its going to be really hard…

I just finished my MBA in Finance. No prior experience in the industry either. I have an engineering background. I just started studying for the L1, let’ see how it goes. A thought of just signing up for L1 cold crossed my mind about 3 years ago, and I am glad I didn’t and took the MBA in Finance route. It is going to be hard but I am hopeful.

I am also no any background, decide to take Dec 08 one, need more time to prepare i think, especially combined with full time job.

Guys, Do you think the following is a good order ? I plan to read only CFA curriculam with 2006 scheweser notes. === Quantitative Analysis Finanacial statement analysis Corporate Finance Economics Ethics Fixed Income Investments Equity Investments Derivatives Alternative investments Portfolio analysis ==========