Hi SFG, thanks for your insights, very helpful post. My question to you is this: how did you manage your studying time? I am in the same boat with a full-time job and a 2-year old and, at the moment, am contemplating whether to even start (or perhaps postpone until my child is somewhat older). 622 hours seems like an incredible amount of time given a job and a kid - it means you averaged roughly 80 hours a month, i.e. 20 hours a week, which sounds even more impressive, given that you probably wanted to spend time with your child on the weekends and in the evenings. I am curios if you have any tips in that direction. Many thanks again. - alkatlon
alkatlon, the reality is I did sacrifice weekday evening and weekend time (hours upon hours) with my first daughter and spouse. Fortunately, my spouse was extremely supportive (there were arguments at times between us regarding my study hour commitment) of my efforts to complete the program; I realize circumstances for others may not be as favorable. Also, I utilized at times 2 - 3 hours a day at work (another circumstance which certainly may not favor many candidates). To comment on your point about 20+ or more studying hours per week, I averaged at least that time for the last four months prior to the exam. Since we all have 168 hours in a week and limited number of weeks (or months) to prepare for the exam, you also of course may have to make certain sacrifices as you perceive them knowing it’s a fundamental tradeoff on your time regarding what you feel you need to commit in order to feel personally ready come June. Typical study plan four months before exam: Weekday (Worktime): 1 - 3 hours Weekday Evenings (Including many Fridays): 1 hour - 1.5 hours Weekends: 5 - 8 hours/day Study Hour Range: 20 hours - 30+ hours/week
thanks, CFG. Your study regime is indeed dream-like. Getting up to 3 hrs during work time is unthinkable and up to 8 hrs on weekends close to impossible. I can see the sacrifice you and your family put in the whole process. With a 2-year old around I simply can’t see myself being able to dedicate then # of hours the curriculum requires at a minimum. The bad thing is the it would get even harder as kids grow. thanks again and enjoy your time with your family, well deserved.
@southfloridaguy. I been reading all the threads posted on AF. Your posted threads offer some very interesting and unique advice. Those comments will be well received by people like me who isn’t afraid to invest large amount of time & effort in something that I believe is worth while. As I was taking level 1 last year I thought to myself the amount of time invested to study for the CFA cirrculum would probably earn me a Ph.D in a field if I was to invest only 1 or 2 additional years. Of course, another difference would be you doing more research work in a Ph.D program vs massive concepts and number crunchings in the CFA progam. However, earning a Ph.D degree allows you to do Ph.D work where earning the CFA designation allow you to be more “competitive” in the finance industry (still competing for the jobs that bachelor degree holders apply). If someone were to do a cost-benefit analysis for Ph.D holders (i.e. finance) vs CFA designation holder, I had like to be the first reader of that report. Also, I had like to hear if you have any advice for newbie like me who like to start a career in wealth management. Let me first introduce a little about myself. I am 25 yrs working in the banking operation sector. I didn’t always know that I wanted to work in finance field. I was a pre-med student in undergraduate but majored in Economics. After graduation, I knew I didn’t want to be in med school so I started looking at finance jobs. After working for about a year in operation, I knew I wanted to be out of operation. I began to talk to some of my friends who suggested to take the CFA exams to make me a more attractive candidiate for middle or front office positions in finance. Therefore, I signed up for level 1 in June 2009. As an Economic major from a small liberal art school, I didn’t have any background in finance. First time I took level 1 I must have invested about 4-500 hours but still failed with a band 7. Therefore, I took it again in Dec09 and passed it (invested about another 300 hours) . Immediately, I signed up for level 2 and wasted no time to start studying for level 2 in June 2010. In July, I looked at my result and it was a Pass (couldn’t believe it, still, I must have invested about 500-600 hours). Now, I have been preparing for level 3 since Sept at full speed. Sorry, for the long thread. I will conclude with two main questions: 1) How do you see obtaining the CFA designation will benefit you and your career goal? 2) What suggestions would you have for someone wishing to get into wealth management area as an entry-level analyst?
fwinqp Wrote: ------------------------------------------------------- > 1) How do you see obtaining the CFA designation > will benefit you and your career goal? > 2) What suggestions would you have for someone > wishing to get into wealth management area as an > entry-level analyst? fwinqp, 1) I cannot provide to you a clear answer to the first question at this time because I am not presently working in wealth/asset/investment management (worked for UBS as an FA during my twenties); though I’ve thought about transitioning back to the securities industry in some investment decision making capacity (presently work in corporate finance for a financial services company), that transition may still be a ways off for now (another year or more). Some ‘common sense and intuition’ implies that the CFA designation should not hinder but perhaps open a door or two to some (at least) future interviews that might not otherwise be available to you without those three letters present on your resume. 2) My simple advice to you on this question is to meet as many different people you can throughout the securities industry (investment bankers, hedge fund/private equity folks, portfolio managers, financial advisors/planners, buy-side/sell-side research analysts, regulators) in order to establish contacts and learn about the multitude of career paths potentially available to you in the industry; that way you can broaden your understanding of what an ‘entry-level analyst’ might mean to you in terms of income and responsibilities and then once you determine where you want to first start in the industry, go down that path. I hope these ideas provide some basic color to your initial thoughts.
Great post. Thanks for taking the time to write. Congrats on the birth of your daughter.
SFG, Thanks for useful and inspiring description of your experience. I’ve always been proponent of CFAI curriculum. Could you please send me last 2 years’ mock to pinal@hotmail.com? thanks very much again. -shah
it’s amazing story you told. thanks for taking the time to share. I am not a 1st time retaker, not a 2nd time retaker…I am stuck in band 10 for the last couple of years and feel very exhausted. I opt out completely for Schweser and will focus on CFAI text. Would you mind also email me your notes/tests/mock tests info? (dreamboutique@yahoo.com) Congratualations, it’s now time to enjoy what you earn and leverage it as well.
Thank you for your time and thought. I really appreciate your advice and the CFA tips you gave. I have been networking and talking to professionals in various finance role to get a hindsight of various responsibility. My problem is I should have thought out what I wanted to do before getting the education needed to reach that goal. Hopefully, I can finish the CFA curriculum this June so I can attend business school in order to land an internship program that would allow me to explore, first hand, various roles in the investment management arena. Especially, those management trainee programs really allow its candidate to explore many roles in the finance profession. Once again, thank you for your advice.
I am also repeating the exam for the 3rd time(hopefully) and I have read your post whenever I get annoyed on myself. Hopefully my agony will be over after six months. Please share your notes/test/other material. (10abc100@gmail.com) Thanks
shah, morecommittment and bills, Check your e-mail. I haven’t been on AF for a few weeks so just now responding. If you haven’t received, let me know.
you an inspiration southfloridayguy
Wasn’t even aware of ‘CFA command words’- I just usually looked for either analyze or calculate. Nice to have a link saying explicitly what each term means- thanks!
Thanks, Got it.
NYCGorilla, Your e-mail did not work, repost again or another working address.
Hi southfloridaguy I made an error in my email ( the one I gave is lost forever) . I am very sorry to bug you again: it is : janakisri@gmail.com Thanks again Sri
Check now janaksiri.