How long before the CFA is worthless....?

I wrote in Toronto, and seriously thought wtf are half of these ppl going to do with this designation? This is a front office designation, and I would question whether most of these people have what it takes to be the face of a financial organization. I am afraid that the CFA is going the way of the MBA…and although I likely passed, I wonder what will become of the designation when I hear that registration is up 50% in 2.5 years. When the street is flooded with a bunch of misfits who have passed the exams but have absolutely no work experience or ability to land a front office job…how will that reflect on those of us who are able to fulfill the practical requirement of the designation… Long story short…make requirements at each level to fulfill a practical component…and for God’s sake…take a look at yourself! If you are not a Type A personality…GO DO YOUR CA OR MBA!.. Had to rant…sorry, needed to get that out… Have a good summer :slight_smile:

which row did you sit in

I know CFA chartholders work in toronto back office, Toronto is second largest base of CFA except New York I guess several years later, the guy who sells hot dogs in bay street would need a CFA charter, haha Man it is not a life saver here but could open for you some interviews if you are the right type of persons Besides, the trading world in Toronto is too small compared with neighbours in south

some people got really decked out in toronto, like they’re going clubbing i even saw a guy writing with cufflinks on it’s pretty funny

I hate the loud music outside for afternoon section… I saw a lot of people taking level 2 the first time, after morning section, everyone looked so happy… poor guys don’t know CFAI would kill them in the afternoon… I am in 40 N

44 N… It can definitely open up doors…but, we are spending 200+ hours of our life studying for this bad boy…I would like it to be worth something when I’m done! Maybe they should charge 2 or 3 times the current fees to take the exam… I would pay no problem. I love this material, but if it starts to go the way of the MBA it just doesn’t seem worth the investment…

yeah, some of my friends who are FSA work in insurance company are also taking CFA… they just love taking exams…

LMAO!..I think I saw the dude in cufflinks That’s how you can ID someone who is trying way to damn hard…ppl who wear suits on the weekend are usually not the ones who wear them on weekdays…at least that has been my experience, just check the clubs on Richmond if you don’t believe me…maybe he thought he would run into someone who was going to interview him for an I Banking job on the spot.

I am also very sick of people who claims that they have passed the exam before the result even came out. After the exam, I heard some jerk in the hallway saying that he have passed, he might have passed, but saying it definitely don’t add value to anyone. The CFA exams have very low barrier to entry, so that is why so many people want to write it. Not all of them are fit for working in investments, but they certainly have the rights to try and you cannot deter them from doing that. I work in asset management and I know quite a few of people (without the designation) who makes elegant comments about how incompetent their colleagues or people from other shops are, when they are not that good themselves. I have a Master degree in Finance, and although I found the CFA to be very challenging, I am not worrying about the value of my degree or the CFA charter because I seek knowledge and not a designation. My clients and employer does not trust me because I have a graduate degree or I am doing my CFA, they trust me because I have the ability to add value of their business and portfolio. If you feel intimidated because so many people are getting the CFA charter, or MBA, then you are not very competent about your abilities and I am sorry to hear that.

jaas Wrote: ------------------------------------------------------- > LMAO!..I think I saw the dude in cufflinks > > That’s how you can ID someone who is trying way to > damn hard…ppl who wear suits on the weekend are > usually not the ones who wear them on > weekdays…at least that has been my experience, > just check the clubs on Richmond if you don’t > believe me…maybe he thought he would run into > someone who was going to interview him for an I > Banking job on the spot. ppl who wear suits on the weekend are > usually not the ones who wear them on > weekdays… can’t agree more, those are people who still had a dream, lol, be real, down to earth, try to do the damn exam first

Takami Wrote: ------------------------------------------------------- > I am also very sick of people who claims that they > have passed the exam before the result even came > out. After the exam, I heard some jerk in the > hallway saying that he have passed, he might have > passed, but saying it definitely don’t add value > to anyone. > > The CFA exams have very low barrier to entry, so > that is why so many people want to write it. Not > all of them are fit for working in investments, > but they certainly have the rights to try and you > cannot deter them from doing that. I work in asset > management and I know quite a few of people > (without the designation) who makes elegant > comments about how incompetent their colleagues or > people from other shops are, when they are not > that good themselves. > > I have a Master degree in Finance, and although I > found the CFA to be very challenging, I am not > worrying about the value of my degree or the CFA > charter because I seek knowledge and not a > designation. My clients and employer does not > trust me because I have a graduate degree or I am > doing my CFA, they trust me because I have the > ability to add value of their business and > portfolio. > > If you feel intimidated because so many people are > getting the CFA charter, or MBA, then you are not > very competent about your abilities and I am sorry > to hear that. can’t agree more. In fact, most of people who claimed in public saying they would pass would most probably not go to pass. CFA exam is a beautiful one that you would feel not so good when you noticed so many traps they give you and you would feel so good if you just filled in every traps CFA puts you into and be happy as well. Great you are in asset management firm, which means to you, you are already inside and you are happy about it. with a master of Finance, CFA is really a learning experience for you. It is sad a lot of dumb people who own the charter, meanwhile some smart one who doesn’t have the charter can’t even get a chance

Takami…you are the one on the defensive my friend! I have a point whether you want to admit it or not. I have a B.Comm and half of my 3rd and 4th year classes were cross listed with MBA classes, so why would I pay 70K to take the same classes over? I accept that ppl have the right to take the exams; however, I signed up to complete something that is relevant to my field of employment and clearly has value. I would enjoy if that value is preserved. I am not working my ass off for nothing… …and to further your point about ppl making comments concerning passing, that sounds about as insecure as you can get, so it’s very curious that you would question my competence. Best of luck, hope you make your clients a fortune…but your point is moot (at best)

I beg to differ. I know for a fact that the core courses in a typical MBA program is usually what you would see in a commerce undergrad, but at the electives they take in the later year are in the graduate level and certainly beyond the scope of what you would see in a undergraduate program. Perhaps I am defending because I also have a graduate degree, but it is a completely different ball game. Mind you, I also have a business undergrad degree.

I think it doesn’t add much value relative to the time investment and efforts in the first place. (I am constantly stoned on this board for my opinion, but that’s how I feel about it). It’s very granular. You see many different aspects of finance, but develop deep knowledge of none. Taken individually pretty much everything in the curriculum is easy. The CFA gives us an idea about alot of things, but gives us very little skills. I would much prefer if they tested less things, but tested them more deeply. Volume doesn’t mean quality.

Its easy, the companies will not let you handle front office if you arent fit enough in terms of your personality…of course there will always be misfits like in every other industry but IMHO, getting a CFA doesnt mean you have the right to a front office job…its just another value add to your resume for opportunities to be able to apply for jobs you feel you might fit in including front office roles. Why would CFA deter anyone by setting even more strict requirements…they are reaping the fees from so many people taking the test - as long as they are concerned, if you feel like taking it, go for it…is how I look at it. I also saw a guy in a suit in the Toronto Center.

In my experience anyone who refers to himself as a type A personality is a complete tool.

SalZ Wrote: ------------------------------------------------------- > Its easy, the companies will not let you handle > front office if you arent fit enough in terms of > your personality…of course there will alsways > be misfits like in every other industry but IMHO, > getting a CFA doesnt mean you have the right to a > front office job…its just another value add to > your resume for opportunities to be able to apply > for jobs you feel you might fit in including front > office roles. > > Why would CFA deter anyone by setting even more > strict requirements…they are reaping the fees > from so many people taking the test - as long as > they are concerned, if you feel like taking it, go > for it…is how I look at it. > > I also saw a guy in a suit in the Toronto Center. haha, man, that’s in theory. If is not CFA or not who work in front office, it is not whether your personality fits or not. It is all the “boy’s club” thinks you fits or not. It is a boy’s club, be what they are and you would be there.

Takami Wrote: ------------------------------------------------------- > I am also very sick of people who claims that they > have passed the exam before the result even came > out. After the exam, I heard some jerk in the > hallway saying that he have passed, he might have > passed, but saying it definitely don’t add value > to anyone. > > The CFA exams have very low barrier to entry, so > that is why so many people want to write it. Not > all of them are fit for working in investments, > but they certainly have the rights to try and you > cannot deter them from doing that. I work in asset > management and I know quite a few of people > (without the designation) who makes elegant > comments about how incompetent their colleagues or > people from other shops are, when they are not > that good themselves. > > I have a Master degree in Finance, and although I > found the CFA to be very challenging, I am not > worrying about the value of my degree or the CFA > charter because I seek knowledge and not a > designation. My clients and employer does not > trust me because I have a graduate degree or I am > doing my CFA, they trust me because I have the > ability to add value of their business and > portfolio. > > If you feel intimidated because so many people are > getting the CFA charter, or MBA, then you are not > very competent about your abilities and I am sorry > to hear that. +100

So why are you sitting for the CFA Kevincwang if I may ask?If you have already established and believe that the front office roles are for people who are part of the club, then the CFA wouldnt do you any good would it?On a different note, if you are already in the old boys club, then you shouldnt have to do it anyway cuz you have already arrived? Just trying to decipher your post.

LMAO! jogaut…say what you want, I am simply drawing reference to a well known social paradigm…someone who posts with no contribution is a real tool. …But to respond to the more intelligent posts…don’t you believe that although CFAI is in it for the money, they are reaping these profits because the perception is that the CFA charter holds value. If they errode that perception, then the model will crumble… Charge me more, but keep the prestige… and I totally agree with Semper - the exam is not that hard. I studied in far more detail than necessary. Make the exam harder, and have it deal with some complex items in detail…