Well when I was preparing for my level 2 exams I was using AF quite often during the last 2 months of my preparation. I used to go through almost every thread many times a day, trying to figure out what the kings and queens of cfa preparation have to say about any particular topic. I promised to myself that I will try and contribute to AF if I pass the exam. As it is I passed the exam and will like to share my experience of how I went about it. Background: I registered for CFA Level 1 exam in august of 2008 knowing that Level 2 will be a difficult thing to crack even if I pass the L 1 exam. I have no finance background whatsoever. Hadnt taken any finance course or anything close to it. There was a economics course in the college but I didnt use to study back then, so all in all I was going to start fresh and venture into the green field of finance(if i can say so). I passed level 1 exam with 2 months of serious preparation ( I was working full time but took off for 3 weeks to prepare for the exam). I would have clocked upwards of 200 hours and prepared notes ( I write down all the important things and explanations on a-4 sheets and revise them over and over again). I used only and only CFAI texts, but because of the lack of time I couldnt finish Fixed Income and Dervatives and Alternatives. All in all out of around 2700 pages of the CFAI books I had finished around 1800 pages. Before the last three days of the exam I did Secret Sauce ( in a day) & skimmed through Schweser’s material on Fixed Income & Alternatives. I only did 2-3 mock tests from the schweser books on the last day before the exam. ( Although I did use Schweser pro to weed out any deficiances , I would have done around 1000 problems from that). I was expecting to pass the exam and luckily I did.( Although I think I would have scored more than 70 percent aggregate but you can never be sure) The result triggered a series of events that were second to only IIT JEE preparations .( IIT-JEE is the joint entrance exam for admission to engineering colleges in india & I reckon is probably the toughest exam you have to take to get into a college) Preparations: 1)Number Of Hours/ Preparation Material I started on 10th February & started with Quants ( I am an engineer so quants is my stronger side). I had to take a break of 5 days from 18th to 23rd due to personal reasons. I would say from march I started regular studying. I used to study atleast 2-4 hours everyday without exception. ( Although 1 day every week was a cooling off day where even if I didnt get much of what I studied or didnt make my standard A-4 notes it was okay). I had worked out my plan backwards and according to it I should have completed 80 percent of the syllabus by May 1 ( 20% consisted of FI and A&D, I am not too fond of derivaties). I took 3 weeks off starting mid may to the exam day. I would have studied 5-10 hours everyday during that duration. All in all I spent around 350-450 hours on the preparation. Out of around 2700 pages of the CFAI texts I had read about 2500 pages. I didnt read Schweser except for the Secret Sauce & I also used Schweser videos and Schweser pro. 2)Problems Faced/Critical Components Of Preparation: There is no doubt in my mind that Level 2 in atleast 2-5 times more difficult than level 1( depends on the background also). The problems faced were immense sometimes and their ranged varied. However , I would say that the biggest problem that any candidate is going to face at Level 2 is remembering all the stuff. The volumes of stuff that you need to remember are huge. The way I tackled the above was by making notes, which are in a language which is concise and more familiar to you. I think a candidate can have his/her own way of going about this but be sure that you plan in advance to tackle this issue. Other than that the most obvious issue that I faced was the lack of understanding of the subject. I had to go through some of the texts ( pension accounting for ex) over and over again to understand what it really is. The Schweser videos really helped me in doing this. My suggestion will be not to skip any particular section even if you dont understand after multiple attempts. Take help , do anything but nail everything. 3) The Mind Is The Key: No matter what we do in life, our mind will always be the Key. Why I respect the CFA course is not only because it taught me these wonderful things about the world which I always wanted to know but because it instills a discipline in you,without which you cannot crack the exam. Always be determined. Yes, your determination will break down and you might venture into the territory forbidden for you at the point in preparation but the key is to get yourself back on track asap. For me what did the trick was the happiness I will generate for my family and gf. Due to this there was never a dearth of motivation. Have your goals alingned with something good in the world and you will achieve them.( thats kinda my motto, yours can be different, as long as you are truthful about it, its good) On that note I would like to share some gyaan ( please bear with me) : I have seen lots of people here talking about nailing CFA and that they will have their revenge on it or whatever. I dont want to sound insensitive to them but I would suggest you guys not to follow something like that. The thoughts of nailing/destroying/taking revenge are negative and though they might work for you in the short run, in most cases they wont give you long time result. Always keep up determination up by thinking about positive things. Last and the most important… Always know that why are you doing CFA and always do it for the right reason. I did it because I had a hunger to know about things and probably because I like challenges and CFA was a considerable challenge to me. Even if I would have failed it wouldnt have mattered much. I would have registered for Level 2 again on the same day I registered for Level 3. If your reasons are right, even if its success or failure in an exam, you will be on the right path. Finally : There is a lot that I couldnt just write down at one go, its been a real great experience studying for the CFA exams and I hope to continue it starting January next year.I would love to contribute as much as I can on Level 2 forums though as I have mentioned I have never had any formal finance course. I would like to thank all the level 2 veterans ( cpk123,banni girl, philip platt, The Ali Man , cfaboston28 , swaptiongamma and the list just goes on and on ) for all the help that they provided on these forums. Thank You All … P.S Mods please merge this thread with some other if possible ( sorry for the trouble)
Hi Sgarg, Thanks for the detailed information… I would also like to ask you that are you currently into a financial firm because you mentioned you are an engineer, so just wanted to know how you shifted from engineering background to finance… I am curious since I am in the same boat, I am an engineer and currently in to software and planning to switch to finance… currently preparing for L2… Also if you can provide some info on schweser videos, from where did you purchase them!!
esahihoonmain Wrote: ------------------------------------------------------- > Hi Sgarg, > > Thanks for the detailed information… I would also > like to ask you that are you currently into a > financial firm because you mentioned you are an > engineer, so just wanted to know how you shifted > from engineering background to finance… I am > curious since I am in the same boat, I am an > engineer and currently in to software and planning > to switch to finance… currently preparing for > L2… > > Also if you can provide some info on schweser > videos, from where did you purchase them!! Hi I am currently working in the IT division of a bank. No work related to financial domain as such. I do plan to change my job but I dont it will be possible just by passing a level 2 or a level 3 especially in the current scenario. I will be applying for MBA this year or the next and probably will shift my industry then.I downloaded the videos from the internet.
Why wouldnt it possible to get a job even after you pass level 3… Cos even Im frm the same background as you are…s/w Engineer, working in an Ibank and want to switch to the financial world asap… I am new to all this…pls excuse me if Im being kidish…! Thanks!!
haha … an engineering student from India I had guessed and you had to be one. Thanks for the tips mate.
varundarji Wrote: ------------------------------------------------------- > Why wouldnt it possible to get a job even after > you pass level 3… > Cos even Im frm the same background as you > are…s/w Engineer, working in an Ibank and want > to switch to the financial world asap… > > I am new to all this…pls excuse me if Im being > kidish…! > > Thanks!! Hi Varun It wont be possible because of the lack of my ( and probably any s/w engineer’s) experience in the field of finance. To tell you the truth I have searched for some jobs related to finance after level 2 and at best I can get an entry level job in those. These jobs dont pay me as much as my current job and therefore its quite hard to change my domain.Level 3 itself wont change much as I still wont be fulfilling the critical condition of having a work-ex. One of my aim of doing a cfa was to improve my profile so that I can have a little edge while applying for MBA colleges. The B schools definitely value cfa course and the people who are enrolled in it( as I read in an article by a Harvard prof.). My judgement is that if you want to change your domain right after level 2 then it is possible but the oppurtunities are not that sumptuous. Better go for an mba and then change your domain. Also an mba will enable you to look into the bigger picture while you already have in depth knowledge of certain sections a-la cfa. All in all a potent combination in my opinion Regards
>> My judgement is that if you want to change your domain right after level 2 then it is possible but the oppurtunities are not that sumptuous. Better go for an mba and then change your domain.<< There’s another option - accepting an entry level position (typically associate level) in core research, doing well on the job, and pursuing CFA alongside. I have also seen some extremely smart plain-vanilla undergrads succeed at this route even without the CFA or any post-grad education of any sort (but they usually earn salaries 10-20% lower than their more educated counterparts). This may also turn-out to be a “higher NPV” option despite the hit in salary one has to endure because an MBA would set you back (anywhere between 5 lacs to 40) and you are out of the market for 1 or 2 years and then have a prospect (again not an absolute certainty) of getting a job which’ll then help you recoup your MBA fees. Also, I know atleast 2 of my IT engineer friends who did exec MBAs from nationally reputed schools in India and could find a job only in IT - management, not in Marketing or finance which was their orginal intention.
sgarg.cfa, Very interesting and motivating posts. Which class from IIT are you from and where are you located? I am 2005 IIT Delhi.
fordprefect Wrote: ------------------------------------------------------- > sgarg.cfa, Very interesting and motivating posts. > Which class from IIT are you from and where are > you located? I am 2005 IIT Delhi. I didnt make it to IIT’s. I am from 2007 class of IIITA.I am located in Gurgaon
hellboy Wrote: ------------------------------------------------------- >>> > There’s another option - accepting an entry level > position (typically associate level) in core > research, doing well on the job, and pursuing CFA > alongside. I have also seen some extremely smart > plain-vanilla undergrads succeed at this route > even without the CFA or any post-grad education of > any sort (but they usually earn salaries 10-20% > lower than their more educated counterparts). > Hi hellboy I also planned to take up an entry level position in research but the problem that I faced was that while looking for a job( only on job portals) I rarely found a job being offered by an mnc or a company with a good brand name. In such circumstances its really difficult to shift from your decent mnc to a small company. Do you have any information about the positions in research? If possible can you please inform me of any opportunities that are in this domain. Regards Sameer
sgarg.cfa Wrote: ------------------------------------------------------- > varundarji Wrote: > -------------------------------------------------- > ----- > > Why wouldnt it possible to get a job even after > > you pass level 3… > > Cos even Im frm the same background as you > > are…s/w Engineer, working in an Ibank and > want > > to switch to the financial world asap… > > > > I am new to all this…pls excuse me if Im > being > > kidish…! > > > > Thanks!! > > Hi Varun > > It wont be possible because of the lack of my ( > and probably any s/w engineer’s) experience in the > field of finance. To tell you the truth I have > searched for some jobs related to finance after > level 2 and at best I can get an entry level job > in those. These jobs dont pay me as much as my > current job and therefore its quite hard to change > my domain.Level 3 itself wont change much as I > still wont be fulfilling the critical condition of > having a work-ex. One of my aim of doing a cfa > was to improve my profile so that I can have a > little edge while applying for MBA colleges. The B > schools definitely value cfa course and the people > who are enrolled in it( as I read in an article by > a Harvard prof.). > > My judgement is that if you want to change your > domain right after level 2 then it is possible but > the oppurtunities are not that sumptuous. Better > go for an mba and then change your domain. Also an > mba will enable you to look into the bigger > picture while you already have in depth knowledge > of certain sections a-la cfa. All in all a potent > combination in my opinion > > Regards Hi Sammer, Would you mind telling the average salaries of jobs and which firm you were offered after clearing level 2. I am in the same boat IT work ex , CFA L2 candidate, dreaming of getting into a Top B School.
> > Hi Sammer, > > Would you mind telling the average salaries of > jobs and which firm you were offered after > clearing level 2. > > I am in the same boat IT work ex , CFA L2 > candidate, dreaming of getting into a Top B > School. Hi Abhi Well I only searched for a few jobs on naukri.com. The offers were mainly from some local coaching institutes(in mumbai) and the average salary was around 5lpa. Wasnt offered any salary etc because I didnt apply for a job anywhere. What about you? what does your profile look like and have you applied for jobs elsewhere?
sgarg.cfa Wrote: ------------------------------------------------------- > > > > Hi Sammer, > > > > Would you mind telling the average salaries of > > jobs and which firm you were offered after > > clearing level 2. > > > > I am in the same boat IT work ex , CFA L2 > > candidate, dreaming of getting into a Top B > > School. > > > > Hi Abhi > > Well I only searched for a few jobs on naukri.com. > The offers were mainly from some local coaching > institutes(in mumbai) and the average salary was > around 5lpa. Wasnt offered any salary etc because > I didnt apply for a job anywhere. > > What about you? what does your profile look like > and have you applied for jobs elsewhere? I am getting more and more convinced that India is not receptive to engg + CFA in ER/IM finance role. At max one can get on the derivatives/quantitative side. Not bad actually but thats not what CFA is all about.They would rather hire a 3 rd tier MBA for core finance roles. Regarding jobs I haven’t got any offers as of now but I have only recently floated my resume. Other than having 2 years of IT work ex , I have a bachelors degree from IIT. Sameer were you not contacted by financial KPOs etc. One technique of Naukri is to keep uploading your same CV after 2 weeks as consultants search for the one uploaded most recently.
> > > I am getting more and more convinced that India is > not receptive to engg + CFA in ER/IM finance role. > At max one can get on the derivatives/quantitative > side. Not bad actually but thats not what CFA is > all about.They would rather hire a 3 rd tier MBA > for core finance roles. > > Regarding jobs I haven’t got any offers as of now > but I have only recently floated my resume. > > Other than having 2 years of IT work ex , I have a > bachelors degree from IIT. > > Sameer were you not contacted by financial KPOs > etc. > > One technique of Naukri is to keep uploading your > same CV after 2 weeks as consultants search for > the one uploaded most recently. Nops I wasnt contacted by any KPO’s though I did update my resume only last month. Suprisingly there were many offers from other IT companies for the same role that I have in my current company. Did you try companies like morg stan. ,gold sachs , etc I am also looking for a Business analyst role if possible. Let me know if you have any pointers.
sgarg.cfa Wrote: ------------------------------------------------------- > > > > > > I am getting more and more convinced that India > is > > not receptive to engg + CFA in ER/IM finance > role. > > At max one can get on the > derivatives/quantitative > > side. Not bad actually but thats not what CFA > is > > all about.They would rather hire a 3 rd tier > MBA > > for core finance roles. > > > > Regarding jobs I haven’t got any offers as of > now > > but I have only recently floated my resume. > > > > Other than having 2 years of IT work ex , I have > a > > bachelors degree from IIT. > > > > Sameer were you not contacted by financial KPOs > > etc. > > > > One technique of Naukri is to keep uploading > your > > same CV after 2 weeks as consultants search for > > the one uploaded most recently. > > > Nops I wasnt contacted by any KPO’s though I did > update my resume only last month. Suprisingly > there were many offers from other IT companies for > the same role that I have in my current company. > > Did you try companies like morg stan. ,gold sachs > , etc > > I am also looking for a Business analyst role if > possible. Let me know if you have any pointers. I Banks hire through contacts/consultants. Contacts work the best as there is a chance that your CV may not deserve the attention due to the ignorant attitude of consultants. Plus if you are applying for US MBA programs, it helps to attend their info sessions.
Friends, Can u please share the level 2 notes with me?
sgarg.cfa: Thanks for sharing your experience. I am preparing for Level 2 exam, just started to go thru’ CFA books. Greatly appreciate it if you could share your notes with us. Can I bother you to mail your notes to my mail id: srideviraviraj@yahoo.com
this is #1
Auro Wrote: ------------------------------------------------------- > sgarg.cfa: > > Thanks for sharing your experience. > > I am preparing for Level 2 exam, just started to > go thru’ CFA books. Greatly appreciate it if you > could share your notes with us. > > Can I bother you to mail your notes to my mail id: > srideviraviraj@yahoo.com Hi mate I have a hard copy of my notes. I will need to scan them and then send you. There are around 300-400 pages and its going to take a long time to do that. If you are located out of NCR then we can meet up and I can give you some of my notes else it will be difficult for me to mail them to you as i dont have a scanner. Regards
sgarg.cfa worte ------------------------------------- I have a hard copy of my notes. I will need to scan them and then send you. There are around 300-400 pages and its going to take a long time to do that. If you are located out of NCR then we can meet up and I can give you some of my notes else it will be difficult for me to mail them to you as i dont have a scanner. ----------------------------------- Just to clarify, what is NCR? I am staying in Singapore, so we can’t meet. Any way thanks for your reponse to share your notes. Hopefully, I will take down my own notes. cheers:-)