Also, I will be putting in a total of about 500 hrs for L1 by the end of it all… (since I am trying to make sense of why of things rather than just how… and also because of no financial background, everything takes much more time… spent a lot of time on balance sheet and cashflow stmnts) I don’t think L2 and L3 will be any different… plus, this is all theory (at least as of now) I still don’t know how to work things out in an excel, make actual investments etc which will take many more hours…
Hey Anish, Thanks for your reply. I understand what you are trying to say. However since I don’t have any finance background/work experience I am not sure if just clearing all 3 levels of CFA would get me an opportunity to switch to finance from engineering so do not want to raise my expectations. Also I don’t know if one can clear all 3 levels without having any financial work experience. Having said that if I get an opportunity passing CFA(all levels) by all means I would like to make that career change. So to be clear I will summarize. 1) My main intention behind pursuing CFA is to make a career change. 2)If not successful in 1 above at least be able to leverage my CFA knowledge to make sound investment decisions for myself - now that might be by trading equities,futures,commodities anything(Most of which I don’t understand today but hopefully will understand by the time I pass CFA). Questions to all experts: 1)Does my thinking as stated above make any sense? - I don’t mind hearing I am totally insane here so please tell me if I am. 2) Is it possible to clear all 3 levels of CFA with sheer theory? - I mean no practical knowledge and still achieve what I stated in 1 above? as I neither have any financial experience nor would be able to get one before clearing CFA levels. Anish - I would like to exchange some views with you via email also if you don’t mind.My email is krisham.nayak@gmail.com. Please ping me when you get a chance. Kiakaha - Where are you buddy? Any thoughts on above? Thanks a lot. Amar
Hey Amar, First up: I have no financial background either. No idea whether it’s possible to pass all 3 levels without it but I think the only thing you can do is back yourself. 
I work in a related field to finance and am in daily contact with people in the profession. They are smart, and hardworking, but no smarter/more hardworking than a bunch of people in other jobs. So don’t sell yourself too short, if you are intelligent and willing to put in the effort, you have as good a shot as anyone else. Having said that: I think transitioning in to finance from any other field (engineering included) is difficult, especially in the current economic environment. There is nothing that guarantees you a spot – CFA charter included. However, it will at least get you into the pile of people who might be considered. Considering how much cheaper it is than an MBA or other postgraduate study, i think it’s a worthwhile pursuit, especially if you are also doing it to expand your knowledge (ie not expecting to be handed a job on a plate at the end of it). Good luck and let us know what you decide!
On line lectures and Qbank vs. pass master? (for L1) Thank you for the input in advance
Thank you kiakaha. I have made up my mind and finally registering for level 1 this December. I would be taking 7 day trial on elan once I have books from CFAI . I am planning to spare in an hour to hour and half on weekdays and 4 hours on weekends which would be close to 15 hours per week. Hopefully that should be good to start with. Will keep in touch! Thanks, Amar
Sounds good… key would be regularity… also, try and make notes of whatever you study… else you wouldn’t know how to revise… sure you have eleventh hour n secret sauce etc but what they assume you are already comfortable with, you may not be… (at least in my case)… also I found keeping targets based on readings and study sessions was more meaningful rather than time targets… will ping you and get in touch…
Question : When you register for CFA do you get books as per your level or you get books for all levels together? Thanks, Amar
just the books for your level.