Passing all 3 levels but not having work experience...

Hey guys, I am a level 3 candidate who recently got rejected for affiliate membership because my 2 years of work experience did not qualify. I am starting a new job in a couple of weeks in the consulting ( not personal consulting) field and I’m wondering if my new job is even going to count, it’s like I have to wait a year and apply for affiliate membership again to even see?? Any stories here about people who have passed all 3 exams but dont have the work experience, how they dealt with it ( would you leave a good job to go and gain the work experience? )and any other information would be greatly appreciated. EXAMPLE, from the sample job title list, there is “client service representative”, but what client service representative “evaluates or applies financial, economic, and/or statistical data as part of the investment decision-making process” This I do not understand. ****FROM THE CFAI WEBSITE****: Sample Job Titles Titles alone cannot determine your qualifications for regular membership. You must spend at least 50% of your time in the investment decision-making process. Client service representative or relationship manager Compliance analyst/officer Investment consultant Corporate chief financial officer Corporate finance analyst Investment banking analyst Derivatives analyst Economist Institutional sales professional/business development (buy and sell side) Investment strategist Portfolio manager Private client investment advisor Professor/Instructor Quantitative investment or risk analyst Real estate investment manager Regulator Supervisor of investment firm Security/investment analyst Securities trader Valuator of closely held business Venture capital analyst Acceptable professional work experience as it relates to applicants seeking to become charterholder members, or regular members, includes activities that consist to a majority extent of: (i) evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments, which includes, but is not limited to, publicly traded and privately placed stocks, bonds, and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these other investment assets are held as part of a diversified, securities-oriented investment portfolio; or (ii) supervising, directly or indirectly, persons who practice such activities; or (iii) teaching such activities. The following job titles are provided as a guide only. Job titles alone cannot convey the true nature of the underlying job duties. Therefore, to assess professional work experience, evaluate the nature of your job activity, as described previously, rather than merely the job title. Please be as descriptive as possible when submitting your work experience.

that is unfortunate. I know 3 CFAs who got their experience through discount brokerage experience. true story.

i guess it all relies on your sponsors verifying that you actually do those activites, I mean ive never heard of a story where cfai actually conducts an investigation, i think my problem was one of my sponsors said i do perform those activities and another sponsor stated that i didnt. But it’s too late to use that job so 2 years are gone, i guess after a year at my new company, i make sure I review the information the sponsors place is/are relevant.

FrankArabia Wrote: ------------------------------------------------------- > that is unfortunate. I know 3 CFAs who got their > experience through discount brokerage experience. > true story. with the new rules?

oskigo Wrote: ------------------------------------------------------- > FrankArabia Wrote: > -------------------------------------------------- > ----- > > that is unfortunate. I know 3 CFAs who got > their > > experience through discount brokerage > experience. > > true story. > > > with the new rules? not sure. i’ll check.

I passed level 3 in August, but don’t have any work experience. I’m one of those IT schmuck’s who thought that the CFA program would help with a career transition (yeah, yeah I now know better). I had been attending the local CFA society meetings in order to network, so far it’s been helpful. Because I was a candidate last year I was on the local society’s mail list and they gave me the member discount on luncheons. However they recently took me off their list because they got an updated list from the CFAI. So I called my friends at the CFAI. They told me to get my name back on their mailing list I could be come a CFAI affiliate member even though I have no experience. So I went through the process of applying for membership and getting sponsors. It was pretty embarrassing asking my boss who can more spell CFA than tell me the value of the program to sponsor me. Now that my application is complete I’m waiting for them to get back to me. If I don’t get the affiliate membership, we’ll I’m going to call my CFAI buddies back and there will be some heads rolling.

JonnyDee Wrote: ------------------------------------------------------- > I passed level 3 in August, but don’t have any > work experience. I’m one of those IT schmuck’s > who thought that the CFA program would help with a > career transition (yeah, yeah I now know better). > I had been attending the local CFA society > meetings in order to network, so far it’s been > helpful. Because I was a candidate last year I > was on the local society’s mail list and they gave > me the member discount on luncheons. However they > recently took me off their list because they got > an updated list from the CFAI. So I called my > friends at the CFAI. They told me to get my name > back on their mailing list I could be come a CFAI > affiliate member even though I have no experience. > So I went through the process of applying for > membership and getting sponsors. It was pretty > embarrassing asking my boss who can more spell CFA > than tell me the value of the program to sponsor > me. Now that my application is complete I’m > waiting for them to get back to me. If I don’t > get the affiliate membership, we’ll I’m going to > call my CFAI buddies back and there will be some > heads rolling. When you say IT experience I’m guessing that means programming, etc, experience? And you passed level 3 and can’t find a job? Where are you located and what salary range are you looking for? I’m trying to figure it out- either you’re located in Bumblef*ck, Alabama or you’re looking for $150,000.

It’s a combination of being near south of Bumblef*ck, Alabama and lacking experience. I’m slowly building a network of investment management contacts and I recently took an operations job with an investment firm to get a foot in the door.

you don’t need work experience for affiliate membership… to be a full member you do.

jeff you need 12 months relevant work experience and passed at least L1 for affiliate.

not at my local society…

The local society rules are different than the CFAI’s rules. Society’s rules aren’t all the same either.

I may be faced with that same problem, but right now I’m worrying more about passing level 2 than anything else. I feel the pain of the original poster and that of JohnDee, but for me, I’m pretty much set on staying in the tech industry though more in the startup world, so for me having the CFA is for dealing with VCs and angels. Besides, I’m sure that as one of the founders, I’ll be up to my eyeballs in financial models that the experience will count. Besides, I guess I can always name myself the CFO.