I’m currently studying to take the Level I exam in December. My main goal is to use the fact that I have passed the Level I exam to boost by resume to make myself more hirable for an entry level Financial Analyst position. In hope that there are a few here that have had the same strategy, how much weight does proof that you passed Level I have in itself to get you a job or a promotion?
Level 1 is a cumulative final for all the college courses that you took (assuming you majored in finance). That’s all L1 is. It means that you learned everything you should have learned in college.
And if you didn’t major in finance, then it means that you’re about on par with a guy who did major in finance.
I don’t know how much a Level 1 pass can “boost resume”. But okay~
I’m doing the same as you.
Although it’s a huge amount of study (for me, with no finance experience) I don’t expect it to get a job on its own. We also need other ways to stand out.
So why shouldnt someone who passes level 1 be able to get entry-level finance jobs just like someone with a finance degree?
Someone could very well do that. I’d say passing Level 1 would be a minor boost to the resume.
I disagree and think it significantly will help someone who is trying to break into the finance world. If nothing else, it at least shows motivation that you are studying/passed level 1. Most new grads cannot say the same. It helped me very much.
I’m also taking L1 in this December. I have been told that it will enrich the resume at least to get entered in profession.
It may help minorly in the screening process, but it will not get you a job.
Networking and technical skills are probably the best way to get into an entry level analyst position.
Do you have any idea about the job description of the position you have in mind?
You’re better off with CMA if the position is corporate financial analyst.
I have been hiring people into AM and ER for a while. Passing L1 means nothing for many reasons, one of them is because so many people have passed L1 /L2 it doesn’t differentiate squat. And I would always choose someone with relevant work experience over some back office person that passed L1 or L2
^^^^ We are talking about entry level positions, though. Of course someone with experience would be selected first. Thats not entry-level.
This is just about if a finance degree and passing level one are considered to be inter-changable.
Yeah it helps, people mostly care that you’re enrolled I think, but it doesn’t distinguish you.
I recently interviewed for some ibanking and equity research entry level positions in Toronto and one of the guys who I met with told me they had 600 resumés to get through before they narrowed it down to a round of 15.
You can guarantee every single resume that made it to the interview round had CFA credentials or better. I interviewed for 2 ibanks, 4 equity research associate positions and 1 hedge fund and I can assure you I wouldn’t have gotten through the resumé stage on any of them had I note networked my way into the interviews.
Not having any CFA credentials in Toronto certainly can hurt you, it raises skepticism and they’re not going to run you through a full test in your early interviews so that skepticism can be tough to slay. You’re up against a bunch of overachievers if you make it to the interview stage and why should they take the risk on you with less formal criteria?
Having level 1 doesn’t help you a ton, but not having it definitely hurts you. Don’t think buildng paper credentials is your meal ticket though, network and jump the queue into the interview stage, then after that it’s a bit of a crapshoot where you need to get lucky and be the oddly shaped piece that fits the hole they are looking to fill.
That was my experience at least
I applied for a new job after finishing L1. Part of the job requirement was “applicant is a CFA charterholder”. By having the L1 pass in my CV and relating to the program in my cover letter, I was able to get my foot in the door. I did well in the interview and got the job. So my point is, that passing the first test can definately help.
did you mean the job wanted “CFA candidate”?
L1 and CFA charterholder aren’t even remotely on the same level
They were looking for a charterholder. But by ensuring them that I am pursuing the charter, which I could demonstrate by passing L1, I got a chance to interview for the job.
I think Level x Candidate sounds better than Passed Level I n years ago. I think that’s even true of Level I Candidate - it means you are making an effort to gain additional skills/knowledge.