Should I look for work or study

[ninja_economist]

@1recho

Can’t believe none of you mentioned how OP could evaluate the best outcome.

Possible actions:

1. Study full-time (12 hr/day): 50% chance of losing your principal i.e. failing L3 (worth $-10,000 in emotional cost); 50% of passing and feeling good about yourself (worth +ve $1000, say) or bad because it doesn’t help you further in career or job search (-$1000). Net NPV -$5000.

2. Study 2-3 hours, play with kids 2-3 hours, half-time job search: 1/6 less negative NPV of study + very high NPV from playing with kids [*] + half the NPV of jobsearch (0), clearly the winner

3. Job search full time: 99% chance of rejection (say worth -$10,000) vs 1% chance of succes with an annuity-like lottery payoff = worth $100,000 (easy to get base salary) / 10% discount rate for perpetuity = $1M (what the job is worth over your lifetime) * 1% chance of getting it = $10,000; so net 0 NPV.

[*] The time value of time with kids, while high per hour, declines with their age - as years go by, it’s less important that you play with them as they develop their own interests and friends and life; so using TVM calculations with a negative discount rate, the NPV should be quite high.

Mindf*ck!

[Alladin]

@1recho

Can’t believe none of you mentioned how OP could evaluate the best outcome.

Possible actions:

1. Study full-time (12 hr/day): 50% chance of losing your principal i.e. failing L3 (worth $-10,000 in emotional cost); 50% of passing and feeling good about yourself (worth +ve $1000, say) or bad because it doesn’t help you further in career or job search (-$1000). Net NPV -$5000.

2. Study 2-3 hours, play with kids 2-3 hours, half-time job search: 1/6 less negative NPV of study + very high NPV from playing with kids [*] + half the NPV of jobsearch (0), clearly the winner

3. Job search full time: 99% chance of rejection (say worth -$10,000) vs 1% chance of succes with an annuity-like lottery payoff = worth $100,000 (easy to get base salary) / 10% discount rate for perpetuity = $1M (what the job is worth over your lifetime) * 1% chance of getting it = $10,000; so net 0 NPV.

[*] The time value of time with kids, while high per hour, declines with their age - as years go by, it’s less important that you play with them as they develop their own interests and friends and life; so using TVM calculations with a negative discount rate, the NPV should be quite high.

[atheisten]

Hahaha, yeah I pick option number 2

[sumz]

You are in similar situation as I am. I was getting no solid response from the companies so I decided to stick to studying.

http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91317013

[4yearguy]

I too think your husband is spot on. Two hours per day is enough for job search. Force yourself to be very directed in those two hours. You have a lot invested in CFA, and you should complete it ASAP. If you study hard in Feb-April, in May and June, you can intensify your job search and hopefully land something new by mid-summer or fall.

[Wendy]

@spunboy

In my job search recently, I’ve found that there hasn’t been a big distinction between being an L3 candidate and having the charter. Employers I have interviewed with focused predominantly on my experience.

+1 on this. I think you’ll be surprised how Little the change from L2 candidate to L3 candidate to L3 passer to CFA charterholder will make in your job search. Employers primarily care about your experience, not your credentials.

@blackomen

You probably can do 1/2 study, 1/2 job search now… progressively shift your weights towards more study, less job search as time goes by.

+1 on this too. If you work/study like a fulltime job (40 hrs/wk) between today and exam day, that will add up to about 700 hours. Even studying only 50% of the time adds up to about 350 hours; plenty to pass the exam.

[breadmaker]

@Wendy

@blackomen

You probably can do 1/2 study, 1/2 job search now… progressively shift your weights towards more study, less job search as time goes by.

+1 on this too. If you work/study like a fulltime job (40 hrs/wk) between today and exam day, that will add up to about 700 hours. Even studying only 50% of the time adds up to about 350 hours; plenty to pass the exam.

Nicely put!!! Plus OP gets to spend quality time with the family!!

[TinTin97]

Thanks for all your comments. I am trying my best to balance job search, study and family time. Just spent the afternoon at Toronto zoo:) Will have an interview next week. Got one last week but the hiring manager thought I was over-qualified for that junior position and he didn’t believe I would stay in that position for more than three months. I should have removed the CFA part from my resume. He was right though, as I thought that one was a half decent job, which was better than nothing. But I still felt pissed as he was so blunt about it (he literally said it was the CFA thing that disqualified me!!!) So be aware, only mention CFA on your resume when the job posting requires a CFA. Good luck to all of you. I am going to read to my daughter:)

[Wendy]

@TinTin97

the hiring manager thought I was over-qualified for that junior position… he literally said it was the CFA thing that disqualified me!!!

Having the CFA can be a liability… I think that most hiring managers would prefer that their subordinates have fewer fancy credentials than the hiring manager has.

[Giovanni]

I just passed level 1 and I have the same dilemma as you. I just registered for level 2 today and I think it was the right move. If you have a supportive domestic situation, why not take the opportunity. It may not be there later due to circumstances outside of your control.

[Alladin]

@TinTin97

Thanks for all your comments. I am trying my best to balance job search, study and family time. Just spent the afternoon at Toronto zoo:) Will have an interview next week. Got one last week but the hiring manager thought I was over-qualified for that junior position and he didn’t believe I would stay in that position for more than three months. I should have removed the CFA part from my resume. He was right though, as I thought that one was a half decent job, which was better than nothing. But I still felt pissed as he was so blunt about it (he literally said it was the CFA thing that disqualified me!!!) So be aware, only mention CFA on your resume when the job posting requires a CFA. Good luck to all of you. I am going to read to my daughter:)

[darthplow]

Thats a stupid question

[ninja_economist]

@darthplow

Thats a stupid question

Thanks for the valuable insight Einstein.

[former_trader]

Who said there is never stupid questions, just stupid people? I remember someone using that quote.

[Greenman72]

@former_trader

Who said there is never stupid questions, just stupid people? I remember someone using that quote.

http://despair.com/cluelessness.html

I, too, now find myself out of a job, and currently looking. My company had to downsize, and unfortunately, I was the least senior person there. (In other words, I wasn’t a partner or a manager.)

I am studying and looking for work at the same time. I spend a couple hours a day looking for work (and posting on AF), then another 3-5 hours studying. I don’t study every day, but I do try to study 4 days a week or so. I’ve either got to study now or study in April and May.

I see others who ask, “Should I study or look for a job?” Looking for a job shouldn’t be an 8-hr per day thing. You should be able to do both. The hard question is–what if I get a job? Then how do I study?

I’ll let you know how that one goes.

[Alladin]

The most interesting question i have heard is this : What is the square root of a pork chop?

[bchad]

An african pork chop or a european pork chop?

[MarginCall]

I would personally say - go either way, just make sure you keep going…

That is, make sure at least of the paths is successful…

Having a great and supportive husband is a fantastic thing but… alas, husbands come and go, and it is our bread-winning skills that we have to rely upon in the end…

In your situation I would probably make CFA exam my preference and go for it. A random job search is fine but I would not rely much upon it. But, again, I do not know how senior you are/ how unique your experience is.

I personally do not think one can do both the exam and the job search simultaneously if the goal is to get a CFA-qualifying job and pass the exam - no matter how much time you have, one thing will always outweight on the scale of preference. But may be it is just me…

[TinTin97]

Finally got a job!

[lockheed10023]

@TinTin97

Finally got a job!

Awesome! Have a few beers with the hubby!