Uni student wants to take CFA exam

Hi everybody I’m a 3rd year student studying BCom(Finance)/LLB (5 year program). The BCom component will be finished at the conclusion of this year. What I would like to do is to take the CFA Level I examination this December and possibly take the Level II in my 5th year. I do realise that the requirements for the sitting of the examination are: holding a bachelor’s degree or equivalent, work experience, or being a final-year student. What I am trying to ask is: are the guys who accept applications that strict? I’ve read the sample exam questions and the finance, economics and accounting questions seem very similar to those in my uni exams so I was hoping to get the 1st exam out of the way while the content was still fresh in my head (after a few weeks of intensive review of course). Anyone else is a similar position or knows someone who is? Any advice is greatly appreciated.

You can take the Level 1 exam while in your final year of university. You may only register to take L2 after you have your university degree in hand. I would strongly advise that you do not try to circumvent the policy. It could result in the termination of your candidacy if you were found out to have lied on your L2 registration. From CFA website: Requirements Become a candidate 1. Fulfill the entrance requirements. You must: Have a U.S. bachelor’s (or equivalent) degree or be in the final year of your bachelor’s degree program at the time of registration, scheduled to receive a bachelor’s degree (students who successfully complete Level I of the CFA examination will not be allowed to progress to level II until CFA Institute receives degree confirmation); or have four years of qualified, professional work experience or a combination of work and college experience that totals at least four years Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility) Be prepared to take the exams in English 2. Sign up for your first exam. Registering for the first exam also enrolls you as a candidate in the CFA Program. Requires one-time program enrollment fee in addition to exam registration fee.

Thanks for the response. I can understand what you’re pointing out. However, in the first requirement, it states “U.S. bachelor’s (or equivalent) degree”. I am doing 2 degrees, with all the subjects (core and elective) in one degree completed at the end of this year. Couldn’t this be taken as the completion of an equivalent of a degree?

It’s pretty simple. If you hold a degree from a university you may register for Level 2. It doesn’t matter if you’ve finished all the requirements. The university actually has to grant you an equivalent degree of some kind before you register.

One side note: It’s going to take a lot more than a few weeks of studying.

how serious do they (CFAI) take it? bout as serious as airport security take passengers making jokes about a bomb in their bag… You either got the bit of paper in your hand on the day you register or you don’t. Wouldn’t want to try to get around the rule (or airport security either!) They will find out - they just look at the date on the degree and compare it to the date of registration - it’s not rocket surgery. Ethics (eg lying on application) will make or break whether you get the CFA designation + also in your career… good luck

Danteshek: Did you mean Level 1 or Level 2? Because if you meant Level 2, then what is your point? I hope I don’t come across as rude but I am interested in sitting the Level 1 examination not Level 2 yet. null&nuller: When you said “You either got the bit of paper in your hand on the day you register or you don’t”, did you mean the bit of paper that one obtains upon graduation? Because if you had looked at Danteshek’s first post, you would have realised that you don’t NEED the “bit of paper” to sit the first examination. Thanks for the responses. I’ll most likely sit it in December 2009.

If you are in the final year of studies for A degree, you may sit for Level 1. So, you may sit for level one in June 08 or Dec 08 if you will RECEIVE your Bcomm in June 08. You may only register for Level 2 once you ALREADY HAVE your Bcomm, so the earliest you can sit for that is June 09 PROVIDED you ALREADY HAVE the degree before you register. I don’t see why you think this is complicated.

Yep that’s fine thanks. Never thought it was complicated. I knew that, but it was just that I don’t actually get the degree until I finish both components unless I take up some general education courses which is a waste of time. I’ll do it after 4 years of uni.