What do you tell people...

What do you generally say when asked, “What can you do with a CFA?” I find it interesting how the majority of people I meet who work outside of finance have no idea what the CFA designation is and what you are able to accomplish having it. That being said, I have difficulty giving them a good answer to the question above. Ineveitably they say, “so you just want to be an analyst?”

yesterday a VP in my company who himself is a CFA asked me that question. He also said I have wasted 3 years of my life (he is done in 2003). It doesn’t help me in my work.

“Why yes, I do want to be a financial planner” T/G

cfa boston, what do you do?

I was at a client meeting the other day (non-profit endowment) with their “investment committee.” Mostly local yocals who appreciate that we do a good job for them and usually ask questions such as “how do you see things going forward” etc. But there is always one in every group who think he is pretty smart. So he asks what we think the US dollar is going to do. I tell him I have no idea, but the kind of companies we buy have a bit of exposure internationally and we should do fine barring any complete implosion. So he says that we are naive and continues to ask how we are hedging (we do none.) And do you own any gold? No. Any euros? No. We are a long-only, domestic value manager. We buy great companies at reasonable prices. He kept on. So I let him have it. He picked the wrong time to piss me off. So I went to the whiteboard and wrote out the ICAPM calculation and asked if his concern was the foreign currency risk premium, the global beta, the global risk premium or the sensitivy of the assets in the domestic currency to that of the foreign currency. I also asked him if he thought the expected spot in the FCRP was valid. He didn’t know whether to sh!# or go blind. It almost made all of the studying worth it. A lot of the stuff doesn’t help, but a lot of it has made me much better at my job.

^ a moment to live for. Awesome.

i’d say the cfa societies have amazing job lines. pretty much most good financial analytical type jobs go thru there now… unfortunately, industry outlook is terrible right now and is almost assuredly in long-term decline. all the more reason to be highly qualified. BTW, i am saying the joblines are great… but i also learned alot from the studying for CFA2 and enjoyed it alot.

westbruin: You are by far not the only offender, but “a lot” is two words. I can see how you might think otherwise because it is likely the most common grammatical mistake on this board. A little pet peeve of mine. Now if I could just eliminate the exclamation mark, my work on this earth would be done.

Goes to eleven, that is priceless…always nice to show up someone who doesn’t know his ass from his elbow. Am fortunate that i live in a town where most everyone not only knows what the CFA designation is but knows what it takes to achieve…i have housewife friends who have the designation. My parents on the other hand have no idea and i can’t explain it to them, just like i could never explain to them how i made money trading options.

goes to eleven Wrote: ------------------------------------------------------- > westbruin: > > You are by far not the only offender, but “a lot” > is two words. I can see how you might think > otherwise because it is likely the most common > grammatical mistake on this board. > > A little pet peeve of mine. > > Now if I could just eliminate the exclamation > mark, my work on this earth would be done. Wow, I can’t believe you called him out on “alot”. I mean, I know it’s two words, but jeeeeze. I’m a smart guy with a few degrees under my belt and I spell it like “alot” sometimes. I mean, I would totally understand if he said something like “irregardless” or “supposebly”, but “alot”? I think you’re still pissed from the ICAPM dude. btw, totally agree with you on the exclamation point!!! It is a useless grammatical tool that should be eliminated!!!

goes to eleven Wrote: ------------------------------------------------------- > I was at a client meeting the other day > (non-profit endowment) with their “investment > committee.” Mostly local yocals who appreciate > that we do a good job for them and usually ask > questions such as “how do you see things going > forward” etc. But there is always one in every > group who think he is pretty smart. > > So he asks what we think the US dollar is going to > do. I tell him I have no idea, but the kind of > companies we buy have a bit of exposure > internationally and we should do fine barring any > complete implosion. So he says that we are naive > and continues to ask how we are hedging (we do > none.) And do you own any gold? No. Any euros? > No. We are a long-only, domestic value manager. > We buy great companies at reasonable prices. He > kept on. > > So I let him have it. He picked the wrong time to > piss me off. So I went to the whiteboard and > wrote out the ICAPM calculation and asked if his > concern was the foreign currency risk premium, the > global beta, the global risk premium or the > sensitivy of the assets in the domestic currency > to that of the foreign currency. I also asked him > if he thought the expected spot in the FCRP was > valid. > > He didn’t know whether to sh!# or go blind. It > almost made all of the studying worth it. > > A lot of the stuff doesn’t help, but a lot of it > has made me much better at my job. You should get a CFA gold star for that performance! Kudos!

exclamation point? fuhgeddaboudit… what irks me is the misplaced apostrophe, as in “we hired three CFA’s last year”, “kudo’s”, or “starbuck’s”. ARGHHH But I am guilty of overusing the exclamation point. good for you goes to eleven! I also used some of this yesterday at work to try to shut down a KIA (Know It All), started talking about how on trading securities you have to recognize unrealized G/L on the income statement, fas 133, fas 157 etc, ha! “local yocals” hahaahaha! I think it’s local yokels but I love your version.

ahem, Smarsy, “jeez” actually only has two “e’s” – yeah, sorry, one of my pet peeves I had to point out

ahem, monte carlo, but Smarshy has an “h” in it. Sorry, just a little pet peeve

Smarshy Wrote: ------------------------------------------------------- > ahem, monte carlo, but Smarshy has an “h” in it. > Sorry, just a little pet peeve Smarshy, the first letter of “ahem” should have been capitalized.

if this is digressing into online pet peeves: lose/loose loose is not a verb, lose is the verb, if you aren’t sure then think: I want to lose weight to have loose jeans. (drives me nuts when I see that)

also … affect vs. effect. ARGGH It’s “Studying for the CFA exam has really affected my sanity”, and “the effect of studying so much for the CFA was that I was finally able to understand foreign currency translation”

My favorite: What are you doing this weekend? Me: Studying for the CFA. CFA? Me: Chartered Financial Analyst What is that? Wait, did you say the CPA? Me: …Yes.

^ yep or, Co-worker: What are you doing this weekend? Me: studying for the CFA. Co-worker: Oh yeah? I remember when I was studying for my series 7, I’m sure it’s just like that… Me: …yeah…identical…

CFA is worth more than a phd. I know five CFAs who dropped PhD from their business cards and replaced it with the CFA. Says it helps them to fit in with clients better.