Anyone take the CFA exam? Any thoughts for a newbie to financial world?

I'm in a MS in Management program with a concentration in Financial Management. I have been reading up on the CFA program and I like the idea in working with investment products, doing research and analysis.

Does anyone have any experience with the exam? I have a BBA. Will not having a degree in finance prevent me from succeeding on the exam?

Thanks.

 

I'm not a finance student or a CFA but I do work in a financial services job which has a lot to do with financial analysis. Here's my recommendation... to find out if you really want to do the job, do some fantasy investing. Learn Yahoo! Finance inside and out, set up a mock stock/bond/fund/commodity/index portfolio, do trades in it, see what kind of rate of return you can get, do research on the company in your portfolios through EDGAR SEC filings, reports written by analysts accessible through Yahoo! Finance or Motley Fool, company websites, etc. The nice thing about that job... it's easier than most to get a free feel for exactly what is involved.

I believe financial analysis is a combination of rocket science and Texas Hold'Em. It's both more and less difficult than most people think. Try and see if you really like it before you plunge in. If you do like it, I seriously doubt that not having a finance undergrad degree makes any difference. You'll need some decent math/statistics skills... that and everything else can be picked up at the graduate level.

 

I was thinking about it but I wouldn't have qualifying experience, and at my age I figure why bother. Here's a forum on that topic though:

http://www.analystforum.com/phorums/

I think for the average person the CPA credential is more useful.

 

Thanks for the info! I did get interested in stocks a few years ago when I began in vesting through my company's stock oprions - I just didn't understand all the particulars.

Now, I am more concerned that if I pass Level 1 and have my degree, will I be able to get a good paying job in the field with no experience.

 

SAME

Why not look into the CFE (Certified Fraud Examiner) course and exam offered on-line. If you score about 15-20 on their requirement test (I got a 150) you should try. If accepted, you will be able to utilize their study guide and CD to prepare for the exam. I think you have a year to study the material before taking the test (10 hrs.), in various areas, 2.5 hrs. per area. Fla. Atlantic U. offers a MAcc culminating in the CFE ($30k).

When I get time I'm just going to test-out, for around a grand, and skip the classwork. The exam covers: Criminology & Ethics, Financial Transactions, Fraud Investigation and Legal Elements of Fraud. You don't have to be a CPA, your BBA will suffice, and the concept is to acquire the extensive knowledge and certification as quickly as possible. Very similar to the "Big Three". Just study and test, bypass the rest. Won't hurt to check it out. You may find it interesting and worth the effort + minimal fees.

And, you will be doing financial analysis up the Esel. If you can get clearance, you may be able to work on the terrorist's financial backers through the DOJ, State Dept., HS etc... if you like playing spook games. Rather dull for me, I prefer adrenaline, but bagging a scrote is fun. It looks as if you have the necessary background.

Just Google ACFE and follow the yellow brick road, Grasshopper. Get outa the quagmire.

 

One question to ask is if you want to work with people and their financial world, or only at the institutional level.

If you are interested in working with individuals and small businesses, then start working towards your CFP(r) credentials. You do not need to have this credential to start working in the field, and I recommend you don't wait to sit for the exam to start working in the field. The next thing is to start looking at various firms. Each firm is different, has a different focus, and varying levels of training. You still have the opportunity to use your financial, economic, and statistical analysis skills at this level, along with research.

If, however, your sole interest is at the institutional level, then start towards the CFA. You will need it to start on that road. Your school may have industry contacts that can provide you with specific information for institutional investing, and may even have speakers come in discussing various financial careers. At my alma mater, SJSU, I have been a guest speaker re: financial planning as a career. So, you may want to start there to get information.

I hope this helps.

Russ Blahetka, DBA, CFP(r)

 

Thanks Russ and Clay,

I am more interested in institutional investing. I think I'm going to try to get a job in a firm next year using just my BBA. I hope my plan works and I am able to start studying for the CFA next year.

 

Try Certified Financial Planner (CFP) certification.
Texax A&M - Commerce has a good Online Training Program.

http://www.tamu-commerce.edu/ecofin/faculty/washer/cpd/cpd_cfp.htm

 

I was recently searching for a fee only financial planner. I came accross an individual claiming to have the designation of RFP (Registered Financial Planner). Their site is www.rfpi.com. Does anyone know if this is a reputable organization.

 

Answer is NO . Someone told me this is only an office operated by a couple, granting this designation. Someone also told me in China, there is a seminar charged at approx US$1,000. After attending this seminar, the designation is awarded.