Dear Friends

I am planning to appear for CFA Level I, June 2010. I do have few questions.

1. Does CFA institute Provide the books when you register for exam?it seemed like that

2. I am planning to use Schweser Notes study package, which version should i buy to get the results, I dont want to spend a fortune but i do want something thats absolutely necessary.

3. How difficult is it and does having a strong accounting background help?

Thank you in advance for replying.

1. Does CFA institute Provide the books when you register for exam?it seemed like that

I think you pay for it all together, and they send you the books (6 in total).

2. I am planning to use Schweser Notes study package, which version should i buy to get the results, I dont want to spend a fortune but i do want something thats absolutely necessary.

Latest version. They offer two volumes of practice questions that you may consider buying. But I'm not sure how much it costs; I never bought it.

3. How difficult is it and does having a strong accounting background help?

About 20% of the questions is Level 1 exam comes from Financial Reporting and Analysis. A strong Accounting background will certainly help. And it's good if you also have some knowledge of International Accounting (IASB).

I think CFA books are excellent way to prepare. They are, however, very lengthy and detailed. If you graduated within the last few years in a related degree and work full time it may be wise to invest in vendor publications that provide a condensed version of the same material. If everything is new to you - I strongly advise that you read the CFA books first.

This is swaying away from the topic, but do you guys currently work in some aspect of investment management or a related area, or aspiring to get your foot in the door? Also, what investment style(s) interest you.

JB

I am planning to take the CFA level 1 in december 2010. Do you guys think that 6 months is enough time to prepare for level 2 considering that I would most likely be working full time during that period? Will studying around 20 hours a week for 6 months be good enough?

When I took the level 1 in June 2009, I started in the middle of March
and took the exam on June 6 (somewhere around two and a half months).
But I dedicate that whole time just to prepare for the exam and nothing
else, plus I had a strong background in Finance, Accounting, Stats,
etc. Having said that, how much you need to study/dedicate your time to pass the Level 1 exam depends on how quickly you can grasp the material. CFA Institute's material (read it somewhere) said that you need to dedicate at least 250 hours, but it differs individually.

Thank you all for the Response. Now i am in dilemma though my friend says CFA doesnt add much to the resume since i am planning to get my MBA in finance. I am so confused as i already have CPA, insights, guidance and experiences will be appreciated.

sajhababa - It is good that you are thinking ahead, but in reality it is probably best to leave the planning for L2 until you have passed L1. I say this because passing L1 is enough of a worry on its own, until you get to the stage where you can start planning for L2.

onlyassignments - Rather than working from outward in - work from inward out. As opposed to obtaining degrees/certifications and hoping to land any job, first choose a role that overwhelmingly interests you or you are passionate about, and where you think you may have a certain degree of success. I think passion and intelligence is a very powerful combination in the workplace. And suffice to say, never choose a profession solely because of money, dire situations aside.

If you are after an MBA/CFA because you are unahppy being a CPA then this approach probably needs more thought. Both MBAs and CFAs have a definite career path, although MBA is less rigid than a CFA. A few of the charterholders I have networked with at a local chapter, advised that MBA is not required if you strictly plan to work in the investment industry. However, if you do change your mind though the charter is not worth much elsewhere - this is where an MBA could be very valuable given that you get myriads of opportunity to network with alums. CFA does really require dedication, and it is much difficult to attain than an MBA or CPA. But it is only useful if you want to work in the investment world.

Also, depending on where in the career ladder you are, the marketability of your skills will be highly sought after if you are able to form a foundation in a specialization or a niche area within your profession - much tricky without experience, but can be done through research and networking.

A few questions: what kind of career/role are you after? Did you get your accounting experience at a Big Four - if not, where?

Thread with a similar kind of topic: http://sajha.com/sajha/html/OpenThread.cfm?ThreadID=76895

-JB

Please make use of following forums:

http://www.analystforum.com/
http://www.analystnotes.com/

Level 1: It covers all the topics, but just an overview(not in-depth)!! I am not from business/account background, so FSA took me more time to study!!(My  target L1/June 2010)
-> I use CFA books, I travel a lot, but the book is an easy read. I could read it while flying around or in airports and still grasp the gist of the chapters!!
->also i have a online note from (http://www.analystnotes.com/) which i use it to take end chapter test during my lunch break or free time.

I feel L2 and L3 will go into much detail!

CFA for me is a challenge and something to widen my horizon!!

JavaBeans,

I liked your response. Thank you for pointing that out. Yes, MBA and CFA program are different areas of study. If it helps to understand the rest of the folks this way, then consider this - an MBA educates you "broadly" in different areas of study, e.g. one class of Finance, one class of Marketing, one class of Management, etc. with additional classes in your major (i.e. if you are a Management major, then you end up taking several additional Management classes). The CFA program educates you "deeply" in the areas of study useful in Finance/Investment, which I don't think an MBA program does. For example, (with all due respect to these areas), you don't need to study Marketing, Management, Logistics, etc. for getting your CFA charter. But you may have to study this in your MBA program.

And like the way JavaBeans said, MBA is marketable in more industries than CFA is. I have come across some white folks here in the US who don't even know what CFA stands for, but if I tell them that I am pursing my MBA too, they react right away (Oh, so you're getting your MBA!).

By the way, I am doing my MBA in Finance. So, I can tell that MBA (Finance) is not the same as the CFA program although they overlap at several areas.

By the way, there is also a new group called "Nepalese Finance Professionals" in Facebook that you may consider joining. Hopefully, it will help to network with some folks who are genuinely pursuing a career in our field of interest.

Thanks JB

Its not like I am unhappy being a CPA, or just trying to land a job, I work as an accountant for a CPA firm(not the big though) . It is a bit complex, I want to work in the investment field but i do need a masters because i graduated from a not so great college, which certainly undermines my ability. That is one of the reasons for my inability to decide. Thank you all for the input.