anyone have one? would you do it again? was it worth it?

CFA= Chartered Financial Analyst as well as Chik-Fil-A

I love chik fil a. I like their sauces.

Glad they didn't take away the spicy chicken. Would have revolted.

CFA is tough tough tough. Likely the hardest standardized certification test there is.

Good luck. Are you trying to get into valuation or underwriting?

Outside a top 10 MBA it's a great thing to have. I've hired
A few and been very impressed.

Gotta have a clear path in mind to justify the work

Luckily, I work in Commercial Real Estate in underwriting.

But I would like to make the jump to IB eventually and not coming from a finance undergrad background sorta hinders me.

I just want the designation to prove to future employers that I have the drive and work ethic and smarts, even if I have an Ag Leadership bachelors.

I went and got my masters in real estate finance a couple of years ago, but I would like to jump into IB or a similar field within real estate (REITs, etc). I think the CFA designation would help sorta prove I have the smarts and guts.

From my experience, an MBA is the only sure fire way to break into IB post-grad. I know of very few IB guys with CFA (mostly because hard work at the analyst/associate level doesn't give time to study and trumps any certifications). I also can count the handful of PE guys I know with the CFA, excluding those who are in mezz lending.

Like the poster above said, be sure you can justify the time and effort before attempting.

I am a Level 3 Candidate, sitting in June.

Here is my suggestions:

1. Make sure you really want this, it is a total grind. I have passed both level 1 and 2 the first time, and I can say, even now this is not something for the faint of heart. The exams, you have to absolutely put in the time.
2. You are going to find that there is a wide variety of people taking the exam, very wide variety. Some are using it just to get a job, some are using it to advance in their job, and some are using it so they can move from back office to front office. The previous portfolio manager at the trading shop I was at, was a CFA charter holder and was very instrumental on me seeking it out.
3. Plan to not have a life for 6 months before every exam, most that I have talked with study more than the 300 hours suggested
4. I would not, I repeat would not suggest the exam unless you have a very clear path for why you are doing it, and plan on getting through it all.
5. I do know of several PE houses that have allot of CFA charter holders, some do not. Some require it. And I have seen several job posting, that have this "either a CPA, MBA, or CFA charter..." which tells you where people put it.
6. Level 2 is very quantitative, felt I had a leg up with a background in engineering, and felt FP&A sections were very straight forward. Each level is it's own beast.
7. <removed>
8. Glad I am almost to the finish line, it is sort of a rewarding beating.
9. I would read this book "Direct path to the CFA charter" if you are considering it, read the reddit threads, and go visit Analyst Forum.

Adding to my watchlist. I'll type out a response when I get to a computer.

I'm a charterholder. A couple of my thoughts.

But first, number 7 on the list above feels borderline like it's a code of conduct violation. Not going to tell you what to do, but saying something like that feels like an over representation of the designation which sort of goes against the spirit of the code of conduct and what the program is really trying to address.

Ok to the fun stuff. The program is a lot of work. I passed first time on all 3 exams. Hardest certification exam that there is? I really don't know. I can tell you this: I had about 5 years of direct finance work experience when I started working on the exams as well as a finance degree. I spent anywhere between 200 and 230 hours on each exam and was able to pass. The material base is really broad but if you put in the time on the material, it's not impossible. 200 to 300 hours is a big time commitment, but if you spread it out over 4 months, it's not a life ruiner. My daughter was between the ages of 1.5 to about 3 when I did mine and I was working a lot... my wife nor I didn't feel like I missed out on her childhood in that timeframe and we worked in vacations during prep for 2 of them. I didn't watch much TV for the months running up to it but all that's to just illustrate that it doesn't have to be a total social and family life killer if you plan ahead and stick to the plan.

What I'll say about charter attainment: will a charter alone get you into a front office role or a big pay increase? Probably not... but what the program did for me was really make me a way more well rounded technician in finance. That helped me carve some paths and niches in my own career to move up and on to bigger opportunities.

All that's to say if you really want to learn and develop your tech skills in finance, the program is great. Great people in the CFA societies too. Ive been a part of 2 due to moving and have met and networked with great people and generally grown my network.

The tests are very challenging. The pass rate at each level is around 33% amongst those who sit for it. There is a group who signs up and doesn't show up on test day that doesn't go in the fail rate. If someone shows for a 6-8 hour test, they at least think they have a decent shot.

Just to level set for you, I got a 4.0 in mathematics and a masters in finance at A&M and I found them to be difficult after studying for them. Harder than any college final I ever took. You have to know so much material for 1 day.

If you are going to do it, just know you are committing to a lot.

Yes I have it. Yes it was worth it. Yes I would do it again.

As someone who has worked in IB, it probably won't be worth the effort if the only reason you want it is to break into IB. An MBA from a top 15 school would be 50x more helpful. People in IB don't care much about the designation as it isn't super relevant to what you'd be doing on the job.

Thanks!

If you go for it, put in the time necessary to pass all three tests in succession. I was done in 2 years, but I know people that took 7+ years to finish the program.

Also, level 1 is very easy material compared to the later levels. If you struggle passing level 1, you may be in over your head once level 2 comes around.

Wanted to elaborate on planning ahead: if I got materials 4 months ahead of time, I set goals of hours I needed to pass every month, then week then day. I had a daily study calendar and I set a plan for each day as soon as I got materials. It was super general like 2 hrs a night on weekdays month 1 and half a day one day a weekend then 2 hrs a night weekdays month 2 and 8 total hours during the weekend etc etc. and I tracked honestly and meticulously against it in the entire prep lead up. I never stayed exactly on that regimen but it gave me a mechanism to ensure I never fell off the wagon (the furthest behind I ever was on the schedule was 7 days and furthest ahead was 4 or 5 days on all exams). It was a life saver in terms of time budgeting to ensure I didn't fall too far behind ever or neglected my life too much for the exam.

Also in prep, don't just get the CFA materials. Get your hands on as many practice problems and mock exams that you can find. The materials are good but reading them ou takes you so far. Practice questions and examples are as if not more critical than the materials in training your head to think correctly come exam time.

I haven't taken the exams, but I can tell you from the exams I have taken (bar, etc.) that practice problems are the most efficient use of your time provided they mirror the exam's.

I echo most of the responses. One comment I would add is to make sure you have full support from family and work as they will also be sacrificing for you to go through the program.

If you do go for it, be sure to truly learn the material at level I and II. The material builds on itself and short cutting portions of level II and III is very helpful.

If you're serious about doing it, you should register today for the June exam. The downside of taking level one in June is that it will take you three years to compete the program as opposed to as few as 2.5 if you started in December. The good news is that you'll have more time to study for level two. I completed the exams in three tries taking them all in June, and I don't know that I would've been able to prepare for level two in three months. I was also able to pass all of them with only the CFAI materials.

As far as my study plan went, I devoted five months to preparation. During the week I'd spend an hour or two reading the material. On Saturday afternoon I'd work through the end of chapter practice problems. I covered all of the material twice in four months spent the fifth working on my weak areas. On level one I took off of work the day before the exam to reread the ethics sections. On level two I took off three days before to work practice problems, specifically focusing on derivatives. For level three I took off a week and each day worked through one of the past exams essay questions in the morning and spent the afternoon reviewing material for the questions I missed in the morning. On Friday I reviewed ethics again.

I'll echo the poster who said that you need to make sure that your family is on board, because they will end up making sacrifices so you can study. We were able to take a vacation every year during my prep (I studied on the plane), but we also spent a lot of Saturdays at home so I could study.

91AggieLawyer said:

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I haven't taken the exams, but I can tell you from the exams I have taken (bar, etc.) that practice problems are the most efficient use of your time provided they mirror the exam's.

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This is true for CFA. I passed level 1 and 2 first try. I have a masters in finance and did IB out of school before taking the CFA. So much of the crap they force you to learn is not used in the real world and I didn't even touch in school (thinking about the residual income method for valuation). I signed up for level 3 but was busy with life and didn't have time to study so I just didn't even show up to the test (my company paid for it). After that I got a job in oil and gas and there was no need for the CFA so I haven't tried to take level 3 since.

I'll say this, level 1 is very comparable to stuff you learn in school so it was a breeze for me. I probably studied 80 hours and 75% of that was taking practice exams (I took 6).

Level 2 was a totally different animal. I probably studied 200 hours and again took 6 practice tests. I was extremely lucky to pass. I did not have time to study everything so I elected to completely skip studying derivatives. I literally guessed on 6 of the 12 derivative questions and somehow got over 70% correct. I think that was the difference in me passing and failing.

One other thing I should add, take level 1 in December. That way when you start studying for level 2 the stuff from level 1 is still fresh. I'm confident this is a big reason why I was able to pass level 2 with less than the recommended number of study hours.

Question, why do you guys refuse to make the Nuggets or chicken strips in the spicy option?!? Yall have it in sandwich form, but why not the others?!

Got my CFA years ago and keep the designation, but I don't really use it. It's less for investment banking and more for portfolio management. It's best to get an MBA from a top program to break into banking. Getting your CFA or making progress can help you get into a good MBA program. If you decide to go for it, there are some good software programs to help you study. I only studied intensely for a month or so each time and seemed to work for me.