The CFA Designation

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Andymoler58
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The CFA Designation

Post by Andymoler58 »

I was just curious to see what people's thoughts were on people with the CFA designation?

Do you think this credential makes people better investors or more qualified to deal with your money?

I think investing comes down to your personality and temperament and not your technical knowledge. I think the more technical knowledge you get, the worse investor you become.

I just wanted to get the boards thoughts on this credential.
Random Walker
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Re: The CFA Designation

Post by Random Walker »

I've looked at bit of the 1st year curriculum and it looks like pretty solid information that make someone better suited to give advice
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hornet96
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Re: The CFA Designation

Post by hornet96 »

I earned my CFA Charter last summer (2014). I personally think it is a fantastic program and I was able to learn a ton from the effort I put into it, which has made me a better employee and "thinker" at work (although I don't work directly in the investment services industry, but rather with SEC reporting & technical accounting issues).
Andymoler58 wrote:Do you think this credential makes people better investors or more qualified to deal with your money?
These are pretty subjective questions, as I'm sure there is a wide range of abilities, overall body of experience, and specialized skill sets within the community. What the program does do, however, is dive 1,000 feet deep into a 10 foot wide hole (in terms of subject matter). Whereas, an MBA program dives 10 feet deep into a 1,000 foot wide hole. So in terms of "qualifications," generally a CFA Charterholder has at least demonstrated that he/she has the basic skill set and knowledge to get an entry level job as an analyst on Wall Street.

I feel I learned the most about economics, behavioral fiance, merger and acquisition concepts, risk, the "correct" application of the use of derivatives as a risk management tool, and overall portfolio management (form and structure of an IPS, etc.). I will tell you that the program essentially ends up with the conclusion that for most clients, a portfolio should largely stick to "owning the market" (i.e. Boglehead approach), with a small portion allocated to various cost-efficient active strategies to try to eek out a bit of extra alpha (if desired).

I will also tell you that on numerous occasions, I came across a topic in my studies and realized "hey, I just saw something on Bogleheads about that recently by Larry Swedroe or Rick Ferri, etc." This is a good place to hang out if you're really interested in learning about these more complicated investing topics for free. :sharebeer
Louis Winthorpe III
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Re: The CFA Designation

Post by Louis Winthorpe III »

Andymoler58 wrote:I was just curious to see what people's thoughts were on people with the CFA designation?

Do you think this credential makes people better investors or more qualified to deal with your money?

I think investing comes down to your personality and temperament and not your technical knowledge. I think the more technical knowledge you get, the worse investor you become.

I just wanted to get the boards thoughts on this credential.
It's a really rigorous program. Very helpful as a resume differentiator if you want to get a job in Corporate Finance. Pretty close to mandatory if you want to get a job at an institutional investment manager / work on Wall Street. Overkill and unnecessary for working with personal financial planning. Something much easier, like a CFP designation would be good enough in that field.
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beyou
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Re: The CFA Designation

Post by beyou »

Basically if you want to be the fund manager, you need a CFA.
If you want to sell the funds, a CFP or brokerage license is all you need.

Like the difference between being an automotive engineer and a car salesman.
I can't believe how many people ask technical questions to a car salesman about a car,
nor to a financial planner without a CFA, about funds. About the same level
of understanding of what they sell, even with a CFP designation.
lou1125
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Re: The CFA Designation

Post by lou1125 »

I think the CFA designation is very worthwhile to pursue, especially if your already interested in investing concepts and want someway to stand out from the crowd. Just be aware of the major time commitment to get it. I did it when I was in my 20's and I didn't have any family commitments or other major things I had to focus on after work. To be honest, I don't know that I could earn the charter today, I just don't have as much time to study as I did back then.

The market does pay a premium for the charter. Good salary data is a little hard to find, but survey data from a Chicago cfa chapter listed a median salary for financial analysts with 5 to 10 years of experience between $110,000 to $130,000.

https://financialanalystinsider.com/ave ... terholder/
Pigeye Brewster
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Re: The CFA Designation

Post by Pigeye Brewster »

lou1125 wrote: Sun Feb 18, 2018 4:37 pm I think the CFA designation is very worthwhile to pursue, especially if your already interested in investing concepts and want someway to stand out from the crowd. Just be aware of the major time commitment to get it. I did it when I was in my 20's and I didn't have any family commitments or other major things I had to focus on after work. To be honest, I don't know that I could earn the charter today, I just don't have as much time to study as I did back then.
Agree 100% that it's very worthwhile but requires a major time commitment. Maybe because it's self-study, but the time commitment seemed to follow me around like a dark cloud after I had received the study materials.

I did it when I already had a family (child born shortly before taking Level I). Just about all of my studying was done after everyone else had gone to bed. Not recommended...
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patrick013
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Re: The CFA Designation

Post by patrick013 »

Compared to a common finance degree it's kind of an overkill.
Has more on financial econometrics and hedging where a
fundamental approach would be more interesting. Whether
it's expansion on financial statistics will increase profits can
be distracting as only a few metrics are really used for stocks
or bonds.

It's kind of hard to find a good financial econometric course for
a finance degree as most statistics courses in business schools are
rather general. The other stuff is about the same just worded
differently. Don't really think that's worth 3 extra parts for a
designation just for an econometrics course.
age in bonds, buy-and-hold, 10 year business cycle
taguscove
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Re: The CFA Designation

Post by taguscove »

[edited to remove content]
KSActuary
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Re: The CFA Designation

Post by KSActuary »

Someone who pursues and passes the CFA exams has demonstrated that they have a long term commitment to the industry and will most likely work on the institutional side of the business. Someone who passes the CFP exam has a different focus and may or may not be investment advisor. Kinda apples and oranges to me.
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Alexa9
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Re: The CFA Designation

Post by Alexa9 »

It is standardized and rigorous so it's more respectable than a Master's in Finance IMO. Although it's overkill for a financial adviser, it's ideal for Wall Street jobs.
CFP's and CPA's are likely more helpful to the average person.
alex_686
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Re: The CFA Designation

Post by alex_686 »

Andymoler58 wrote: Sat May 16, 2015 12:48 pm Do you think this credential makes people better investors or more qualified to deal with your money?
Yes and No.

On the affirmative side, the CFA curriculum is wide and deep and well integrated. The exams are rigorous. It is a singling device, like a college degree - you know people have invested time in their career and are serious about it. So I do see it as a positive.

On the negative side it is just a credential. People can be book smart but still can't execute in real life. Like other professionals walking around with MBAs and MDs behind their names, some people are as dumb as a box of rocks and you wonder how they got as far as they did. On the flip side I know some exceptional investment professionals who never bothered.

It is a piece of the puzzle.
Former brokerage operations & mutual fund accountant. I hate risk, which is why I study and embrace it.
dbr
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Re: The CFA Designation

Post by dbr »

I agree, yes and no.

I don't know what "qualified to deal with your money" would mean as 99.9% of the time "dealing with your money" means trying to find a way to take away some of a person's money in the process of "dealing" with it.

A more benign way of putting this is that investors can't afford to pay what qualified people need to earn while at the same time investors can and do need help with investing and can be saved from big mistakes by competent advice, or led into even worse mistakes by malevolent advice.
Valuethinker
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Re: The CFA Designation

Post by Valuethinker »

Andymoler58 wrote: Sat May 16, 2015 12:48 pm I was just curious to see what people's thoughts were on people with the CFA designation?

Do you think this credential makes people better investors or more qualified to deal with your money?

I think investing comes down to your personality and temperament and not your technical knowledge. I think the more technical knowledge you get, the worse investor you become.

I just wanted to get the boards thoughts on this credential.
The Financial Services industry uses it as a screening device. I suspect a lot of people do Level 1, say, interview for a job, get a job, and then never finish.

Some jobs it is really relevant: Equity Research, Portfolio Management, Risk (but there are more specialized qualifications there), consulting (to finance, marketing (for a fund manager-- although I doubt many such actually have it). Others like corporate finance it seems as if it is used as a screening device I would think only 25% of the material is directly relevant -- and if you work in CF, then you just won't have the time, better to spend that time in the office picking up brownie points.

The thing with Masters in Finance/ MBA is that the recruiters know that once you get in, the programmes do their damndest not to chuck you out. Success in Business School has little or no correlation with success in later life, so they want to stamp you as a graduate and if you become one of their billionaire alumni, you will give them lots of money.

By contrast the CFA is really hard -- graded to pass less than 50% at each level. So it is a measure of your tenacity, your capacity to manage your time, as well as ability to pick up mathematical and financial concepts.

I agree with the other poster than CA/ ACA (England)/ CPA (US) is more generally useful *if* you want to have a career working with accounting & numbers in a company (not just a financial services company).

If you read books generally by great fund managers, they all talk about the importance of liberal arts education, diverse perspectives etc. *however* Warren Buffett did business at Columbia (Columbia Business School has a famous Value Investing programme). So one has to wonder are these great investors simply musing about "might have beens"? How does one get a chance to be a great investor if it is not through Signalling devices like the CFA?

It's worth reading up the economic literature on labour market Signalling (Michael Spence's famous paper and subsequent) to understand this issue. Probably the Sociology of professions has stuff to say about it too (but I don't know that literature).
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patrick013
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Re: The CFA Designation

Post by patrick013 »

The CFA can be hard or impossible for people without a
Finance degree. One shouldn't be fooled by their behavioristic
justification of just about everything. Even some of their
"hypotheses" are different than standard financial principles
taught in the states. Almost like an undesirable epidemic.
Used as a screening device ? A screening device for who, for what ?

Plus there isn't any academic credits or licensing qualifications
for a CFA at present. The whole thing could be a hoax for boutique
firms and hedge funds.

Just MHO of course.
age in bonds, buy-and-hold, 10 year business cycle
alex_686
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Re: The CFA Designation

Post by alex_686 »

patrick013 wrote: Fri Feb 23, 2018 12:07 pm Even some of their
"hypotheses" are different than standard financial principles
taught in the states.
First, can you give an example?

Second, why does it matter that it is not "academic credits or licensing qualifications". Nor does the CFP or many other licenses.
Former brokerage operations & mutual fund accountant. I hate risk, which is why I study and embrace it.
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patrick013
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Re: The CFA Designation

Post by patrick013 »

alex_686 wrote: Fri Feb 23, 2018 12:50 pm
patrick013 wrote: Fri Feb 23, 2018 12:07 pm Even some of their
"hypotheses" are different than standard financial principles
taught in the states.
First, can you give an example?

Second, why does it matter that it is not "academic credits or licensing qualifications". Nor does the CFP or many other licenses.
First of all the CFP, Series 65, and CFA should be restricted to finance grads
or at least people with business degrees, the Series 65 the only one that grants
a license. One thing nice about the 65 is it doesn't require continuing education
participation and is actually considered a higher license than a Series 7 by most
state administrators. I'm actually quite happy with a Managerial Finance book
by Gitman and a Financial Econometric book by Fabozzi for academic prowess
although I may pursue a 65 at a later date. And a Boglehead Guide although I
don't have one here presently.

Examples ? Negative correlation, return beta, expectations and preferred
habitat hypo's, and efficient market hypo. Efficient Market especially is
supposed to be a theory, the day after theory, when you find out the reason
you lost all your money and the before and after difference, the value of that
info. The others are behavioristic and way too stat orinted IMO. Quite unlike
the economic-fundamental-statistical trio taught years ago. Even the general
theory of equilibrium is more refreshing than all the stat people reciting stats
all the time from math majors.

I like a few pertinent colleges courses, the CFA is so much verbiage, perhaps
for Phd's to sit around and talk about or those that pursue hedging.

Have a good one.
age in bonds, buy-and-hold, 10 year business cycle
Hank Moody
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Re: The CFA Designation

Post by Hank Moody »

I took the CFA exams and earned the designation in 2012. I had little in the way of finance courses in college, though I had enough to become a CPA. My experience in public accounting helped me immensely on Levels I and II, but I struggled with some of the more esoteric topics in quant derivatives and PM. I think the CFA is a class-act and I'm glad I did it.

As far as requiring college courses, keep in mind that the CFA exams are administered in many countries throughout the world. The enforcement and monitoring of the requirement might be very difficult. Even still, the exams are exceedingly difficult, and it's nearly impossible to get through them without a reasonable educational background.
patrick013 wrote: Fri Feb 23, 2018 3:49 pm
alex_686 wrote: Fri Feb 23, 2018 12:50 pm
patrick013 wrote: Fri Feb 23, 2018 12:07 pm Even some of their
"hypotheses" are different than standard financial principles
taught in the states.
First, can you give an example?

Second, why does it matter that it is not "academic credits or licensing qualifications". Nor does the CFP or many other licenses.
I like a few pertinent colleges courses, the CFA is so much verbiage, perhaps
for Phd's to sit around and talk about or those that pursue hedging.

Have a good one.
-HM
Valuethinker
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Re: The CFA Designation

Post by Valuethinker »

The CFA is used in the financial services industry as a recruitment screening device for equity research, credit, portfolio management and other functions related within Buy and Sell side firms, including hedge funds. Also some of the big name Private Wealth Managers like UBS.

It is particularly well recognized in the Far East. Hong Kong Singapore and Shanghai.

I have also heard of it being used that way in corporate finance and private equity. To be honest I question the relevance except for screening purposes but there it is.
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Re: The CFA Designation

Post by LadyGeek »

Opposing points of view are welcome, but the discussion is starting to get contentious. As a reminder, see: General Etiquette
We expect this forum to be a place where people can feel comfortable asking questions and where debates and discussions are conducted in civil tones.
The points have been made, let's move on.

This thread is now in the Personal Finance (Not Investing) forum (financial planning).
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Re: The CFA Designation

Post by LadyGeek »

The wiki has some background info. See: Financial planner, which mentions the Chartered Financial Analyst® (CFA) designation. This is different than the Certified Financial Planner CFP® certification.
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Buysider
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Re: The CFA Designation

Post by Buysider »

I did CFA Level 1 & 2, but dropped out as career and family responsibilities grew. Still a member of the local CFA society. Absolutely hated a few of the reading sections. There was an article one year about "technical analysis" that was not a de-bunking article. I had no interest in learning what a head & shoulders with a shrug pattern was supposed to mean, but the wizards of Charlotte thought every CFA should. Similar with ethics, where some of the ethical guidelines that weren't common sense were set-up in a way to justify companies taking money from their investors in ways I wasn't comfortable with.

Just my two cents. As the degree has exploded, I've been amazed how many sales reps and customer service folks have the degree. As much as a waste as it was for a specialist investor, I can't even imagine what they would use from the books & articles in their own job.
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Re: The CFA Designation

Post by TheNightsToCome »

Andymoler58 wrote: Sat May 16, 2015 12:48 pm I was just curious to see what people's thoughts were on people with the CFA designation?

Do you think this credential makes people better investors or more qualified to deal with your money?

I think investing comes down to your personality and temperament and not your technical knowledge. I think the more technical knowledge you get, the worse investor you become.

I just wanted to get the boards thoughts on this credential.
The CFA is a very rigorous program. I think it's fair to say that anyone who has earned the designation is fairly intelligent and has demonstrated the capacity for discipline and hard work. CFA charterholders have mastered a significant body of knowledge in accounting, finance, portfolio management, and other subjects: https://www.cfainstitute.org/programs/c ... /cbok.aspx.

The breadth and complexity of the subject matter is comparable to that of the Internal Medicine and Cardiovascular Disease Board Certification exams, but the pass rates are much lower (IIRC, approximately 32%, 40-something percent, and about 55% when I took Levels I, II, and III). Many candidates have degrees in accounting, finance, economics, and/or an MBA.

I also took a CFP course at a University. The CFP curriculum is different, of course, but not nearly as difficult.

The material in the CFA curriculum is important for an equity analyst (I'm an erstwhile healthcare equity analyst), but not at all necessary to manage your investments according to boglehead principles.
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Re: The CFA Designation

Post by TheNightsToCome »

hornet96 wrote: Sat May 16, 2015 1:37 pm I earned my CFA Charter last summer (2014). I personally think it is a fantastic program and I was able to learn a ton from the effort I put into it, which has made me a better employee and "thinker" at work (although I don't work directly in the investment services industry, but rather with SEC reporting & technical accounting issues).
Andymoler58 wrote:Do you think this credential makes people better investors or more qualified to deal with your money?
These are pretty subjective questions, as I'm sure there is a wide range of abilities, overall body of experience, and specialized skill sets within the community. What the program does do, however, is dive 1,000 feet deep into a 10 foot wide hole (in terms of subject matter). Whereas, an MBA program dives 10 feet deep into a 1,000 foot wide hole. So in terms of "qualifications," generally a CFA Charterholder has at least demonstrated that he/she has the basic skill set and knowledge to get an entry level job as an analyst on Wall Street.

I feel I learned the most about economics, behavioral fiance, merger and acquisition concepts, risk, the "correct" application of the use of derivatives as a risk management tool, and overall portfolio management (form and structure of an IPS, etc.). I will tell you that the program essentially ends up with the conclusion that for most clients, a portfolio should largely stick to "owning the market" (i.e. Boglehead approach), with a small portion allocated to various cost-efficient active strategies to try to eek out a bit of extra alpha (if desired).

I will also tell you that on numerous occasions, I came across a topic in my studies and realized "hey, I just saw something on Bogleheads about that recently by Larry Swedroe or Rick Ferri, etc." This is a good place to hang out if you're really interested in learning about these more complicated investing topics for free. :sharebeer
"What the program does do, however, is dive 1,000 feet deep into a 10 foot wide hole (in terms of subject matter). Whereas, an MBA program dives 10 feet deep into a 1,000 foot wide hole. So in terms of "qualifications," generally a CFA Charterholder has at least demonstrated that he/she has the basic skill set and knowledge to get an entry level job as an analyst on Wall Street."

You won't necessarily learn a great deal of accounting or corporate finance with every MBA; that depends on your focus and the strengths of your school, but I earned an MBA at the University of Chicago Booth School of Business with concentrations in accounting and finance. We dove much deeper than CFA candidates into that 10 feet wide hole.
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Re: The CFA Designation

Post by dcw213 »

I think it depends on what you want to pursue professionally. It will certainly help get your foot in the door for a variety of opportunities.

Apologies for a question that may be perceived as hijacking this thread, but I have a question for those familiar with the CFA Institute and process of earning the designation. There is an employee in my organization at work (under my management but not a direct report) who has asserted that he passed all 3 levels of the CFA but never paid dues or submitted the required work experience. When asked why he always says that he realized he didn't need it for his line of work so didn't want to bother (note that our line of work is relevant experience). This has always seemed unbelievable to me given the work and sacrifice that goes into the process, and every CFA that has heard this claim agrees. Due to some behavior I have heard from others in the organization, the individual seems to be a major "embellisher" - that is to say he doesnt make things up out of nowhere but twists the truth significantly. For instance, I could envision a scenario where he wasn't able to pass level 3, so this is his story.

I have been curious whether there is any way to verify this claim. While I sometimes feel I should just mind my own business, it is on his resume (that all 3 levels were passed, he does not use the CFA designation) and I feel odd having someone in my org that may be fibbing about something that many others have worked so hard to achieve. Many in the organization believe it is not the truth. Just curious if anyone had thoughts when I saw this thread.
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Re: The CFA Designation

Post by Hank Moody »

There are two pathways to go:

1) You can contact CFAI (800-247-8132 or info@cfainstitute.org ) and see if they will verify the claim.
2) Ask the employee to provide a copy of the confirming email congratulating him on passing Level III.

If the individual is making any type of false representation regarding his status in the program, CFAI will discipline and possibly expel him.

FWIW, I have known people who've walked away from the designation once they've cleared Level III. It's odd, but not unheard of.
dcw213 wrote: Sat Feb 24, 2018 2:10 pm I think it depends on what you want to pursue professionally. It will certainly help get your foot in the door for a variety of opportunities.

Apologies for a question that may be perceived as hijacking this thread, but I have a question for those familiar with the CFA Institute and process of earning the designation. There is an employee in my organization at work (under my management but not a direct report) who has asserted that he passed all 3 levels of the CFA but never paid dues or submitted the required work experience. When asked why he always says that he realized he didn't need it for his line of work so didn't want to bother (note that our line of work is relevant experience). This has always seemed unbelievable to me given the work and sacrifice that goes into the process, and every CFA that has heard this claim agrees. Due to some behavior I have heard from others in the organization, the individual seems to be a major "embellisher" - that is to say he doesnt make things up out of nowhere but twists the truth significantly. For instance, I could envision a scenario where he wasn't able to pass level 3, so this is his story.

I have been curious whether there is any way to verify this claim. While I sometimes feel I should just mind my own business, it is on his resume (that all 3 levels were passed, he does not use the CFA designation) and I feel odd having someone in my org that may be fibbing about something that many others have worked so hard to achieve. Many in the organization believe it is not the truth. Just curious if anyone had thoughts when I saw this thread.
-HM
dcw213
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Re: The CFA Designation

Post by dcw213 »

Hank Moody wrote: Sat Feb 24, 2018 2:30 pm There are two pathways to go:

1) You can contact CFAI (800-247-8132 or info@cfainstitute.org ) and see if they will verify the claim.
2) Ask the employee to provide a copy of the confirming email congratulating him on passing Level III.

If the individual is making any type of false representation regarding his status in the program, CFAI will discipline and possibly expel him.

FWIW, I have known people who've walked away from the designation once they've cleared Level III. It's odd, but not unheard of.
dcw213 wrote: Sat Feb 24, 2018 2:10 pm
Thanks for the guidance. I have considered contacting the institute directly but have held back so as not to engage on a "witch hunt"
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Re: The CFA Designation

Post by arcticpineapplecorp. »

I thought this was an interesting podcast by Barry Ritholtz with "Robert Johnson, president of the American College of Financial Services, and formerly a senior managing director of the CFA Institute." He talked about the 50% pass rate as well. It was very interesting. Give it a listen.

https://www.bloomberg.com/view/articles ... -interview
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Re: The CFA Designation

Post by grok87 »

dcw213 wrote: Sat Feb 24, 2018 6:00 pm
Hank Moody wrote: Sat Feb 24, 2018 2:30 pm There are two pathways to go:

1) You can contact CFAI (800-247-8132 or info@cfainstitute.org ) and see if they will verify the claim.
2) Ask the employee to provide a copy of the confirming email congratulating him on passing Level III.

If the individual is making any type of false representation regarding his status in the program, CFAI will discipline and possibly expel him.

FWIW, I have known people who've walked away from the designation once they've cleared Level III. It's odd, but not unheard of.
dcw213 wrote: Sat Feb 24, 2018 2:10 pm
Thanks for the guidance. I have considered contacting the institute directly but have held back so as not to engage on a "witch hunt"
the work experience needed for the CFA is nontrivial.
https://www.cfainstitute.org/community/ ... ience.aspx
wrote: When you apply for regular CFA Institute membership, you will be asked to attest that your work experience meets the following qualifications.
At least four years (48 months) of experience in:

Evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process; supervising persons who conduct such activities; or teaching such activities.
RIP Mr. Bogle.
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hornet96
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Re: The CFA Designation

Post by hornet96 »

TheNightsToCome wrote: Sat Feb 24, 2018 12:01 pmYou won't necessarily learn a great deal of accounting or corporate finance with every MBA; that depends on your focus and the strengths of your school, but I earned an MBA at the University of Chicago Booth School of Business with concentrations in accounting and finance. We dove much deeper than CFA candidates into that 10 feet wide hole.
Well, an MBA from a top 10 business school is indeed special, and perhaps you did dive quite a bit deeper into accounting and finance given your emphasis. That is unlikely to be true with most "general" MBA candidates.

My perspective may be a bit biased also by the fact that I obtained my CPA license and worked for a long time in a Big 4 accounting firm, prior to obtaining my CFA charter. So let's just say I already had the accounting concepts covered via jumping in a pretty deep hole prior to even starting the CFA program. :D
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Re: The CFA Designation

Post by hookemhorns »

CFA charterholder here. Agree with the earlier posts that CFA holders tend to be focused on managing institutional money or working in corporate finance, whereas CFP holders tend to be focused on advising retail clients. Nothing wrong with either specialization, they simply focus on different parts of the industry.

As with any designation, a CFA indicates the holder should meet some minimum quality standard and adhere to a higher ethical standard. I can certainly attest that the CFA exams are rigorous and require a lot of study. However, the charter does not guarantee high quality - there are plenty of mediocre financial analysts or advisers that hold the CFA designation. Also keep in mind that the exam standards were significantly less rigorous 30+ years ago, so there are CFA charterholders that were grandfathered in that originally met a much lower bar. Also, unlike CPAs, there is no continuing education requirement for CFAs.

Personally if I were hiring a personal financial adviser I would look for somebody with either the CFA or CFP designation. I view it as a starting point, but there are plenty of additional questions to ask from there before hiring one.
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patrick013
Posts: 3301
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Re: The CFA Designation

Post by patrick013 »

Hate to change the subject slightly but does anyone have
these ? Takes 4 semesters full time. Very few people
actually have one of these. Would be interesting to hear
some experiences, viewpoints, comparisons, etc..

Masters in Mathematical Finance

or

Master of Science in Finance
age in bonds, buy-and-hold, 10 year business cycle
TheNightsToCome
Posts: 950
Joined: Fri Jun 30, 2017 11:48 pm

Re: The CFA Designation

Post by TheNightsToCome »

hornet96 wrote: Mon Feb 26, 2018 9:04 am
TheNightsToCome wrote: Sat Feb 24, 2018 12:01 pmYou won't necessarily learn a great deal of accounting or corporate finance with every MBA; that depends on your focus and the strengths of your school, but I earned an MBA at the University of Chicago Booth School of Business with concentrations in accounting and finance. We dove much deeper than CFA candidates into that 10 feet wide hole.
Well, an MBA from a top 10 business school is indeed special, and perhaps you did dive quite a bit deeper into accounting and finance given your emphasis. That is unlikely to be true with most "general" MBA candidates.

My perspective may be a bit biased also by the fact that I obtained my CPA license and worked for a long time in a Big 4 accounting firm, prior to obtaining my CFA charter. So let's just say I already had the accounting concepts covered via jumping in a pretty deep hole prior to even starting the CFA program. :D
I have one brother and one brother-in-law with MBA degrees. I don't think either learned much about accounting, corporate finance, or how to value a company. They are both engineers who work as managers for manufacturing companies. I agree that the CFA is a much deeper dive than a generic MBA.

The CFA was a great prep for my MBA curriculum, but I learned much more in school. If you want to work in financial services the CFA will open many doors and it won't cost much, but if you have the opportunity to attend Booth you'll learn more and have even greater opportunities -- though it will cost you a pound of flesh. :D
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