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naturallight
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CFA Level I Exam 28 Feb 2007, 13:49
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My question is: will this help a lot in getting my I-Banking internship? Is this something they would expect me to have or see as an added bonus?
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I would say the CFA is best for Inv. Mgmt., not I-banking. Some of the topics carry over, but from what I've heard, the big banks don't really care about it. Your surest ticket to I-banking is getting an MBA from a top 7 program.

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Is the CFA more about rote memorization and endurance (preparation and during test)?
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Yeah, pretty much. The CFA curriculum covers a phenomenal amount of material. The actual test is only on relatively few topics, but they really drill down. So you have to know this material really well. It's very difficult to pass without putting at least the recommended amount of time. The time committment was a genuine sacrifice for me.

On another note, be aware that you also need 4 years of relevant work exp to earn the designation. You can still take the tests now, but until you get the work exp, you can't use the "CFA".

naturallight, CFA
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Mark4124
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CFA Level I Exam 28 Feb 2007, 15:22
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I'm taking the L2 in June.
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cbreeze
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CFA Level I Exam 28 Feb 2007, 18:13
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My brother is studying for Level 1 right now for the June test date. He was advised not to use old editions because there has been considerable changes this year (rules and regulations).
He's working in IM right now, being able to break in because of a Wharton BSc. degree. For him, he doesn't see a need for a MBA.
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Hjort
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CFA Level I Exam 28 Feb 2007, 22:00
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I generally concur- IM tends to be very interested in CFA charterholders and candidates, IB tends to be relatively indifferent. I would not really consider the CFA a test of rote memorization as it requires both knowledge and application of that knowledge. Since the CFA is a test of achievement and the GMAT is essentially a test of aptitude, I would not expect much correlation between them.
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jchip
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CFA Level I Exam 01 Mar 2007, 01:31
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I recall that AIMR suggested at least 300 hours of study for L1. For someone interested in IM, I think it's very relevant. You should study more for L2. I got tripped up in L2 because of my weak accounting background.

If you only pass L1 does it make a difference? It can have a difference given that I got my foot in the door at my present job because I took L1 and I got the info for this job from the local mailing list.

Then again, with the local market up by 42.3% in 2006, local IM firms will hire even a blind man for an analyst. ;)
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Lorenzino
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CFA Level I Exam 13 Mar 2007, 20:59
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hi guys,
i was wondering if the CFA can be useful also in other fields beyond IM, such as corporate finance? Or you think that it makes sense to do it only if your mind is set on working in IM?
Thanks
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3underscore
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CFA Level I Exam 14 Mar 2007, 01:44
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CFA is a lot of best practice stuff. Doubt it will help you in Corporate Finance, but it won't necessarily hinder you.
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willget800
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CFA Level I Exam 14 Mar 2007, 07:31
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ok - so can some one explain w hat needs to be done for the CFA level 1 Exam? I am considering it if I get into a B-school this fall.

I mean where to start from? What to read?
Do we take classes?

I know nothing about CFA and have no prior business/finance background.

How is Stella Prep service?

Is it better to go to a classroom vs online classroom?

Any other tips? I found one website listed in this message discussion. Should that suffice?
How many months do we need to prep for this?
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kidderek
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CFA Level I Exam 14 Mar 2007, 07:34
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So to sum up, CFA is useful for IM, but not much else? Is it necessary for IM or just nice to have?
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3underscore
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CFA Level I Exam 14 Mar 2007, 08:10
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CFA Level 1.

Buy books.

Read ad infinitum.

When eyes begin to bleed, read some more.

Reach Zen, where lawyers lengthy writings and procedural documents actually make sense.

Sit exam.

Total time = several hundred hours
Total sense of acheivement = I just wasted several hundred hours

CFA is a trendy bank & IM qualification, more applied to IM. But the "value" from having it is less, as so many people have attained it.

I would question doing it alongside an MBA unless your school has a non-disclosure policy, or your other hobbies are slamming your head in car doors, tequila slammers in your eye and eating glass.
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CFA Level I Exam 14 Mar 2007, 13:43
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3underscore


I would question doing it alongside an MBA unless your school has a non-disclosure policy, or your other hobbies are slamming your head in car doors, tequila slammers in your eye and eating glass.
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Well, you make it sound sooooooooo appealing.
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3underscore
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CFA Level I Exam 14 Mar 2007, 14:18
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rhyme

Well, you make it sound sooooooooo appealing.
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heh. My thinking / experiences through friends is that it is quite a bit of work. To combine $3000 of exams "useful" to a job while spending $70k on an MBA is a really risky strategy to take on more than you can chew.

And, when folks have a 50hr/wk job and study for it evening and a few weeks holiday, having worked in Financial Services, they often fail.

I just have to question whether it is worth it. I am annoyed I have a professional liquidity exam hanging over to October time (maybe a Corp Finance one too). I work at those, and I am nervous of that alongside an MBA schedule. Taking on CFA afresh strikes me as that brave/foolish divide.
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CFA Level I Exam 19 Mar 2007, 13:13
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Do we need a CFA to do investment banking?
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kidderek
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CFA Level I Exam 19 Mar 2007, 13:21
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flapjack
Do we need a CFA to do investment banking?
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Definite NO.
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agsfaltex
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CFA Level I Exam 19 Mar 2007, 14:19
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The CFA is administered by AIMR. For more information go to:

https://www.cfainstitute.org/
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