Last visit was: 19 Nov 2025, 09:25 It is currently 19 Nov 2025, 09:25
Home
GMAT
Messages
Tests
Schools
Events
Rewards
Chat
My Profile
Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel
avatar
wiseguyMBA
avatar
Joined: 23 Sep 2009
Last visit: 14 Mar 2016
Posts: 198
Own Kudos:
7
Given Kudos: 2
Posts: 198
Kudos: 7
Level 1 CFA - Too late? Need tips/ suggestions? 16 Mar 2010, 09:49
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Guys..
My post-MBA goal is Investment Management, and considering the state of the industry, I doubt career switchers will be welcomed without a CFA atleast Level 1.
I have until June 6th, and tomorrow is the last day for registration. I have finished 5 readings in Economics, but that's all.
Anyone with relevant experience, please answer the following questions, so that I feel better shelling out a thousand bucks for the exam:

1. How important is having the CFA L-1 when applying for the internship at a bank/asset mgmt firm?
2. is 60 days good time for prep, considering I can put in 4 hours everyday ( to hell with my job :) )
3. Any quick reading/smart prep suggestions?

thanks a lot guys
WG
avatar
futurestrategist
avatar
Current Student
Joined: 06 Oct 2009
Last visit: 27 Oct 2013
Posts: 594
Own Kudos:
60
Given Kudos: 295
Posts: 594
Kudos: 60
Level 1 CFA - Too late? Need tips/ suggestions? 16 Mar 2010, 11:22
Kudos
Add Kudos
Bookmarks
Bookmark this Post
I too am interested in this. I might be in the same boat as you. How are CFA Level 1s regarded for getting internships?
avatar
sandymba09
avatar
Joined: 26 Aug 2009
Last visit: 10 May 2010
Posts: 21
Own Kudos:
2
Posts: 21
Kudos: 2
Level 1 CFA - Too late? Need tips/ suggestions? 16 Mar 2010, 23:18
Kudos
Add Kudos
Bookmarks
Bookmark this Post
wiseguyMBA
Guys..
My post-MBA goal is Investment Management, and considering the state of the industry, I doubt career switchers will be welcomed without a CFA atleast Level 1.
I have until June 6th, and tomorrow is the last day for registration. I have finished 5 readings in Economics, but that's all.
Anyone with relevant experience, please answer the following questions, so that I feel better shelling out a thousand bucks for the exam:

1. How important is having the CFA L-1 when applying for the internship at a bank/asset mgmt firm?
2. is 60 days good time for prep, considering I can put in 4 hours everyday ( to hell with my job :) )
3. Any quick reading/smart prep suggestions?

thanks a lot guys
WG
Show more


Can shed some light on 2 & 3 as i have cleared two levels. 60 days is cutitng it too fine but if you can put 4 hrs on a daily basis ( that is tough as one tends to get a bit bored of the routine) you can get through. Make sure you practice a lot of problems in the last 15 days. That will really help. Focus on ethics, FSA and equity as they have a lot of weightage.
I read the CFA material but i had a lot of time. So for 60 days prep time, I think schweser would be best. I haven't ever read their notes but seems to be the most popular one based on a lot of discussions on Analyst Forum. Also their question bank is very good.

Hope it helps.
avatar
cougarblue
avatar
Joined: 25 Jan 2008
Last visit: 03 Jun 2010
Posts: 165
Own Kudos:
13
Location: San Francisco, CA
Schools:Wharton, Chicago
Posts: 165
Kudos: 13
Level 1 CFA - Too late? Need tips/ suggestions? 18 Mar 2010, 10:20
Kudos
Add Kudos
Bookmarks
Bookmark this Post
It won't get you an internship, or even an interview, but if you do get interviews it'll help you answer the question about how interested/passionate you are about IM, which is one of the biggest questions/concerns.

60 x 4 = 240 hrs is more than enough time, especially for L1.

Use only Schweser Notes and Secret Sauce.
avatar
futurestrategist
avatar
Current Student
Joined: 06 Oct 2009
Last visit: 27 Oct 2013
Posts: 594
Own Kudos:
60
Given Kudos: 295
Posts: 594
Kudos: 60
Level 1 CFA - Too late? Need tips/ suggestions? 18 Mar 2010, 10:51
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Good to know that CFA L1s won't help much with IM internships, although I am surprised. Why don't CFA L1s help much? Isn't the course material designed for the IM field?

Also, does it help procure interviews for internships with trading/strategy (financial product strategy) groups?

I think the best plan is: If I get admitted into an MBA program, I'll not do the CFA L1.

Thanks for the feedback!
avatar
wiseguyMBA
avatar
Joined: 23 Sep 2009
Last visit: 14 Mar 2016
Posts: 198
Own Kudos:
7
Given Kudos: 2
Posts: 198
Kudos: 7
Level 1 CFA - Too late? Need tips/ suggestions? 18 Mar 2010, 11:04
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Cougar blue, actually I did speak to a couple of current students, and some people at a hedge fund, and they said it helps, and it's 2-fold.

1. It shows that as a career switcher, you have genuine interest in the field and have taken some proactive steps before coming to school.

2. Compared to other career switchers, you have an incremental advantage. They'd prefer someone who knows the lingo/markets than a complete greenhorn.

Thanks for the advice about Schweser.

regards
WG
User avatar
britguy
User avatar
Joined: 07 Nov 2009
Last visit: 24 May 2010
Posts: 160
Own Kudos:
30
Given Kudos: 6
Location: Milan, Italy
Concentration: Finance
Schools:Booth (admitted R1), NYU (interview Mar 4), UT (withdrawn), Rice (admitted R2) plus dings at HBS, Stanford, Wharton and CBS
GPA: 3.4
WE 1: Oil and gas
Posts: 160
Kudos: 30
Level 1 CFA - Too late? Need tips/ suggestions? 19 Mar 2010, 01:30
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Pretty punishing schedule to do 4hrs per day every day on top of your job - I don't envy you, but I definitely respect your determination! Go for it! I'm sitting L1 too, for basically the same reasons. I'm aiming for 250 hours total, so we're in the same ballpark in terms of study time.

For the experts posting here, is it wise to rely heavily on Schweser? My goal is to clear the study sections and related problems in schweser only with a month to spare for practice tests and q-bank fun. But I don't think I'll get much chance to check out the CFAI books as well - I've dipped in to them once or twice to clear up tricky issues but that's it.
avatar
cougarblue
avatar
Joined: 25 Jan 2008
Last visit: 03 Jun 2010
Posts: 165
Own Kudos:
13
Location: San Francisco, CA
Schools:Wharton, Chicago
Posts: 165
Kudos: 13
Level 1 CFA - Too late? Need tips/ suggestions? 19 Mar 2010, 15:02
Kudos
Add Kudos
Bookmarks
Bookmark this Post
wiseguyMBA
Cougar blue, actually I did speak to a couple of current students, and some people at a hedge fund, and they said it helps, and it's 2-fold.

1. It shows that as a career switcher, you have genuine interest in the field and have taken some proactive steps before coming to school.

2. Compared to other career switchers, you have an incremental advantage. They'd prefer someone who knows the lingo/markets than a complete greenhorn.

Thanks for the advice about Schweser.

regards
WG
Show more

I never said it didn't help, only that it won't really be a large factor in getting you an interview/internship. It's not really a differentiator because anyone can put CFA L1 candidate on their resume. I've seen cases of people who have no CFA progress and completely unrelated experience, beat out CFAs who have stellar experience, and this is for top IM firms.

All this doesn't mean it's not a good thing to do, however--as I said previously I advise people to do it because it shows commitment to the field and of course, "all other things equal," having it is better than not. But to be honest with you, depending on the situation, you might be much better served to spend all that time investing for your own account, reading 10-Ks, networking with industry professionals, etc. Let me give an example: if I were interviewing (which I have) 2 guys, one had the CFA L1 completed, the other was a only CFA L1 Candidate but was able to talk more about his investing experience and about stocks, and had spoken to current and/or former employees of my shop (as a result of allocating those hours to different activities) I would take the second guy in a heartbeat. Anybody can sign up and pass a test, but if you really eat, drink and breath the stock market, you'll be able to show that in a much more effective way than talking about the CFA Exam L1. That said, try and do both!
avatar
futurestrategist
avatar
Current Student
Joined: 06 Oct 2009
Last visit: 27 Oct 2013
Posts: 594
Own Kudos:
60
Given Kudos: 295
Posts: 594
Kudos: 60
Level 1 CFA - Too late? Need tips/ suggestions? 19 Mar 2010, 15:06
Kudos
Add Kudos
Bookmarks
Bookmark this Post
cougarblue
wiseguyMBA
Cougar blue, actually I did speak to a couple of current students, and some people at a hedge fund, and they said it helps, and it's 2-fold.

1. It shows that as a career switcher, you have genuine interest in the field and have taken some proactive steps before coming to school.

2. Compared to other career switchers, you have an incremental advantage. They'd prefer someone who knows the lingo/markets than a complete greenhorn.

Thanks for the advice about Schweser.

regards
WG

I never said it didn't help, only that it won't really be a large factor in getting you an interview/internship. It's not really a differentiator because anyone can put CFA L1 candidate on their resume. I've seen cases of people who have no CFA progress and completely unrelated experience, beat out CFAs who have stellar experience, and this is for top IM firms.

All this doesn't mean it's not a good thing to do, however--as I said previously I advise people to do it because it shows commitment to the field and of course, "all other things equal," having it is better than not. But to be honest with you, depending on the situation, you might be much better served to spend all that time investing for your own account, reading 10-Ks, networking with industry professionals, etc. Let me give an example: if I were interviewing (which I have) 2 guys, one had the CFA L1 completed, the other was a only CFA L1 Candidate but was able to talk more about his investing experience and about stocks, and had spoken to current and/or former employees of my shop (as a result of allocating those hours to different activities) I would take the second guy in a heartbeat. Anybody can sign up and pass a test, but if you really eat, drink and breath the stock market, you'll be able to show that in a much more effective way than talking about the CFA Exam L1. That said, try and do both!
Show more

Just to clarify, what's the difference between CFA L1 candidate and CFA L1?
avatar
cougarblue
avatar
Joined: 25 Jan 2008
Last visit: 03 Jun 2010
Posts: 165
Own Kudos:
13
Location: San Francisco, CA
Schools:Wharton, Chicago
Posts: 165
Kudos: 13
Level 1 CFA - Too late? Need tips/ suggestions? 19 Mar 2010, 15:07
Kudos
Add Kudos
Bookmarks
Bookmark this Post
britguy
Pretty punishing schedule to do 4hrs per day every day on top of your job - I don't envy you, but I definitely respect your determination! Go for it! I'm sitting L1 too, for basically the same reasons. I'm aiming for 250 hours total, so we're in the same ballpark in terms of study time.

For the experts posting here, is it wise to rely heavily on Schweser? My goal is to clear the study sections and related problems in schweser only with a month to spare for practice tests and q-bank fun. But I don't think I'll get much chance to check out the CFAI books as well - I've dipped in to them once or twice to clear up tricky issues but that's it.
Show more

Almost everyone I know has relied exclusively on Schweser for all levels, but especially level I. Putting in that many hours, and having a month to cram, I think you should be more than fine.
avatar
cougarblue
avatar
Joined: 25 Jan 2008
Last visit: 03 Jun 2010
Posts: 165
Own Kudos:
13
Location: San Francisco, CA
Schools:Wharton, Chicago
Posts: 165
Kudos: 13
Level 1 CFA - Too late? Need tips/ suggestions? 19 Mar 2010, 15:09
Kudos
Add Kudos
Bookmarks
Bookmark this Post
gkumar


Just to clarify, what's the difference between CFA L1 candidate and CFA L1?
Show more

If you register for the exam, you can put CFA Level I Candidate on your resume (before you even take the test.) Everyone's resume either has whatever level of exams they've passed, or CFA Candidate of the next level exam they're going to take on their resume...or the Charter of course.
avatar
wiseguyMBA
avatar
Joined: 23 Sep 2009
Last visit: 14 Mar 2016
Posts: 198
Own Kudos:
7
Given Kudos: 2
Posts: 198
Kudos: 7
Level 1 CFA - Too late? Need tips/ suggestions? 19 Mar 2010, 15:16
Kudos
Add Kudos
Bookmarks
Bookmark this Post
cougarblue
wiseguyMBA
Cougar blue, actually I did speak to a couple of current students, and some people at a hedge fund, and they said it helps, and it's 2-fold.

1. It shows that as a career switcher, you have genuine interest in the field and have taken some proactive steps before coming to school.

2. Compared to other career switchers, you have an incremental advantage. They'd prefer someone who knows the lingo/markets than a complete greenhorn.

Thanks for the advice about Schweser.

regards
WG

I never said it didn't help, only that it won't really be a large factor in getting you an interview/internship. It's not really a differentiator because anyone can put CFA L1 candidate on their resume. I've seen cases of people who have no CFA progress and completely unrelated experience, beat out CFAs who have stellar experience, and this is for top IM firms.

All this doesn't mean it's not a good thing to do, however--as I said previously I advise people to do it because it shows commitment to the field and of course, "all other things equal," having it is better than not. But to be honest with you, depending on the situation, you might be much better served to spend all that time investing for your own account, reading 10-Ks, networking with industry professionals, etc. Let me give an example: if I were interviewing (which I have) 2 guys, one had the CFA L1 completed, the other was a only CFA L1 Candidate but was able to talk more about his investing experience and about stocks, and had spoken to current and/or former employees of my shop (as a result of allocating those hours to different activities) I would take the second guy in a heartbeat. Anybody can sign up and pass a test, but if you really eat, drink and breath the stock market, you'll be able to show that in a much more effective way than talking about the CFA Exam L1. That said, try and do both!
Show more

Cougar, thanks a lot for the post. I've been managing an investment fund on the side, and yes I do kinda breath the markets, but not on a technical analysis basis. I follow trends, and do a lot of research, but not hardcore 10-Ks stuff. I need to get into that.

One thing I get stuck on is the networking part. I'm in a city with no financial industry (Austin, TX), and due to my background and occupation, there's not many people I know in IB or IM. How do you suggest I get about N/Wing ?
I tried seeking informational interviews from the only 2 firms available in Austin, but no response, inspite of mentioning my Candidate for Top-5 MBA sales pitch :).

Any thoughts/ideas on this?
Also, I've heard Schweser is not really completely sufficient for L1...I have the Schweser books for L1, they're a lot more concise but I'm worried if they're cutting corners in terms of subject material?

thanks again
WG
User avatar
Moss
User avatar
Joined: 21 Dec 2008
Last visit: 23 Apr 2023
Posts: 370
Own Kudos:
143
Given Kudos: 64
Affiliations: CFA
Location: United States (NY)
Schools: Columbia - Class of 2013
GMAT 1: 710 Q45 V43
GMAT 2: 760 Q49 V45
Schools: Columbia - Class of 2013
GMAT 2: 760 Q49 V45
Posts: 370
Kudos: 143
Level 1 CFA - Too late? Need tips/ suggestions? 19 Mar 2010, 16:00
Kudos
Add Kudos
Bookmarks
Bookmark this Post
If you have a finance background, L1 isn't too hard. Just read through the Schweser notes a couple times and you'll be fine.
avatar
cougarblue
avatar
Joined: 25 Jan 2008
Last visit: 03 Jun 2010
Posts: 165
Own Kudos:
13
Location: San Francisco, CA
Schools:Wharton, Chicago
Posts: 165
Kudos: 13
Level 1 CFA - Too late? Need tips/ suggestions? 10 Apr 2010, 18:45
Kudos
Add Kudos
Bookmarks
Bookmark this Post
wiseguyMBA
cougarblue
wiseguyMBA
Cougar blue, actually I did speak to a couple of current students, and some people at a hedge fund, and they said it helps, and it's 2-fold.

1. It shows that as a career switcher, you have genuine interest in the field and have taken some proactive steps before coming to school.

2. Compared to other career switchers, you have an incremental advantage. They'd prefer someone who knows the lingo/markets than a complete greenhorn.

Thanks for the advice about Schweser.

regards
WG

I never said it didn't help, only that it won't really be a large factor in getting you an interview/internship. It's not really a differentiator because anyone can put CFA L1 candidate on their resume. I've seen cases of people who have no CFA progress and completely unrelated experience, beat out CFAs who have stellar experience, and this is for top IM firms.

All this doesn't mean it's not a good thing to do, however--as I said previously I advise people to do it because it shows commitment to the field and of course, "all other things equal," having it is better than not. But to be honest with you, depending on the situation, you might be much better served to spend all that time investing for your own account, reading 10-Ks, networking with industry professionals, etc. Let me give an example: if I were interviewing (which I have) 2 guys, one had the CFA L1 completed, the other was a only CFA L1 Candidate but was able to talk more about his investing experience and about stocks, and had spoken to current and/or former employees of my shop (as a result of allocating those hours to different activities) I would take the second guy in a heartbeat. Anybody can sign up and pass a test, but if you really eat, drink and breath the stock market, you'll be able to show that in a much more effective way than talking about the CFA Exam L1. That said, try and do both!

Cougar, thanks a lot for the post. I've been managing an investment fund on the side, and yes I do kinda breath the markets, but not on a technical analysis basis. I follow trends, and do a lot of research, but not hardcore 10-Ks stuff. I need to get into that.

One thing I get stuck on is the networking part. I'm in a city with no financial industry (Austin, TX), and due to my background and occupation, there's not many people I know in IB or IM. How do you suggest I get about N/Wing ?
I tried seeking informational interviews from the only 2 firms available in Austin, but no response, inspite of mentioning my Candidate for Top-5 MBA sales pitch :).

Any thoughts/ideas on this?
Also, I've heard Schweser is not really completely sufficient for L1...I have the Schweser books for L1, they're a lot more concise but I'm worried if they're cutting corners in terms of subject material?

thanks again
WG
Show more

If you're not having success networking now, then wait until you're at school, and start making use of the alumni databases, or you could start once you have been admitted and have committed to the school--you might have access to the network.

Schweser alone is fine.
Moderators:
Bunuel
Math Expert
105389 posts
GMATBusters
GMAT Tutor
1924 posts