CFA qualifications?

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SanMiguel

Well-known member
Mar 24, 2009
1,135
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#1
To complete the CF, do you need to have studied accountancy first?
Do you have to currently be working for a financial firm?

Just looking at options.
I'm a few months into my plan to see whether trading for myself works out but if not, I wold like to look at some career change options.
 

GammaJammer

Well-known member
Sep 2, 2004
1,243
830
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#2
1) No - plenty of people who aren't accountants do teh CFA (although there's a lot of accounting stuff in it so it certainly wouldn't hurt)

2) No - although the course is a big big commitment in time and money so it's far better to be sponsored to do it. Plus you will absorb by osmosis a lot of the knowledge you need instead of having to learn it all by rote (especially at level I). Chances of passing otherwise are considerably slimmer (although the flipside of that is that if I personally saw a CV of a person who did all three levels entirely off their own bat without being sponsored I'd be impressed. Would say a lot about a person).

But you need to be very sure WHY you're considering the CFA. What do you want to use it for? Sure, it's a respected qualification, but it doesnt mean it's going to open doors to every job. It's fairly focused in terms of the kudos it generates. So what is it you're hoping to achieve?

Hope that helps. Feel free to PM me if you need any more info.

GJ
 
Feb 23, 2010
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#3
Just a quick question..

If a company took on a junior/trainee trader, would CFA 1 be something they would put you forward for reasonably early on?

Im in the middle of doing the Society of Technical Analysis Diploma, to deepen my understanding of analysis.

Im similar to SanMiguel in the fact Im trying to prepare my options...

any suggestions GammaJammer, I read your articles on A day in the life of a FX spot trader and its the area Im trying to find a trainee position in.

any thoughts would be appreciated
 
Apr 23, 2010
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#4
CFA is not necessarily going to make you a better trader. It will give you a better understanding of fundamental analysis, but the CFA program does not value technical analysis.
As for trading firms sponsoring you, maybe, but they would be more likely to sponsor you for a CMT program. There are some trading firms that would just plain laugh at your CFA charter.
 

samuelhogg

Active member
Dec 27, 2003
259
5
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#6
I am sitting Level 2 CMT in London in a few weeks. They are going to push it to get more recognised in the UK this year.

I did STA foundation course and wasn't that impressed with the training and organisation.

jb323 the STA exam was yesterday, did you sit it?
 

SanMiguel

Well-known member
Mar 24, 2009
1,135
25
58
#7
I am sitting Level 2 CMT in London in a few weeks. They are going to push it to get more recognised in the UK this year.

I did STA foundation course and wasn't that impressed with the training and organisation.

jb323 the STA exam was yesterday, did you sit it?
Got a website for those - is that mainly trader focused though?
Don't most go to work for a prop shop first?
What is the CMT directed at, ie which jobs afterwards?
 
Feb 23, 2010
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#8
I am sitting Level 2 CMT in London in a few weeks. They are going to push it to get more recognised in the UK this year.

I did STA foundation course and wasn't that impressed with the training and organisation.

jb323 the STA exam was yesterday, did you sit it?
No im doing the Autumn exam as I wasn't in the position to prepare for the exam that just went.
Do you know anybody who did?
 

SanMiguel

Well-known member
Mar 24, 2009
1,135
25
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#10
Just looking through this: http://www.nyif.com/courses/exam_2011.html
At least 66% of that has been covered in my trading experience just off the internet. So, the question kind of comes off that what does the CFT really qualify a person to do? If it's work as a broker in an exchange just filling orders from 7am til 9pm then that's a lot of work :)
 

samuelhogg

Active member
Dec 27, 2003
259
5
28
#11
From the MTA website:

The Chartered Market Technician (CMT) program offers a structured approach to study technical analysis and ensure all key areas are covered. The CMT can help to open doors that may lead to job opportunities. The CMT demonstrates to Wall Street that you are a professional in the field of technical analysis. For those seeking a more traditional Wall Street analyst job, passing the first two CMT exams provides a significant step towards the Registered Research Analyst designation from FINRA.
 

samuelhogg

Active member
Dec 27, 2003
259
5
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#12
I have also started studying the CFA and find it in a different league to the CMT. CFA is 21x harder.
I see CMT for Technical Analyst/Research Analyst and CFA for Fund Manager.

I am doing the CMT as I enjoy TA and doing the CFA for career progression.
 

samuelhogg

Active member
Dec 27, 2003
259
5
28
#14
I am in the Finance industry but not in front office.

What is CFT? CMT or CFA?

I did the IMC Investment Management Certificate as that is an entry level threshold exam.
 

samuelhogg

Active member
Dec 27, 2003
259
5
28
#16
It was ok. You could probably pass it in a month if you got your head down.
Structure of IMC is changing soon, see http://www.trade2win.com/boards/general-career-advice/25222-imc-qualification.html

If you are going to do CFA level 1 you can get an exemption from 1 of the IMC exams so you actually only have to pass 1 IMC exam, which is FSA regs.

https://secure.cfauk.org/qualifications/imc-exam.html
The Investment Management Certificate (IMC) is the most widely recognised qualification of its kind in the UK.
The profession's benchmark entry-level qualification, the IMC is used by most leading investment firms to demonstrate competence for regulatory purposes. The IMC offers an excellent foundation to careers in the investment profession. Many IMC holders continue their professional development by studying for the Chartered Financial Analyst (CFA) Program.



How did you find the IMC ?
-I've heard mixed reviews, would you reccomend?
 

SanMiguel

Well-known member
Mar 24, 2009
1,135
25
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#17
Do you think there is much point in doing these exams if you have not already worked in finance and were considering a career change?
 

samuelhogg

Active member
Dec 27, 2003
259
5
28
#18
Depends what experience you have and what degree you got, and where you want to go.

London is starting to pick up but still not what it was a couple of years a go.
 

samuelhogg

Active member
Dec 27, 2003
259
5
28
#19
Failed the 4 hour Level 2 exam this morning, my head really hurts.

Expected it really but still a little gutted. At least I will get the breakdown on what areas I was weakest in a few weeks, allowing me to concentrate on those areas for the October exam.