| Topic Name: |
Investment Management |
| Message Name: |
fuzzbit |
| Date Posted: |
03/22/2002 |
| In Reply To: |
These things shouldn't be mutually exclusive, get both.
I understand most undergraduates get the CFP while they're in school. That leads me to think it's a one-test deal that shouldn't be any harder than CFA Level I. So do both at once.
But I really don't think the CFA will bury you. Finance is not difficult.
CFA has the following sections: Ethics, Economics, Portfolio Management, Financial Statement Analysis, and Asset Valuation.
You will cover a lot of that anyhow in CFP I'm sure. |
| Message: |
You seem to make a lot of assumptions based on opinion, not fact. This is not a great characteristic for somebody looking into a career in IM. Have you ever taken any of the CFA exams, or are you just playing resident expert reading off of the AIMR web site? Judging from your posts, I'd suspect the latter. There is very little overlap between the CFP and the CFA curriculum. The CFA doesn't even attempt to address insurance, tax planning, estates and trusts, nor does the CFP touch upon the intricacies of accounting, economics, or corporate finance (to name just a few areas). Taking the CFP won't do much to prepare you for the CFA, but the accompanying work experience may be helpful depending on which areas of financial planning you focus on. For example, I know a few CFPs who focus on FI investments and could likely apply this knowledge to parts of the CFA curriculum. Also, while your assertion that "Finance is not difficult" is subject to debate, most of what the CFA curriculum covers FAR more than the CAPM and Dividend Growth Models you think you've mastered as an undergrad. Can you explain the correlation in the multivariate normal distribution? How comfortable are you calculating FX rates with two spot or forward FX quotations involving three currencies? By the way, this is from my old level one material, and you'll only have 90 seconds to answer each question.
To the original poster - you seem to have a well thought out plan. It would be good to start the CFA process as soon as possible, but be sure not to overextend yourself. Studying for the CFA is a major time commitment. The CFP isn't a piece of cake either. Best of luck!
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