CFA Discussion

[j_l_uy]

I think 2006 will be the year that the CFA Institute will be including the cost of modular reading materials in the registration fees. The good news is that you would have a complete set of reading materials and you don't have to buy a whole book that only requires a few chapters. The bad news is that the registration fees will be expensive!

No!!! I was hoping to just borrow/xerox the required readings. I also have already set a budget for the exam. Oh well... if that is the case, I guess I have to find some more ways to finance my exam. I just really hope they properly price the exams and the required readings.

Anyway, thank you very much for the update Hulk. Please do post more updates if you hear anything else.

[Hulk]

No!!! I was hoping to just borrow/xerox the required readings. I also have already set a budget for the exam. Oh well... if that is the case, I guess I have to find some more ways to finance my exam. I just really hope they properly price the exams and the required readings.

Anyway, thank you very much for the update Hulk. Please do post more updates if you hear anything else.

You should know that xeroxing reading materials is strictly prohibited by the CFA Code of Ethics. Hehe! Sumbong kita.

Of course you could always apply for a scholarship come August with the Association of Investment Professionals - Manila. We'll be giving away ten (10) scholarships for the June 2006 exam.

[j_l_uy]

You should know that xeroxing reading materials is strictly prohibited by the CFA Code of Ethics. Hehe! Sumbong kita.

Of course you could always apply for a scholarship come August with the Association of Investment Professionals - Manila. We'll be giving away ten (10) scholarships for the June 2006 exam.

Hehehe... Actually, I xerox some reading materials due to my masteral studies (since we cover portfolio management and FS analysis like most masteral classess do) so I was able to start my review for the CFA exam. My plan is to borrow most of the CFA materials from my sister who is taking the exam this coming july. If there are any revisions or improvements from this year to the next, I plan to get them when I start my review in AIM. Am I violating any of the rules in the Code of ethics?

BTW, can you kindly post the address of the Association of Investment Professionals - Manila? That way, the general public will benefit from it.

[Hulk]

Currently you aren't covered by the CFA Code of Ethics. You will be covered after you have submitted your registration to the program. Bawal mag-xerox kasi Intellectual Property rights yung mga books.

Post ko na lang sa August yung requirements and mailing address ng AIPM or whatever we decide our name to be by then (CFA Institute Manila sounds nice!).

[j_l_uy]

Currently you aren't covered by the CFA Code of Ethics. You will be covered after you have submitted your registration to the program. Bawal mag-xerox kasi Intellectual Property rights yung mga books.

Post ko na lang sa August yung requirements and mailing address ng AIPM or whatever we decide our name to be by then (CFA Institute Manila sounds nice!).

Okay. I will respect the Intellectual Property rights of the authors of those books and thank you very much for all your help.

CFA Intitute - Manila do sound nice. That would be a nice name for the AIM - Manila. I will wait for your post in August.

Again, thank you very much.

[easy_going]

CFA is just a money making certification machine!

Kung dito ka lang mag-trabaho, sayang lang yung CFA mo!

Who among the "great" traders is the world has a CFA cetification? Si Warren Buffet meron ba? Si Peter Lynch? Si Benjamin Graham?

[j_l_uy]

CFA is not just a money making certification. It is true that earning a CFA does not make an individual become a "great" trader (no exam could do that), but it does provide a standardize exam which shows the world who among the crowd actually knows something (about finance) and who doesn't. If you were a accounting graduate in philippines, would you say the CPA board exam is just a "money making certification machine"? If so, I believe you don't share the same sentiments of several companies who often offer better jobs to those who passed the board exam especially to those who top those exams.

Anyway, if you don't believe the CFA then simply don't take it. We created this forum to those who are interested in passing the exam.

Hulk, please don't forget to post the mailing address of the AIM-Manila (or whatever you guys decide your name will be) and the scholarship requirements. Thanks.

[Hulk]

CFA is just a money making certification machine!

Here is the CFA Institute's Mission Statement:

To lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence.

See, the CFA Institute was established primarily in promotion of a profession, but in order to pusue its advocacies it has to have a semblance of business. It does make a lot of money but it does channel it back in the form of scholarships and financial support for advocacies in less developed nations. When you think about it, the reason they are making a lot of money is because of the thousands of ill-prepared candidates every year who flunk the exam.

Kung dito ka lang mag-trabaho, sayang lang yung CFA mo!

During the last salary survey, the average annual income of a CFA Charterholder was US$250,000. That's the reason why almost a third of those who acquired their charters here are currently working abroad, while about 20% work for the ADB. The remaining membership do enjoy nice positions locally and usually have ranks of AVP or higher.

Who among the "great" traders is the world has a CFA cetification? Si Warren Buffet meron ba? Si Peter Lynch? Si Benjamin Graham?

If you would take time and review the roster of portfolio managers of the top investment banking firms worldwide, you will find that most of them are CFA charterholders, not only because of their technical competence but because of the strict ethical standards that the charter imposes on its membership. If you would also look at job ads for traders and portfolio managers, most of them require at least levels in the CFA program.

But again, the CFA charter is not for everybody. If you feel that it's a waste of money (about a P100k for Level 1) and time (200 hours per level) then you could opt not to get it. The question that you have to ask yourself is will it provide you a strong competitive advantage in the future. Remeber, it may not seem significant locally now, but how about 10 years from now? Even BSP is starting to support the program through the sponsorship of review programs and scholarships for their employees.

[j_l_uy]

Hulk, do you other place that offer (good) review classes other than AIM University?

[Hulk]

The only other group that I know that offers review classes other than AIM is Sandy Gilles' (DLSU prof) group pero they don't offer it every time. Kami we used to offer Level 2 and 3 review sessions pero we eventually dropped it because of the difficulty of finding lecturers for certain topics in the program. I think even AIM had difficulty this year in finding lecturers. Sayang nga, ok yung bayad nila for a 3 hour session pero wala talaga akong time to teach.

[pringles22]

Hi there!

Back in the late 90's getting CFA is a hot thing due to the stockmarket craze.
I was an equities analyst at a leading commercial bank but got tired of chasing the movements in the market which subsequently went down after the forex meltdown...

Anyway, I was planning to take the CFA and I know Sandy Gilles, just dont know if he remembers my face, tee hee hee I'm also from DLSU Taft MBA.

The CFA title is recognized globally and it pays to be one aside from being a CPA of course.

Now that I saw this thread, I think I would re-consider my previous plan of taking the CFA...

So Hulk can you please pm me the requirements and the scheduled exam dates you will be giving to avail of a scholarship?

Where and what do you teach in the past? I'm also a part-time MBA faculty at La Salle teaching young mba guys like me, tee hee hee! While I do risk management full time...

[Hulk]

We don't give out exams to prospective scholarship candidates, baka si Sandy ganun for his scholarship slots that he gives out. We just ask CFA candidates to submit their requirements and we evaluate them. Qualified candidates are interviewed and choices are made. I can't give out the requirements yet because the CFA Institute hasn't come out with their guidelines for this year's round of scholarships.

But if you want a tip, we look closely at work experience. The CFA Institute will be increasing the required relevant work experience to 4 years. Therefore a candidate must already have at least 1 year of relevant working experience before taking Level 1 or they won't be awarded the charter when they pass level 3 (we expect our scholars to finish the program in 3 years). You won't believe the number of candidates who are deficient in this requirement. A risk management job qualifies, but check kung pareho yung description. If you want to check if your work experience qualifies, check out the Job Classification List at cfainstitute.org

Nope, I haven't taught yet, but AIM always invites charterholders to be a lecturer in their CFA review courses.

[j_l_uy]

Thanks Hulk for the info. I am currently asking some DLSU professors (CFA holders) who might be willing to give scholarships (still trying to locate Sandy ) If the only qualification is passing a exam, Ill take my chance (Ofcourse, I am hoping they give me some time to review).

Hulk, do you know other CFA holders who are currently tied up with DLSU?

Concerning the subject of work experience, if a person don't have the four years experience yet he/she already passed the exam that person can still mention in his/her resume that he/she already pass the exams and just need to finish the required work experience. Am I right, Hulk?

[Hulk]

Sa DLSU: Xander Gilles at Marc Bautista. I think they're inviting Fabozzi over at DLSU.

Yep, pwede mong ilagay that you've passed all 3 exams pero you cannot place the 3 letters beside your name.

[j_l_uy]

Hulk, I already found Marc. Ill take his class in DLSU-RCBC by next January. Hopefully, he has enough time for consultations.

BTW, have you heard of Jane Chong (she works with BSP)? According to chairperson of our finance department, she is also a new CFA holder. And if my info is also accurate, I think she teaches two subjects (equivalent to 6 units) in DLSU-Taft. Will that allow her to give scholarships? or are there other requirements?

And, is there a time frame for offering scholarships? Let us say hypothetically a professor is willing to offer a scholarship to a student, is there a deadline for offering that scholarship?

Thanks for answering my questions. I really appreciate your wisdom.

[Hulk]

Yes, professors do have deadlines pero I am not sure kung kelan. But in my experience mas later sila nag-aaward ng scholarships compared to us.

Yes I know Mary Jane Chiong. Smart, tall and pretty girl (Hehe!). Scholar namin siya for Levels 1 & 2. For Level 3 sagot na ata siya ng BSP. No, she's not a charterholder yet, Level 3 siya this June. If you meet her, ask her for tips kung paano makakuha ng scholarship sa amin. I'm sure she can provide you with good insights.

[j_l_uy]

Wow hulk. I never knew she got the scholarships you guys were offering. I have never been under her class (I was struck with bad luck during my college days) and, thus, I have not met her personally. BTW, if she did pass this last exam... does this mean she is already a CFA? If she is, can she already offer scholarships for applicants in the upcoming january exams?

As for the AIM-Manila scholarships, Ill apply as soon as you post the requirements (and where to submit them). Although I think I am a "limping" underdog compare to the rest of the applicants, since I am only a fresh graduate and my work experience now is not something I can be proud off. I personally believe I have a better chance if the criteria of the person (or institution) offering the scholarship would be based on a exam. However, Ill will still apply since I dont want any regrets. Like they say "capture life at its fullest".



(Side note: Hulk, I am not sure if miss jane is still single, but maybe you want me to arrange something for you..hehehehe... joke)

[Hulk]

If she passes the exam, and with the necessary relevant working experience, which I think she already earned, magiging CFA charterholder siya. Pero I am not sure if she is immediately entitled to scholarship allocations. Better ask Marc in this regard.

Single pa siya pero I am happily engaged, so try your matchmaking skills with someone else. Hehe!

[j_l_uy]

Hehe. What loyalty. Your partner is very lucky.

As for the CFA scholarship, Ill do as you advice. Thank You.

I will wait for your post concerning the AIM-Manila scholarship requirement and address.

[honeybfly]

Hi!!!

I graduated last year with a BSBA but I'm currently working in a sales job for a MNC. However I am very interested in shifting to a finance career and getting a CFA certification..Can you please give me a listing of local banks/financial institutions that could provide excellent work experience and training/support in preparation for the CFA charter?