CFA CFA General References

References

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    • MattyJ
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      I am now trying to get my references to apply for CFAI membership. I believe I have the required work experience having worked in corporate banking for over 6 years, which includes detailed financial analysis, managing a portfolio of bank clients etc, and from what other members have been saying the CFAI usually accept anything that is broadly linked to finance rather than being very specific.

      That said, my boss went on to the ‘Guidelines for Work Experience’ site when completing my reference, and pointed out that it says:

      At least four years (48 months) of experience in:
      1) Evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments (e.g., publicly traded and privately placed stocks, bonds, and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these are held as part of a diversified, securities-oriented investment portfolio).
      2) Engaged in responsibilities and/or producing work or work product that informs or adds value to those decisions.
      3) Supervising, directly or indirectly, persons who practice these activities.
      4) Teaching such activities.

      Now lets ignore 3) and 4) as these aren’t relevant to me. Point 1) seems to suggest that you need to be directly linked with mainstream securities, whilst point 2) refers back to the investments in point 1).

      I analyse lending decisions, which assist the bank in deciding wether they want to invest their capital In a specific debt product, however it is not a publically traded security and is debatable wether it forms part of a diversified portfolio. I am not a portfolio manager, however the bank will have a diversified portfolio of debt and I have to make reference to how it may fit in with the overall lending appetite.

      I sent my boss copies of what I was submitting as my work experience, and have said that the CFAI review everything and if they do not feel it is appropriate will not accept you. I am not convinced he will sign it off though, given the restricted guidelines the CFAI use.

      Any thoughts? Anyone had any similar issues?

    • Zee Tan
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      @mattyj it really depends on how strict your manager is. I don’t think the ‘public’ part is a sticking point really – the key part is that you contribute towards an investment decision, which can be securities, but also can be debt structuring, or project based decisions.

      Here are some links that might be able to help (original blog post here):

    • Zee Tan
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      Based on what I know about what you do, qualifying for CFA work experience shouldn’t be an issue.

    • MattyJ
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      Cheers @zee. Yea I sent him a link to the sample job titles, particularly pointing out that an ‘Auditor’ wouldn’t manage a portfolio or make investment decisions, but contributes to the process by generating the financial statements in an accurate manner.

    • Zee Tan
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      If your manager is still sticking to the point and you can’t get him to budge, you can always look for other references – you just have to get an extra one 😉

    • AjFinance
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      @MattyJ I think you would be better off approaching the local CFA Society. The existing members would be more than happy to oblige and provide you references. If you can get 2 charterholders to sponsor you, its enough for the application.

      As far as your work experience is concerned, I personally feel that you should not have any problems getting it approved. But again, try approaching the local CFA society, helps a lot.

    • sankrutimehta
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      @Zee: Thanks for sharing the links…I was concerned for the same. Most likely!!!!

    • MattyJ
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      Got my references completed today. Application now with CFAI for their review.

      Will keep you updated!

    • hairyfairy
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      @mattyj so happy for you and at the same time ragingly jealous. 😀

    • MattyJ
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      @hairyfairy you’ll get it soon enough…good things come to those who wait! 🙂

    • MattyJ
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      Update: CFAI just approved my work experience.

      I haven’t had an email from them, but the status has changed within the online application saying I have 86 months of approved work experience. I submitted my application last Tuesday, so it has taken 5 working days to clear (the aim to review it within 10 working days).

      It has now passed to the CFA UK Society for their review. Hopefully this shouldn’t take too long as I am already a paying member with them, but can take up to 30 calander days.

      Hopefully not long now!

    • Zee Tan
      Keymaster
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      Awesome! You’ll have to share the photo of your certificate when you get it 🙂

    • Sophie Macon
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      @mattyJ – covered in tons of badges and hugging the giant CFA scroll… hmm.. :))

    • MattyJ
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      Update 2: The UK Society approved me first thing this morning. I have now paid my CFAI fees and am a Regular Member!

      I think they award the Charters on September 4th, so hopefully should hear then that I can start using the designation!

    • misswhiplash
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      @MattyJ Me too 🙂 I didn’t know about the September 4th thing – was wondering how one went about getting the actual letters after one’s name…

    • MattyJ
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      @misswhiplash I heard a rumour about 4th Sept, so sent an email to CFAI asking the question. Responded as follows:

      Thank you for writing and congratulations on your recent completion of the Level III exam. We will begin awarding charters to successful Level III candidates who are active regular members in early September. Once your charter has been awarded you will be notified by email. Please let us know if we can further assist you.

    • Zee Tan
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      @mattyj just let me know if you’d like to add CFA after your username 😉

    • edulima
      Participant
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      As in

      MattyJ, CFA?

      That looks great!

    • Sophie Macon
      Keymaster
    • sankrutimehta
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      @MattyJ: Even I used the local society in India and got my references. But I just have 29 months of total xperience in Investment banking..I am thinking of taking affiliate membership though

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