References

Question

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?

AjFinance · Answer

@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.

MattyJ · Answer

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

Will keep you updated!