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Info about CFA - Printable Version

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Info about CFA - ArshadCMA - 02-19-2007

Dear Friends,

The boom in investment avenues resulted a boom in the scope of CFA lets share some info about CFA, I am too looking forward to join CFA, so friends woh have or who are studied/studying CFA please guide us in this regard.

Thanx

Arshad
CMA[PK]

- hanifasif - 02-20-2007

No doubt, currently we are witnessing a boom in Financial Sector in Pakistan but the question which I am quite often asked "Will you be using the advanced tools learned in CFA in the nascent Pakistan's Financial World?" "Do your Financial Markets run on fundamentals as other developed markets do?" It’s a moot issue anyway.

Qualifying CFA is quite a task to begin with, and I believe it is ideally suitable for people who have specific career objectives. Selecting CFA is a big decision and should be taken after careful consideration. One needs to decide what one's career objectives are. Gathering a bunch of qualifications without specific career objective causes "professional waywardness", and this surely comes under quite a criticism during a job interview. I remember I had to spend 15 minutes explaining KPMG-SA managing partner that why there was a need to qualify CIA when I was well on my through ACCA finals. I got the job offer anyway.

The question is why would any body choose CFA? You would probably choose CFA because you find yourself comfortable with Financial Management subjects or you want to earn a lot of money that supposedly comes with the CFA charter or perhaps you want to add another feather to your professional cap or you might be one of those genii whose appetite for knowledge never satiates. The most commendable reason to start CFA would be that you plan on working in finance. However, if your career path veers out of finance, then investment of time and money on CFA would be just a big waste. It would surely be an eye sore to see a CFA competing for a FM/FD job.

CFA is really an enchanting qualification. Well, that's what I feel. I have rarely met an ACA who, at one time or the other, did not toy with the idea of doing CFA. What I found most challenging, and of course interesting, in CFA is the depth of the course. It is said of CFA that it is "a foot wide and a mile deep". Those candidates, who hold either CA/ACCA/CMA or MBA Finance from a good business school, and with right career focus, are most suitable for the CFA charter. It is not that the course is similar, but those with professional qualifications have the capability to put the amount of hard work required to pass CFA exams. The CFA course is like a 90 degree eschew from Accounts and Audit. I won't say 180 degrees turn as quite a lot of the things I have read so far in CFA level 1 are scattered all over in Professional Accountancy in one form or the other. Things certainly turn red hot in level 2 and 3.

One needs to be equally aware of the fact that by selecting CFA one narrows down one's marketability in Pakistan. It’s a highly specialized discipline which means in Pakistan one would have a very specific and small job market. In developed Financial Markets one surely stands a fair chance. CFA certainly pays one off if one intends to work in the western markets, South East Asian Market, which unquestionably is the hub of financial services in Asia or the growing Middle East Markets (Average starting salary for CFAs here is AED30,000 + benefits).

Well, my two cents..

Would love to see other members contributing to thread too…

Regards,

Asif

- derivativetrader - 02-21-2007

As Asif said, CFA has a potential but one needs to have clear objectives and reasons for pursuing this designation. The syllabus does cover a lot of finance and accounts, but I think this knowledge would best serve someone intersted in an equity or fixed income research, or someone interested in an asset management business. While I see alot of CFAs working in non-core areas but someomes I wonder did they actually need to be CFA qualified for their role?

I also think CFAs would be better served in a developed financial market than an emerging market setup.

These lucrative salaries that the middle eastern market is offering these days are an interesting one. I would think an average annual salary for a newly qualified CFA in NYC or London would be in the region of £50k. This is similar to what Asif said in his responce. Now if you are getting the same salary (okey I know there is taxes that have to be paid in these markets unlike middle-east), I would still take a role in London or NYC over middle-east. Why? Because, money isn't everything. You get a lot more exposure in London/NYC and may get to experience a variety of career paths than you would in Middle-East. Also, bear in mind that middle-east/emerging market salaries have an embedded safety risk premium.

DT

- ausmanpk2001 - 02-24-2007

I'm an ACCA student and thinking of plunging into CFA for a long time.

DT what do you mean by "embedded safety risk premium" I don't understand this. Can you explain a bit?

The career I'm considering is getting into Mutual Funds in Pakistan. I don't know whether i'll be able to apply advanced CFA knowledge here but I know one thing that this will help me a lot in advancing in the Mutual Funds sector & thats what I'm concerned with!

I see a lot of potential (salary) in CFA here. And one can move to Middle East after qualifying and getting some good experience in international level firms..... Thats just my idea.

What do you say? DT & Hanif Asif?

- ausmanpk2001 - 02-24-2007

First i considered the investment baking sector but due to huge work life imbalance there, i discarded that option.

Although work life balance is not very good in Mutual Funds sector too but its not that bad as in IB and what from what I've researched weekend work is rare too... Normal timings are usually from 9 morning to 7-9 in the evening & things get better as you advance in your career.

& salary after CFA is usually 200K-300K pm. and before CFA entry level salary is usually 20-25K.. Thats what I've researched but I'll be glad if anyone verifies this..

Can you confirm or add to any of this? DT, Hanif Asif anyone else....

Thanks

- derivativetrader - 02-24-2007

Middle-eastern employers are offerring somewhat similar salaries to what someone expect in London or NYC or other international finance hub. Once incentive to work in middle-east is that there is no tax. However, one has factor in the security risk. For instance, if you are a foreigner (usually applicable to nationals of UK, US, etc..) and work in middle-east, these extremists may target you one day and shoot you. Another thing that one has to factor in before taking a role in middle-east is the quality of education for their kids. I know it's something not applicable to most of us now but we have to put it into the equation. This is what I meant by embedded risk.

I think Mutual Funds business has a lot of scope in Pakistan. If the investment manager is any good and can consistently beat the benchmark, I think there is a great demand for such people. However, the biggest risk we have in Pakistan is sometimes it is not fundamentals that are running the market. If Pakistan can maintain political stability then I reckon a number of foreign money could be invested in to the KSE, hence the demand for investment professionals would increase.

Before embarking a career in investment consulting, I did try investment banking. The quality of life is definately better on the buy side (investment management etc..) than the sell side (investment banking, trading etc..). Your basic salaries are not significantly different but after bonuses things could be better on the sell side. To save your position and get a good bonus, one need to work very hard, which not many people can do.

The sort of salaries that you mentioned for CFAs is I think quite possible but I think would depend on your mandate. If you are working as a successful investment manager then you may be on even better salary than someone purely doing equity research or something similar to that.

I'm sure you are not putting yourself ito illusion that by simply passing your 3 levels of CFA you would be on that sort of salary. I'm sure these salaries are reffered to those who have a significant work experience and doing a good job. A minimum of 4 years of investment experience is required to get the CFA charter. This is in addition to the requirement of passing all 3 levels.

Hope it helps..

DT

- Muhammad Amir - 02-26-2007

these small paki industries can't even think to afford such high pays od CFAs

- derivativetrader - 02-26-2007

<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Muhammad Amir</i>
<br />these small paki industries can't even think to afford such high pays od CFAs
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

In fact, I hear some of these firms are paying that sort of salaries.

- sadaf4ahsan - 04-17-2007

hi
Sadaf here
Anybody want to start CFA for December 2007 Exams in Lahore
Please Contact me
I am doing CA in Module D

- sadaf4ahsan - 04-17-2007

hi Irshad
i am doing CA and seriously considering for CFA
if u r interested please join me
i hv same ID on hotmail

<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by ArshadCMA</i>
<br />Dear Friends,

The boom in investment avenues resulted a boom in the scope of CFA lets share some info about CFA, I am too looking forward to join CFA, so friends woh have or who are studied/studying CFA please guide us in this regard.

Thanx

Arshad
CMA[PK]
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

- sadaf4ahsan - 04-17-2007

hi SADAF here
Can anybody Join me in Lahore to Start CFA for DEC 2007 intake
I am currently doing CA Mod.D
Contact me at the same ID at hotmail
Allah Hafiz

- kamranACA - 04-17-2007

I wish to join it in Dec 07. I am in practice and may not be able to find time for this purpose. I am considering it, let's see what comes out of it.

Sadaf,

what you would like to share about CFA? What specific info you have and how any such prospective candidate could be benfited from sharing ideas for this upcoming attempt of Dec-07. Please apprise and oblige.

Regards,

Kamran.

- msc286 - 04-18-2007

Kamran Sahib,

Analyzing the economic situation and business culture of Pakistan, would CFA be a good option for practicing chartered accountants like you and me, if one intends to remain engaged in public practice?

I'd be obliged if you could elaborate the benefits of doing CFA, in particular perspective of a practicing chartered accountant.

- msc286 - 04-18-2007

Keeping in mind the fact that major consultancy work in Pakistan is carried out by big four and off course AASR.

- sadaf4ahsan - 04-18-2007

Well Mr Kamran
Thanks for ur Response
I would love ur company in CFA if u join me
as for as comparison is concerned no doubt both CA and CFA somehow are different in nature Pakistan's CA is a very rewarding and widely accepted degree but to give oneself great international exposure i think CFA is a very good choice and it would not be too much difficult for u to give some time to it even having a busy schedule
because a lot of things are based on concepts and a regular 2 hr daily for 3/4 months are more than enugh
we got more than 7 months
and one more thing
jo ham CA k context may kehty hai k Jo Pakistan say CA pass kar leta hai woh kuch bhi pass karsakta hai (Lols)

As it is going to be a self study that is why i was looking for a Partner and if u can join me it would be a great thing
Try to reply me at my mailing address
[email protected]
as i may not always using this forum
Thanks
Allah Hafiz