07-01-2005, 06:42 AM
You are missing the point here the main topic is regarding FRM and CFA, which one is difficult like I mentioned in my previous posts FRM is a 5 hours multiple choice exam, while CFA examination divided in 3 levels you can attend each level individually timing is 6 hours (thanks for correcting me) although the course material is identical but in FRM you have to cover all the topics and give paper in single attempt while in CFA course is divided so I guess you can get the picture your self.
About month a ago I discussed the course outline of both certifications with Sir Zia, and he defined me that even after studying CFA course one needs to cover one more subject in order to appear for FRM exam which is (operational and integrated risk management), I would be happy to define you the subject, but I am afraid my depth doesnât allow me that I am just a CMA part 2 student (and it is not my habit to show off and copy paste materials).
Further I would like to clear some of your points.
1)He changed the course outline because most student wants to join any professional qualification right after intermediate,so that they can earn as quick as possible Sir Zia arranged his previous PBS course outline in such a way that even an intermediate student can join the course.
But in-between this course be encountered a problem most student comes from a middle class background and they cant affort ACCA and DBU - MBA as it is not very much cost effective having this in mind Sir Zia rearranged the course outline and suggest his students to do any four years bachelor to fulfill the requirementâs of CMA.
If you examine thoroughly ACCA charges about 55 pounds initial subscription feeâs, 55 pounds annual subscription feeâs per year TOTAL = 165 for two years (as you said one can pass in two years), 690 pounds for 14 papers GRAND TOTAL =855 pounds = 95760 PK Rs (1 pound=112 Rs)exclusive all tuition fees, i heared from some one that ACCA changed there Fee's structure but i used old one.
DBU charges about 2 lacks for MBA
Respectively if you take a look at CMA course structure its registration fee's per year is about USD 265, Examination fees about USD 165 per part, Total Cost = 925 USD = 55500 PK Rupees(1$=60), if you cant clear in one year again add 1 year registration fees and calculate + 2000/month PBS feeâs=48000 for two years
Sir Zia never said that one should go for all the certifications, its his or her own choice in my opinion even if one clears CMA in less then 150000 PK Rupees its worth it this program is for middle class studentâs and Sir Zia is the only one who is capable of teaching it in Pakistan.
2) I never doubt his abilities as he is the only one who holds triple Master degrees, MBA in Finance, Master of Accountancy (M.Acc.) & Master of Science in Engineering (MS) all three from Arizona State University + CMA & CPA.
3) Mr. Javed Khan gives CFA Level 1 paper and passed as per my knowledge he is appearing for CMA Part three tomorrow.
4) Indeed that is correct there is a huge difference between US GAAP and IFRS, but as I said in my previous posts all these certifications CMA, CFM, CFA, FRM are US based they all follow US GAAP, and PBS is currently emphasizing on these, Diploma in IFRS is added in PBS program as it is also a cost effective certification and holds a discount for 3rd world countries hopefully we'll start studying it in the near future.
5) I never said CFA hold any exemption policy or it exempt CMA parts, you misunderstood my statement, what i said is that if you pass 3 parts of CMA you can easily appear for CFA level 1, as it hold the exact same material which you studied in CMA.
6) The passing rate is slow because most of the students joining PBS are either working professionals studying it as a part time course or Mature student having no solid background, most of the cream prefer to waste 6 years in ICAP , ICMAP or go for IBA, CBM as these are considered to be most prestigious qualifications in Pakistan, the biggest example is Mr. Javed Khan he is sincere with his studies and going well in this course,so I say if he can why not others.
Ok well thatâs it for now I just want you to know that you just cant expect to get the clear picture from other side of the horizon further I donât want to debate on this topic, this program started in Jan 2004 wait 2 , 3 years and you will see so just let the time come.
(Sorry I accedently caculated the wrong fee's structure of ACCA i corrected it but still let the time come and lets end it here)
About month a ago I discussed the course outline of both certifications with Sir Zia, and he defined me that even after studying CFA course one needs to cover one more subject in order to appear for FRM exam which is (operational and integrated risk management), I would be happy to define you the subject, but I am afraid my depth doesnât allow me that I am just a CMA part 2 student (and it is not my habit to show off and copy paste materials).
Further I would like to clear some of your points.
1)He changed the course outline because most student wants to join any professional qualification right after intermediate,so that they can earn as quick as possible Sir Zia arranged his previous PBS course outline in such a way that even an intermediate student can join the course.
But in-between this course be encountered a problem most student comes from a middle class background and they cant affort ACCA and DBU - MBA as it is not very much cost effective having this in mind Sir Zia rearranged the course outline and suggest his students to do any four years bachelor to fulfill the requirementâs of CMA.
If you examine thoroughly ACCA charges about 55 pounds initial subscription feeâs, 55 pounds annual subscription feeâs per year TOTAL = 165 for two years (as you said one can pass in two years), 690 pounds for 14 papers GRAND TOTAL =855 pounds = 95760 PK Rs (1 pound=112 Rs)exclusive all tuition fees, i heared from some one that ACCA changed there Fee's structure but i used old one.
DBU charges about 2 lacks for MBA
Respectively if you take a look at CMA course structure its registration fee's per year is about USD 265, Examination fees about USD 165 per part, Total Cost = 925 USD = 55500 PK Rupees(1$=60), if you cant clear in one year again add 1 year registration fees and calculate + 2000/month PBS feeâs=48000 for two years
Sir Zia never said that one should go for all the certifications, its his or her own choice in my opinion even if one clears CMA in less then 150000 PK Rupees its worth it this program is for middle class studentâs and Sir Zia is the only one who is capable of teaching it in Pakistan.
2) I never doubt his abilities as he is the only one who holds triple Master degrees, MBA in Finance, Master of Accountancy (M.Acc.) & Master of Science in Engineering (MS) all three from Arizona State University + CMA & CPA.
3) Mr. Javed Khan gives CFA Level 1 paper and passed as per my knowledge he is appearing for CMA Part three tomorrow.
4) Indeed that is correct there is a huge difference between US GAAP and IFRS, but as I said in my previous posts all these certifications CMA, CFM, CFA, FRM are US based they all follow US GAAP, and PBS is currently emphasizing on these, Diploma in IFRS is added in PBS program as it is also a cost effective certification and holds a discount for 3rd world countries hopefully we'll start studying it in the near future.
5) I never said CFA hold any exemption policy or it exempt CMA parts, you misunderstood my statement, what i said is that if you pass 3 parts of CMA you can easily appear for CFA level 1, as it hold the exact same material which you studied in CMA.
6) The passing rate is slow because most of the students joining PBS are either working professionals studying it as a part time course or Mature student having no solid background, most of the cream prefer to waste 6 years in ICAP , ICMAP or go for IBA, CBM as these are considered to be most prestigious qualifications in Pakistan, the biggest example is Mr. Javed Khan he is sincere with his studies and going well in this course,so I say if he can why not others.
Ok well thatâs it for now I just want you to know that you just cant expect to get the clear picture from other side of the horizon further I donât want to debate on this topic, this program started in Jan 2004 wait 2 , 3 years and you will see so just let the time come.
(Sorry I accedently caculated the wrong fee's structure of ACCA i corrected it but still let the time come and lets end it here)