I thought I would briefly revisit this topic before I switched blogs. I am registered for the CFA June 2009 exam and I have just completed the second CSC exam, still awaiting my marks. One of the questions people have is the difference between these two courses, and though I can’t really compare material difference until later I want to make a few things more clear:
CSC
- CSC is an entry level REQUIREMENT for the Canadian Securities Industry
- If you live anywhere but Canada, and do not plan on moving to Canada, getting the CSC makes absolutely no sense
- Think of the CSC as a high school diploma for the financial industry
- This is a two part exam, with no work experience requirements and can be completed any time within one year
- Almost anyone, who is anyone in the financial realm has this course, its not an asset, just a basic requirement
CFA
- CFA is a post-graduate program accepted worldwide
- The CFA is a respected worldwide designation and opens international doors around the world
- Think of the CFA as the PhD of the finance realm
- This is at minimum a 2.5 year program with three tests and minimum work experience requirements
- The CFA is a respected designation because it is very difficult to obtain. The exam is extremely difficult and the process is intended to weed out everyone except those who are either extremely persistent or aptly suited to hold a CFA charter.
So whats the difference. To best understand this, lets ask a different question. What are the similarities? Once I have a chance to further dive into the CFA material I will write a couple posts on the content similarities between the CSC and CFA. I think it will be interesting to see the level of comprehension both levels provide. You will be able to find that piece on my CFA site, which is currently on hold until I finish the CPH course on March 9th.
- Steve
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I did the CFA lvl 1 in june as well, and I’m a few chapters into the CSC. I thought writing the CFA exam would help me get a job, but nope. no one cares lol. are you finding that, or did you get emailed job offers along with your CFA results? I can’t even get a job as a call centre rep, let alone an analyst position… I’ll pass a few more tests I guess, and by the time I finish all the CFA levels and a handfull of other designations/certificates, hopefully I’ll get a junior analyst job.
Comment by Matt — August 26, 2009 @ 4:25 pm
CFA Level 1 by itself holds no value. It shows progress, but ultimately its just 1/3 of what you need to get credit. Much like a degree its merely another requirement to move into a different, more specialized field. These are, of course, only my opinions.
Comment by smzachary — September 3, 2009 @ 8:14 am
Is anyone else having a lot of trouble with level 2? Hey Steve, where is your CFA updates?
Comment by Lexie — January 7, 2010 @ 9:48 am
Hmm if you’re having trouble finding a job after successfully completing level 1 there might be a different sort of problem.
Maybe your interview technique or presentation is insufficient?
Having a level 1 CFA is worth something because CFA charter holders are quite valuable so having a person who is in the process is desirable to a company.
Comment by daf — November 25, 2009 @ 8:36 am
interviewing is not the problem; getting the interview is.
Comment by Matt — March 27, 2010 @ 11:10 am
I somehow randomly came across this web site again. Since my last post, I got a back office job at a mortgage lending institution. At the time I applied, I had the CSC finished up and was starting up Investment Management Techniques (I’m done that one too now). Basically, the decision to hire me had nothing to do with the 1st CFA that I passed, or even the CSC; (though some entry level call center/mutual fund sales jobs were interested in the CSC, and could not possibly care less about the CFA). From what I’ve found, no one will give a crap at all about your CFA until you’re done all 3 levels, and even then, work experience still trumps it. Just my opinion based on my own experience though, I don’t have too many friends going the CFA route.
Comment by matt — March 4, 2010 @ 8:51 am
Lexie – I’m doing CFA level 2 now, and I’m up to study session 11 (just finished session 10 last night). Including that 11th session, got 8 more to learn in 2 months. I’m not finding it super difficult as much as I’m just finding it loooong and time consuming. I’m studying by making a word doc for each reading, then doing problems later. I went with Stalla for study notes.
Comment by Matt — March 27, 2010 @ 10:47 am
if you think not too many ppl are taking the CFA you’re wrong.all my CA friends are doing it (all ten of them) because they want to get into investment banking. my enginner friend and computer science friends are doing it too. everyone thinks they can be an i-banker after the CFA. it’s depressing for a finance grad like me. everyone just want to join the fun woo hoo~ in three years everyone’s gonna become a cfa charter holder.
Comment by rebecca — April 27, 2010 @ 10:14 pm
there are currently just under 89,000 CFA charterholders globally. The Finance Industry employs a multiple of that number. If you and your 10 friends all make it through all 3 levels in 3 years (which statistically you won’t), you will still be differentiated from millions who’d like similar jobs. Your shitty finance degree doesn’t entitle you to a job any more than those other people who work hard and pass these exams.
Comment by Matt — May 3, 2010 @ 6:58 pm
Matt, these reflect my thoughts as well. There is nothing easy about the exams, and the likelihood of passing all three on the first attempt is small. The CFA Institute also claim only 1 out of every 10 candidates make it successfully through the program.
The misconception is that the CFA alone will allow you significant advantage over everyone. The CFA does not replace solid financial experience. Both are essential if your an ambitious financial professional. Let’s face it, if your not ambitious, your not making it through the program. Some find the material difficult, but personally for me it’s the shear amount of concepts that makes it challenging.
Lexie and Matt, good look on your CFA-L2. It’s a beast, and I know you both will rock it.
Comment by smzachary — May 3, 2010 @ 7:45 pm
thx bud, gl to you too
Comment by Matt — May 4, 2010 @ 4:17 pm
I’m in Toronto, Canada which has the highest number of CFA charter holder per capita in the world. Saying you have your CFA in an interview usually gets you a response like “So do half of the people who work here”. The CFA by iteself won’t won’t get you a job, it needs to be backed up by work experience.
Comment by John — February 11, 2011 @ 7:53 am
This post implies it’ll be shrugged aside. Alternatively, if you’re speaking to that same interviewer and tell him/her you don’t have the CFA, they might say “oh. well half the people who work here have it. The candidates we are willing to consider typically have completed it as well, among other things”.
Incidently, I failed L2 last year, and just passed it this year. starting MBA at u of t in september, will be done in 2013, and then I’ll give L3 a shot in 2014, which will make me eligible for the charter in 2017 or 2018 since I need 4 years of eligible work experience and have 0 right now.
Comment by matt — August 12, 2011 @ 6:50 am