Best plan of attack for the CFA for non finance / business major?

Question

I have a political science degree. I took all the way up to 2nd intermediate accounting in school. I took no finance nor business courses. Last year I decided to stop beating around the bush and take the CFA. I trade stocks myself and am pretty good, so I do have that as a background.

The real question is, while studying for the CFA, I feel i'm missing some basics. I don't have a job per se, own my own business, so I have all the TIME in the world. Should I study some text books in "preparation" to study for the CFA? And what exactly should I study? 

I have done some lightweight economic review, like supply / demand etc. 

I have made a vocabulary list of terms I didn't know, which I then go and define, which leads to more terms, ending up in a huge glossary, which lead to me asking this question.

Oh, and before you say, "you'll never pass", I get staggering results, when taking tests, mind boggling even, to the point I skipped grades by taking tests, gotten jobs I had never had experience in. I normally just figure out what they are looking for and eliminate most wrong answers. Now, having said that, I have seen someone propose to teach people how to "take" the CFA test, as in learn the testing method, and not learn the material, but I'm ignoring that, as I honestly want a job where I use this material, not just take a test.

So, for a non finance / business major:

- should I do extra study on top of studying the CFA books
- what texts should i purchase and study
- I have all the time in the world what would the most efficient use of my time be, to study for the CFA?

elby · Answer

I hate to answer this way, but your best bet would be to take some classes.  There are schools that offer CFA classes and certifications.  

Sometimes it doesn't matter what you know, it matters what credentials you have, and that means going to school.  Also, no matter how good you are at tests, etc., many places won't hire you without schooling and credentials.  And, if you do just take the test and pass, and maybe you do something wrong for a client and they lose money, they have better grounds for suing you - they can say that you didn't know what you were doing, etc.  

There are a lot of things on the CFA test that you won't encounter on your own and have no bearing on trading.  It's sort of a rite of passage - know all this stuff in order to get the CFA.

If you still don't want to go to school or take any classes, then try to find a book (try Amazon.com) that helps prep you for the CFA test.  Or, you could go take the test itself, now, and then find out what you'd need to know (by taking the test) and study, in case you failed and had to take it again.  Good luck

Anonymous · Answer

Just don't worry about it. For about 5 years, I was the math department faculty advisor to all incoming Freshman who declared that they wanted to be math/econ majors (it was a specillay design major). In April of their sophomore year, I would schedule them all to come in and see me and say "OK. What is your prospecive major and who do you want me to send the folder to?". At keast 9/10 would say some other department completely unrelated to math/econ. Study what you like and what moves you....

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Best plan of attack for the CFA for non finance / business major?

2 Answers