Has anyone taken the CSC before?

[jjfz3000]

Hey,

I'm a commerce university student planning to take the CSC during the summer. I'm just curious about its difficulty and actually how relevant it is to my career path. I'm planning to go into investment banking (hopefully the markets will change in the next 3 years), but do you actually need to CSC to be an investment banker in Canada?

Any relevant information about the CSC or finance would be greatly appreciated.

Thanks

[royal]

I am also looking for input on this subject.

Is it possible to write the exam, and not do the whole package deal offered now days?

What is the best reading guide for CSC exam's?

[pitz]

I'm planning to go into investment banking (hopefully the markets will change in the next 3 years), but do you actually need to CSC to be an investment banker in Canada?


If you don't have the skills to do the CSC 'in your sleep', you certainly won't be intelligent/knowledge enough to be an investment banker.

Seriously, its a pretty trivial, childs play. You may as well aim to do level 1 CFA if you're serious about a career in finance.



Any relevant information about the CSC or finance would be greatly appreciated.


Level 1 CFA is pretty much the entry-level qualification for real finance jobs, not just selling mutual funds out of a bank office, or in people's homes.

As to the state of the market in 3 years, the 'search' function will give you plenty of info on my views, which may or may not be correct, but certainly are the subject of much controversy.

[AirplaneKing]

Here's what I'd say to you having both a CSC and a summer IB internship experience - you do not need to take the CSC.

As the above poster referred to, if you cannot ace the CSC in your sleep, then I-Banking is pretty much out of the question. Learn as much as you can about finance, I would check out Damodaran Online: http://pages.stern.nyu.edu/~adamodar/ as much as possible on your free time if you are really serious about it.

Get as much a background as you can and prep for CFA level 1.

[jjfz3000]

Here's what I'd say to you having both a CSC and a summer IB internship experience - you do not need to take the CSC.

As the above poster referred to, if you cannot ace the CSC in your sleep, then I-Banking is pretty much out of the question. Learn as much as you can about finance, I would check out Damodaran Online: http://pages.stern.nyu.edu/~adamodar/ as much as possible on your free time if you are really serious about it.

Get as much a background as you can and prep for CFA level 1.

Thanks. If you don't mind answering, where did you do your internship and how did you find it?

[/QUOTE]Level 1 CFA is pretty much the entry-level qualification for real finance jobs, not just selling mutual funds out of a bank office, or in people's homes.[/QUOTE]

What's the difference between taking the exam and being "chartered" (passing with 4 years work experience?). Is it useless if I pass the exam right after university without any work experience?

[enginear]

It's not useless to do the 1st level in your final year of school. It demonstrates hard skills (technical knowledge of the CBOK) as well as soft skills (self-discipline, initiative). It'll be an edge against all your competitors for jobs that aren't candidates for the CFA.

Being a Candidate for the CFA shows that you're committed to finishing the process. This shows initiative on your behalf.

Passing the exams shows discipline, as the CFA exams consist of self-study books.

Passing all three levels shows mastery of the CBOK (Candidate Body of Knowledge) and is one of the requirements for becoming a charter holder, which allows you to put CFA as one of the designations after your name.

[AirplaneKing]

Thanks. If you don't mind answering, where did you do your internship and how did you find it?


Level 1 CFA is pretty much the entry-level qualification for real finance jobs, not just selling mutual funds out of a bank office, or in people's homes.

What's the difference between taking the exam and being "chartered" (passing with 4 years work experience?). Is it useless if I pass the exam right after university without any work experience?

Sure, it's not a IBank internship per se - I work in buy side finance for an asset management company (I'd rather not disclose the name of the company since it is small and intimate, I hope you understand).

My experience will be a little bit different from a typical I-Banking or PE intern experience. I work directly under a managing director so my job functions would well categorized this way:
(1) Secretary/Assistant work
- Basically arrange schedules, preparing documents (excel, powerpoints, scanning, copying, etc), helping with personal and tax issues, blah blah blah
(2) Research Analysis
- We get investment proposals frequently so you would go through one of them (it will usually be from 10 to 50 pages) and summarize the pros and cons of the proposal, calculate a reasonable IRR, and come up with an overall conclusion of yay or nay
(3) Fixed Income Securitization
- We work intimately with a certain fixed income broker/dealer (which I will keep anonymous). Right now I am just trying to learn the ropes, they will not trust me in this field until I get a more comprehensive understanding.

I also work on what you equate to 'pitches' on the investment banking side, but it really more a presentation to get funding directly from investors rather than using an IBanking middleman and having to pay the exorbitant fees.

[enginear]

Oh yeah,

OP, if you look at what you studying for the CSC and what iBankers do, you'll see that there is very little overlap.

Don't get me wrong, it's not a bad thing to do your CSC, but it's not a requirement and at most, it shows that you're interested in the field. In my opinion, CFA doesn't help that much either. That being said, I'm doing the CFA to demonstrate some technical skills, as well as interest in the field.

Very brief summary of what iBanking Analysts do:
1) Pitchbooks - powerpoint monkey (You'll spend hours making images line up to the pixel)
2) Valuations - excel monkey (DCF, A&D, LBO, etc.)

[bluedcfive]

being a level 1 candidate proves that you paid the fee, thats about it. Anyone with a degree can be a level 1 candidate, so don't expect to land your dream job just because you signed up for the december exam. And no, you do not need a charter to get into ibanking, the charter underscores your commitment to the profession and ethics, as well as an understanding of a large amount of knowledge. There's a huge supply of charterholders in Toronto, so even if you do end up going through all 3 levels (which is unlikely, most stop after level 2), there is a line up of experienced charterholders taking first crack at jobs.

[two_std_deviation]

being a level 1 candidate proves that you paid the fee, thats about it. Anyone with a degree can be a level 1 candidate, so don't expect to land your dream job just because you signed up for the december exam. And no, you do not need a charter to get into ibanking, the charter underscores your commitment to the profession and ethics, as well as an understanding of a large amount of knowledge. There's a huge supply of charterholders in Toronto, so even if you do end up going through all 3 levels (which is unlikely, most stop after level 2), there is a line up of experienced charterholders taking first crack at jobs.

This is correct. Toronto is flooded with charter-holders. It's even worse because back office people think writing three tests is the ticket to front office Shangri-La.

The CSC should be easy for a commerce student.

You do not need the charter for IB. Your time would be better spent studying for a high GPA, so you can actually get an interview and then study for the GMAT, so you can actually get into a good MBA program after you've worked for two years.

[ffkly]

I completed CFA II and CSC, if you have finance knowledge from the university, all those exams are testing your memorization, how much details you can remember, how high score you can get, nothing difficult, and not helpful in real life without work experience.

[jjfz3000]

being a level 1 candidate proves that you paid the fee, thats about it. Anyone with a degree can be a level 1 candidate, so don't expect to land your dream job just because you signed up for the december exam. And no, you do not need a charter to get into ibanking, the charter underscores your commitment to the profession and ethics, as well as an understanding of a large amount of knowledge. There's a huge supply of charterholders in Toronto, so even if you do end up going through all 3 levels (which is unlikely, most stop after level 2), there is a line up of experienced charterholders taking first crack at jobs.

Why don't people get the CFA III after finishing CFA II? Is it because it's a lot harder or they got their "dream job" already using the CFA II and there's no need to take the CFA III?

[bluedcfive]

Why don't people get the CFA III after finishing CFA II? Is it because it's a lot harder or they got their "dream job" already using the CFA II and there's no need to take the CFA III?

they get old, lazy, work commitment increases.... who knows but many of the people I know stop after 1 or 2

[bluedcfive]

I completed CFA II and CSC, if you have finance knowledge from the university, all those exams are testing your memorization, how much details you can remember, how high score you can get, nothing difficult, and not helpful in real life without work experience.

thats funny because there is no such thing as CFA II, did you read ethics or did you memorize everything else?

The exams test much more than pure memorization. Its really a waste for you to get the charter if you are memorizing your way though because once you're on the job, you will be exposed when you can't make quick decisions with little information.

[dandy2008]

I completed CFA II and CSC, if you have finance knowledge from the university, all those exams are testing your memorization, how much details you can remember, how high score you can get, nothing difficult, and not helpful in real life without work experience.

“The CFA is a great tool box, but it can’t compensate for experience, and it can’t change human nature,” says Bill Webb, deputy chief investment officer of Gluskin Sheff + Associates in Toronto.

http://www.theglobeandmail.com/globe-investor/e-zines/globe-investor-magazine/the-rise-of-the-cfa/article1179925/

[ffkly]

thats funny because there is no such thing as CFA II, did you read ethics or did you memorize everything else?

The exams test much more than pure memorization. Its really a waste for you to get the charter if you are memorizing your way though because once you're on the job, you will be exposed when you can't make quick decisions with little information.

Obviously I meant CFA II exam, what's so funny? It is very very difficult to pass the exams if you only understand the materials without memorizing the details of testing point, I think most exam writers from other forum will agree this. Of course for people who have no knowledge in finance, they need to understand it, then remember it.

I am talking about passing the exams only, on the job, I know that's a different story.

[kaanchy]

I started out with *no* finance knowledge at all after University and took the CSC - it took me a while to learn everything but I passed the CSC with Honours. Now, I took the CFAL1 in June, waiting for the result but based on the practice exams and all I should be OK.

As far as difficulty goes - CSC is not too hard if you start with no finance at all (as long as you're dedicated to learning the material), and if you're a finance major or something, it should be pretty easy for you.

CFAL1 builds upon a lot of the things you learn in CSC, and I'd say it's not terribly hard either - just a hell of a lot of work.

[RFD-CC]

I started out with *no* finance knowledge at all after University and took the CSC - it took me a while to learn everything but I passed the CSC with Honours. Now, I took the CFAL1 in June, waiting for the result but based on the practice exams and all I should be OK.

As far as difficulty goes - CSC is not too hard if you start with no finance at all (as long as you're dedicated to learning the material), and if you're a finance major or something, it should be pretty easy for you.

CFAL1 builds upon a lot of the things you learn in CSC, and I'd say it's not terribly hard either - just a hell of a lot of work.

agree 100%.

IMO, i think the LEVEL OF DIFFICULTY of both the CSC and CFA exam questions are more or less the same...maybe CFA slightly harder. but CFA is still more challenging because it's TWO 120-question exams and there is so much more to study. but, like i said, the CFA exam questions aren't super hard---most aren't long at all and don't require intricate calculations unlike the scheweser exams.