Engineering to Finance via ACCA or CFA
- Thread starter nookeew
- Start date
Hi nookew,
Just my two cents worth:
If you are interested in working in big 4 audit firms or doing accts, ACCA will be a better choice. As it gives you the foundation for audit/accts and further more if you did not come from accts background, will b better to gain knowledge in tt area 1st.
To me, CFA is more for finance sector. Dun think can get into accts/audit field with that.
Anyway is it true tt there is a salary cap for engineers? what engineer are you nw?
Just my two cents worth:
If you are interested in working in big 4 audit firms or doing accts, ACCA will be a better choice. As it gives you the foundation for audit/accts and further more if you did not come from accts background, will b better to gain knowledge in tt area 1st.
To me, CFA is more for finance sector. Dun think can get into accts/audit field with that.
Anyway is it true tt there is a salary cap for engineers? what engineer are you nw?
hi yoz,
i'm not so much interested in acct/audit actually...
my interest is in finance and investment... so i think CFA more suitable...
i'm a research engineer in polymer...
i think there may be a salary cap if engineers do engineering or technical work only... to break thru' that, engineers often have to move into management, or into something else...
perhaps financial analyst job also has salary cap, but as a FA, he/she may be in a better position to substantially grow his/her asserts becos of his skills and knowledge...
how abt u? what's ur motive for switching field? and what are u doing currently?
i'm not so much interested in acct/audit actually...
my interest is in finance and investment... so i think CFA more suitable...
i'm a research engineer in polymer...
i think there may be a salary cap if engineers do engineering or technical work only... to break thru' that, engineers often have to move into management, or into something else...
perhaps financial analyst job also has salary cap, but as a FA, he/she may be in a better position to substantially grow his/her asserts becos of his skills and knowledge...
how abt u? what's ur motive for switching field? and what are u doing currently?
Hi,
Well I am actually holding an engineering degree but has been working in non-related engineerg jobs. Just dun like engine jobs and feel they are pretty dead.
I also agree with you that engineers have to move into management in order to get a higher pay.
Currently, jobless and in the midst of planning for future career path. Well feel that financial sector has better prospect and higher salary ceiling.
Btw CFA is pretty difficult to study. I have checked with some frens. They were telling me even though they have finanical background, not many manage to get CFA. passing rate is very low.
Well just wish you good luck with whatever you take!!!
Well I am actually holding an engineering degree but has been working in non-related engineerg jobs. Just dun like engine jobs and feel they are pretty dead.
I also agree with you that engineers have to move into management in order to get a higher pay.
Currently, jobless and in the midst of planning for future career path. Well feel that financial sector has better prospect and higher salary ceiling.
Btw CFA is pretty difficult to study. I have checked with some frens. They were telling me even though they have finanical background, not many manage to get CFA. passing rate is very low.
Well just wish you good luck with whatever you take!!!
hi yoz,
all the best in you job-hunting!
i did consider going for ACCA course and compared a few schools that offer it: FTC Kaplan, FTMS and SAA. I think the cost fee is the cheapest at SAA, and as it is actually part of ICPAS, I feel it is the better school to go to. only purely my personal opinnion =)
yes, indeed CFA passing rate is famously low (i've attached a snapshot of the passing rate table); only about 35% for Level 1 and Leve1 2. Level 3 passing rate is higher at 65%, most probably becos those who survive till that level are REALLY good.
if you would like to receive more information on CFA, the SSFA (singapore society for financial analysts) is organizing a talk on it on June 8, 6-8pm at CapitaTower. You may like call them at 6323-6679 for more info.
all the best in you job-hunting!
i did consider going for ACCA course and compared a few schools that offer it: FTC Kaplan, FTMS and SAA. I think the cost fee is the cheapest at SAA, and as it is actually part of ICPAS, I feel it is the better school to go to. only purely my personal opinnion =)
yes, indeed CFA passing rate is famously low (i've attached a snapshot of the passing rate table); only about 35% for Level 1 and Leve1 2. Level 3 passing rate is higher at 65%, most probably becos those who survive till that level are REALLY good.
if you would like to receive more information on CFA, the SSFA (singapore society for financial analysts) is organizing a talk on it on June 8, 6-8pm at CapitaTower. You may like call them at 6323-6679 for more info.
Hihi,
Haha I see that you did alot of homework too!
Yup i think SAA is the cheapest and with the discount, i think the fees are more affordable. Though i noe many people opting for FTC for their better lecturers.
Well mostly likely i will be aiming for ACCA 1st haha CFA looks too intimidating to me at the moment. I will like to establish a better accts foundation 1st.
Anyway thx for your infor, hope you will find more details during the CFA talk.
Haha I see that you did alot of homework too!
Yup i think SAA is the cheapest and with the discount, i think the fees are more affordable. Though i noe many people opting for FTC for their better lecturers.
Well mostly likely i will be aiming for ACCA 1st haha CFA looks too intimidating to me at the moment. I will like to establish a better accts foundation 1st.
Anyway thx for your infor, hope you will find more details during the CFA talk.
hi yoz!
haha, same here!!! decided not to procrastinate anymore... so went down to SSFA to sign up on Monday... burnt a big hole in my pocket already, and the burning continues with buying of books and more books!...
did u sign up at SAA? or FTC?
when is your exam? mine is on 3 Dec 2006.
good luck to all of us!
work hard! =)
haha, same here!!! decided not to procrastinate anymore... so went down to SSFA to sign up on Monday... burnt a big hole in my pocket already, and the burning continues with buying of books and more books!...
did u sign up at SAA? or FTC?
when is your exam? mine is on 3 Dec 2006.
good luck to all of us!
work hard! =)
Hi nookew,
I sign up at SAA, going for the cheaper rate and discount. But I have to say their customer service sucks.. the person entertaining me is damn unhelpful. She didn't bother to explain much abt the course and just ask mi to fill in form and that's it.. rather piss with their service.
I haven't check out on my exam dates yet but think shld be in dec too.. hehe burn a big fat hole in my pocket too..Ouch! it still hurts.
So where u sign up for CFA? How long did you plan to take the whole thing?
I sign up at SAA, going for the cheaper rate and discount. But I have to say their customer service sucks.. the person entertaining me is damn unhelpful. She didn't bother to explain much abt the course and just ask mi to fill in form and that's it.. rather piss with their service.
I haven't check out on my exam dates yet but think shld be in dec too.. hehe burn a big fat hole in my pocket too..Ouch! it still hurts.
So where u sign up for CFA? How long did you plan to take the whole thing?
hi yoz...
i sign up for the course at SSFA (singapore society for financial analysts)... its much cheaper than FTC...
the lecture systems in SSFA and FTC are quite different...
at SSFA, different lecturers teach different topics, and all of these lecturers are industry or academic pple.
at FTC, all topics are conducted by a single full-time lecturer...
both systems have their pros and cons lah...
at SSFA, the industry pple can share with students their working experience and latest developments in the industry... but the lectures would be disjointed becos each lecturer would have his/her own style...
at FTC, the full-time lecturer may not be so aware of the happenings in the industry, but there will be continuity in the lectures.
if pass all three levels at one go, it will be two years... but that is a very big IF, haha...
level 1: jun06-dec06 (0.5yr)
level 2: jan07-jun07 (0.5yr)
level 3: jul07-jun08 (1yr)
how about acca? how long will it take??
hey, how about u PM me instead of going thru' the forum?
i sign up for the course at SSFA (singapore society for financial analysts)... its much cheaper than FTC...
the lecture systems in SSFA and FTC are quite different...
at SSFA, different lecturers teach different topics, and all of these lecturers are industry or academic pple.
at FTC, all topics are conducted by a single full-time lecturer...
both systems have their pros and cons lah...
at SSFA, the industry pple can share with students their working experience and latest developments in the industry... but the lectures would be disjointed becos each lecturer would have his/her own style...
at FTC, the full-time lecturer may not be so aware of the happenings in the industry, but there will be continuity in the lectures.
if pass all three levels at one go, it will be two years... but that is a very big IF, haha...
level 1: jun06-dec06 (0.5yr)
level 2: jan07-jun07 (0.5yr)
level 3: jul07-jun08 (1yr)
how about acca? how long will it take??
hey, how about u PM me instead of going thru' the forum?
hi yoz,
to use PM, click on the person's name in the panel "Author"
a window with the person's details will pop-up...
at the end of the list of details, there's the link "Click here to send a private message to ..."
oh, PM works only if the person has allowed PM to be sent to him...
the option to allow/disallow PM is found in the Profile page (the link is at the top of the webpage)...
to use PM, click on the person's name in the panel "Author"
a window with the person's details will pop-up...
at the end of the list of details, there's the link "Click here to send a private message to ..."
oh, PM works only if the person has allowed PM to be sent to him...
the option to allow/disallow PM is found in the Profile page (the link is at the top of the webpage)...
venuscapri
New Member
Hi yoz
I am another fellow contemplating to switch field from engineering to ACCA. But, I found out that u need 4 years to complete it. Is that true? and how are u taking it so far for a person with non acct background??
I am another fellow contemplating to switch field from engineering to ACCA. But, I found out that u need 4 years to complete it. Is that true? and how are u taking it so far for a person with non acct background??
Hi just to share my experience with you. Currently I am taking ACCA level 1 with SAA. Well i have no accts background too..but i can handle the course pretty well. I find the course interesting and if you choose those good lecturers, they will make your learning easier and lively too. Before i enrol with the course, i was like you hearing how tough ACCA is and high failure rate. I must say they are pple who go thru the path and have succeeded in conquering it. So just believe in yourself, put in time n effort. Must discipline yourself and you will definitely breeze thru ACCA. Btw do consider SAA and FTC also.. Many people usu choose bet these 2 institutions. Feel free to PM me as i check my email more often than this forum. Good Luck!
hi everyone!
also to share my experience on the CFA level 1 program that i have been taking at SSFA for the past one month... like yoz, i have little finance and accounting background...
so far, we have done Corporate Finance and Econs and are currently doing Quantitative Methods... so far so good, can understand most of the materials... Macro Econs is the most interesting... it is something which we can relate to in our daily lives... e.g. on the tv news, when the Fed annonced it was not going to increase the Fed fund rate, or when analysts predicted that the Monetary Authority of Singapore is going into a restrictive monetary policy soon, i know what they are talking about =)
some days ago, i saw an ad by SMU for it's Master of Professional Accounting degree... it is a 2-year part-time program for graduates from a non-accounting field and who have two years of working experience... MPA is recognised by ICPAS, CPA Australia and ICAA Australia... so, if u already have a bachelor's degree, this could be a more expedient route to a professional accounting qualification than ACCA...
also to share my experience on the CFA level 1 program that i have been taking at SSFA for the past one month... like yoz, i have little finance and accounting background...
so far, we have done Corporate Finance and Econs and are currently doing Quantitative Methods... so far so good, can understand most of the materials... Macro Econs is the most interesting... it is something which we can relate to in our daily lives... e.g. on the tv news, when the Fed annonced it was not going to increase the Fed fund rate, or when analysts predicted that the Monetary Authority of Singapore is going into a restrictive monetary policy soon, i know what they are talking about =)
some days ago, i saw an ad by SMU for it's Master of Professional Accounting degree... it is a 2-year part-time program for graduates from a non-accounting field and who have two years of working experience... MPA is recognised by ICPAS, CPA Australia and ICAA Australia... so, if u already have a bachelor's degree, this could be a more expedient route to a professional accounting qualification than ACCA...
hi all
I am taking my exam , CFA, level 1 in June 07, currently, urgently finding a place to provide Preparatory classes.
still pondering between SSFA and FTC. can someone pleas advise?anyone taking exams in June 07, perhaps can study together?
Is text book require? Stella better or schewiser better?
I am taking my exam , CFA, level 1 in June 07, currently, urgently finding a place to provide Preparatory classes.
still pondering between SSFA and FTC. can someone pleas advise?anyone taking exams in June 07, perhaps can study together?
Is text book require? Stella better or schewiser better?
hi cynthia,
i'm preparing for the level 1 exam this december.
think we are in quite similar circumstances:
1. i'm also an engineer.
2. i did a biz minor with my engineering degree, and the modules i took were corporate finance and management accounting.
i'm taking the course at SSFA.
these are my personal views on ur questions:
*************
1. Join SSFA or FTC?
Cos i'm with SSFA, i can say more abt it than FTC.
At SSFA, each topic (or related topics) is taught by a different lecturer; e.g. corporate finance is taught by a Head of Corporate Finance in an accounting firm; financial statement analysis by two accountants; and debt investment by an associate professor in NUS's Biz Faculty. All lecturers are either CFA charterholders or have passed all the CFA exams.
The lectures do not follow the correct sequence e.g. our first lesson was corporate finance, which is topic 11 in the CFA syllabus.
Lesson time is 3 hours every saturday, from 10am to 1pm.
Course fee for 2007 is $1000.
You can join the SSFA as an associate member by paying a one-time joining fee of $100 and an annual fee of $80. As a member, you pay only $900 for the course fee. Membership is not compulsory to join the course.
The aim of course is NOT to teach you everything u need to know for the exam. As some lecturers told us, we can never pass the exam just by attending the course. Rather, the course is to introduce us to the topics we need to self-study; also, because the lecturers are from the industry, they have real and interesting industry experience to share with students.
For FTC, I know only that:
(1) it is much more expensive than SSFA (FTC charges about $2000+);
(2) the lectures are taught in the correct sequence and by a single lecturer, so there is continuity in the lectures;
(3) the lectures are on weekday evenings and weekends.
Which is better?? It really depends on you. If you can self-study but want some guidance, SSFA is a cheaper choice. If you want to rely more on the lectures, i think maybe FTC suits you better.
These are only my personal opinnions. Also, some of the course information may be outdated, so better call FTC and SSFA to check.
*************
2. Is text book require? Stella better or schewiser better?
Firstly, Stalla and Schweser are NOT textbooks; they are Study Guides.
Textbooks are, for example, International Investments (5th edition) by Solnik and McLeavey; and Investment Analysis & Portfolio Management (7th edition) by Reilly and Brown. For 2006 Level 1, there are 9 to 10 prescribed textbooks.
CFA Institute has compiled these textbooks and published them as CFA Candidate Reading books, which cost about US$350 and can be bought from CFA Institute website only.
Stalla and Schweser are summaries of these textbooks, and have many MCQs for practice. These books are NOT endorsed by CFA Institute.
I am using Stalla; i think they are quite good (easy to understand, very focused on the LOS, many practice questions). Schweser books are much thinner than Stalla, but i have not read them before, so cannot comment on the quality.
As I have little accounting and economics background, i find these textbooks extremely useful:
(1) Financial Accounting by Needles and Powers;
(2) Economics: Private and Public Choice by Gwartney et al.
They can be brought from the universities' bookshops and from Clementi Bookstore. Each is about S$30-40.
I think for people with accounting or finance background, study guides should be enough; furthermore, these people have their own university textbooks to fall back on. For the rest of us, study guides could be too brief and so, textbooks are quite essential.
*************
3. how to prepare for CFA level 1 for people like me who is not working in fiance sector?
Study very hard! CFA Institute recommends at least 200 hours of preparation; i think 300 to 400 hours are more realistic, especially to people, like you and me, who are not in the finance sector.
Start preparation very early i.e. now! You can start by reading Financial Accounting by Needles and Powers; and Economics: Private and Public Choice by Gwartney et al. The contents in these two books are the foundation for the CFA exam syllabus on economics and financial statement analysis.
Again, these are my personal opinnions. Also, some of the course information may be outdated, so please call FTC or SSFA to check.
Hope it helps!
Good luck! =)
i'm preparing for the level 1 exam this december.
think we are in quite similar circumstances:
1. i'm also an engineer.
2. i did a biz minor with my engineering degree, and the modules i took were corporate finance and management accounting.
i'm taking the course at SSFA.
these are my personal views on ur questions:
*************
1. Join SSFA or FTC?
Cos i'm with SSFA, i can say more abt it than FTC.
At SSFA, each topic (or related topics) is taught by a different lecturer; e.g. corporate finance is taught by a Head of Corporate Finance in an accounting firm; financial statement analysis by two accountants; and debt investment by an associate professor in NUS's Biz Faculty. All lecturers are either CFA charterholders or have passed all the CFA exams.
The lectures do not follow the correct sequence e.g. our first lesson was corporate finance, which is topic 11 in the CFA syllabus.
Lesson time is 3 hours every saturday, from 10am to 1pm.
Course fee for 2007 is $1000.
You can join the SSFA as an associate member by paying a one-time joining fee of $100 and an annual fee of $80. As a member, you pay only $900 for the course fee. Membership is not compulsory to join the course.
The aim of course is NOT to teach you everything u need to know for the exam. As some lecturers told us, we can never pass the exam just by attending the course. Rather, the course is to introduce us to the topics we need to self-study; also, because the lecturers are from the industry, they have real and interesting industry experience to share with students.
For FTC, I know only that:
(1) it is much more expensive than SSFA (FTC charges about $2000+);
(2) the lectures are taught in the correct sequence and by a single lecturer, so there is continuity in the lectures;
(3) the lectures are on weekday evenings and weekends.
Which is better?? It really depends on you. If you can self-study but want some guidance, SSFA is a cheaper choice. If you want to rely more on the lectures, i think maybe FTC suits you better.
These are only my personal opinnions. Also, some of the course information may be outdated, so better call FTC and SSFA to check.
*************
2. Is text book require? Stella better or schewiser better?
Firstly, Stalla and Schweser are NOT textbooks; they are Study Guides.
Textbooks are, for example, International Investments (5th edition) by Solnik and McLeavey; and Investment Analysis & Portfolio Management (7th edition) by Reilly and Brown. For 2006 Level 1, there are 9 to 10 prescribed textbooks.
CFA Institute has compiled these textbooks and published them as CFA Candidate Reading books, which cost about US$350 and can be bought from CFA Institute website only.
Stalla and Schweser are summaries of these textbooks, and have many MCQs for practice. These books are NOT endorsed by CFA Institute.
I am using Stalla; i think they are quite good (easy to understand, very focused on the LOS, many practice questions). Schweser books are much thinner than Stalla, but i have not read them before, so cannot comment on the quality.
As I have little accounting and economics background, i find these textbooks extremely useful:
(1) Financial Accounting by Needles and Powers;
(2) Economics: Private and Public Choice by Gwartney et al.
They can be brought from the universities' bookshops and from Clementi Bookstore. Each is about S$30-40.
I think for people with accounting or finance background, study guides should be enough; furthermore, these people have their own university textbooks to fall back on. For the rest of us, study guides could be too brief and so, textbooks are quite essential.
*************
3. how to prepare for CFA level 1 for people like me who is not working in fiance sector?
Study very hard! CFA Institute recommends at least 200 hours of preparation; i think 300 to 400 hours are more realistic, especially to people, like you and me, who are not in the finance sector.
Start preparation very early i.e. now! You can start by reading Financial Accounting by Needles and Powers; and Economics: Private and Public Choice by Gwartney et al. The contents in these two books are the foundation for the CFA exam syllabus on economics and financial statement analysis.
Again, these are my personal opinnions. Also, some of the course information may be outdated, so please call FTC or SSFA to check.
Hope it helps!
Good luck! =)
btw, Stalla books can be bought from SSFA only; level 1 books cost about $400; books with the MCQ database CDROM cost about $430.
Schweser books can be bought from FTC. Not sure how much they cost.
I think the registration for 2007 course at SSFA is already opened. http://www.ssfa.org.sg
Schweser books can be bought from FTC. Not sure how much they cost.
I think the registration for 2007 course at SSFA is already opened. http://www.ssfa.org.sg
Hi,
I have two ORIGINAL copies of the book below. The book can be used for all three levels of the CFA Program.
Title: Analysis of Derivatives for the CFA Program
Author: Don Chance
Original price is USD64, from CFA Institute's website.
I am selling at SGD80.
Cash and Carry only.
Please PM me if interested.
Thank you!
I have two ORIGINAL copies of the book below. The book can be used for all three levels of the CFA Program.
Title: Analysis of Derivatives for the CFA Program
Author: Don Chance
Original price is USD64, from CFA Institute's website.
I am selling at SGD80.
Cash and Carry only.
Please PM me if interested.
Thank you!
Hihi! I'm looking for Jun 2008 L1 Schweser text. Original or zapped. pls email me at [email protected]
many thanks!
many thanks!
pinkytaz08
New Member
Study ACCA is better or degree in Finance and Accounting?? If take up the degree course, will it be recognised in accounting industrY?
Pls help... =(
Pls help... =(
I am a chemical engineer who is taking ACCA.
Now that really sounds crazy. The ACCA topics give me a sense of deja vu... Instead of doing material and energy balances of process streams, we balance figures in balance sheets and reconciliation statements.
Having an engineering degree really sets you ahead in ACCA. If anyone is contemplating of a career switch, here is the option. CFA is for pple who are more finance and investment savvy. ACCA really prepares you for accounting and its COMPREHENSIVE management courses Performance and Financial Management will really set you apart from other courses such as the MBAs.
Now that really sounds crazy. The ACCA topics give me a sense of deja vu... Instead of doing material and energy balances of process streams, we balance figures in balance sheets and reconciliation statements.
Having an engineering degree really sets you ahead in ACCA. If anyone is contemplating of a career switch, here is the option. CFA is for pple who are more finance and investment savvy. ACCA really prepares you for accounting and its COMPREHENSIVE management courses Performance and Financial Management will really set you apart from other courses such as the MBAs.
Looking for SAA or Kaplan F1, F2, F3 lecture notes, text book and revision kit. Prepare latest version, or June 09 or Dec 08.
THanks!
please contact [email protected]/94263031
THanks!
please contact [email protected]/94263031
c00kiemonster
New Member
Hi, I have a few openings for finance and accounting related jobs...for both fresh grads, experienced personnel and managerial level... For those interested, please send your resume to: [email protected]
bingqiling
New Member
Hi c00kiemonster
Is the above mentioned jobs is open for those who don't have relevant degree?
Thanks.
Is the above mentioned jobs is open for those who don't have relevant degree?
Thanks.