Who here has taken the CSC?

[hattonlynch]

Hi all
I'm an MRC student transferring to UofC in the fall (hopefully) and I'm thinking of taking the CSC because my I really enjoy learning about the ivnestment industry and down the line I may want to become a trader or something similar. I'm thinking of picking up this designation this summer? Anyone here have any experience with it? how long did it take you? Is it normally pretty basic or some heavy duty stuff?

[Pacman]

I did it around 8 -9 years ago when I was finishing up my finance degree.

Since most of the content was fresh from doing the finance courses.....I crammed for the two multiple choice exams the night before each one and found them to be fairly easy.

The assignment took a lot of time, but was straight forward.

I heard the format has changed since I did it....so perhaps someone who has taken it recently will offer input.

Pacman

[acura_el]

I was in the same situation as Pacman. Did it 2 years ago and basically crammed for 1 week and went and wrote the test. I found it easy as I am a finance major as well. I only did it as it's a required for pretty well any finance job.

It's 2 books, 2 exams and it's fairly straight forward. The only issue is that you get tested on things you would think are insignificant. Honestly, I found it the biggest waste of time and money, but if you're looking to learn about the industry it can be a good start.

I'm currently working on a CFA designation - writing the Level 2 exam in June. If you're planning on working in the industry in the near future, consider the CFA instead. You're probably going to need to do it once you start working anyways. I'm not going to lie, it takes over your life and is extremely intense, difficult and requires a ton of commitment, but unlike the CSC which is basically a diploma, this is a globally recognized professional designation that will take you a lot further a hell of a lot sooner.

[TYMSMNY]

Originally posted by hattonlynch
Hi all
I'm an MRC student transferring to UofC in the fall (hopefully) and I'm thinking of taking the CSC because my I really enjoy learning about the ivnestment industry and down the line I may want to become a trader or something similar. I'm thinking of picking up this designation this summer? Anyone here have any experience with it? how long did it take you? Is it normally pretty basic or some heavy duty stuff?

The CSC is not a designation but as a knowledge/licensing course. The CSC is the first step in any investment firm aside from being a teller at a bank. You can do it as quickly as 1month (nonstop reading) but doable. Your maximum time is 1year (less extensions). Depending on your experience, I would say that it touches on a broad range of areas with moderate depth. It's a good course to take whether you end up going with a business degree or not.

It is two books like the previous user stated. You need to write and pass one before you can register for round 2 though.

[Sadboy]

If you say "...down the line I may want to become a trader or something similar" you need to do more research in what you want to do.

But, any knowledge you gain now is a good thing.
Knowledge is Power

[Ebon]

Ill be doing this course in the summer too, 2 months is the timeline im setting for myself. Theres no assignments anymore as far as i know, just the 2 tests mentioned.

I'm also doing it for the same reasons as acura. Its a decent starting point since a lot of entry level jobs require it, but if your serious about going into finance your gonna need to work towards that CFA sometime. I plan to do the level 1 exam asap when I graduate.

[hattonlynch]

Yeah I just took a look at it, doesn't seem too intense, Fundamental/Tech Analysis is pretty straight forward, derivatives isn't too challenging, i've already taken a couple econ's in school so I should be fine. Yeah thanks boys for the help...one more question, this CFA exam? Is it to become a certified financial advisor/work with a company like edward jones or is it basically needed to work in any investment firm?

And are there any courses outside the scope of college/university that will aid me in getting an internship with an investment firm like PH&N, CIBC World Markets, etc etc?

[Sadboy]

The CSC is more for Edward Jones...

Start networking hard.

[hattonlynch]

Originally posted by Sadboy
The CSC is more for Edward Jones...

Start networking hard.
Damn, I DO NOT want to be in the retail banking sector. By networking hard, do you mean going to a bunch of informational interviews, talking to bankers/ppl in the industry, etc. Anyone know of any investment seminars that are cheap and can help me meet people frmo the industry?

[acura_el]

Originally posted by hattonlynch

And are there any courses outside the scope of college/university that will aid me in getting an internship with an investment firm like PH&N, CIBC World Markets, etc etc?

CFA (Chartered Financial Analyst) will get you there although you don't need it to get an internship. Edward Jones is a joke, you don't need a CFA for that, but investment banking, private equity, trading, research or anything along those lines you will need it for sure.

Don't put off deciding on this as most people who want to do investment banking already know before they enter university. Go to all the company info sessions from banks/whatever to network. It's the best way to meet people when you're still a student.

[Sadboy]

I think the CSC shows that you are willing to go out of your way to show your interest in the field. If you do not use it, it expires in 2 years. But that's alright.
CSC = Learners
CFA = Drivers
Well, that's my comparison.

However, talking to a lot of people in the industry. They were more worried about me getting the CFA than interested in my MBA.

Acura is right, being a student is a great excuse to cold call someone if you can not find any good networking events.
Read up on how to make the most of informational interviews. There are some things you should and should not do

[hattonlynch]

Originally posted by acura_el


CFA (Chartered Financial Analyst) will get you there although you don't need it to get an internship. Edward Jones is a joke, you don't need a CFA for that, but investment banking, private equity, trading, research or anything along those lines you will need it for sure.

Don't put off deciding on this as most people who want to do investment banking already know before they enter university. Go to all the company info sessions from banks/whatever to network. It's the best way to meet people when you're still a student.
Yeah man, I got out of high school and just kinda fucked around for 6 months before I put any thought into what I wanted to do. Last summer at the height of the oil boom I picked up a book on investing in stocks (one up on wall street) and have been hooked ever since. I really do want to get in the ibanking industry I just hope my gpa is high enough (only a cumulative 3.3 but I started out my first semester with a 2.06 so I have brought it up a lot).

[Sadboy]

You have stiff competition, especially with these markets
I managed a lot of undergrads, these kids are coming out of school with two summers of interning at ibanks, their level ones, near perfect GPAs, and a lot of extracurriculars

[hattonlynch]

Originally posted by Sadboy
You have stiff competition, especially with these markets
I managed a lot of undergrads, these kids are coming out of school with two summers of interning at ibanks, their level ones, near perfect GPAs, and a lot of extracurriculars
but is it really my fault I dont have connections in the industry? I can guarantee those kids aren't THAT much smarter then I am, they just had a connect into the industry while myself (who comes from a nurse and an electrician) didn't really have much of a network into the financial industry. I will do the CSC in the summer, be in Haskayne in the fall and it all goes up from there I hope!

[Sadboy]

good luck! work hard!

[syeve]

Originally posted by hattonlynch

but is it really my fault I dont have connections in the industry? I can guarantee those kids aren't THAT much smarter then I am, they just had a connect into the industry while myself (who comes from a nurse and an electrician) didn't really have much of a network into the financial industry. I will do the CSC in the summer, be in Haskayne in the fall and it all goes up from there I hope!

Sorry dude, but it is a "who you know" business and smart DEFN does not make you a better broker, my broker is a sack of hammers but he always makes money :)

Take your CSC, it is not hard. I finished it in 2 months, I booked the test the day I recieved the package. It is a good thing to have no matter what area you are in IMO. It will give you a good litmus to see if you like the biz at the very least.

[acura_el]

This is a good place to start:

www.wetfeet.com

Go there and search for Investment Banking profiles. You should consider reading their guides, they're very comprehensive and contain everything from job descriptions to the entire process of applying and nailing interviews.

When people tell you that you have to work hard, it's the biggest understatement of the century. You pretty much have to work your ass off and as I mentioned, go to the info sessions when companies come to campus to recruit. Go there and kiss ass. I kid you not, as fake and full of shit as it looks and sounds, that is what will get you the job or at least noticed. It's the 1 thing I didn't do during my years in university and it's probably my biggest regret. Every f-ing finance/investment club, join it. If it doesn't exist, try and start one. Do as much extracurricular shit as you can. TRUST ME. It's much harder to break into the industry once you graduate and nailing that 1 summer internship during school is key.

Check these sites out while you're at it too. They're pretty comical, but some of the insights into the industry they give can be very helpful for someone trying to break in.

http://www.leveragedsellout.com/
http://www.mergersandinquisitions.com/

[Ebon]

Originally posted by acura_el
This is a good place to start:

www.wetfeet.com

Go there and search for Investment Banking profiles. You should consider reading their guides, they're very comprehensive and contain everything from job descriptions to the entire process of applying and nailing interviews.

When people tell you that you have to work hard, it's the biggest understatement of the century. You pretty much have to work your ass off and as I mentioned, go to the info sessions when companies come to campus to recruit. Go there and kiss ass. I kid you not, as fake and full of shit as it looks and sounds, that is what will get you the job or at least noticed. It's the 1 thing I didn't do during my years in university and it's probably my biggest regret. Every f-ing finance/investment club, join it. If it doesn't exist, try and start one. Do as much extracurricular shit as you can. TRUST ME. It's much harder to break into the industry once you graduate and nailing that 1 summer internship during school is key.

Check these sites out while you're at it too. They're pretty comical, but some of the insights into the industry they give can be very helpful for someone trying to break in.

http://www.leveragedsellout.com/
http://www.mergersandinquisitions.com/

Mergers and inquisitions is great. I've used a few of his products and his modeling guide is far better than the other ones currently available.

I'm hoping to use IB as a stepping stone into a hedge fund and this is a really short version of what i got from reading pretty much every resource i could find.

You want to be in banking? Be prepared to network or transfer to a target school. Especially, if you want to join a bank that doesn't recruit on the Haskyane campus (international firms).

Extracurricular like clubs will help if you actually do something related in the club. I think Haskyane has a "Wall Street Club" that arranges info. sessions with bankers in Calgary. Something like that would be worth joining and becoming an exec. member since you can get more contact with the bankers when your setting up the info. session. They also do mock interviews, although take what they tell you with a grain of salt.

Internship is always helpful. The more experience the better. Also in Canada, make sure you know your finance/accounting stuff really well before interviews. For what i hear its more technical here than in other places (ie. USA).

Make sure you know what your getting into. 80-90 hour weeks arn't uncommon, 100+ happens too. Your gonna sacrifice your social life during the 2-3 year analyst position. Its seriously something your gonna have to talk to your significant other about, its a huge stress on relationships.

If your doing it for the money, M&I predicts bonuses to be in the 30-45k range for 1st year analysts (on top of their 60-70k salary). Down a fair bit from 08 numbers (about 20k) but still relatively higher than other jobs (if they weren't no one would do the job)

(Only have info from USA banks) Hate to say it but recruiting is pretty tough from non target schools. Most people have entered the industry for money and prestige and will discriminate. Its not to say you can't get in from a non target, but its an uphill battle. Read some of M&I stuff on how bankers approach recruiting for a better picture.