andynyc - very interesting comment about the personality/Level 4 exam, mate.
How many times would you be allowed to fail the personality test though?
Only once if you are French. Other folks get 2-3 tries in case they were having a bad day.
Despite OP’s handicap of being French, I agree almost universally with everything he says. In fact, I have probably said that stuff before on AF. Of course, there are some details that must be taken into account.
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Some people make half-assed attempts at CFA exams, so it’s not always wasting a lot of effort. For instance, if I take 3 tries to pass L1 but did not study the first two times, that’s not really wasting a lot of time. If, however, you study seriously and fail multiple times, you are probably better off doing something else with your limited life.
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Yes, many people are trying to get into “finance” without knowing much about the field. However - one piece of information is readily available: market compensation rates. I believe many people will be willing to risk a horrible lifestyle once they see those numbers. Of course, passing some CFA exams doesn’t do much to get you into one of the most guarded professions in the world. The point I am trying to make is about leaping into a profession that you don’t know much about.
Hypothetically,say you failed a level of CFA multiple times after serious study…what would you do with your ‘limited life’? Would you suddenly be disinterested in finance, quit your finance job that does not seem to hinge on your cfa level / charter status but more on performance (as is the case for some ppl refered to by OP)…If you had a degree in finance from a good university, but fail at job interviews would you still try to pass the cfa exams in the hopes of future opportunites (while being fully cognizant ofthe fact that CFA is not too useful as a break in tool), or would you try to forget the fact that you laboured for a degree in finance and work in starbucks with a sour feeling of jealousy and shame in you heart?
Micholien,
I’m taking Level II for the 4th time in 2013. And if I fail I’ll take it a 5th, and then a 6th, and then a 7th. I’m sure you’d be singing quite a different tune had you yourself failed.
xoxo
MissCleo
I would just not do the CFA program. You don’t need the CFA to work in finance. Giving up on CFA is not the same as giving up in a finance career. If I failed to get a job in finance, I would do something else. Starbucks and finance are not the only two jobs in the world, even for people who studied finance-related things in university. I would not pursue the CFA while failing multiple times to chase a pipe dream.
haha i was using starbucks for dramatic effect…not implying it was the only thing other than finance. I agree with you though.
Like I said i believe that CFA is just a complement to something much more important, investment experience. I doont know them so I cant tell. I would put my money with the one who after i talk to him many times seems to me to be the most sound and also if possible has a track record. I know of great investors who dont have a CFA and they will always exist. Also great investors goes beyond just working in the finance industry; for example great CEOs of companies you would not consider financial who have been there forever and shown to be great businessman through capital allocation are great investors and that is not investors as one would think of (Hedge fund mutual fund manager)
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Genius
You all are entitled to express your opinions but I think it would be a bit wiser to keep in mind who may be reading this. Full disclosure about myself: I failed this year band 7. Yes I know it’s just a test but I’ve always been competitive and very hard on myself. Failing used to be unacceptable to the point where I would take a scissor and cut myself if I didn’t live up to my own expectations. I have that somewhat under control at this point but it surly doesn’t help to read people saying that I should give up and that multiple attempts are ridiculous.
yup…if conditions warrant…don’t give up.
“I have that somewhat under control at this point but it surly doesn’t help to read people saying that I should give up and that multiple attempts are ridiculous.”
Gee, sorry if we hurt your feelings. You can interpret your situation in a different way, if you want. Can you really fault people for trying to be objective?
Relax. My feelings aren’t hurt. Just don’t see why it’s necessary to write an essay discouraging other candidates.
hehe…It did feel like a mountain of text for a handful of truth
And it’s to each there own. I could get a 700+ on the GMAT 99 times out of 100. But if you had a crap score op, and wanted to keep retaking I wouldn’t fault you. Doesn’t matter to me if you got a 700 after 10 tries in a year. Good for you. I got a 740 off two weeks of studying, but I seemingly hav ehit a brick wall with the CFA. C’est la vie.
If the main purpose of the CFA is to ensure that people who went through it know a core body of knowledge useful in the industry, why would making it harder (by having time limits, etc.) do any good? Would it not be better to make it as easy as possible, but not so easy that it would compromise the goal of learning the core body of knowledge?
Among those I know, the ones who went (or are going) all the way all have an MBA or MS Finance, or are Ivy grads. There are others from software (mostly those doing trading software development or working for exchanges), statistics, or business analyst background, but almost all of them stop at Level 1, which kind of makes sense for them because passing level 1 isn’t that hard, and they can put it on their resume to show that they have the finance knowledge to understand what their clients are talking about.
I guess OP was a bit blunt.
If you get into a good business school, you probably don’t need the CFA. Thus, like he said, spend the time on things you are good at instead.