“whats that?” How do I explain it to people? Living in Europe at the moment too, people are even less likely to know what it is. Im finding it almost impossible to explain what it is to everyone at work etc. I try to liken it to a chartered accountant qualification for finance, but they dont even know what the hell that is here. I expect lots of smart ass comments here, but some real answers would be good too, because quite seriously, Im at a loss!
Just say it’s a big test. Anything more than that is really spending more time on it than necessary.
just point them here http://www.cfa.org please note 2011 CFA Annual Meeting CFA 2011: A CAPITAL IDEA! Making the most of your visit ….
Tell them it’s a globally recognized series of three 6-hour exams that tests your knowledge of investment theory and portfolio management, and that the effort required to pass each one is about the amount of time and study that goes into 1-2 university courses. Only 20% of those who start the process actually end up finishing it.
Maybe they’re confused as to what you mean by “having” an exam. It is also probably confusing to refer to a certification program that involves a series of three exams as an “exam” in the first place.
That is obviously a smart ass comment, but I do sincerely wonder how it occurs to someone to formulate the heading of your question in that way. Substantively I think the question is a good one though and I’ve wondered the same thing myself (without coming up with a good answer to share unfortunately). bchadwick’s answer above seems pretty good.
My friends and flatmates would have lost interest by about the second line of BChadwick’s response - sorry! I tell friends and family a laymans terms explanation - it’s an exam on financial mathematics and theory, it’s closed book and 6 hours long, and I can only sit it once a year so that’s why I’ve gone into hibernation. There’s no point going into what type of people take the exam and how the failure rate is very high, most people get the drift after 6 hours/closed book. If someone asks why I need to do it, I just say I need it for my career progression. Simples. Most non-finance people understand the words ‘maths’ ‘finance’ and ‘theory’, and beyond that, they don’t care enough to understand the nuances. My old flatmate tells people I’m taking hedge fund exams because her friend took the exams and he works for a hedge fund. I don’t work for a hedge fund, but that’s what you’re up against. I didn’t realise that it wasn’t well known in Europe. It definitely is in London, people have stopped me on the bus and tube to ask me how the study is going and to (helpfully) inform me that Level 2 is the hardest…
ek82 Wrote: ------------------------------------------------------- > My friends and flatmates would have lost interest > by about the second line of BChadwick’s response - > sorry! > Probably also true. I’ve personally run into the issue of trying to present the program in contexts (of which I think there are many) that it’s not directly aimed at but for which it would still be good preparation. Unfortunately I think that if someone doesn’t already have an appreciation for the program, any description of it you give them is going to be of pretty limited value (though probably not a waste of time).
I say the CFA is this crazy set of finance exams with really low pass rates.
Just say it’s the finance version of the CPA.
just say its the most prestigious degree in finance, with 3 very difficult exams and low pass rates
Just tell them that you’ve been borne again; don’t worry they won’t call or bother you anymore.
former trader Wrote: ------------------------------------------------------- > Just say it’s the finance version of the CPA. That’s kind of what I say too.
Just tell them that once you pass the said exam, you will not have anytime for them, as you will be wiping your ass with dollor bills, or your own currency of choice, the dollor bills are much softer then the euro notes, harsh and abrasive like a true european
Dollor bills lolz
It is the gold standard qualification for portfolio managers and investors. Warren Buffett’s teacher started the course and you’ll hopefully learn some of what he knows. You intend to make lots of money once you have the knowledge. Tell them if they are interested to join in your success, that they should get into your fund early before you close it. Your minimum is usually 1 million, but as they are a good friend, you’ll let them in for a smaller amount lets say 20,000. This offer wont last, so they better get in soon. Fees? Well normally it is 3 and 25, but you’ll do it for 2 and 20. Remember if they don’t profit, neither do you…
Muddahudda Wrote: ------------------------------------------------------- > It is the gold standard qualification for > portfolio managers and investors. Warren Buffett’s > teacher started the course and you’ll hopefully > learn some of what he knows. You intend to make > lots of money once you have the knowledge. Tell > them if they are interested to join in your > success, that they should get into your fund early > before you close it. Your minimum is usually 1 > million, but as they are a good friend, you’ll let > them in for a smaller amount lets say 20,000. This > offer wont last, so they better get in soon. Fees? > Well normally it is 3 and 25, but you’ll do it for > 2 and 20. Remember if they don’t profit, neither > do you… Outstanding. Muddha has basically already learned the essentials. In seriousness, I have stopped trying to explain the exam much more than, “It’s a very hard finance exam that’s given only once a year.” If people try to come up with a suitable comparison, I try to set them straight. Me:…and it’s only given once a year. Outsider: Oh, it’s like the Bar Exam, but for fi- Me: NO IT IS THE HARDEST EXAM EVER AND YOUR COMPARISON WITH EARTHLY EXAMS LACKS CREDIBILITY.
Come on guys these exams are not hard, they just require people’s commitment
Just tell them CFA>MBA