This makes me want to slap this person. I can’t help but look down on someone who writes lower-tiered news articles about finanice rather than making a career for themselves. Also, obviously this guy is not a charterholder. I would say that 11,620 new charterholders isn’t exactly a flood of new people. Getting a CFA is a savvy – albeit arduous – way to stand out from the crowd. Unfortunately, it’s also an increasingly common track. In June, a record 22,784 people took the penultimate Level III exam, according to data released yesterday by the CFA Institute, the Charlottesville, Va.-based nonprofit that administers the test. Some 11,620, or 51%, of those folks passed. That’s more than any other year but 2006, when an improbable 76% of candidates cleared the final test hurdle. Meanwhile, the Level II test drew a record 44,175 candidates, and almost 19,000 of those folks passed, also a new high. The number of people who took the first test was second only to late 2008 when a flood of candidates rushed for accreditation in the face of the gathering economic storm. The bummer for those who have just learned the secret CFA handshake is twofold: more employers will expect the designation and more other candidates for a job are likely to have it. That said, my hat’s off to those who stuck it out.
Penultimate means second to last. It really annoys me when writers use this word incorrectly to make themselves seem smart.
hezagenius Wrote: ------------------------------------------------------- > Penultimate means second to last. It really > annoys me when writers use this word incorrectly > to make themselves seem smart. Yeah, noticed that too. This person is a journalist?
i smell qqqbee behind this
Journalists often make such mistakes.
u are all wrong there is a level 4 n this is what the writer is referring to
While this article should be edited for grammatical errors, I don’t see anything wrong with the fact that it was written. Are you saying that only people employed by financial institutions should write finance news articles? Should only professional athletes write about sports?
11,620 is a lot of new charterholders.
^ I’m sure a fair amount of those L3 passers will have to wait until they get their four years of experience. There seem to be an increased number of early 20-somethings (even on these boards) or career-switchers who have cruised through the exams by age 23 or so.
A fun read about CFA exam graders http://www.fins.com/Finance/Articles/SB130990421517228159/Wet-Hot-CFA-Summer
I don’t post much – only when I can’t resist. Let’s assume what this disgruntled journalist says is actually true. This “bummer” isn’t twofold at all. If employers will expect the designation, then those who do not have it are eliminated. That’s a strong case for having the charter. That’s a huge segment of the job candidate population (those without charters) that just went “poof”. Then we are supposed to believe that an increased number of charterholders is a bad thing for dilution? That’s contradictory – and it doesn’t take a genius to see it. I’m not making any claims in the above, I’m just drawing a conclusion based the journalist’s own words. Again, this assumes what the journalist says is true – but don’t count on it.
ohai Wrote: ------------------------------------------------------- > While this article should be edited for > grammatical errors, I don’t see anything wrong > with the fact that it was written. Are you saying > that only people employed by financial > institutions should write finance news articles? > Should only professional athletes write about > sports? I just found it a little tacky someone who probably didn’t go through the program was more or less saying that due to the numbers this year, employers are changing their hiring habits. At least give it a few days - not the morning after. It just got to me that the first thing I read this morning was this, after the long journey everyone had been through these past 3-4 years.
kwmitch Wrote: ------------------------------------------------------- > I don’t post much – only when I can’t resist. > Let’s assume what this disgruntled journalist says > is actually true. This “bummer” isn’t twofold at > all. If employers will expect the designation, > then those who do not have it are eliminated. > That’s a strong case for having the charter. > That’s a huge segment of the job candidate > population (those without charters) that just went > “poof”. Then we are supposed to believe that an > increased number of charterholders is a bad thing > for dilution? That’s contradictory – and it > doesn’t take a genius to see it. > > I’m not making any claims in the above, I’m just > drawing a conclusion based the journalist’s own > words. Again, this assumes what the journalist > says is true – but don’t count on it. Well said. Lot of people in IT and backoffice are working towards CFA even though many of them may not directly work in PM or front office. That means even for IT or backoffice job search, having any level of CFA experience is a plus.
Ok fair enough. The author’s conclusion that this year’s results will change hiring behavior is probably unfounded.
stopped reading after his use of the word “penultimate” for l3
hezagenius Wrote: ------------------------------------------------------- > Penultimate means second to last. It really > annoys me when writers use this word incorrectly > to make themselves seem smart. great minds think alike
Alladin Wrote: ------------------------------------------------------- > A fun read about CFA exam graders > > http://www.fins.com/Finance/Articles/SB13099042151 > 7228159/Wet-Hot-CFA-Summer Sounds like fun, can’t wait to apply!
hezagenius Wrote: ------------------------------------------------------- > Penultimate means second to last. It really > annoys me when writers use this word incorrectly > to make themselves seem smart. this. i would never bother reading a word further after seeing someone who claims to be a writer misuse a word like that.
Guys you need to understand the reason behind these numbers: 1) Its obvious the exam is more popular and now the economy is in the toilet more people want to take the exam to gain or maintain employment. 2) The CFA exam until recently has been a North American trend. Outside of the US/Canada it has historically had little recognition. Only recently has the CFA institute been gaining traction in other countries particularly developing countries, accounting for a greater increase in the number test takers. 3) The fact that a record number of people are passing is a result of a record number of test takers. The exam is probably getting a lot more difficult as more people take it the institute raises the bar higher and higher since pass rates demonstrate a declining trend. So even though more people in absolute terms are obtaining the charter, it is simultaneously becoming more difficult obtain. Conclusion (mine anyway): If you live in North America the competitive advantage of having the charter is diminished. However your charter now has better global recognition and seeking employment abroad will probably be easier (relatively anyway). I think having the charter will also mean more prestige over time since it is becoming much more difficult for any single individual to obtain owing to declining pass rates.
Maybe since the Level 3 test is last (ultimate) and you write the morning session in pen, the journalist decided it would be appropriate to call it penultimate. But that’s probably giving him too much credit.