Pass for me as well. Two 3s, Three 4s and Two 5s. Was hoping for a better score, but a pass is a pass. I agree with the pass rate comments. I was surprised that it was so high, passing each level of the CFA program was definitely more satisfying. But that still doesn’t take anything away from this. Congrats to all that passed.
Although more difficult than the CAIA (I doubt by that much), the CFA attracts all college graduates who think they are going to make 100 Million dollars in five years and retire without knowing that they are hardly competent enough to take the exam in the first place. I think that might be part of the reason for the low pass rates. Perfect example, a friend of mine who is a lawyer wanted to make a career change and immediately he tells me “I think I am going to take the CFA”…how about getting a Master’s in Finance or Economics? Most people (I think) that take the CAIA have already tackled one or more levels of the CFA. The CFA is so popular it attracts everyone with $1000 and a dream.
You’re probably right… the low pass rate is due to the sheer number of random population that takes it… BUT it IS a harder exam… I don’t consider myself the sharpest knife in the drawer… but i’m not dumb either… but i spent over 6 months studying for that beast of a level 2… and failed last year I think at this point, its kind of pointless to compare caia and cfa… until caia gets their act together more… and the word gets out more. the only reason why i’m taking this is because i hope one day (sonner the better) it gets to be as popular and hard as CFA… then by then i’ll be ahead of others who are trying to get this.
I think the CFA is harder than CAIA by a wide amount. Level I of the CFA - maybe not so much, but Level II is an absolute monster. By then you’ve weeded out the people who wanted to try it as a hobby and you still get a 35-40% pass rate. I’ve never seen anything that compares with that exam. Thank god it’s behind me (after 2 attempts). I’ll have more to say after CAIA Level II in March (baby due in May - bad timing for CFA Level III).
I just took CAIA Level II for the second time, and clearly time management on the multiple choice will be your undoing if your not prepared. You will soon see that there is a MAJOR difference between Level I and Level II, in terms of information that needs to be retained…based upon how you did on Level I don’t expect to study for 3+ months for Level II and expect to slide by. From people I have spoken with only those that were already on CFA Level III thought it needed to be harder than it was. If you are taking CAIA Level II in March, start NOW. December will be too late…
So yeah, I am going to have to disagree with you a tad. Saying that the CFA program is not that much harder than the CAIA just blows my mind. Also, since you use the term “doubt” in your statement I am going to assume that you have either not taken any of the levels or have failed and would like to bash it to make yourself feel better. I guess you could argue that I am biased since I am a charterholder, but I would like to just give you a heads up. This is nothing against the CAIA program, which I hope to complete and have passed the first level, but the amount of time and dedication for the CFA far supersedes that of the CAIA. I probably spent about 80-100 hours preparing for the level 1 CAIA, whereas I spent over 250 hours for all three CFA levels. I do have a colleague with the CAIA and he has informed me that the 2nd level is more challenging, so I am looking forward to taking it, but he has passed the first 2 levels of the CFA program and says that CAIA 2 is in between the difficulty of CFA 1 and 2. I will agree with you that the pass rate is so low for the first level of the CFA since hundreds of thousands sit for that level around the world. But guess what, the people who pass level 1 are more than likely smarter than the average bear, however the pass rate for level 2 is almost as low and level 3 is also low and steadily declining. It is also only getting harder since the CFA institute is putting forth more effort to increase the difficulty so their brand does not get diluted. The people that are “hardly competent enough to take the exam” will probably not make it past the first level, so why use that to slam the charter? Also, just getting a masters in finance or economics doesn’t prove that you will be successful outside of academia, this just means that you are good at applying concepts in a vacuum. Who cares that people want to try the CFA program, I don’t know why it seems to annoy you so much. You should try it, the material is extensive and enjoyable and you might learn a thing or two. By the way, it requires at least four years of experience to be awarded the charter even if you have passed all three exams and employers still do weight work experience above the CFA. The participation in the program is icing on the cake and simply demonstrates that you are willing to put forth the effort to improve or expand your knowledge of finance. I don’t think anyone claims that they are a master of the universe just for completing the program, and if that is their objective, then they probably won’t make it past the second level. Cheers
I have studied for CFA Level I, just have not taken the exam as of yet but not once did I slam the charter (to make myself feel better, lol!) as you so suggested, and the CFA does not annoy me so I don’t know how you draw that conclusion? Clearly poor analysis on your part (would think you could chose a better choice of words) for a charterholder I might add. I will be taken the three levels over the next few years and I wish myself the best. Thanks to the kind people here I know how time and effort needs to be applied. BrownDt1 sorry if I annoyed or offended your sensibility…wish you the best in future endeavors.
OK. Let’s backtrack for a sec. You can’t say “I doubt that it is much harder” and then say “I have studied for the CFA level I”. Those are contradictory statements, right? Doubt implies that you are skeptical, which if you have even lightly read the quant, FSA, FI analysis chapters (among others) your skepticism would diminish greatly. I am sorry for some of my word choice…I guess you can pick or choose a couple sentences out of it, but I do prefer that you address it as a whole. Don’t forget that I did agree with you on some notes. My apologies for misinterpreting your commentary on the people that take the exam, but I guess tone is hard to read since it seemed to be fairly harsh mockery. My sensibility has not been annoyed or offended 
If you are going to sit for the exam, then I wish you the best of luck and I would be happy to provide studying recommendations since the amount of content is significant.
Thanks, I will keep that in mind for Level II…have a great weekend!
Passed with following: Two 4/5 high, three 5/5 o/s, two 3/5 comparable… I’m one of those average passers I guess. Did well in the heavy-weighted areas, Ethics & Hedge funds, so I’m happy with the results. I wish I knew about AF months ago. Hopefully can study Level II in March together and pass together! Cheers!
i got 6/7 outstanding and 1 high. was a good exam. i wish they gave rankings.