CFA is so Expensive!

nothing to say. the test is so expensive!!!

Depends on how you look at it. An MBA from a top school is MUCH more expensive.

What are you comparing it to? Remember the test comes with books… Unlike other exams where you buy the books yourself

Yeah, it’s not too bad considering you are getting the equivalent of 5 or 6 books that would cost you about $100 a pop in a business school bookstore. Now, the review courses/materials…those are effing expensive.

You need to define “expensive”. A BMW is expensive, but only because you can compare it to other cars. A $200,000 house is cheap compared to a $1,000,000 house, but it’s expensive compared to a BMW. However, since it would make no sense to compare a house to a BMW, we would probably agree that the $200,000 house is cheap, assuming most other houses cost more than $200,000. Similarly, for you to describe the CFA process as expensive, you need to define what you are comparing it to. I would argue that it is cheap relative to other certifications with similar benefits to your resume.

yeah. ok. i am wrong. you guys are so logical! a little complaint. I just finished l3 registration.

You don’t need to say that YAhmed. If you think it is expensive, then it is…Expensive is a subjective concept anyway (based on either comparison or individual condition). I like those you dare to speak out what they think…See u on the other side next year so you wont need to spend more :–)) YAhmed Wrote: ------------------------------------------------------- > yeah. ok. i am wrong. you guys are so logical! > > a little complaint. I just finished l3 > registration.

Reposing Yahmed’s question: charterholders, would you say it’s an overvalued investment for someone early in career?

In $$ terms the charter is not too expensive but more so in time and efforts that you put in. If the CFA charter helps you in landing better paying job (or a job at all in the current market) i would say it’s dirt cheap!

My after-tax annual salary increase after receiving the Charter exceeded the total amount I spent on the program and all related study materials. I consider that an exceptional value.

PV of the Charter is great depending on what you want to do of course. Lot of people get into the program and don’t finish it, from that standpoint its very costly… the time spent studying as someone else alluded to including the cost of the study materials and even providers such as Stalla or Schweser do add up. Passing level 2 doesnt mean much on your resume, it might raise a couple of eyebrows, but its kind of like being a senior in college, you havent graduated yet…you need to pass level 3 and have 4 years of work experience to get this credential. It’s expensive for those that trick themselves into thinking that they can do it when they can’t and those that just pursue it because they THINK they might need it. Time could be better spent networking and job hunting than studying, again depending on the field you want to get into. If you want to be a PM, CFA is almost a must.

Well it may not be expensive in terms but it certainly is expensive in Rs. terms, but I guess later even we would get salary in , so no complaints… :slight_smile:

I want to do this It’s too expensive and by that I mean is I can’t afford it. Maybe in a few years. I’d love to learn that stuff even if I never use it but for $17 000 it is hard to justify.

I agree, it is good to speak your mind, however, i completely disagree and believe it to be absolute value for money. If you complete the program at the start of your career, i would be amazed if the payback was greater than three years. When you consider you will be working for forty (maybe less if you are lucky!), it is cheap.

I think one reason it seems expensive is because everyone pays a different, discretionary amount, and the incremental investment doesn’t necessarily provide incremental rewards. For example, if you pass all 3 on the first try it’ll cost you a total of ~$2,500 to get the Charter. I don’t think anyone would say it’s expensive from that perspective. If you fail though, that’s an extra $700 that a person who may have gotten one more question correct than you doesn’t have to pay. Factor in material and other services from Schweser and that can add thousands to the cost of the program, and there’s no guarantee it will result in a better score. Contrast that to an MBA where you know exactly how much tuition is, how much textbooks are, and that as long as you show up you’ll leave with a degree in a known amount of time. Uncertainly seems expensive and many are programmed to prefer a firm cap, why else would you pay up for the unlimited cellphone plan when you never go over??

Dollar cost, I think it’s pretty cheap. The comparison we all make most often is CFA vs. MBA. An MBA is $100-$150K. The CFA, assuming you take every exam twice (to err on conservative side) is going to run you around $5K. The dollar cost of the CFA program is incredibly cheap when you look at it this way. What I’d point out is that the ‘time cost’ of the CFA is really high. Whereas almost everyone takes time off to do a full-time MBA, almost no one takes off time (other than a week or two) to do the CFA. Instead, you’re expected to maintain your 40, 60, maybe 80+ hour workweek, and then get studying done besides. This basically means that for five to eight months a year, for a minimum of three years, your free time is pretty damn booked. THAT is expensive; I consider my free time to be worth a lot.

Do you drive 2 miles to save $.03 on a gallon of gas? Spend 5 hours on Saturday cutting $10 in coupons and returning $3.20 in cans? Are you kidding me? Daycare for 3 months is more expensive than the cost of the Charter. One class in basket weaving as an elective at most undergrad schools is more than a charter. The time spent studying is expensive but the cost of the charter is not. I’ve learned a ton of knowledge in L1 & L2 that I think is worth much more than the cost of the exams and I look forward to more learning in L3. Not to mention the major reason everyone does it, future earnings potential.

^^ You speak this way because your earnings are in dollars. Some of us in developing countries have to shell out three months earnings to sit for just one step of the exam. It is kinda expensive if you compare with some other certifications. But what the heck, the future value is worth it though…

I’m curious, what other certifications, which are comparable, in terms of quality, global recognition and rigor, are cheaper the the CFA?

in terms of investments and status, CFA is the gold standard. There’s really no comparison. But I just recently met someone with ALL OF THESE: CFA, FRM, CAIA, CMA, CFM, MBA Wharton She works in investment banking at JPMorgan Collecting these like baseball cards…