I love how the CFA Institute ****$ things up all the time.

CFA General
#1

This is totally wrong:

http://cfaglossary.blogspot.com/2011/04/full-goodwill-partial-goodwill-and.html

http://cfaglossary.blogspot.com/2011/03/full-goodwill-method-partial-goodwill.html

I’ve seen several other examples as well. Jeez!!! We rely on these guys to give us the correct information, and they constantly let us down. How can you trust the CFA Institute, when they make mistakes all the time??

After the test, I’m going to write a letter to them; the jist of it will be:

#1) You promulgate transparency and full disclosure, but you refuse to explain how the tests are actually graded and how pass/fail decisions are made. Furthermore, you refuse to give candidates their own tests back. The entire grading process is a perfect black box. I’m sure there are many people passing, which they fail, and I know for sure many people should fail, and yet they pass. I’ve studied with people who were completely clueless about finance-related matters just 1 week before the test, and they get a pass score about 2.5 months later. What??!!! I’ve worked with CFAs who literally don’t know the difference between a stock and a bond. How can these guys get through??!!!

#2) You promulgate diversification, but you force everyone to take the test only 1x per year. This is a form of extreme concentration.

#3) You take a stance against misrepresentation. Nevertheless, you misrepresent the actual test by giving lots of over-simplified practice exams. Furthermore, you recommend about 300 hours of study to prepare for the exam, but the actual number is at least 4x or 5x more than that.

#4) You state that Candidates & Members should practice ‘Loyalty, Prudence, and Care’ for clients. However, you don’t do any of those 3 for your own clients (Candidates & Members). You don’t ‘care’ about anything except money.

#5) You promote ‘Fair Dealing’ but you do NOT deal fairly with Candidates & Members. For instance, you impose sanctions on Candidates & Members, and don’t even consider the meaning of ‘fair dealing’.

#6) You tell Candidates & Members to distinguish between fact and opinion. Your own actions are based entirely on opinion, and you refuse to consider any facts whatsoever.

These guys are complete hypocrites!!! Jeez!!!

20 years to get a credential??? I could easily get 3 PhDs in much less time, and with much less effort. It’s totally NOT worth it!!

#2

So why are you a candidate then?

#3

Good luck with that. BTW, 300 hours per level is plenty of time for most candidates.

#4

I dont think these links in the OPs post are CFAI publications.

#5

That is not a CFAI blog…and that post was as of 2011…someone was kind enough to make a CFA glossary blog, use it for what it’s worth.

#6

I completely agree, getting the CFA designation is not worth 20 years of your life. Perhaps you should consider an alternative?

While I would encourage the CFAI to be more transparent in their grading process I always felt that the content on the exam was fair and understand that they go through greater lengths in designing, testing and grading the exam then any other exam I have written.

Your rant sounds more like a bitter candidate that wasn’t prepared for the exam than a constructive critique of the program…

#7

That is a ludicrous statement. It is simply not possible to pass the CFA exam not knowing the difference between the two. Especially if the CFAs “literally” don’t know the difference.

Anyways, here’s what the CFAI is going to say in response to your letter: Just deal with it.

#8

I may not know the difference between a stock and a bond (yeah right) but I kknow enough to object to the usage of “CFAs” as a noun. For shame, sir!

#9

This is one of the furthest things from a legitimate criticism of the CFAI/CFA Program that I’ve seen yet. Embarrassing.

#10

The replies to ryguy just take his comments at face value. You must understand, if ryguy has failed numerous times attempting Level II and Level I, possibly being in the system for as long as 20 years (!?!?), it must be infuriating, thus his outburst.

One thing I do respectfully acknowledge about ryguy is his determination (20 years!)

#11

Be Careful Friend. The CFA Institute watches these forums.

#12

wrg,idts

#13

say what