My dad has asked me what “CFA” stands for no less than 8 times.
hahah, me too. My grandpa keeps asking ‘Robb how’s the CPA coming along?’. I am going to send him one of those postcards we got with the CFAI books!
I explain it this way: “Think of a time in college when you were taking a difficult class. You studied extremely hard for the first test, only to get a poor grade, possibly failing. Now, imagine that one test covered the ENTIRE semester, was your only test you had to take, and were not given any instruction, just the textbook. Multiply that by 10 for the increased volume of material (18 study sessions in level II, I don’t remember how many in level I). There is the level I examination. Now imagine the difficulty growing dramatically as you pass each level. If you can imagine what that would be like, then you know what the exam entails.”
Everyone: Not to downplay the importance and difficulty of the CFA (especially considering the fact that I have yet to pass any level), but it does seem like some of the posters in this thread are making this out to be a little more difficult than it truly is.
mlpguy22 Wrote: ------------------------------------------------------- > Everyone: > > Not to downplay the importance and difficulty of > the CFA (especially considering the fact that I > have yet to pass any level), but it does seem like > some of the posters in this thread are making this > out to be a little more difficult than it truly > is. Once you pass any level…or fail a level, then you can make that claim; although, there is some truth in that. The tests aren’t impossible.
mlpguy22 Wrote: ------------------------------------------------------- > Everyone: > > Not to downplay the importance and difficulty of > the CFA (especially considering the fact that I > have yet to pass any level), but it does seem like > some of the posters in this thread are making this > out to be a little more difficult than it truly > is. You just violated CFAI Standard VII C : Thou shall not downplay the difficulty of the CFA exams Seriously though, have you actually done any practice exams, or just Schweser cinchy end of chapter review questions?? Compared to the Series 7/CSC tests which many less familar folks like to try and equivocate these exams, I think we can all state the CFA exams are far more rigorous!
CFA_Halifax Wrote: ------------------------------------------------------- > mlpguy22 Wrote: > -------------------------------------------------- > ----- > > Everyone: > > > > Not to downplay the importance and difficulty > of > > the CFA (especially considering the fact that I > > have yet to pass any level), but it does seem > like > > some of the posters in this thread are making > this > > out to be a little more difficult than it truly > > is. > > > You just violated CFAI Standard VII C : Thou > shall not downplay the difficulty of the CFA > exams > > Seriously though, have you actually done any > practice exams, or just Schweser cinchy end of > chapter review questions?? > > Compared to the Series 7/CSC tests which many > less familar folks like to try and equivocate > these exams, I think we can all state the CFA > exams are far more rigorous! I do not disagree that compared the the Series 7, the CFA looks extremely difficult.
lxada269 Wrote: ------------------------------------------------------- > mlpguy22 Wrote: > -------------------------------------------------- > ----- > > Everyone: > > > > Not to downplay the importance and difficulty > of > > the CFA (especially considering the fact that I > > have yet to pass any level), but it does seem > like > > some of the posters in this thread are making > this > > out to be a little more difficult than it truly > > is. > > Once you pass any level…or fail a level, then > you can make that claim; although, there is some > truth in that. The tests aren’t impossible. This is reasonable, and I probably shouldn’t have made that claim without actually taking that an exam yet.
I wouldn’t put it on par to the hardest undergrade class. If anything i would say it would be equivalent to 10 B.Comm 3rd year courses combined into 1 test, 6 hrs, and dependent entirely on your motivation and will to stay focus. I don’t think the CFA is all that difficult, it’s just the amount of material and the lack of structured learning you have with a class. And most candidates are usually working full time jobs
I dont know about the 2nd or 3rd levels, but level 1 barely comes close to covering what I learned in my intro to finance/accounting/economics classes. Its closer to the CSC in my opinion (except longer). xck2000 Wrote: ------------------------------------------------------- > I wouldn’t put it on par to the hardest undergrade > class. > > If anything i would say it would be equivalent to > 10 B.Comm 3rd year courses combined into 1 test, 6 > hrs, and dependent entirely on your motivation and > will to stay focus. > > I don’t think the CFA is all that difficult, it’s > just the amount of material and the lack of > structured learning you have with a class. And > most candidates are usually working full time jobs
commstudent Wrote: ------------------------------------------------------- > I dont know about the 2nd or 3rd levels, but level > 1 barely comes close to covering what I learned in > my intro to finance/accounting/economics classes. > Its closer to the CSC in my opinion (except > longer). > > xck2000 Wrote: > -------------------------------------------------- > ----- > > I wouldn’t put it on par to the hardest > undergrade > > class. > > > > If anything i would say it would be equivalent > to > > 10 B.Comm 3rd year courses combined into 1 test, > 6 > > hrs, and dependent entirely on your motivation > and > > will to stay focus. > > > > I don’t think the CFA is all that difficult, > it’s > > just the amount of material and the lack of > > structured learning you have with a class. And > > most candidates are usually working full time > jobs It gets funner (is that a word) my friend! I can honestley say that the exams aren’t difficult per se, I agree 100%, but there is a ton of content, and as someone else alluded to, it is all self-study and many are working while studying. Oh well, 100 or so days until hopefully I am done with this program forever!
Here’s what it comes down to: If people don’t know what the CFA is, then you are living in the wrong city. In NYC, everyone knows what it is, and you see a 100 people studying for it at starbucks on the weekend. If you are having that conversation, then its a hint to move to NYC, SF, London, Chi-town etc…
:P, you have a pretty big starbucks there… Actually right after posting that last post, a friend msg me and asked. “Hey my friend is taking the CGA, … so what’s the difference between a CFA and CGA…” I’m packing my bags… drs, know of any place i can stay in NYC for a while… 
There are so many designations / certifications out there that i wdnt expect people not in finance / accounting to know them all …to them its just some finance/accounting certificate . A few years ago when i was studying for the CSC . I told this girl that I had to go study for the Canadian Securities Course and she was like " Wht do you want to be security guard ? , I though you like finance n stuff " …I think I choked/ laughed so hard i had beer comin out of my nose .
people on this board do chronically overstate the difficulty of the exams. I say this having passed 1 and 2, having never taken 3. that being said, the CFA is still very difficult, as the low pass rates, high importance of passing, and high time spent studying would attest.
I have given up on correcting people that the “C” stands for chartered and not certified
I refuse to be referred to as a candidate in the " Certified Financial Analyst " programme …
Id prefer that over chartered financial accountant which is what Ive gotten… Rudeboi Wrote: ------------------------------------------------------- > I refuse to be referred to as a candidate in the > " Certified Financial Analyst " programme …
mlpguy22 Wrote: ------------------------------------------------------- > I have yet to pass any level
mlpguy22 Wrote: ------------------------------------------------------- > I have yet to pass any level You haven’t passed LI and you’re opining about how hard it is to pass the CFA? How hard, in your opinion, is the MCAT? The Bar Exam? The CPA? Is a PhD in physics all it’s cracked up to be?