Why do you think passing the Level III exam is sometimes substituted for the GMAT at some Master in Finance programs? I know it’s a very difficult exam, but I just don’t see how they compare.
huh? the gmat has almost nothing to do with finance.
For example, U of Toronto waives de GMAT if you pass Level III and their finance program is ranked # 6 in the world. I’m sure they do it because the CFA is a good indicator of commitment to finance and the program can have a much deeper focus than other programs. Just wanted to see people thoughts. I’ve seen people talking about using the Level III results to help their MBA application. I could see how considering I got a scholarship for a course mainly because I passed Level I.
lol
strange… maybe it’s because GMAT is a highly standardized test and c’mon, CFA testing is the grand pooba of standardized tests. And since the GMAT material is all stuff you’ve learned in High School, the CFA test *should* be a good indication on commitment and general ability.
GMAT is a test of logical/mathematical reasoning, and language (English) /writing skills. It’s a safe bet that anyone who can pass all three levels of the CFA exams could score pretty high on the GMAT; so while they’re not directly related, I could see why a school would give someone a pass if they’ve gotten through the CFA exams.
Generally, no. I’ve researched a lot of MSF programs, and they all want GMAT. A few reasons: Employers generally want to know the GMAT Good programs want to publish the median/mean GMAT (if they’re good) MSF programs are much more quantitative than the CFA; they absolutely want to know you’re quant GMAT.
i took GMAT and scored worse on Quant then on Verbal. I think Quant IS NOT representative of your quant abilities by any means.
ive done both. The math from GMAT is grade 12 math. they’re not comparable
wizard76 Wrote: ------------------------------------------------------- > ive done both. The math from GMAT is grade 12 > math. they’re not comparable I think grade 12 math was quite a bit more difficult than CFA math. What do you guys think?
GMAT level (grade 12) , mathematics as some of you put it, I would argue is more indicative of ones mathematical ability. Its basic maths, thus its comparable between people. Whereas calculating the value your long stock given changes in the spot, only finance people woudl understand. People taking MBAs come from all walks of life. From my experience, traders and smart asian people do well on the quant section. (1) You get drilled on the type of questions (2) Natural mathematical/problem solving ability… can easily multiply numbers in head, infer logicallly etc.
my point was the CFA is 10000000x harder than the GMAT. You dont need to study for the GMAT. They test different things. They’re not comparable.
Thanks for the comments. Certainly they’re not comparable, but I think the CFA exams are given so much weight because they show a high level of commitment, discipline, and a very thorough grasp of the most important finance concepts. Let’s face it, unless you either study your ass off or you have a MBA, MSc in Finance, or some other extraordinary finance background, for most people it’s very difficult, if not impossible, to pass the CFA exams. Hence, I would go as far as saying that anyone that can pass all three levels of the CFA exams could probably clear at least a 620 on the GMAT, which is good enough to get into some MSc programs, given that you have excellent work experience. Also, some MSc programs, such as the one I mentioned above, do not rely solely on quantitative theory, but more on the application and practical understand of the concepts already outlined in the CFA curriculum.