Mcpass, keep us posted on his results when the thread starts, you now have my curiosity piqued.
“The bar exam is that hard, so are the medical boards” FWIW, when speaking about the CFA in comparison to these exams, I always say the simple difference is that ultimately, they WANT you to pass the bar, CPA and medical boards. Obviously all are incredibly difficult tests and I dont mean to diminish any one of them. But they want you to pass. With respect to the CFA, they benefit when you DONT pass. its a fundamental difference.
Disagree…CFA makes for more money from our yearly dues in perpetuity, as opposed to a few whacks at taking the exams. I feel the major difference is simply the fact that in this industry, we are already putting in 60+ hours a week…on a good week. During earnings season, it creeps up much further. I dont think they have the same problem when it comes to the bar or medical boards…the system is geared specifically to get you to pass…the CFA is a crapshoot…its more about who has the highest theshhold for pain. On a sidenote…ive done very well on the schweser practice exams and I am feeling pretty good.
caspian Wrote: ------------------------------------------------------- > To study for “X” number of months and still not > understand a particular topic. You should have knocked them out cold. Right then…no words.
jbisback Wrote: ------------------------------------------------------- > Disagree…CFA makes for more money from our > yearly dues in perpetuity, as opposed to a few > whacks at taking the exams. > > I feel the major difference is simply the fact > that in this industry, we are already putting in > 60+ hours a week…on a good week. During earnings > season, it creeps up much further. I dont think > they have the same problem when it comes to the > bar or medical boards…the system is geared > specifically to get you to pass…the CFA is a > crapshoot…its more about who has the highest > theshhold for pain. > > > > On a sidenote…ive done very well on the schweser > practice exams and I am feeling pretty good. jb…nice to see you back.
CFAdetroit Wrote: ------------------------------------------------------- > bar exam pass rates are close to 90% usually bar exam pass rates average between 22% and 50%
mwvt …thx Ive tried to keep away from the forum for L2. While I think its a good resource, I just think many get caught up in minutae without understanding the basics first. Ive put my time in…and I am feeling pretty good about my chances for a pass. Looking forward to being 26 years old once 5pm hits on saturday. Best of luck. Hope I will make it to L3 forum next year and I hope you will be there. - JB
Doubt I will be there with you JB, but I hope you make it.
caspian Wrote: ------------------------------------------------------- > With respect to the CFA, they benefit when > you DONT pass. > > its a fundamental difference. Bar and medical boards aren’t optional but someone can work without having a CFA. If CFAI wanted more cash they could make it harder and have each exam 4 times a year. The problem with a low pass rate is that a lot of people give up before passing L3. I think they’re caught between getting people in to make the industry better (ie making it popular and easy), but also keeping all the necessary industry items that make the designation worth having (and all those items make this equal to a graduate-level curriculum). I’ll go in thinking, “they want me to pass, I just have to prove I studied”.
I got really pissed off when I say CFA to people and they go…OH IS IT JUST LIKE THE CPA? Or my CPA friends go…you’re still studying for that thing kelly? Dude…it’s a freakin 3 yr program at the mininum! I just tell people it’s like a bar exam for investment professionals…except we compete globally not just by state!
Difference b/w the Bar though is that you have to go through 3 years of intense studying which includes god knows how many exams. CFA however can be passed w/ 4 months of studying, 3 times. Thats like 1 year of actual intense studies. Then with Law, after those 3 years you still have to take the freaking Bar. I think that makes it more of a commitment, if not more difficult. My wife is in law school so i get NO simpathy from her…Wish i did though 
I tell people that its completely honorary. Its given to those who give up 5-6 months of their lives each of 3-5(maybe 6) years to lock themselves in their house and read about boring crap like ethics, stats, econ, acctg., corp. fin., valuations, derivatives and PM and then review it all with several week long ‘study sessions’ consisting of piles of practice exam q’s, notes, flash-cards, and texts. Armed with CR2032 batteries and tiny screwdrivers they descend on semi-diclosed locations once (or twice) a year to collect their reward. That’s it. Completely honorary.
Black Swan Wrote: ------------------------------------------------------- > I feel your pain. Quick question for you guys, if > you knew when you started what you know now about > the pain, stresses, and sacrafices associated with > the CFA, would you have ever started back with LI? yes, the pain, stress and sacrifice is a big part of why i love this. of course im the same type of guy that would like boot camp.
"Then with Law, after those 3 years you still have to take the freaking Bar. I think that makes it more of a commitment, if not more difficult. " I was in no way comparing the two in terms of difficulty or commitment necessary. I was merely saying that at the end of the day, as someone pointed out, you NEED to pass the bar and medical boards in order to practice. So ultimately, they want people to pass. The CFA in many ways does NOT want you to pass.
I heard that the cfa exam was harder than the bar exam? Is this true? I mean there must be some lawyers here that have took it.