maybe in terms of complexity it doesn’t compare to OrgChem or heavy math, but the breadth and 6 hr test creates a really dense testing environment. You have a limited time and they can literally ask you anything out of 8 different topics, at a level where each topic could be a full semester undergrad course. You are pretty much guessing what they are going to ask unless you have an encyclopedia-like mind. The preparation required vs the number of questions you have to answer is probably the most difficult aspect IMO. If you study ORG Chem you can be sure that 75% of what is was taught in course, will appear in the exam. for the CFA I think this ratio is closer to 40% of the total possible questions.
exactly. it cant be gamed
this is exactly how i described qualifying exams in grad school, except the subject matter is more complex and the stakes are much higher (earning a graduate degree vs not). no comparison the more I think about it.
Is this supposed to be impressive?
Why do we measure ourselves against other exams? The CFA is still impressive because it’s not a required certificate to practice “finance” and yet we still burn 3+ years working for it.
Some professions would call that crazy, we call that winning!
actuaries kid. Making bank and working less than 40 hours
Exactly. Try to take any of the CFA exams after cramming for a few nights (in the same way most college tests are studied for) and see how “easy” it is. I think some people are forgetting how hard these tests actually were as time passes.
Passed one of those. The cop was visibly annoyed. Don’t plan to take another.
*raises hand*
I haven’t forgotten.
*pukes*
And yeah I really don’t know what to make of this atush fella. I’m pretty sure I’ve read him state a few different times that dropping out of the CFA program was “the best thing he’s ever done” while talking about pursuing a CPA instead. Not judging that decision, I’d just take what he says with a really large grain of salt.
I just heard her say that the CFA should make your resume float to the top of the pile! I’m not sure if I should laugh or puke.
Thought you’d enjoy that!
This one came out today, it’s actually pretty good IMO:
Probably would have been nice to have this come out 4-5 months ago and sticky it at the top of the L3 forum, would have saved a lot of topics from being created.
Passed one of those. The cop was surprised and kind of impressed. Don’t plan to take another.
Maybe there should be an official line about the value of the Charter. May I suggest, “It’s a minimum. Nothing more. Nothing less.”
So, here is the thing. I’m an international student in Canada. After graduation I’ll have 3 years of work permit. I would also require to gain 1 year of work experience to get permanent residency. Now, I don’t think CFA is worth risking everything. I don’t have a stellar profile. Coming out of state school and then having experience in different industry already put you behind in the queue. CFA level one was okay, I feel bad in terms of time I invested but not about the knowledge I gained. I’ll be doing banking job where this is not required. My short term goal is to become financial analyst which I guess I can achieve without CFA. It is more important to network and find the job on the right time instead lock down yourself in basement to study for CFA. CPA, yes I’m doing accounting courses because I think there are more opportunities for candidates like me with CPA. Anyways, work experience of financial analyst qualify for CPA so I have no worries. I’m already late in this pursuit at the age of 28 and finance industry usually prefer young blood so what’s the point of studying for CFA when I’m not even sure that I would even get the experience which would qualify for charter.
^You NEED the charter. You have no pedigree or connections. You at least should have an admission ticket.
I don’t think I would write level 2. Its over for me. And no regrets.
I’d say the CFA tests are testing your willingness to take the test more than your ability to take the test.
It’s “hard” to study 2-3 hours a day while you have a full-time work for couple of months. Is it really intellectually challenging to calculate the duration of a swap? No. But a lot of people get it wrong because it’s only a tiny portion of what you need to know to pass the test.
You don’t need a very high intellectual capacity to process all this stuff with some level of understanding, but you’ll sure have to spend adequate amount of time, and I think that’s why the CFA tests are pretty “hard.”
Personally, I spent roughly 350 hours studying for level 2 and passed (I think barely). And I spent about 150 hours studying for the GMAT and got 94th percentile. I’m comparing apples to oranges here, but by definition, getting into top 6% should be “harder” than getting into top 45%, but I’d say level 2 was “harder” than the GMAT.
And I studied zero (literally) for the GMAT, five years removed from school, and after several years as an Enlisted Marine. (I think every year you are in the USMC, your IQ drops 10 points.).
Even after all that, I still scored at the 50th percentile.
I disagree that long periods of required time necessarily make a task “more difficult”. Which is more difficult - doing a double backflip, or sitting on a chair for five hours? So what if you need 300 hours of preparation. It’s 300 hours of very easy preparation for a lot of conceptually simple material.
To me, “difficulty” is defined as the % of population that can succeed at a task, given all existing constraints. Almost anyone can pass CFA. Most people here have passed the exams. Many other academic tests, or attaining a grade in such a test that would be personally acceptable, are much more difficult than CFA.