I’ve been on this site for a few months now and have noticed there are people here that try to belittle the designation or even try to discourage others from pursuing the charter. If it’s not that big a deal then why practically kill yourself trying to pass? Why waste so much time and effort to get the charter?? I believe there are lots of people with “sour grapes” syndrome on this site.
Also, it’s amazing to me that so many people on here believe that CFAI has little or no ethical standards and are up to nefarious activities. Why would an organization that stresses so much on ethics be part of all the conspiracies people keep mentioning? People have all kinds of stupid paranoid ideas…from artificially keeping the pass rate low to not actually retabulating your score. If you truly believe that CFAI is so corrupt then why try so hard to be a part of the program?
I dont know about your second paragraph. No comment there.
As far as your first one, I am one of those people who wants to discourage many people from taking the exam. This is because I believe that a good chunk of people are persuing the charter and doing so will not help them “break into finance” in the way that they expect. Their time would be better spent trying to get a good job in the first place.
This is not sour grapes. I have a great job in finance and passing all three levels has been one of the best achievements in my life. Still, one has to question if the committment is worth it? Certainly to some, but maybe not to everyone in the program.
As someone who’s been through the program I get at least 1 email a month from people asking me if they should do the CFA. I almost always say “No. It’s probably not worth it.”
I’m not belittling the program, I just don’t see the value add for most people. In my opinion you have to be in a pretty specific job at a pretty narrow point in your career for this program to really be a good idea. These people represent a very small portion of those taking the exams. I would compare this to me, studying medicine textbooks on my own for 4 years even though there is no way at the end of it that anybody will call me “Doctor Hacksaw” nor will I be qualified to practice medicine, even in a third world country.
I agree with you to an extent. I also don’t believe it will help you break into finance and I have told a few people that as well. I have a buddy stuck on level 3 who thinks that once he’s done he’ll be able to just jump into the industry. I keep explaining the industry has changed and merely being a charterholder isn’t necessarily going to get you in the door. I don’t think that is belittling the program but there are actually people on here that try to make the program seem almost worthless. I’m not naming names but it’s a little disrespecful especially to everyone on the site that practically put their lives on hold for this thing.
Why care? I think there are still many good ones who are willing to share their study tips and strategies. You just can’t expect everyone to be supportive.
A lot of people are suspicious about the cfai because they make some harsh decisions, like not grading essay answers that have been written in the wrong place, or expelling people from the programme that 1 proctor said they thought was maybe cheating, or one year deciding to charge everyone for an ebook and the print books without a choice and then removing a link from their website when people find a workaround. it would be impossible for an organisation with a charter with so many participants not to piss some people off at some point and there is always going to be a certain amount of friction. as you say, nobody is making people continue with the programme.
I don’t think many people would accuse the cfa of “artificially” keeping the pass rate low. They could however make tests harder if they wish. afterall they want to make the designation as prestigious as they can. Speak to people at your firm who were candidates in the programme pre 2000. Most will tell you it was relatively straight forward and that level 3 was a walk in the park. Not many current candidates will tell you the same.
Like many things, you have to decide for yourself whether the time is worth the payoff. That could be piano lessons, or it could be the CFA charter. I would never out of hand tell people it is not worth it. For me, it was totaly worth it, and it has nothing to do with more money or better position. It made me better at my job, it distinguishes me from many others in the industry, it showed my kids the value of hard work and perserverance. It also showed my kids there is not always instant gratification.
More to your point, I find the “too cool for school” attitude toward the charter often very funny. “Yeah, I did it. Okay program. Probably won’t put the designation behind my name or frame my charter. Too many people have it so its no big deal.” Read: I am above such pettiness. Any band that is popular now, I listened to years ago and now they’ve sold out. I drink PBR. I only go to the outer stages at Coachella. Look at me but I will pretend that I don’t want you to.
Going through the program…we have an idea of how much work it takes, and that isn’t an answer to everybody’s goals. We just want people to stop and think really hard, “is this what I’m looking for?” ie. somebody was asking about CFA for trading the other day. Everybody has their opinion of course, but it was suggested and I 100% agree that CFA is actually in a way the “antithesis” to trading. Research - CFA absolutely. Ibanking - sure, it couldn’t hurt. Trading - helllls naw. But then sometimes you just want to do it because its interesting, and that’s coo.
So it’s not “hey you, don’t do CFA you’re wasting your time”. It’s more “hey you, are you ready to invest 1000 hours into something that realistically isn’t even related to your career goals?”
Becasue after 3 grueling years people have perspective. Would I do it again? Probably not. But after Level 1, I wanted to finish what I started and thankfully never failed an exam. But having passed, no trumpets blared, no fanfare. The happiest person was my wife who said “finally no more studying”. And that was real insight. She wasnt happy because she thought it meant a promotion to PM but happy that I would not have to bury my head in a book unnecessairly. If I get promoted it will be due to experience/performance.
So when folks belittle those who are not even in finance who start this journey it is because the time is almost certainly better spent elsewhere. I get countless resumes from people with charter who have no business in finance and they get immediately put into the pass pile. That won’t change and, if anything, is getting worse as supply rises without greater demand for people in finance roles.
The charter is an accomplishment and I am proud of it. But it has not changed my life. Finishing studying, however, has changed it.
I encourage everyone who shows interest to take the exam, even a medical doctor. Not that I think the exam will change their career, but I know that it will satisfy their curiosity and stretch them to a reasonable limit. You lose nothing by testing your own resolve.
Just like I am hoping to do the PhD someday. I will like to satisfy my dad who would love to see me hold the qualification. It ain’t gonna add a dime to my wallet, but we do some things for the pride!
