Hi, just passed LII so first time contributor in this forum. This may be a completely ignorant question and I’ve searched for it with no results, but has it always been a required 4 years? I could be completely wrong or misread something but I remember reading 3 years when I entered the program a year ago. I only ask because I took L1 right after I graduated from college from school and took L2 this past June. I’ve only logged 1 year of experience, meaning that if I am lucky enough to pass L3 next June I would have to wait a full 2 years to even get the charter. Is anyone else in a situation like mine, or had a similar misread or misunderstanding?
Used to be 3 years, then CFAI changed it to 4 years. I think if you started in 2006, it’s 4 years. If you started in 2005 or before, it’s still 3 years. The CFA website used to have a page describing this.
The same here. I just thought that since generally the % of failures is quite high it is better to start earlier. And the fact that you passed some exams adds you some value even without charter.
Ambiter Wrote: ------------------------------------------------------- > Used to be 3 years, then CFAI changed it to 4 > years. I think if you started in 2006, it’s 4 > years. If you started in 2005 or before, it’s > still 3 years. The CFA website used to have a > page describing this. Sort of. You had to be a member by a certain date in order to get the 3 year rule. If you haven’t applied for membership yet (you normally don’t until you at least pass L2), then it is 4 years now.
Does anyone have a link to CFA website that outlines this 3 versus 4 year requirement? I started before 2005 and just passed L3 but am not sure which one applies to me. I have heard that you needed to be a member, not just a candidate during the transition time. Ambiter Wrote: ------------------------------------------------------- > Used to be 3 years, then CFAI changed it to 4 > years. I think if you started in 2006, it’s 4 > years. If you started in 2005 or before, it’s > still 3 years. The CFA website used to have a > page describing this.
It used to be 3 years if you started before 2006, then it was changed to 4 years. If you still wanted to take advantage of the 3-year rule, you had to become a member of CFAI.
That’s right, hezagenius, thanks for clarifying. You’re allowed to apply for CFAI membership after you pass Level I (but for most people, it doesn’t necessarily make economic sense).
bummer. i screwed myself trying to save 300 bucks 
chintz Wrote: ------------------------------------------------------- > bummer. i screwed myself trying to save 300 bucks > No worries chintz. It’d been extremely audacious to have registered to be come a regular member of the CFAI even before cracking open a book to study for level III, so I think you made the proper decision at the time given the information you possessed at the time.
You have to register before 2005 and finished all 3 levels before 2008 to qualify for 3 year requirement. I passed level I on Dec. 2004, took 2 year break then finished II and III in 2007 and 2008. I emailed CFAI last year, they gave me above answer.
Jscott…thanks again for the wonderful postings on Derivatives…between you and John Harris…helped me get to L3.
Of course, happy that it helped!
Sigh. Seems like even if I pass level 3 next June, I’ll still have a little over two years to go…