22% is a such a low pass rate. This must have impacted some of the people on WSO. I wonder why the pass rate was so low. I guess the low rate could be pandemic related or may be the quality of the candidates dipped. I am just guessing here. When I took the exams, a along time ago, I think the pass rates were between 40 and 50%
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I’m guessing content was same, increase in volume of CFA candidates.
That makes sense but the increasing number of candidates is not a new thing.
CFA is such a fucking scam and mega waste of time (during your prime years, nonetheless)
I haven’t looked at the materials in 1970 but I’m willing to bet it was a fuckton easier than compared to now, as they artificially keep pass rates low for “muh prestige”
How is it a scam if it helps people get jobs in asset management?
Ok - scam is a bit hyperbole on my part. But it absolutely is overrated, especially if you’re not looking to do equity research or fixed income
Agree on that, the amount of job postings that say it’s a nice to have despite it having nothing to do with that industry is really annoying.
Nah it's still quite useful in some certain fields of finance. The knowledge candidates equipped will be helpful.
I never sit the exam, or plan to do one in the future, but still see some value of it.
Definitely not a waste of time if you know how to use it.
I admit scam was too strong a word. But it’s definitely overrated and not the holy grail
You're completely correct. Every year during study season the old timers at my firm who got their charters in the 70s/80s would take a look at our materials at laugh about how much easier it was for them.
Not a scam, it definitely helped me when I switched industry from portfolio management to RE PE, it's a confirmation that you know your finance globally and are versatile..
https://www.cfainstitute.org/-/media/documents/support/programs/cfa/cfa…
The links broken, which is unfortunate since I wanted to read it.
No, the thing is valuable for intelligence signaling if nothing else. At my last role 2/3 of us had it, and half of the rest just had a masters in financial mathematics.
I agree about the screen for intellect but I think just as important, it signals a willingness to work hard.
Yeah, you need to copy the text of the link and paste it.
CFA is a cash cow and complete waste of money. They leech on the prestige of general finance industry (I think it hurts the image of the industry) and present you false promises.
Look how many unemployed CFA people worldwide. Even your typical mid-west financial advisors / commercial bank managers passed it. The scam is too big to be shut down now; They even had the audacity to not refund for their canceled exams due to Covid after testers prepared for almost a year.
The CFP costs about twice as much and is a joke relatively speaking. Don't even get me started on the likes of the CETF, although they are trying to reboot and become legit per a good source I know.
I passed the first two levels on my first time, but recently failed the CFA L3 by a wide margin. That was probably the hardest exam I've ever taken in my life, and that's saying something (I graduated from any ivy). I will not be taking it anytime soon. My boss doesn't give a shit at all. He doesn't have it either.
BUT OK OMG STOP OK YOU ARE HUST GOOD ENOUGH TO BE IN FINACE OMG BRO MY NAME HAS CFA IN IT I TOOK ALL LEVELS OMGOMG LOOK AT MEJokes aside. I think they just might have raised the passing bar? 50% in the past years to 73% now (from a video I watched). Was really thinking about should I take it or not.
WTF did I just read?
patrickb8man nah bro more like 23%, not 73%
In my experience, every charterholder in AM thinks its a complete waste of time, but still expects you to get it.
That's valid. You get bragging rights if you get it in 18 months tho. (I didn't)
nobody cares
CFAI released a statement yesterday which basically said, according to them, candidates who had to defer exams due to COVID scored MUCH worse compared to candidates that didn't. Candidates that didn't defer basically performed as normal.
That makes sense.
Some quant jobs even want that now. Sounds like a waste of time to me
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