Considering the CFA...

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asrmek

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So i am a Junior in college and just got an internship at an Investment Management co. All of the managers there are CFA’s and im sure they will want me to take it if I go full-time next year. Is this common? And how hard is it really? I go to Notre Dame I’m pretty smart but 40% pass rate is nerveracking. Is it all fairly smart people who take it? Thanks
 
It’s all fairly smart people taking the exam. 40% is just the pass rate on each exam, the overall success rate for all three is much lower (about 15% I think.) None of the material is extremely difficult, there’s no high level math. What’s challenging is the breadth of each exam, it’s like taking a final for 1-2 year’s worth of classes all at once.
It sounds like you’re considering starting the program while you’re still at school (I don’t remember if that’s possible.) I’d hold off until after graduation because the time commitment required to pass will impact your grades.
 
I think this illustrates it pretty well. Don’t underestimate that little level 1 dragon though, he can be a bitch.
 
I believe you can take L1 as a student. Although it has now been many years since I took L1 or was a student, I recall there being a lot of common material between the exam and classes that a junior or senior finance major would be taking.
 
I took Level 1 while I was still a student. You just need to have a letter drafted to CFAI indicating that you are in your final year of classes (must be on University letterhead….I ran into that issue).
 
Also, to Spork’s point, it is not 1-2 years of classes in 1 exam. I’d say more like 1 semester of classes all at once.
 
Come to think of it, I don’t even think you’ll need to provide a letter, that was for a different issue reagrding my L2 registration.
 
asrmek wrote:
So i am a Junior in college and just got an internship at an Investment Management co. All of the managers there are CFA’s and im sure they will want me to take it if I go full-time next year. Is this common? And how hard is it really? I go to Notre Dame I’m pretty smart but 40% pass rate is nerveracking. Is it all fairly smart people who take it? Thanks
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Smart being pretty relative from judging your writing sample.
 
asrmek wrote:
Thanks for the unneccessary insult buddy.
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If you want to be part of AF, don’t be so sensitive. It’s generally not personal.
 
Seriously though, the managers at the firm will probably want to you to eventually become a charterholder. Passing the exams is difficult and yes, only fairly smart people attempt to pass.
 
asrmek, do not worry about pass rate because many people are not very serious and commited to this exam. Just start early and use CFA curriculum material and then Kaplan and such to repeat. You can start even today if you just download some stuff from the internet.
 
Barney S wrote:
asrmek, do not worry about pass rate because many people are not very serious and commited to this exam.
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You might be half right about level 1, but for levels 2 and 3 you are dead wrong.
 
I think the dragons are not a great analogy. L1 is like running a 4hour marathon.
L2 is like running a 3hour.
Provided you are quite fit (i.e. work in the industry) L1 will not be a problem, and only a little preparation is needed.
L2 is where you need to prepare for 6 months before and stick to your schedule.
no idea about L3 yet.
 
onlysimon wrote:
no idea about L3 yet.
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It’s just as bad as L2, if not worse.
The material in L2 is harder than L3. However, the way it’s tested in L3 makes it (in my opinion) harder than L2.
 
Greenman72 wrote:
The material in L2 is harder than L3. However, the way it’s tested in L3 makes it (in my opinion) harder than L2.
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This is an accurate statement.
 
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