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Posted: 4/20/2002 8:22:24 AM EDT
[Last Edit: 4/20/2002 8:23:14 AM EDT by Necromancer]
If so, how is it? I know we have some financial guys here, so I figure I ask just in case. I just sent in for my registration packet. Its quite costly(I think I will have to pawn a firearm or 2 to supplement the books and registration), but the money these guys make, I think if I pass I will make back 1000X over. Just wanted to know how difficult it really is. As I understand it, in 2000, there was 27K people that took the test for level 1 worldwide and only 14K passed. That's a lil over half. [:(] Not good odds. I suck at math too. Wonder how many hours a week to devote to studying.
Link Posted: 4/20/2002 8:25:59 AM EDT
What about trading?
Link Posted: 4/20/2002 8:30:53 AM EDT
[Last Edit: 4/20/2002 8:32:03 AM EDT by Necromancer]
Trading is fun and can be lucrative if you work for the right firm. However, I am setting my sights on being an analyst or a porfolio manager, not for a mutual fund but for like trust company or something similar. Just thinking on my next step. Since I am stuck in a dead end job right now and the economy sucks, going back to school seem the thing to do to sit everything out. Also there are quite a few hedge funds here in Dallas, most require you to have a CFA or an MBA to get on their trading desk.
Link Posted: 4/20/2002 1:50:59 PM EDT
I passed Level I in 1995 - smoked it actually. The fail rate as I recall was 50-55%. I think I actually got a 70. The passing grade is set by averaging the top 10 grades and multiplying by 0.7 I then failed Level II in 1996. Failure rate was 50-55% to the best of my recollection. I then left the financial business for reasons wholly unrelated to the CFA. Many of the people I worked with tripped up on II. About 30 people got failing grades the year I took Level I. then they got word in the Summer they passed. Hence I often wonder if I did as well as indicated on One and if I really flunked Lev II. The people that did the best took classes - actual lectures. I have to run; I'll post more. Hit my e-mail
Link Posted: 4/20/2002 2:32:56 PM EDT
I hope you don't plan on just now starting to study for the 2002 test because you won't be ready. I have an MBA also. I really don't believe either is necessary, but an MBA/CFA mafia appears to be taking over the business. Many of the best investors in the world have neither - Warren Buffet for example. I think an MBA is great to compliment a non-business undergrad degree. I think a CFA is great if you don't have an investment background. The year I passed, I started to study in September for the June test. I studied no less than 3 hours every day - more on Saturday and Sunday. Most nights I studied 3-5 hours. You should have your readings done by Thanksgiving, certainly no later than Christmas. Then you study old tests, notes, old tests, re-read a little, take old tests, etc. by April 15 or so, you should know your strengths and weaknesses vis-a-vis the material and concentrate on the weaknesses. The next year, I was a little more relaxed and failed. Most people don't make it straight through; they fail one or two. I know two people who ran the table; they aren't any smarter than the next, but they did take a class from a finance professor that dealt specifically with the test. I believe their chances improved a lot as such. Doing this is a HUGE sacrifice to you and your family if you're married. Good luck whatever you do. I'll be happy to shed any more light on it.
Link Posted: 4/21/2002 8:32:08 AM EDT
Thanks for the info AABOB. I understand that part of the Level2 is mostly essay also. No I am not going for the Jun 1 2002 exam, even if I wanted to its closed. Plus I am nutty, but not that nutty [:)]
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