CFA passing rate %- Quick reveiw

[Shehab]

I agree with 100% on MFE.

I recently finished an MBA with a concentration in Financial Engineering. I will start trading at a prop house soon. I hope to actively use my knowledge to build models that are market executable in the future.

I do have one warning. Do not become a code monkey. Many of the students who did the full FinEng Graduate Certificate have ended up working in Market Risk Management at full service brokerage houses, dealing with post market data as opposed to active market. Further only 1 out of the 9, I know is allowed to trade. If you want to trade, tell them from get go and stick to it till you get it - Best if you get a chance to intern with a Quant Trader in the FX market usually in UK ..Good luck to you and all others out there.

Quote from Trader KGB:

Shehab

Thanks for sharing that, it puts an interesting perspective on it. I've heard on and off recently about the watered-down effect of the CFA program. I'd say of those in my undergrad finance program, at least 2x-3x more ended up going the CFA route vs grad school. It's pretty much a prerequisite to attend any alumni functions.

I'm still debating CFA vs MFE/MSCF (computational finance), though I'm strongly leaning towards the latter what with this watering down effect of the CFA. Plus, peruse any finance-related jobs site and you'll find 90% of the postings are looking for quant/C++/algorithmic gurus.

 

[Nana Trader]

Quote from Div_Arb:

I have the CFA Charter, and I am here to tell you that no one on ET has any business getting the Charter. Go for something useful like the CMT. The CFA will do nothing to enhance your trading ability.

Then what you are doing in trading forum? Are you telling us, you studied for several years which was complete waste and decided to become a trader now?

 

[Nana Trader]

Quote from Epiphany:

Yes - lots of players don't bother studying because the company sponsored them for the exam - they don't take it seriously

Level I - I studied about 2 hours a day for 2 months = 120 hours

Of course if you wait until there is only 1 month left you'll probably have to put in at least 150 hours (cramming the material is not very efficient)

Did you go for key concepts, exam flashback,......which course materials you used?

 

[ERIROY]

This web site is about TRADING not about financial analysis. If you guys think, CFA exam can help you in trading, you wrong!
I have a formation in financial analysis, 1st and 2nd degree in finance......in my first few months of trading i learned that trading and financial analysis can be an expensive mix

Financial Analysis is good for investors not traders!

Good trading to the traders!

Quote from Nana Trader:

I did some quick calculation yesterday

some new figures:
-passing rate DEC 2006 Level I- 36%
-passing rate JUNE 2006 Level II and III- 48% and 70%

A- Lets say if 100 people enrolled for level I, just 36 people go to level 2

B- From 36 people enrolled in Level II, just 18 people go level III

C- from 18 people enrolled in level III , 12 people pass

These mean approximate 12% of candidate succeed to pass all three level in a row which is 2.5-3 year, which again depend when you apply
-------------------------------------------------------------------------------


Now CFA institute says minimum 250 hours study for each level. Remember, that's minimum is you are coming from very strong financial background.

FYI CFA notes from various preparation courses (not original CFA text books) are usually in 6 volume (books) each around 250 pages. Total 1500 pages

If you manage to study each page in 30 minutes (every page needs indepth reading), you need to do 750 hours of reading.

CFA tests are getting harder also, there is no fixed passing score, it differ in every exam. They just take the average from top 10 scorer in each exam and then you have to get at least 70% of that score

 

[Div_Arb]

I didn't say that it won't help you land a nice job. Yes, it was a complete waste, and yes I am now a trader. However, I was able to mesh the two into one nice package.

So, who crapped in your Corn Flakes??

Quote from Nana Trader:

Then what you are doing in trading forum? Are you telling us, you studied for several years which was complete waste and decided to become a trader now?