cougarblue wrote:
I apologize if my post came across as abrasive or degrading, sudden. I'm just calling it like I see it, after hearing these arguments for the 1000th time. (btw, I'm equally as qualified as you are to talk to the difficulty of the exams.)
Obviously your feedback is a good data point(s). But I've also heard other Charterholders' feedback from M7 schools which was essentially what I represented in my post, so I take that data and combine it with yours. I understand that you will want to overweight your own experience, but I'm just trying to draw a generalization here.
Just so we're clear, I never said the Charter wasn't respected in industry. Indeed, I recognized that it shows both a level of commitment to the IM industry and a propensity for setting and achieving a desired goal. When I talk about "glorifying" it, I'm talking about all those statements you hear like, "probably at least 1,000 hours of study." Now, I know they recently revised the 250 hours to 350 hours, but can you say with a straight face that you actually studied 350 hours or more for each exam?
There are many professional exams, both more and less difficult than the CFA exams, yet we never hear about how difficult they are or how they are better than an MBA. My main point is to provide a tempered viewpoint, as an insider, on the matter and that maybe, just maybe, CFA Candidates and Charterholders, myself included, are a little guilty of self-aggrandizement.
I remember that I spent about 8 hours a week and passed all three levels on the first try. In total it took me 2 years.
I worked at the largest asset management firm in the Netherlands. Few of my colleagues took CFA seriously. Many of them had a PhD and some were part-time professors. A recommendor of mine said "Probably only people outside asset management would have much respect for CFA." I tend to agree.
CFA shows how good you are at memorizing things and not how intellectually curious or creative you are. The latter is much more important to be a good analyst/researcher.
After passing three levels' exams, I did not even bother to send the CFA Institution the formal application for the title.
BTW, I was dinged by HBS and CBS. Obviously CFA did not help much.