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CFA or PhD?
It’s like comparing a steak with a roast chicken. You can eat them both but they’re very different animals.
Now I haven’t done a PhD, though my wife has one from spending nearly four years examining a fungus which grows on sheep shit, but I think it’s fair to say that a PhD requires more work than the CFA, although it’s spread out a lot more.
As we all know, the CFA is difficult not because of the material, but the sheer quantity of it. But it’s probably more difficult than an undergrad - how many people do you know who failed their undergrad? About zero I suspect. You’ve got to be a complete smackhead to fail an undergrad, but failing the CFA is pretty easy.