Dapper425

I can’t believe this is even being argued, as someone pointed out you can’t fail undergrad, you can’t fail a PhD, you CAN fail the CFA and odds are you will at least one level. CFA is much harder in this respect, there is always that element of luck involved, whereas with the PhD it’s just like a masters as long as you put in the time you will get it eventually. With the CFA no amount of time can ever 100% sure secure a pass.
What material is harder? PhD no doubt. Which one is harder to get through CFA and it’s not even debatable.