Article I saw this monring about passing exactly, passing, themselves, 620

sabina

This makes me want to slap this person. I can't help but look down on someone who writes lower-tiered news articles about finanice rather than making a career for themselves. Also, obviously this guy is not a charterholder. I would say that 11,620 new charterholders isn't exactly a flood of new people.



Getting a CFA is a savvy -- albeit arduous -- way to stand out from the crowd. Unfortunately, it’s also an increasingly common track.

In June, a record 22,784 people took the penultimate Level III exam, according to data released yesterday by the CFA Institute, the Charlottesville, Va.-based nonprofit that administers the test. Some 11,620, or 51%, of those folks passed. That’s more than any other year but 2006, when an improbable 76% of candidates cleared the final test hurdle.

Meanwhile, the Level II test drew a record 44,175 candidates, and almost 19,000 of those folks passed, also a new high.

The number of people who took the first test was second only to late 2008 when a flood of candidates rushed for accreditation in the face of the gathering economic storm.

The bummer for those who have just learned the secret CFA handshake is twofold: more employers will expect the designation and more other candidates for a job are likely to have it. That said, my hat's off to those who stuck it out.

bpdulog

not to mention current charter holders who are leaving the business. I just don't see it as a negative.

dmrktrading

jdivico Wrote:
-------------------------------------------------------
> This "huge" number of new charterholders
> represents .0000017 of the current world
> population.
>
> Really thinning it out.


And compared to the new MBAs or equivalents, new charter holders are a dime a dozen. Right?

Andreas42

This "huge" number of new charterholders represents .0000017 of the current world population.

Really thinning it out.

DarienHacker

did you all see that he changed the article? I cant find penultimate anymore... lol

mp3bu

Can you send the actual link for this article? I would love to respond to this genius.

Muddahudda

Regions where i noticed the website is best for are middle east, australia, asia pacific region, Europe.

a lot of job posted for U.S as well, but like I said earlier, CFA is much more highly regarded in other finance function (other than IM) in the middle east, singapore, honk kong, etc.

So if you're trying to break in and have been unsuccessful, look at alternatives.

Colum

Number of Charterholders does not diminish the value..there are millions of CPA's, CA's, etc..they are still highly regarded in their respective fields.

While a CFA Charter is not highly regarded in North America for fields other than Equity Research and Portfolio/Asset Management, in emerging markets particularly in Asia & Middle East, its a substitute for an MBA considering these regions have very few globally recognized universities which are ranked high.

If you're in finance, have worke experience in North American markets, London, Singapore, etc., and hold a CFA charter, you're set in emerging market countries.

Check out efinancialcareers.com for opportunities abroad. the US & European job markets may be bad, but the rest of the world still has a lot to offer in terms of both lifestyle and pay.



Edited 1 time(s). Last edit at Sunday, August 21, 2011 at 02:59AM by Kamisyed.

Swanand

Maybe since the Level 3 test is last (ultimate) and you write the morning session in pen, the journalist decided it would be appropriate to call it penultimate. But that's probably giving him too much credit.

SFoyil

Guys you need to understand the reason behind these numbers:

1) Its obvious the exam is more popular and now the economy is in the toilet more people want to take the exam to gain or maintain employment.

2) The CFA exam until recently has been a North American trend. Outside of the US/Canada it has historically had little recognition. Only recently has the CFA institute been gaining traction in other countries particularly developing countries, accounting for a greater increase in the number test takers.

3) The fact that a record number of people are passing is a result of a record number of test takers. The exam is probably getting a lot more difficult as more people take it the institute raises the bar higher and higher since pass rates demonstrate a declining trend. So even though more people in absolute terms are obtaining the charter, it is simultaneously becoming more difficult obtain.

Conclusion (mine anyway): If you live in North America the competitive advantage of having the charter is diminished. However your charter now has better global recognition and seeking employment abroad will probably be easier (relatively anyway). I think having the charter will also mean more prestige over time since it is becoming much more difficult for any single individual to obtain owing to declining pass rates.