Sure, there might only be 40k people that took it, but maybe one of them who passed would be here. I passed, so, did anyone else here? I'd like to get a take on "is this the hardest test you ever took"? If you've passed, or passed higher levels, how much harder is Level II than Level I?
I began studying for it and came away with the impression that, yes, this would easily have been the hardest test I ever took. I gave up and stuck to something easier -- trading futures Congrats on passing!
The material really isn't that difficult; its the ridiculous grading curve that you have to deal with. Good job- Its funny how out of the several thousand pages in the curriculum, they spend about 10 pages on technical analysis, and basically disregard it as being completely useless.
Yeah, they're correct on TA, but they did not discount pairs trading (view profile for such a system). I had a background with a BS in Financial Economics and a minor in math, so I didn't have trouble with any calculations, but I guess FSA was my toughest subject.
I was using Schweser online archived courses and probably used their QBANK for about 1500 questions including hours of tests, exams, and quizes. I took three practice exams that I found a bit more difficult than the real exam. I was scoring mid-high seventies on the practice exams, so I guess I was prepared, but the actual exam touched on more basic things. Some of my preparation was built on page long questions with multiple parts, but there was none of that on the exam. I'm fully expecting such questions on Level II. 35% pass rate is a real tough one. Maybe they're making it harder. What I found most helpful was going back over everything. I got through the whole exam in 2.5 hours on each session. Then, I went back and found loads of incorrect answers, and it wasn't really that I didn't know how to get the answers, but that I was pressed for time. You can tell who isn't going to pass, because they leave quite early in the exam and decide not to waste their time. You have an option to leave 30 minutes prior to the end of each session, but if you choose to, I don't hold much hope for you passing it. I found I had to take a good half hour in each session reviewing all the answers very quickly. I paid particular attention to Ethics and derivatives. FSA I think takes an accounting degree to master, but I still had decent scores there.
Wow! I know I've gone back and forth with you PTF, but I probably had already had a thorough grounding in it in college. You can look at my blog if you want my real take on that question. Basically, it wasn't that it was the hardest, but most important. It validated my claim to understanding these subjects with my BS in Financial Economics and lesser so for my minor in math.
I passed all three exams about three years ago and I am currently a Charterholder. Your reward for passing Level I is being allowed to take Level II. Level II will make you cry for mommy. Your reward for passing Level II (when you do) is taking Level III. If you thought Level II was hard, just wait until Level III. If you have heard that Level III is easy, guess again. Level III will make you cry for a quick death to end the torture. The CFA exams are the hardest battery of tests put forth by mankind. While The CFA program will not make you a better trader, it will ensure that you can command at least $120k as long as you aren't a complete piker. I said AT LEAST $120k, so set your sights on the $250-400k mark with 10 years of experience. Which would you rather have? A solid job that pays you $300k-ish with benefits, or complete freedom as a trader (maybe) making $150k a year?