I took and passed Level I then left my investment management job for an energy trading role. I am no longer taking any more CFA exams. While the exam is tough it is passable. What makes it unbearable for many is studying on top of 50-70 hour work weeks. I have 6 friends that took Level II and III. Level II - 3/4 passed Level III - 2/2 passed I think this years exam was easier compared to the low pass rates of 2007.
The questions were easier but the curve was tougher and passage rate was lower, so overall I wouldn't say the exam was easier to pass (Level I anyway)
The exam material is pretty easy - actuarial exams are way harder Problem is, when you are working - it's almost impossible to find time to study This one test taker said he had no time to study cause he and his wife just bought a new house so he was busy decorating it Another issue is that he was also sponsored by his company (he didn't have to pay any fees) - so he didn't really take it seriously Bottom line - if you take the time to study, you will pass
Against the advise of some of the people on the forums, I took and passed L1 and L2. Both were very tough, and i'm sure L3 will be no different. I spent a considerable amount of time preparing, and while that was no fun, the joy of realizing you passed makes the sacrifice worth it....hopefully the $$$ and opportunities will add to that feeling.