| Topic Name: |
CFA Valuabe or Required |
| Message Name: |
For all |
| Date Posted: |
09/11/2002 |
| In Reply To: |
FG1,
If you go to the link I posted before, you can derive the numbers you are asking about.
To clarify, using 2001 as an example, 86,000+ total enrollments in the CFA program, 65,000+ actually took exams, 11,496 took LIII and 8,000+ were awarded charters (the 83% pass rate for LIII in '01 is an outlier if you compare historic pass rates). See:
http://www.aimr.org/cfaprogram/cfaprofile/cfa_charter.html
The number of charters awarded each year is trending upward, and this exponential growth of charterholders is a highly debateable topic for the very reason you mentioned in your post. Current charterholders are concerned that the credential will be diluted because the CFA designation is not as "exclusive." AIMR itself has been criticized for being more of a marketing firm by attempting to increase enrollments, keeping low pass rates and just collecting fees.
Personally, I believe that the body of knowledge covered by the CFA program is both extensive and essential to certain investment management careers. Whether or not the designation itself will be diluted because of increased enrollments is really dependent upon the quality of the candidates that pass the 3 levels. There is an increasing interest in the charter and more and more candidates with less experience/knowledge/credentials are enrolling. For AIMR to claim that all charterholders are equal, they need to weed out those candidates who do not deserve to pass. It is really the responsibility of AIMR to maintain the integrity of the charter and ensure that only qualified candidates achieve the right to use the designation, and if that necessitates a 25% pass rate, then so be it.
Overall, I think that the program enhances the knowledge level of all players and will be beneficial to both employer and employee. However, AIMR must be (and actually is)closely monitored when it comes to pass rates. They have a sort of monopoly on the analyst designation, but there is some competition (eg CMA exam).
Hope this helps... |
| Message: |
What are the best resources for studying for the CFA this June?? Please indiacte as well if you have taken and passed using the resources. If ou haven't taken please let me know.
Thank you!
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