From Bloomberg:
BS!
Great… It’s becoming the CFP.
No offense Greenman.
None taken. I’m not a CFP, and probably never will be.
Nonetheless, I don’t really have a problem with the electronic testing.
-
It allows more people to take (and presumably fail) L1, which will hopefully drive down the costs of membership.
-
L1 doesn’t really count anyway. The “real” test begins at L2. L1 is just the application for admission.
-
It would bother me more if somebody were able to take the exam, fail it, then take it again just a month later. You can do that with FINRA exams and insurance exams. CPA exams were somewhat more difficult, because you had to wait three months (even though you knew the content wouldn’t change). CFA is more difficult because it’s a full year waiting period, and the content changes every year. That increases the pressure to pass.
I guess that’s exactly what’s happening though. They’re saying it’s going down to 90 questions per half, & available four times a year now.
Got no problem with computer based testing either, on its own that is.
As long as they keep the 1 attempt per year policy and keep the bar high, I have no problem with these kinds of improvements. But I have a feeling that the CFAI wants people to enter the program by lowering the bar on L1 so that there will be more candidates trying L2 and L3 and bringing in revenue.
Its not even about the exams. Its the annual fee revenue.
I don’t see the CFA institute ever lowering membership fees, ever.
i dont know what insurance exams you are talking about, but actuarial exams require 3-4 months waiting time (the introductory exams), while later exams are only offered once or twice a year. from what i recall, they also need to pass 10 exams, compared to 3 for cfa. i mean, if you are all worried that the bar is getting lowered because the Institute is offering slightly more frequently (people have to wait 3 months as opposed to 6), this suggest to me that the bar wasnt that high to begin with. there should be no significance difference with the computer-based test in terms of difficulty. yes, they are lowering the number of questions, but they are likely removing the easiest questions from the exam so that overall, the expected number of people to pass remain the same or near the same.
In Texas, if you fail the life and health insurance exam, or the property and casualty insurance exam, then you have to wait until the next day to retake it. You’re not allowed to take it again that day.
a google search and it seems you are talking about exams to become an insurance agent (which is different from actuaries, who price the insurance premiums, annuities, pensions, and what-not). i have my doubts the insurance agents even have to know financial math, since their main role in the industry is to sell the insurance products via interpersonal skills.
Wait… you’re telling me with research skills like that, you’re NOT a cFA?!
“CFA’s First Exam Is Getting Shorter, More Frequent and Electronic”
Like your love life amirite6?
I’m having a hard time caring, frankly.
People still paying CFA dues?
i hear actuarial exams are much more intense than the cfa. but if they are so smart why are they actuarians.
I predict the development of an AI/machine learning credential that will soon > CFA. Spoiler alert – it won’t be the newfangled FDP.
dont financial risk managers already use machine learning algorithms for advanced predictive analytics and to be able to better manage risk, though? i expect that things such as regression, k means clustering and random forests (among several other ML algorithms) is routine for them, so a machine learning certificate would not add much value (since they already know the theory).
Yeah I don’t really understand how a machine learning certificate fits into the picture. There are already certifications etc on coursera and for anything more complex people are looking for degrees.
The AI runs everything and gives you a certificate if it likes you.