Are they the absolute hardest test out there? Absolutely not.
But they do require plenty of commitment. The popular estimate of 300 hours for a level is accurate for lots of people. The exams are difficult because of their breadth.
I’m an educator with experience on both actuarial exams and CFA exams. They’re both hard. The actuarial exams tend to be more math-intensive. But the CFA curricula have longer readings and more coverage.
In the end, I would still respect anyone who attains the CFA charter, as many people understand the challenge of getting there. I would like to point out that just because tests are hard doesn’t mean they are appropriate for everyone. In math, there are Putnam exams, which are notoriously difficult. These test theoretical math at a high-level. While I can appreciate the genius of anyone who scores highly on those tests, they only cover a narrow expertise (the ability to solve math competition problems). There are plenty of people who are geniuses in other ways.
“Oaky flavor… medium body… *sniff*… almost smells like a wet tennis ball on a rainy Spring morning on the side of a mountain… *swish*… *spit out*… is that… is that a hint of grape I taste?”
Based on my experience so far, I wouldn’t consider the CFA exams tough to pass. However, the CFA material is tough to master because of the sheer volume.
Is there an objective way to compare the hardest exams in world? 1 of 70 candidates got Master Sommelier Diploma last year; about half of CFA candidates passed their relative levels; 40% pass SOA first level each year and percent rises with subsequent levels.
I’ve written 4 different actuarial exams, passed 2 of them. I passed all three levels of CFA on first attempt. To me there’s no comparison, actuarial exams are more difficult. The concepts on a CFA exam are not complicated, there’s just a lot of material to know for any given exam. Actuarial exams have far more difficult concepts.
People who claim that CFA exams is one of the toughest out there or even one of the toughest in finance or business world…you need to explore and meet more people - people who are more successful, brighter, and driven…or move out to a bigger city.
This thread and sometimes AF is full of people who are living as a semi big fish in a pond - they think they own it all not realizing that there is an entire ocean and its ecosystem out there lol…Just read the Net Worth thread and you can point out a classic semi big fish in his own little pond who claims to be top .01% with $1.4mm in net worth (apparently this figure includes the value of his house) at early 30s. Yeah if you’re a client portfolio manager in Detroit - way to go man!!! It’s like come on now…are we, CFA community, this low in self-esteem? I guess so, when 30% of us work in audit, tax, report prep kind of work…
What’s wrong with working in audit, tax, report prep kind of work? Get out of your aquarium and realize that there are places in the Ocean where you are able to earn more by doing these jobs than yours.
my point exactly. See usually people who put down other jobs are usually either young and naive or just super insecure and try to put down others and boast about themselves to feel little better…