Hi all - This question is more directed to charterholders or people who have a good experience with the curriculum,
A friend is considering starting the CFA program. He asked me to tell him if he has what it takes.
I consider a big factor to answer that question is to check how comfortable he is with logic and quantitative questions: Would you know any test that can give a reasonnable assessment of somebody’s quantitative and logic skills in the perspective of studying for CFA?
Ideally, I’m looking for some free multiple-choice test of 30 to 50 questions. I can find plenty of CFA tests, but most of them require prior knowledge (like knowing how to calculate NPV or installement) - so they would miss the point. I know my friend can learn those techniques during his study.
As for the other factors (like: can he study long hours, would the CFA be useful for him professionally?) - I have already the answer. I’m actually concerned that he might be not comfortable enough with numbers/logic, in which case he would need many more hours than the average joe - that’s what I try to measure.
This question has probably been asked before on this forum, but I could not find a relevant answer from a quick search.
Onlysimon: thanks for your answer, but I am afraid you misread my question.
I am looking for a way to assess the current quantitative & logic skills of somebody. Not his ability to persevere and study hard, as your marathon link suggests.
Or, to use your analogy: Everybody can run a marathon - even me, I did it 3 times. But not everybody can run a marathon below 3 hours, because the amount of training/diet control/change in lifestyle is sometimes just too great. It can even be your body which has limitations. That’s my case: Probably I’ll manage one day to run a marathon below 4 hours, but no way I will target 3 hours ever.
Everybody should assess their quantitative & logic skills before they start the CFA program. It will give them an idea of whether they’ll need 50hours, or 200, or 400, or 800 hours to prepare for each level - and in some cases, it tells them there is a risk they’ll never make it. Better to know that BEFORE you start the program.
So,
_ Anybody knows some good multiple choice test of quantitative & logic skills, that requires no prior knowledge of FRA/FI/ECO/Correlations ? _
You want a test to see if you should study for a test, and smaller samples of the main exam don’t count?
How spoonfed do you need things to be? If you’re decent at taking multiple choice exams in quantitative subjects, and can manage to sit for three hours without needing to go to the refrigerator or bathroom, you should be fine, provided that you are willing to do the work to learn a lot of material.
I wouldn’t classify these exams as requiring above average quantitative and logic skills…The exam pretty much requires you to apply (basic) algebra…You don’t need to use too much logic, either.
I would agree that the biggest thing to look for is someone’s commitment to study and sit through two, three-hour exams in one day.
I would also think that correlations are part of a basic quantitative and logical skills set.
if you can commit yourself to spend 300hours studying for something which you have only a 50:50 chance of passing, then do it again after failing, then you can do it.
The idea that the CFA is just a rote exercise that anybody can get through is beyond comical. I do agree if you have exceptional crystalline intelligence, you can power through it, but if memory isn’t a great strength of yours, fluid intelligence, raw processing power, will pay you back in spades, especially at Level 3. I particularly enjoyed recognizing when the test was able to make me realize that my understanding and application of a certain LOS was weak. Made me laugh. I thought, “bastards.” The psychometrics used in the creation of these exams is leading edge. Nothing is particularly difficult, but you better at least bring a little horsepower to the table. Most don’t think the Bar Exams are jokes, and those that have taken the Bar and CFA exams, say they would much rather be forced to take the Bar Exam again, at least those that I have run across. Not apples and oranges, but an interesting anecdote. Having said that, just about every one of my undergrad engineering exams were more difficult, primarily because you couldn’t just power through with just crystalline intelligence, so I would say as long as algebra II made sense to you and you could at least see the light in Calculus, no need to have actually understood the subject, go ahead and take on the challenge. No specific litmus test needed.
I’m not saying this to sound like a smart a$$, but the only valid test to know if you have what it takes to pass 3 CFA exams is to actually crack open the books and start reading. Like others have mentioned above, the math is not super complicated especially compared to engineering or math university courses. There is a ton of formulas to remember, so if your friend really has a hard time with formulas, then maybe he needs practice on those.
Good luck to your friend on whichever path he chooses!
There isn’t an accurate one-time way to test this. I would ask your friend how he sits on the bell curve relative to others throughout his previous education and use that to determine whether he’s going to perform on CFA exams, if he’s better than the average at other things then he canbe better than others at this.
IMHO 75% of passing these exams is committment to studying, the other 25% flexes based on your natural intelligence. You can’t substitute hard work for intelligence, but you can substitute intelligence for hard work.
Interesting to hear-- most people I know have said the Bar exams aren’t hard at all. While no one I know has attempted both the CFA and Bar exams, I do know a few people who took the CPA exams (a while ago) and the Bar exam. They said the CPA exam wasn’t bad, but was more challenging than the Bar.
I would contend that you don’t even need to see the light in calculus-- sure, it will help, but I think if you can comfortably use basic algebra and keep track of your work, you will be okay (assuming you study). I would venture a guess that you don’t need much more than an average level of natural ability to pass all three exams (not necessarily 3/3).
Hmm the Bar exam seems to be taking it on the chin here … I wonder if the supposed easiness has anything to do with the (3) years of rigorous schooling that those that sit for it have survived.
I figured that educational background/preparation was a given. Any of these tests would be hard without any prior background and without studying.
One poster mentioned that they heard people say the Bar is hard, and I mentioned I’ve heard the opposite (which is interesting). I didn’t intend for it to be a slight against the Bar exam or anyone who has taken it.
Calculus? Algebra II? I guess I never saw those subjects on the exams…Maybe I blakced out & missed them though…
An above average intelligence & an extremely above average work ethic are what it takes. You also have to know how to organize your time & follow a scheudle. It also helps to be unemployed & free or a wife & kids!
While I don’t think it’s necessary, I’ll clarify my orignal post that JohnyMac seemed to reply to— pretty much everyone I know who has taken the Bar exam says its not hard at all.
A test that will tell you if you have what it takes to go through the CFAI does not exist.
If you have a decent grasp of the English language and if you are average smart you should have all the intellectual tools to succeed.
The difficulty of the program is dedication and iron-clad discipline. It’s one thing picturing you spending 1,500 hours of hard studying on top of your daily obligations and another one implementing it.
Well 3 years for most, but you can take the bar without law school in California , Vermont, Virginia, Washington, and Wyoming.
I studied for the CA bar for a little bit, but it was so boring I had to put it down. Some people have more passion for law or finance or a certain industry that makes learning more enjoyable and effective.