QuoteOriginally posted by: ValderamaQuoteOriginally posted by: TraderJoeMulti choice is useful only as a memory test. No critical thinking is involved.That's not true. A multipe choice exam can involve a lot of critical thinking (e.g. analytical section of SAT)Sure if you are asked to work out the correct answer. Some (not all) are memory tests which at least shows you've read (not necessarily understood) the material. I stand corrected.

...somehow posted same reply twice...see above

Hi bronto, here are my thoughts on your questions:- re: how many hours a week does one need to devote?this depends on your background and familiarity with the subject material, but assuming you do all the reading and practice materials, you'll need 8-10 hours per week for 4 months or so leading up to the exam. I've seen others with strong finance backgrounds in MBA programs skip much of the reading and focus on review course notes and practice exams...but some fo the guys failed to pass the exam...and some subjects like ethics are NOT common sense and will easily trip one up in an exam environment...- has does it rate with top mba's?I think a Masters degree (whether MBA, MFE, etc) or better from a brand name school is still very important from a branding standpoint on Wall Street. The addition of a CFA shows you've really mastered the subject material specific to investment management and complements the Master's degree. CFAs are most recognized in portfolio management and related roles (like credit or equity research or sales), but less so in investment banking and trading- are you happy you did/are doing it?I am very happy I completed the CFA program. I did it immediately upon entering the finance profession and it has served me very well, especially in the early years. I believe the CFA has a self-assessment exam that is freely available. I would argue that (with or without a CFA) if one can't handle the material in the exam, one probably isn't qualified for a decision-making role in investment management...

Thank you David,Your answers are very helpful.Zak

QuoteOriginally posted by: TraderJoeMulti choice is useful only as a memory test. No critical thinking is involved.I think that holds surely for your post.I have a Masters and an MBA. The CFA exams were probably the toughest thing I've gone through due to the breadth of the material.......heard the same from friends who are CPAs (apparently the Acct at L2 is tougher than the CPA. Yes. ) and lawyers who've passed the bar. Also, the exams have become significantly more difficult since the late 1990s; I shudder to think what the exams will look like 5-10 yrs down the road. Dani

QuoteOriginally posted by: DaniQuoteOriginally posted by: TraderJoeMulti choice is useful only as a memory test. No critical thinking is involved.I think that holds surely for your post.I have a Masters and an MBA. The CFA exams were probably the toughest thing I've gone through due to the breadth of the material.......heard the same from friends who are CPAs (apparently the Acct at L2 is tougher than the CPA. Yes. ) and lawyers who've passed the bar. Also, the exams have become significantly more difficult since the late 1990s; I shudder to think what the exams will look like 5-10 yrs down the road. DaniI thought I stood corrected. I guess not .

The CFA Progam has changed a lot since the 90's.TraderJoe must have been refering to the program back then.Even their work experience requirements are much stricter these days.I've seen a lot of people, even in the finance industry, being denied the Charter because of this.So studying is not the only requirement for the Charter, one has to work too.

QuoteOriginally posted by: jomniThe CFA Progam has changed a lot since the 90's.TraderJoe must have been refering to the program back then.Even their work experience requirements are much stricter these days.I've seen a lot of people, even in the finance industry, being denied the Charter because of this.So studying is not the only requirement for the Charter, one has to work too.does one have to be in finance?

The list of jobs that qualify for the experience requirement is still broad, but it's becoming more restrictive. http://www.cfainstitute.org/cfaprogram/ ... ience.html

Do kind of agree with Dani's post on the difficulty of Level II. As a matter of fact Level II is like a pole vault in a 110 m hurdles. MBAs find level II a bit difficult as it includes a lot of material on Financial Accounting and CPAs find the rest of the material diffucult. I'm wondering whether, CFA would be of an advantage, if some one is looking to work in a fund-of-funds.... of course after a MS in Finmath or Mathfin from a place like NYU or UChicago

QuoteOriginally posted by: jomniThe CFA Progam has changed a lot since the 90's. The work experience requirement has been 3 years in investment biz since I joined the CFA program in 1987, but was bumped to 4 years and the experience definition tightened from 2005...

QuoteOriginally posted by: QuantJockI'm wondering whether, CFA would be of an advantage, if some one is looking to work in a fund-of-funds....CFA is valuable in the fund management industry, especially for client-facing roles...

QuoteOriginally posted by: QuantJockDo kind of agree with Dani's post on the difficulty of Level II. As a matter of fact Level II is like a pole vault in a 110 m hurdles. MBAs find level II a bit difficult as it includes a lot of material on Financial Accounting and CPAs find the rest of the material diffucult. Actually, I've run by more than a couple of CPAs who have had difficulty with Financial Acct at L2 of the CFA.

QuoteQuote--------------------------------------------------------------------------------Originally posted by: jomniThe CFA Progam has changed a lot since the 90's. --------------------------------------------------------------------------------The work experience requirement has been 3 years in investment biz since I joined the CFA program in 1987, but was bumped to 4 years and the experience definition tightened from 2005...The difficulty (breadth of the material as well as the analytical rigour of the exam questions) has increased in my opinion. I have given the exams recently and the latter statement can be readily verified by going through at least the essay questions (item sets are not available from any of the previous/current years). Of course, CFAI (and pre-1999 CFA charterholders/exam writers) would have us believe otherwise

seems like the work experience is pretty varied. I don't know which categoy I would come under, I'm not directly involved in investment decision making but I am directly involved in currency risk management. Does that classify as 'investment'?