Perhaps you could care less about the CFA (Chartered Financial Analyst) designation. Further, you may not even care what a Chartered Financial Analyst does. However whether you care about the CFAs in this country or not you might want to consider what has been going on in the field.
Michael Moore has written an article on Bloomberg.com titled “CFA Level III Exam Pass Rate Drops To 49% From 53% Last Year.”
We are told that the third level of the Chartered Financial Analyst or, in other words, the most difficult part of the program has caused four percent more failures than last year, check here.
Why is this news?
It is a matter of economy/financial information versus available expertise as well as those who are entering the profession. Are they not as savvy? Are they lazy? Is the material becoming too complex for one person to absorb? Has the quality of teaching gone down?
Further, why does the mean anything to you at all?
The CFA designation is the barometer that let’s people into the “money game.” Tao participate with quality firms and get in a position to get clients with money you must have expertise. The CFA designation is designed to give that expertise. However now we see that it is “too hard” since less than half of those who sat for the test this year passed.
The concern or perhaps it is only fair to say my concern is that the reason more people are failing the most stringent of the three parts to the CFA program is that perhaps the information has become too complex due to recent changes and if a specialist can’t understand it how can the average Joe understand it?
I witnessed a situation that was an information meltdown.
I started my career in the insurance industry. A salesman is required to carry a license. About three years after I started selling a law was passed hat said all agents had to understand products that were based on mutual fund performance rather than interest.
The information was hard and no one really wanted to learn it.
What companies did was send the agent to a two-day school where info was crammed into them by rote memorization as well as study and information on the art of test taking and believe me there is one.
People got their licenses but few understood the products. That’s what happens when laws and rules aren’t introduced over time.
A problem teaching financial information to those who are supposed to effectively manage, care for and present it, leaves the country more at risk than it already is.
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