You think the CFP is hard try the CFA.

I took CFA level I after studying my butt off for 6 months.  It was tough but I passed.  Then I thought 6 months was enough for level II…not even close.  Not only did did I get destroyed on the exam but they sent out a note to the 70% of us that failed it and said basically that too many of us tried to take a short cut by reading exam prep materials instead of methodically working through the 7000 pages of assigned material and associated problems.  So I got my butt kicked and my hand slapped by one exam.

Nova-

Did you eventually pass level II?  how long did it take?

I passed Level II last year.  It was a bear.  I came into it with a decent knowledge of statistics and a strong background in accounting and equities, and it was still tough.  Level III is in June and hopefully that will be it.  I’m looking forward to spending less time in the books and more time in front on clients and prospects. 

Old,

The CFA is a fine background, but is it really appropriate for a retail broker? Sounds off target, imho.

stan - My firm is an RIA that does it's own portfolio management.  That means I have to be both the broker ( sales, bringing in the assets, relationship management) and the portfolio manager (CFA, asset allocation, security selection, etc.).  A portion of the asset management is outsourced, but U.S. equities we do in house.  The bulk of our clients are retail, so I compete with brokers everyday.   

I wouldn't recommend the CFA to a new broker, as it takes too much time and your job is to sell, not manage portfolios.  My world is a little different just from the structure of our operation. 

Old,

Makes great sense. Thanks.

Enron,

I take Level II in June.  I will pass this time, but only because of the hundreds of hours I've spent studying.  A agree with Stan, it is a little off target for my specific situation.  Also, I won't jump into the brokerage business until after the June exam (and after wife has baby #2) because i won't have time to study 10 hours per week once my new life begins.

The advantage to me was in the breadth.  Going into the program i didn't even know what soft dollars were.....but by the time I finished the 500 pages assigned for the ethics section I did.....and ficudiary responsibility, fair dealing....etc.  Then there is lots of asset valuation, financial analysis, futures/options, and portfolio management material too.  I was outside the securities industry, looking in and this was a program i could jum into on my own without broker sponsorship...and I have no regrets.  I'm within striking distance of the job i want because of it.

By the way, even if I get killed again by level II the course work was well worth it.

Joedabrkr:<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

No…..March is the exam….I will post the result   

[quote=Shmer33]<p =“Msonormal” style=“margin: 0in 0in 0pt;”><span =“bold1”>Joedabrkr:<o:p></o:p>

No…..March is the exam….I will post the result   

okay, you’re gonna take the test in March.  How well are you
studying now?  Are you studying to your strengths?  I’m more
of an audio/visual learner, so the STC videos really helped me to get
it all to “sink in”.  (This was after reading the STC series 7
book for 2 weeks.)



Gotta take 3 practice tests daily - until you think they’re STUPID to
even ASK the question!  You just gotta KNOW it and know it well.



The test then won’t be so hard - if you’ve learned it according to your
strengths.  I passed my first time with an 80% - and it took me
less than 2 1/2 hours total time.

[quote=D.H.K.]okay, you're gonna take the test in March.  How well are you studying now?  Are you studying to your strengths?  I'm more of an audio/visual learner, so the STC videos really helped me to get it all to "sink in".  (This was after reading the STC series 7 book for 2 weeks.)

Gotta take 3 practice tests daily - until you think they're STUPID to even ASK the question!  You just gotta KNOW it and know it well.

The test then won't be so hard - if you've learned it according to your strengths.  I passed my first time with an 80% - and it took me less than 2 1/2 hours total time.
[/quote]

Yeah, I passed first time too and it took me 2.5 hours as well.  I was sick of taking tests.  I got an 87%.  I knew options and bonds really well, and regulations were pretty easy.

I then moved onto the 66 after passing the 7, had a week to study for the 66, which is harder than the 7 imho, and I got a 76% on the 66, 71% is passing.  The 66 is all legal mumbo jumbo.

Yeah, I failed the Seires 66 twice.  The first time I got a 70%



The second time, I got a 67%.



The third and final time, I got a 72%



It’s a FREAKIN HARD TEST!

THE KEY IS TO FOCUS ON THE AREAS YOUR GETTING WRONG AND SKIP OVER QUESTIONS YOU'RE GETTING RIGHT. IF YOU JUST TAKE THE PRACTICE TESTS AD NAUSEUM YOUR BRAIN WILL FOCUS ON THE CORRECT ANSWER. I.E. QUESTION 3 ANSWER IS B.

GET INDEX CARDS. THE BIG ONES. WRITE DOWN THE QUESTION AND ANSWERS YOU'RE HAVING PROBLEMS WITH ON THE CARD AND ABSORB THE CONCEPT NOT THE ANSWER. ALSO FIGURE OUT WHY THE WRONG ANSWERS ARE WRONG INSTEAD OF WHY THE RIGHT ANSWERS ARE RIGHT. IF YOU STILL DON'T GET IT GO BACK TO THE TEXT AND READ IT OVER AND OVER UNTIL IT SINKS IN. YOU WILL HAVE TO WAIT UNTIL YOU TAKE THE TEST AGAIN SO YOU SHOULD HAVE ENOUGH TIME TO USE THIS STRATEGY. I GOT AN 87.

DON'T TAKE THE TEST AGAIN UNLESS YOUR SCORING 90'S OR BETTER ON THE PRACTICE EXAMS AND AT LEAST AN 85 ON THE GREEN LIGHT.

TAKE YOUR TIME ON THE ACTUAL TEST. DON'T TRY TO STUDY THE MORNING OF THE TEST. BREATHE DEEP ON QUESTIONS YOUR HAVING PROBLEMS WITH AND STAY CALM. YOU'LL DO FINE.

[quote=D.H.K.]Yeah, I failed the Seires 66 twice.  The first time I got a 70%

The second time, I got a 67%.

The third and final time, I got a 72%

It's a FREAKIN HARD TEST!
[/quote]

Yes, the 66 is much harder....

I agree with the index card thing also.  I find that I remember more things by writing them down and creating my own "cheat sheets" rather than just reading.

I am a CFA charterholder.  I am proud of the effort I put into it.
People who know the business know what is means, and respect us who
have it.

[quote=OldSchool]You think the CFP is hard try the CFA. [/quote]

You think the CFA is hard try the Bar Exam.

After passing NY's bar, I got 91% in 2 hours on the 7, and 86% in 20 minutes on the 63.

RLYesq-

I've concluded through transitive logic that I would have no problem on NY's bar exam--smoked you on both counts without trying that hard.

Who said anything about trying hard on either of the exams?

Take the NY bar exam and let us know how you do.

Why would I want to live or even practice law in that toilet bowl?  I love living in the wild, wild West.  I’m not attacking you, but I know plenty of lawyers who THINK they’re real smart.  Most of the time, I’m not all that taken.  If I really wanted to be a lawyer, I’d set my mind to it, probably get into most any school in the country, get out with good grades, and pass any freakin’ state’s bar exam.  The way I look at it, thousands of people have done it before me.  How tough can it be?  For the record, I currently work full-time (rn my own practice) and am working towards a Master’s full-time.  I have three small kids.  I’m pretty damn sure if I quit working and went to law school only, it would feel like I was on an extended vacation.