I think Mark is spot on here. Yes, the charter definitely taught me things that I may not find out on my own. However, the real value from the charter isnt to go into an interview and say "I know this, I know that etc because of the CFA". The real value of the charter is to be able to (justifiably) say "I have a great work ethic. I'm great at time management. I can perform on my own, and under pressure. I am passionate about investing. I have the capability to learn complex topics quickly". This is infinitely more valuable to a potential employer than just knowing how to value a bond, which computers do anyway. Your employer will have to teach you how to do your job for a while, regardless of if you have the charter, but your employer will be thrilled if they don't have to teach you to complete things on time, or force you to care about the work, or risk the job being too complex for you. That's the value of the CFA
Traditional finance is dying. I've made the switch into fintech and having tech product knowledge / computer science / data related knowledge pays substantially better vs having a cfa
@@Prediculous Collaborate finance with data science and cloud-related applications -> Boom you will be in demand! Actually, combining your CFA knowledge with platforms like IFS will be further helpful, which I am doing in order to be an IFS ERP financial analyst
To me I have always considered CFA like this: If you're from a third world country chances are that you went to a university that no one knows on a global scale, it becomes difficult to compete with people with degrees from high end universities. CFA charter gives you that level playing field, it doesn't give you the job but makes it possible for you to seat in the same interview with someone from privileged university.
Third world isn't an economic term, It's actually a poli sci term referred to those states that did not align themselves with the communist bloc; neither the Western bloc, aka Capitalist nations.
@@aladdinkayqubad1645 I am sure most people, me included, misuse the word as synonym for underdeveloped countries. Maybe it is because most countries that did not align themselves to the aforementioned terms found themselves to be underdeveloped hence making the names synonyms. It would be interesting if there was a developed country that was also a third world
Great video. Viewing the CFA as a journey, instead of a means to get a 40% raise. So much gratification when you successfully complete the journey, and even more gratification when you reference/apply the concepts in your work life. Thanks for this content.
I'm about to fail this exam very soon. I was lazy, no excuse for that. I set my goal is to pass the exam. And somewhere along the way, I forgot what I'm fighting for. But now, after watching this video, I realized, even if I pass the test, it doesn't matter if I don't use what I learned for my work, not just for the exam. And yes I want to help people. I want to improve my work performance to do so. Now, I've known the purpose of studying for the exam and aligned it with the purpose of my life. It's not about you, it's about work and contributing to others. Thanks, Dr. Mark. It might be too late for this attempt of taking my exam to make a difference in the result, but it will make a difference in my life. I'm more glad that now I know it, more than passing the exam and not knowing it. Again, thank you doctor. This is more helpful than just 3 letters after my name. Sorry for my floppy English. I'm not a native speaker.
As someone who is at the final stretch of the game, it is heartening to see this video tying everything together. The GBI portion was an added bonus as well to reinforce the concept. I am so glad to have started this journey since L1 with you Prof. Great insights as always.
I recently passed level 1 in June 2021 and I started the journey in 2018 and im nothing but proud of all the knowledge that I aquired/consolidated and the profecional Im building, now looking all the things I dont know and need to learn for the level 2 exam makes me anxius to see how my understandigs and skill will improve with that process. I think that for me worth it all the way. By the way I usted MM program to spuply my studies, great material! Thanks Mark!
@@shaheenkhan1690 in terms of critical content to pass the exam or just shifting content around? Also, does the institute provide what the changes are or you just figure it out yourself?
The charter- or at least level 1 was a blast. It’s so interesting... yes some of the things are hard. I failed once before passing level 1 but as an investor I find the info very helpful when looking at my personal investing. Dr. Mark- I also dig in those applied videos you do as part of your preparation material. I think things will be too crazy this fall but looking forward to take level 2 during summer 2022.
Im a Data Scientist and finding this content really interesting. I will take a look to the Applied Series and maybe try your course out and then decide if I want to take the test or not. A lot of good insides for the real life is given here, I hope once kids also getting those information in school is really needed. Thank you Mr. Meldrum for the super rich content, its a pleasure to that I find you on RU-vid.
I have my L2 exam on 27th November and got a little demotivated due to the overwhelming work study schedule the last 3 days. Hopefully this helps me get back on track.
There is one specific MM video that works wonders for me in terms of motivation. The title is "The Anatomy of CFAI Exam Failure and a Red Pill", try it. Maybe it will motivate you too. Good luck mate
Dr, How would you quantify the prestige that comes with those 3 letters? For example I come from a Country with less than 500 Charters, if being better on your job (than a cfa) makes you better than a charterholder then it's just better to utilize that time being good at the job? I think for me, the skillset or knowledge acquired through the course is what separates charterholders from non-charterholders? Hence they earn more, and have better job opportunities and eventually perform better too as stats show. Also asking how much to study to pass just kills that purpose. Hehe peace ✌️
I started my journey to have better job. I will end it -by God will - to manage my own portfolio and have passive income. Knowledge is power and freedom
Not because the market it at all time high valuations we should stop being 100% invested. Sometimes we invest at a discount, sometimes we invest at a premium. Hang in and probably Level 3 will feel easier than otherwise had been.
I'm curious doctor, are you in team active or team passive? Or both? Your applied series videos seem to make me think it's mostly the former, but in your website you also link videos of Ben Felix (who is mainly a proponent of holding a broad market index) seem to also hint that you are part of team two. Anyhow, thanks a lot for the video. As always, very much on point. Looking forward to more applied series videos. I think I watched all of them at this point, many of them multiple times. Gold content. If you decide one day that will be the main focus of your content, I'd be the first in line to pay for the subscription.
Thanks for the video. It is sure many readings are directly applicable to the real world and useful. If we are planning to build a business around finance on our own will charter be useful
Hi Dr. Mark. You're making me feel guilty for not doing the reading. Lol The fact is the material in your paid service is so good, I find I don't have to to understand the subject. For the exam I watch all of your lectures, seminars, and reviews (when I review). I also watch your question videos twice, once right after the original lecture and one when I review. I try to solve the problems before you give the anwser in the video and then use your anwsers as a learning guide. After I do this, I do thousands of questions from your question bank while using the review videos as well as the question forum as a reference. Now I just feel like I am taking a shortcut. 😢
I have my Level 2 exam in 3 months in February and I feel extremely demotivated. It's not because of the pass rates or anything else. Its just that where I'm from, employers don't append any weight to it at all unless you are very experienced. Other professionals (ACCA,CPA etc) are preferred and given the jobs that CFA's are apt to do.
knowledge, that you are getting, after learning is huge benefit. You can see, that after passing (which for me proves that you know, because how hard it is) you are much more knowledgeable than most of financial markets participants. That on it's own should be beneficial. Than, it is easier for you to get any other (including official, in your country) designation. It is easier to simply make more money on your own, with investing. But - in my opinion, the most interesting is 3rd level. Don't give up, keep up hard work, it will pay dividends for sure!
Of course it is!!!^^ I am so grateful to have found it. Definitely the hardest credential I have ever taken on, but certainly the most rewarding. BTW I am a L2 candidate ^^
@Mark Meldrum I would like to know your opinion about the CFA Charter to make a mid-career transition to a career in investment banking or asset management. In my case, I am a die-hard finance guy as I love everything about it. I passed level I and III with 9 months of prep each, level II took me two years of prep as my exam was postponed twice due to the pandemic. My level I and level II exam were scored above the 90th percentile. As you know, we don't know our scores for level III. Once I got the Charter, I did the CFAI's ESG Investing certificate and now I am working towards the CAIA level II exam. So far, I have been trying to make the aforementioned transition but the feedback I get is that I lack the work experience. Regardless of the current market conditions, which are unfavorable, I get the feeling that the CFA is still not enough to at least get me an interview in which I can show my "value proposition", as prospective employers still prioritize work experience rather over the skillset provided by the Charter. What is your take on this issue?
I was an English major in undergrad and 31. I failed L1 in July. I was close. I really want to break into the finance field. I love asset management. Should I go back and get a major in finance or continue forward with trying to achieve the charter? Criteria for the decision would be the quickest path into a job as an analyst.
completing a 1 year finance program is easier. there is not a guarante that you can clear all 3 levels. you need not only knowledge but also analytical skils and clear thinking under time pressure.
What I like about CFA is that it's a Finance certificate, it opens your mind into may different areas, unlike CPA (I am). Really enjoyed level 1, not so much level 2 now cuz of a lot of repetition from level 1. I wish they introduce excel at level 2 to spice things up, we could learn much much more in level 2 using excel instead of a calculator. I took CPA more than 10 years ago!, it had a spreadsheet function during the exam.
You mentioned about reading the books. I read the L1 and L2 curriculums, however, now that I'm taking L3 on may and finally got a full time job, it is extremely difficult to read the books. what I am doing at the moment is watching your videos, then going to the book examples and then EOC (checking with your videos afterwards of course). Additionally, I've purchased kaplan for the summaries. this time is just different, I have a job now and don't find the time to read the curriculum. and ti worries me deeply, but I believe the with your videos, Kaplan summaries, and CFAI questions I will grasp the readings. Thoughts? is this the wrong approach?
I do the same. Just started with level 1 and I got full time job. All I do is watch videos at 1.35. then do the eoc, then question bank giving me 30sec for each question (you need 90 in the actual exam) to practice speed. But I take my time with the questions because when I do not know the answer I visit Kaplan notes, and then cfa books if I do not understand it. Please note that I have a bachelor in economics and a master in finance and now work as fund accountant so most of the topics are pretty relevant to me for L1. For L3 my guess is that the content is more in depth.
Failed L2 for the second time in August. Scored 7 topics clearly above 70pc. Ethics threw me off so much. If I had the same exam score previously I would have passed. I've signed up for Feb 22 but still struggling to find the strength to continue.
That was my score in May. I signed up for Feb but I don’t have the energy for it. Feeling like crap mentally but I think I want to postpone till August.
There are 19,000 charter holders in Canada, even if we ignore some might be retired. There are 100,000s of financial service professionals across Canada, wouldn't the charter help someone stand out by a large margin? Sure for top jobs, CFA would be common, but being a young 20 something with a CFA will give you the ability to get a job. I come from a BBA(Accounting) background with experience in medium and large audits, a charter would give me the credentials to work in the industry. Before I registered for
Really like what he said there, I passed level 1 using only the books I intend to get mm for level 2, but I think people seriously underestimate the value of the books, prep providers should be looked as supplementary. Reading the books really helped me, can't wait to go through level 2 content.
Recognized myself in the video. I am a bit too much "pot comitted" since I will write Level 3 (Which I don't care about) in May 2022. I invested too much time so far to simply give up. I need to look at the positive side. I learned stuff, it brought me disclipine and made me party/proscrastinate less. In the end, I am not expecting anything from the letters (if I get it) it won't change my life, but could still be a great accomplishment. It is still a great curriculum, just depends on how much you are interested by the different topics In my opinion. One thing is for sure, MM is the man. Cheers,
If the pass rate remains that low and lack of transparency…it is not worth given the endless effort and process of “chasing” that low pass rate…if a candidate lined above 50% of all candidates…he/ she would have passes…but end up failure…then he/ she improved to top 40% which is a massive improvement and effort…CFAI tells u it is not good enough…it’s 39% pass rates…it seems like they are joking candidates and they need to keep chasing the pass rates
the first question is what are you going to do with it if you have it? if you never need it, then don't do it. i spent years on it, and never needed it. I'm a cpa, and it's not needed at all. the ROI is much higher if you network with the right people.
Wrote CFA 2 and realized today I don't think this designation is worthwhile. I am more than certain CPA is better and even time spent learning programming would be more worthwhile at this point. I truly believe this is a dead designation unfortunately.
I found this somewhat misleading, and the last 10 minutes come across as pure marketing. It is not at all evident, based on the available research (that Meldrum cites at the beginning of this presentation), that studying the CFA content is the most effective use of time and resources to attain the goal-directed skills and knowledge necessary to excel on team passive or team active. In addition, his explanation for why subjects such as FRA, econ, etc., are needed for team passive is extremely hand wavy. But, it is obvious that team passive still requires tons of knowledge in order to properly track an index, manage costs, etc. In any case, IF you choose to study for the CFA, Mark Meldrum offers the best prep!
No it's not. Focus on 1/3 of the curriculum that actually matters and drop everything else. Go deep, become an expert and find your own ways to market yourself.
Finance is a dying field. 80%+ of total trades are done by robots. Sure you can work for the CFA for the whole “I know how to manage time and work independently” thing but you can also prove that from college. 20 years ago it was a fruitful field. Today not so much. In the future it will be completely automated.
