The CFA

I first heard about the CFA designation last October when I stopped by an information session held by Stalla at my university – the University of British Columbia. At the time, I knew almost nothing about the CFA, and I was just a Biology student interested in finance. Little did I know that only a few months later, I’d be starting a blog about it.

Like all good things in life, getting the CFA designation isn’t exactly easy. To become a charterholder, one must complete three exams and accumulate four years of professional work experience. The exams are known to be very challenging with a passing rate of about 40% for the Level 1. The passing rates for the Level 2 and 3 exams are around 50% and 70%, respectively – not because they’re any easier since one would have had to be knowledgeable enough to have passed the previous exam. So really, they keep getting harder and harder. The exams are only offered in June, with the exception of the Level 1 which is also offered in December. Needless to say, it’s a long and difficult journey.

Why do I want to get the CFA? Interest. As someone who doesn’t have a strong background in finance, the CFA offers an opportunity to get a formal education in the financial industry. There are of course many other reasons and I’ll probably write more about them later on, but it really all boils down to interest.

At this point, I haven’t yet decided when I’ll be writing the Level 1 exam. It will either be December 2008 or June 2009. I’m finishing the last year of my undergraduate degree so I might not have adequate time to prepare for the December exam, but I may write it just for practice. In any case, over the next several months, I’ll be dedicating more time in studying for the Level 1 exam, and working my way in getting the CFA!