Is the CFA still worth it?

If you’ve heard about some of the controversy surrounding the CFA, it may have left you feeling a bit confused about what to do. The level 1 pass rate was at a record low of 25% in May of last year and pass rates for all 3 levels have not been encouraging during the pandemic. Numerous exam takers have vented their frustrations online, and even the German bank, Berenbeg, dropped its requirement that associates and analysts must pass all 3 levels, with junior staff now being told the exams are optional.

What’s more, earlier this year the CFA voted to create new membership classes. They argue that this increases inclusivity and helps the association become more influential. However, opponents of these measures that were passed have said it would water down the significance of the existing system, making it less meaningful.

 

Sounds like a lot of doom and gloom but is it really all that bad?

 

On the flip side of all the negativity, being able to mention the CFA does add value to your CV and can certainly pique an interviewer’s interest. It’s still highly prestigious and the effort undertaken to pursue these exams is recognised and appreciated (taking level 1 alone requires 300 hours)🤯🤯. It can also equip you with extensive industry knowledge and make you a more competitive candidate. CFA candidates often pursue careers in fund management, private banking, asset management, hedge funds, and more.

 

So what does this mean for students? Should you pursue it or not🤔

We say:

 

✔️ There is no right or wrong answer here! For all the people who say don’t take the exams, plenty will tell you to go for it. You need to decide if it’s something you CAN do (given time and monetary requirements) and if it’s something you WANT to do it. You do not need to be mired in regret, based on your decision.

 

✔️ There are benefits to both pursuing and not. Consider opportunity cost. The time spent preparing for the CFA could be used, for example, on networking, honing other skills, taking up new job or study opportunities, etc. However, pursuing it can help foster your business acumen and potentially lead to new jobs further down the line.

 

We want to reiterate that there is no reason to stress about whichever path you decide to take. If you are planning to pursue the CFA exams or have already started, know that it is a great addition to your CV.

 

If you have not taken the CFA and don’t plan to, know that it does not reflect badly on you. There are perfectly justifiable reasons as to why a person won’t take these exams, such as time restrictions, cost, and so forth.

 

Regardless of your decision, please remember that people have gone on to be quite successful in the finance industry, both with and without taking CFA exams. You'll still need a strong CV with some relevant experience to crack the BB offers

Hit 👍 to let us know you found this helpful in your career prep!

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