Study hard!

 

yeah...Know a senior auditor or VP in a big five!

 

Accounting Nerds!!!!!!!

there seem to be a fair number of CFA's in the world, so it can't be that hard to pass. I passed the CPA exam so it can't be that hard either.

 

lots of doctors and lawyers too!!! and that sh1t is hard!!!!!!

 

That's incorrect Magician. The Institute does not report pass rates based on whether or not someone is taking the exam level for the first time, second time and so forth. So, you can't just use the rates to figure the odds. This was an exact exam question in the statistics section several years ago - level II I think.

The Institute has reported the actual pass rates - first time successful for all three levels - if I remember correctly it was around 25%.

 

True enough. I was simply trying to use available statistics to estimate the pass rate for first-time success on all three exams. There were, as you point out, many assumptions backing that calculation.

Twenty-five per cent seems quite high. That suggests that people who pass each exam the first time have a better-than-average chance of passing the next exam the first time, and that those who fail an exam once or twice have a better-than-average chance of failing the next exam once or twice.

I passed each of the three exams the first time I took them, which, of course, means nothing other than that I found a method of studying that worked well for me and that I saved a lot of time and money by doing so. It certainly does not mean that I am a better financial analyst than someone who failed one or more exams before passing all three. (Code and Standards: Standard IV(B.6) Prohibition against Misrepresentation)

 

[QUOTE=magician,Sep 8 2005, 07:19 AM]True enough.

 

Passing exams does not mean you are good at your occupation, as Magician said. I know a person that passed the CPA exam, and could barely operate a 10-key adding machine. That person never did become proficient at a personal computer. Now that person has retired, so you are all safe.

 

When did you retire?

I agree...taking exams may mean you are book smart, but that doesn't mean you have any common sense! I know a couple of guys who got like 1300+ on their SAT's who have nearly no street smarts.

 

accounting doesn't take street smarts!
a lot of finance doesn't either..maybe the sales portion, if that's your capacity.

I totally agree with the point...passing exams doesn't make you good at your professoin...it's kind of like the guy who's 7 feet tall isn't necessarily a good basketball player. same things with the 300 pound fat ass who sucks at football. Having a high IQ and good test scores does say a lot about a person and in certain fields I'd much rather have that guy working for me than the guy who makes all the right 'street decisions' (whatever that means) but couldn't break 1000 on the SAT's and says was instead of were.

hopefully no one thinks i'm directing this at their comments..this is MO based on nothing else.