A lot of people were dunking on the CFA program for being overpriced and having a low pass rate. Here's what they missed
A joke we often crack on our college whatsapp group is that in a dystopioan future, everyone will be a CFA. It is not entirely a joke when you realize everyone in finance is doing exactly that. So in our imagine dystopia, either you are a CFA or you are dying poor. One of our friends has cleared all 3 levels and he often gets dunked on. Enrollments in the CFA/FRM program have increased by large levels because for every job posting, it seems they want someone with these qualifications. So who can blame people for wanting to enroll in something where the jobs are?
Anyways, recently the CFA level 1 pass rate was 25%. 25%. A lot of people were dunking on the program. To summarize, criticisms were "Overpriced", "Time consuming", "Impractical" and "Outdated". I don't entirely disagree with the last three. A lot of the stuff is not very useful to be able to apply it real life, there is a lack of touch with the practical side of things etc etc. But............
The alternatives are?
Here's the thing, CFA/FRM programs are much cheaper than a full time college course. You'll also learn at your own pace, learn a lot more in one level of these programs than most college programs and get to prove you can grind through the tough exam. You will have a good understanding of the basics that will carry over to other things later on. I don't know why the pass rate was only 25% for level 1, could be a number of reasons. But to call them overrated programs? Nah. It is worth taking these exams if you want career opportunities/ learn the basics. You can later dive into the quant/ financial engineering/ whatever advanced stuff the programs are missing, but you'll be much better equipped to handle them if you have been through these programs. The criticism that the programs are not practical is a valid one, but it is too one-dimensional. You learn practical real stuff in a real trading environment and through the years. As compared to a college. I can tell you I learnt next to nothing in college finance classes. This is true for most MBA students I know outside too. You're better off doing some sort of program like the CFA than with a college, financially and otherwise.
Lastly don't do these programs just for the certification, do them to build your base. The advanced stuff is waiting. No one will ever truly master everything because there is so much. But foundations will be foundations and these programs do a good job of it.
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