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Things I Did Not Know About The CFA Exam

Attentive readers may recall that a while back I signed up to take the CFA Level I exam, in order to (1) pursue my passion for standardized testing,(2) expose the secret behind-the-scenes workings of America’s trillion-dollar financial-analysis-certification business, and (3) have a major institution to stand behind my guarantees of consistent above-market investment returns. I wrote a post about it, and then mostly forgot all about it.

Thinking that the exam might be sometime in December, I looked into it a bit more this weekend. Here are some things that I learned that I didn’t previously know, though you might have:

1. The exam is given using pencil and paper at the Javits Center. I had vague visions of the anonymous computer lab where you take the Series 7 on computers from the mid-1980s. Now I have to go buy pencils.

2. All of its contents. Actually I’d read maybe 100 pages of the ethics reading but then I got bored and stopped.

3. It’s this Saturday. Oops!

So I spent this weekend learning ethics, quantitative methods, economics, financial reporting, and derivatives. I’ve got corporate finance, portfolio management, equities and fixed income to go. I like my chances.

A few questions for those who have preceded me through this vale of tears/HP-12Cs:
– Any last-minute study tips?
– Any good mnemonics?
– Any recommendations for bars near the Javits Center? Apparently there’s two hours to kill in the middle of the day and I’m thinking it may help to take the edge off a little.

My favorite part of the reading so far – though I have high hopes for ”Basics of Portfolio Planning and Construction” – was “Technical Analysis,” which somehow gets folded into “Quantitative Methods,” but which is full of non-quantitative claims like “these patterns can be spotted only by human artists looking at charts with their hearts’ minds’ eyes, and are never under any circumstances visible to computers or susceptible to statistical analysis” or “yes, if you bought when this technical indicator said to buy you would have lost all your money, but the trick is to combine it with other technical indicators, like trends, or something.”* Seriously: the authors chose examples to illustrate the benefits of technical analysis, and the analysis that they’re recommending for those examples works with about a 50% probability. Presumably the section on “coin flip analysis” was reserved for Level II.**

That’s maybe too harsh – while I’ve always assumed that technical analysis is mostly astrology, there is some behavioral-theoretical foundation for some of it (not, like, Elliott wave theory for the love of God, but some of it), and some smart people believe parts of it, and I guess some people even make money using it. Though probably fewer than lose money day-trading on Fibonacci numbers or whatever. Still, it’s hard to imagine the CFA’s readings on technical analysis making you more likely to make money for clients.

That, too, may be too much to ask. Fundamental analysis and capital budgeting and, um, economics all strike me as having firmer foundations than the stochastic oscillator, but as a way of obtaining predictably higher investment returns they too look pretty suspect, what with efficient markets and all correlations going to one and coin-flip tournaments.

In general, today is a good day to reflect on the likelihood that anyone saying anything about the direction of the markets, or of your investments, is likely to be wrong. The Fed did some introspection this weekend on how it missed the recession. Dick Bové did some Reed-Hastings-style pseudo-introspection today on how, when you always think bank stocks are going up, you are sometimes wrong. Paul Krugman did Alan Greenspan’s introspection for him, because he’s a helpful guy. Sean Egan displayed an amazing ability to avoid introspection. Greece made it a crime to get its debt wrong and/or right. If nobody on the TV can predict markets with accuracy better than chance, it seems like a bit much to expect a home self-study program to teach you how to do that.

The CFA program, to its credit, doesn’t want its CFA® Charterholders® to go around claiming that they’ll be any more right about investments than anyone else: you can tell people “I have learned so much about making investment decisions through the CFA program,” but not “I make good investment decisions because I am a CFA® Charterholders®.” I think. I’m not yet passing the ethics sections. (Also, I think you can’t say “CFA®s calculate more IRRs before breakfast than you do all day” because CFA® is not a noun, or something.)

But the program does reflect a view that is looking a bit quaint: that the path to success in the financial markets is ethical client service, diligent work, careful reading of financial statements, and a basic understanding of probability and statistics. This is a world untroubled by rising correlations, undisclosed conflicts of interest in CDOs, 2+% S&P moves every day, algo trading, thirteen-trillion-dollar secret Fed bailouts. It’s sort of a 99% perspective for the 1%, success via hard work and playing by the rules rather than government favoritism or winning the tournament for global stardom.

I hope it’s right. Because if I pass Level I, I’m going to start day-trading using my 1/3-CFA® skills, and I will expect to outperform the market at least 33% of the time. That’s how that works right?

* Quotes approximate / made up.

** After reading this, I tried to explain “technical analysis” to someone not in finance, noting that it is neither technical nor analysis. We concluded that the more strenuously a financial name claims seriousness, the more likely it is to be a scam. So stay away from the High-Grade Structured Credit Strategies Fund, and don’t even consider the Preservation of Principal Fund.

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137 Responses to “Things I Did Not Know About The CFA Exam”

  1. Mitch says:

    You're not getting invited to camp.

  2. Mexi_Cant says:

    Dude even your post about posting about a post is too fucking long to read.

    • Dr. FeelGood says:

      Forgot your ADD medicine this morning Einstein? Can't hold your focus in one place for more than 13.5 seconds?

  3. Mexi_Cant says:

    I think Maxine interviewing you would be the ultimate form of torture.

  4. Idiot says:

    ***this post sucked

  5. bluehorseshoe says:

    Draw charts on the essay portion… can't go wrong with charts.

  6. GoodAsGoldman says:

    The CFA is a huge waste of time.

    -UC Whatever MBA, '02

  7. easternlethal says:

    CFA doesn't ensure you make money anymore than getting a science degree means you'll be able to invent time travel. But it does allow you to bullsh*t better about why you didn't make money.

  8. guest says:

    Good luck, Matt! Make us proud!

  9. Lebouf says:

    Hey, guy, the CFA is a breeze.

    -Shia

  10. The99Percent says:

    You Goldman Sachs scumbag, you helped bankrupt this country and now you treat it all like a joke. Burn in hell.

  11. What about his legitimate years? says:

    I am conflicted about this post. On one hand I liked your numerous digs at the CFA and the way you opened it, with such a casual ‘ops that test i am paying money to take is Saturday, well I dont give a fuck because I worked at Goldman so I got this shit son’ but then you ruined my image of you not giving a fuck by writing another 5000 words or whatever trying to prove you dont give a fuck.

  12. Study tips? says:

    For the Level 1?

    I showed up and they checked my pulse–PASS.

  13. HighFrequencyHater says:

    There was one question about technical analysis in last years Dec session; you can safely ignore the whole thing and it will have no impact on your pass/failness.

    • Guest says:

      HighFrequencyHater, do you hate high frequency trading or do you find yourself frequently hating on others? I demand clarity.

  14. Jpm says:

    Living out your days as Bess's bitch while telling yourself and others why you're too good for the CFA is the NKI

  15. Ameriprise says:

    Fuck the CFA, I took the CFP instead and make the same coin selling annuities to old folks from my home office in the Keys and all I have to do is go to some lame-ass convention in Phoenix once a year to accept a bullshit 3 day Carnival Cruise to Atlantis which I flip on Craigslist for a grand. Fucking nerds.

    • Nib high football says:

      How much you bench, though?

      • Ameriprise says:

        Dickwad, I work out with 225 and only weigh 185 – drive for show and putt for dough, motherfucker. At one convention in Atlanta, I had 2 consecutive 3-ways with an average age of 38 and an average weight of 125. Thank God they don't teach us about Mean/Mode in CFP.

        • Nib high ftball rls says:

          If you can take two dudes in a three way, you should be able to take a joke. Relax.

        • Guy with A.D.D. says:

          WOW! I don't know about anyone else but I'm sold!
          CFP is where it's at!

        • Guest says:

          so in reality you prolly have an issue with 135 and really only put it up because it would be to big of a strike to your ego to only have 35 pound plates on the bar….

        • Guest says:

          If you were going to make up a lie about having a 3-way, surely you would have at least given them an average age of 20ish?

          • Guest says:

            Methinks this is precisely where most of the readers got Nib High's sarcasm and you crashed your bike into a mailbox.

        • Shell Shocked says:

          3 way in the ATL with an average age of 38 and weight of 125 probably means you did a grandma/granddaughter combo that you picked up at the Varsity, and grandma was the skinny bitch, once you subtract the weight of her walker.

          You bring it, bro

          • Guest says:

            Dude he was fucking kidding. We're all glad you did 4 semesters at Emory but relax.

          • Shell Shocked says:

            Dude, like, I was ALSO kidding. But way to pick up on it, really. Oh, and by the way, I did three semesters in your sister and a long, sweet, weekend in your mom, though her check bounced.

  16. Jealous John T. says:

    I bet if they made a teen movie about CFA camp Matt would be the cool CIT.

  17. Max says:

    Most of the CFAs I see or talk to on LinkedIn are reduced to pushing precisely the same shit as some tool who was handed a headset and a cold call printout and told to go "slam it." Over-educated stooges, doing the same scams to the proles. Pretty sad. I considered going through the hell of taking the test to buy my ass some professional cred. I discovered I already had it after ten years in the business. Nerd out, guys- the markets are so fucked up it doesn't matter what the theories are anymore.

  18. Roy Ageloff going up says:

    "Any recommendations for bars near the Javits Center? Apparently there’s two hours to kill in the middle of the day and I’m thinking it may help to take the edge off a little."

    You drink beers, bro?

    • guest says:

      Not sure why asking for bar recommendations in the waste land that is the Javits Center area is cause for ridicule.

  19. Bernard Madoff, CFA says:

    I aced the ethics portion of that test without even cracking the books open.

    Also, the skills I learned on the test gave me ability to earn substantial returns in both my legitimate, quasi-legitimate and non-legitimate years.

    • Ski Utah says:

      both is adjective which refers to two sets of things as opposed to three but this is not taught on CFA

  20. Ben Pierce says:

    Fundamental analysis is a set of tools designed to help analysts determine whether there should be greater or lesser demand for a security, index, whatever. Technical analysis is a set of tools designed to help analysts determine actual supply and demand conditions for a security, index, whatever. When the 800 lb gorilla (the government) jumps in the bathtub, however, all bets are off as to how much water will slosh out. When markets are allowed to become deceptive (HFT bids/asks not designed to establish an actual trade), illiquid, or fraught with moral hazard (mortgages), demand and supply can't be realistically determined based on price. I've been a charterholder for many years now and can say with certainty that the tools would be more useful if that damn gorilla would stop jumping in the bathtub.

  21. Garrett says:

    If you want to learn more about technical analysis and obtain another charter there is the C.M.T from the M.T.A..

  22. Harsh says:

    All the best bro !! I'm a CFA Level 3 candidate for June 2012, and let me tell you whats worked for me in ethics – Read the question, and whatever my first instinct tells me, is NOT the answer. Once you eliminate that option, its just about probabilities with a fair chance of passing. Also, dump the other shit. If you clear ethics and financial reporting, you can afford to do bad in say derivatives or alternative investments. Do well !!

  23. Deleveraging says:

    Having been in the business for almost 30 years, I was told right from the beginning those with the highest test scores and the initials after their names are usually the least successful. Their only means of survival is to go into management with the other douche bags all hanging on for their dear lives.

    Now Matt, is the CFA one of those "bullshit for-profit colleges" owned by Apollo like the CFP? And while we used to refer to CFP's as kitchen table guys; are CFA's coffee table guys?

  24. HighFrequencyHater says:

    I think that animation on top is broken, "AIG" never flips after the "3 letter that inspire confidence" picture.

    ~ H "the b in $25B stands for bitches" Greenberg

  25. Anonymous says:

    so you have been studying your ass off, and are now afraid you won't pass, so you come up with this lame excuse & narrative…
    lame Mattt, as usual

  26. .Bo says:

    Am I the only one convinced that Matt has been studying his ass off to pass this and is simply hedging with this write-up? Making excuses before the test even begins…

  27. ddddddsd says:

    First Matt post I actually read.

  28. gerrycub says:

    Matt,, im a CFA level II candidate,, its not as easy as you think,,, prepared a lot for cfa I (200 hrs at least),,,,,,
    Lot of material, although not tough,,,,, but still,,,,, 1weekend seems like little studying time,,,

    good luck!

  29. cordell says:

    Dear Matt,
    Level 1 is nothing… wait until you get to level 3.. it's the dumbest & most useless pile of crap you'll ever get to spend your time on. + same old ethics repeat & also idiotic memorization of return reporting instructions.
    It looks like the esteemed institute ran out of more or less reasonable things to test with the 1st 2 levels, and really had to scrape the bottom for level 3 material to pocket more $ in fees for yet another exam.

    • ddddddsd says:

      They should have a button to vote comments neutral as I neither approve or disapprove of this comment.

      • Hedge Deez says:

        Agree, while cordell is absolutely correct, the post has zero entertainment value. Codell, next time please add some reference to NKI, Gasparino, Boves mini-giraffe or L Tilton so that I may laugh because I waste too much time here and get the inside jokes.

    • level 3 says:

      you mean like on modern warcraft or some shit ?

  30. CFA Institute says:

    If you get to Level 3 (bs essay writing), I like your chances.

  31. guest says:

    bess – please fire this guy. lamest post ever.

  32. Nailz6 says:

    Thanks for talking me out of it.

  33. aels says:

    Pos-chur-ing, to pos-chur
    Definition: for Matt to behave in a way that is intended to impress or mislead others so as to save face and conceal his obvious i-need-validation-from-standardized-test-smiley-faces; to pretend to be all cool and shit and not to have holed yourself in your parents' basement for the last several months to study for the CFA exam, when, in reality. that's exactly what you've been doing.
    Pos-chur-ing, to pos-chur.

  34. Guest says:

    Two tips:

    First, upon receiving the booklet from the proctor immediately break the seal and begin working on the exam.

    Second, when you hear the proctor say “stop writing the exam is now over” be aware this is only the proctors advice. Feel free to continue filling in your answer sheet.

  35. Stupid Daikini says:

    And the following weekend, Master Sommeliers.

  36. Sammie the Bookie says:

    I’ll take 14:1 on Levine going down with a hand cramp within the first three questions.

    3:1 on him trying to hand-draw a chart or table into a Scantron form.

  37. im_new_here says:

    I needed to find a bar and have a couple to take the edge off in the middle of reading this post.

  38. Maxi Pad says:

    Matt posts ~1 time per day for the last 6 months. Time spent on post ~ 2 hours. Time spent studying for CFA Level I ~10 hrs per day. Time I spent believing this post ~ 0s.

    Guy who likes using the ~ symbol

    • Guest says:

      Above comment is ~ 1,963,386,105,476 worse than original post .

      – Guy who doesn't really get the concept but dislikes your post regardless

  39. Guest says:

    ethics is not as straight forward as you think, i would spend a little more time on it then other sections. rumor has it that if you're on the border line between passing/failing, a high ethics score will push you over the hurdle, vice versa.

  40. E. Anastos says:

    Now if we only had a chart illustrating the correlation between # of CFA Charterholders to market performance to # of major ethics scandals to bonus growth over a 10y trailing we could easily see how truly valuable this prestigious designation is.

    …keep f*ckin that chicken!

    • who cares says:

      There are actually studies in the Financial Analyst Journal. CFA's dont outperform non-CFA's but they have lower return volatility, thus a higher sharp ratio.

  41. Guest says:

    Phenomenally boring write up…

    Best of luck though, Matt! The sooner you back in a cube/glued to a spreadsheet the better!

  42. guest says:

    At the risk of giving a serious answer to Matt's question…

    What surprised me most was that none of the 4 (or 5) of the answers were impossible. Usually on standardized tests one or two of the answers are so absurd you can throw them out immediately. That wasn't my experience, particularly on Ethics, where I failed (< 50%) at all 3 CFA levels and still passed each test. Questions will be something like "you see a colleague doing [possibly illegal thing] – what should you do?" And the choices will be (a) report him to his boss; (b) report him to compliance; (c) report him to the SEC; (d) report him to the cops; (e) confront him and warn him to stop doing [possibly illegal thing].

  43. Diligent student says:

    Has he not broken about 15 codes of ethics in this post. Funny article

  44. guest says:

    I wish Matt was funny.

  45. guest says:

    Matt- if you've studied for one weekend- it is highly unlikely that you will pass this time. I have a PhD in chemical engineering so I'm used to taking tough tests and I still found L1 quite challenging- it's not general knowledge, even among Wall Street practitioners.

  46. Vincenzo says:

    You completely missed the point. The certification is a backtobasics program which tries to give you a standard instruments set to be a financial analyst. The objective is not to transform yourself in Frank Fabozzi. It's a good ground, but then it's up to the charterholder to reach the depth he desires. It's like saying "ehi I completed a Master in Finance and I'm not as knowledgeable as John Hull!". Get real! Anyway, try to focus on ethics and accounting, they're the big deal for level I. Good luck.

  47. FNS says:

    The CFA designation is a great way for financial professionals to show their commitment to the industry. And being able to pass the exams also proves that your level of intelligence and self discipline is at least on par with that of a 10 year old.
    A whole article on why you're too good for the CFA – lovely – reminiscent of college drop-outs explaining why they know better than their professors.
    Good luck – but sounds like you already know you going to fail.

  48. guest says:

    A couple things tripped me up on last year's test:
    1) Having two random variables X1, X2, the product of the conditional transition densities admits the joint distribution π(X1, X2) for invariant distribution. This is why we can alternate between parameters and hidden states.

    2) the use of the characteristic function has been suggested for the purpose of filtering. In this approach, however,we have to limit ourselves to the case where F(U,V,xt) = E[exp(Uzt+1 + Vxt+1)|xt] has a
    known form. One natural form would be the affine process, where
    F(U,V,xt) = E[exp(Uzt+1 + Vxt+1)|xt] = exp{C(U,V) + D(U,V)xt}

    After choosing the initial conditions, the time update equation
    p(zt+1, xt+1|t) = int p(zt+1, xt+1|xt)p(xt |t)dxt

    HTH, good luck!

  49. David says:

    Reading these posts from the UK and as a grey haired candidate for L1 December 2012 I am rather disappointed with the crass attitudes of some of the contributors. The author of the article is fairly arrogant from my reading of his drivel. Clearly if he had previously worked for GS then it goes with the territory, and the pay cheque. I do wonder why he isn't still there picking up the even larger cheques though; I do hear people don't last if they don't come up to standard. As for the some of the other comments. 'Ameriprise' (not his real name of course): 'I took the CFP instead and make the same coin selling annuities to old folks from my home office in the Keys and all I have to do is go to some lame-ass convention in Phoenix once a year to accept a bullshit 3 day Carnival Cruise to Atlantis which I flip on Craigslist for a grand. Fucking nerds.' Well all I can say is that I hope you have a watchful eye over your shoulder as there is no doubt you will get your comeuppance my friend. CFA has a lot of credibility in the UK Financial Sector. I doubt very much it is meant to make a person a wonderful asset manager but rather instil a degree of ethical behaviour and base line understanding of all things financial. I doubt I will be disappointed. Good luck to all those attempting it in Dec 12…

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