Experience is a hard teacher. You get the test first and the lesson afterwards.


How much do these tiny letters after your name really mean? I know many colleagues who have sat the CFA over three gruelling years. The sight of this chart is rather depressing. Those hoping it would launch their salaries into orbit are clearly delusional.

“Global turnout for the CFA exam surged after the 2008 credit crisis, with young financiers looking to burnish resumes as banks slashed jobs. Almost 142,000 candidates were tested that year, a 30 percent increase from 2007.” This only highlights how the financial services industry has progressed that younger and younger people are replacing those with battlefield experience of brutal cycles. No degree can ever be a better lesson than the school of hard knocks. This is also why I think markets to some degree are failing to see the obvious trends I wrote about earlier in the week.

As the old saying goes, “Experience is a hard teacher. You get the test first and the lesson afterwards.”

Still it is worth the read. Four out of five people that start with the CFA drop out.

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