<p>It’s the general consensus from my experiences too. dadinator is Level 2 the hardest level? I took it in June and felt crushed.</p>
<p>Yes. Historically, Level Two has been considered the hardest level. </p>
<p>I felt the same way when I took Level Two, Dawgie, so have hope!</p>
<p>Good luck.</p>
<p>I have taken (and passed) all four levels of the CPA exam. I have also taken (and passed) Level 1 of the CFA exam. I am currently studying for Level 2 of the CFA exam. </p>
<p>In my opinion, Level 1 of the CFA exam was about as hard as all three levels of the CPA exam combined. I studied about 200 hours for all four levels of the CPA exam combined, while I studied over 200 hours for Level 1 of the CFA exam alone. (And Level 2 is MUCH harder than Level 1.) Of the very few people I know who have taken both CPA and CFA exams, all of them agree with me. </p>
<p>And for those who say, “CPA material is constantly changing while CFA material stays the same”, they are wrong. The CFA material includes the CPA material, complete with all of its changes (such as changes in defined pension plans, FIFO to LIFO conversions, purchase/pooling methods of business combinations, etc.). It actually includes more, because you have to know both GAAP and IFRS. (Thank God, you don’t have to do journal entries.) </p>
<p>I agree that the CFA exam is not very complex. There’s no Partial Differential Equations. There’s no Stochastic Calculus. There’s no Plane Geometry or Linear Algebra. It’s not that any one thing on there is just mind-bogglingly difficult. In fact, everything is fairly easy, as long as you study it enough. It’s just the sheer volume of stuff that you have to know–and you don’t get a formula sheet. You don’t get Excel. You get your brain, a pencil, and a financial calculator. </p>
<p>I also believe that classes are generally useless. The best way to study for both CPA and CFA exams is by answering questions. Let me repeat. *THE BEST WAY TO STUDY IS TO ANSWER QUESTION AFTER QUESTION AFTER QUESTION. BY TAKING AS MANY PRACTICE EXAMS AS YOU POSSIBLY CAN. * </p>
<p>To reiterate, I’m also not making light of the CPA license. I have mine, and I’m proud of it. It’s a great accomplishment. But the test is not even in the same universe as the CFA exam, as far as difficulty goes.</p>
<p>To the person who says, “A CPA has to have a bachelor’s degree + 30 hours of accounting + 24 hours of upper level business courses. However a CFA can major in dance and take the CFA exam”, you are absolutely correct. You can take the CFA exam without ever taking a single business class, much less a finance class. </p>
<p>Good luck passing the test with no finance classes. You stand a snowball’s chance in hell. </p>
<p>By the way, how many piano performance majors do you know taking the CFA exam? I know a lot of CFA candidates, and every single one of them is a business major. And if statistics hold true, only about 1 out of every 12 CFA candidates will ever finish the CFA exam. (I don’t know the statistics for the CPA exam.)</p>
<p>I am currently taking a review course for the CPA exam, they provided us with a CD that has hundreds of sample questions, HOWEVER I have a Mac computer and the software (WileyPlus) isn’t compatible. So basically my question is, where do you find study questions for the CPA exam? I’ve looked online but have only found crappy websites with very few questions.</p>
<p>Crossover, Parellels, VMware or Bootcamp windows.</p>
<p>I’ve used wileyplus online on my mac, but not a software version are you sure it isnt compatible?</p>
<p>Yeah I even contacted them and they basically said ‘your SOL go to a library’ which isn’t always an option for me…</p>
<p>Dawgie are those easy to use?</p>
<p>the average pass rate for anyone taking the CPA exam, no matter which section, is generally between 40-52%. The average passing rate for each section for a first time tester is in the realm of 30ish%. For a first time test taker to a pass all 4 sections on the first try, the national average is generally in the single digits, up to 10% max. </p>
<p>i currently hold the CPA license and am strongly considering taking the CFA exam. I know that while many employers desire CPAs, there is a bit of prestige that comes with passing the CFA exam and much more so for those who can hold both designations. employers also seem to value the CMA designation as well but I’m only speaking from my own experience.</p>
<p>i know next to nothing about the actuarial exams but I would’ve thought that actuaries who can pass all 7 8 9 exams, whatever the number is, would basically be set up to make very good money and have good job security given the supply and demand equation for that profession. am i missing something?</p>
<p>I don’t know why this discussion has been brought back from the dead. Speaking as someone who works in finance, who has passed the CPA and is taking level 1 of the CFA) I’ll reiterate that I personally think the CFA is harder. </p>
<ol>
<li>The CFA is considered harder by virtually all who take both exams, although this is somewhat subjective as almost all the CPA/CFA types have taken more accounting classes in school than finance(as most CPA boards require a lot of accounting hours and most accounting programs have some incentive to teach to the CPA in order to keep university passing rates decent, while the CFA requires no finance classes and finance departments are less influenced by the CFA curriculum).</li>
<li>Other metrics like comparing passing rates are meaningless, high school English tests in El Paso probably have horrible passing rates, that doesn’t make them hard.</li>
</ol>
<p>The point is moot for most of you. If you can take the CPA and your job qualifies for CPA experience and you don’t take it, you are obviously stupid. It is easy and adds to your personal marketability. The question is whether you should spend the time to get the CFA. If your job doesn’t qualify as CFA experience you should definitely think this through, the CFA is not a ticket to finance for those on the outside. AnalystForum is filled with IT guys on CFA level 3 who can’t get a job in finance. If you are doing equity research, asset management, or valuation, then by all means do it.</p>