Wall Street – The Chartered Financial Analyst (“CFA”) Institute announced this morning that the CFA Level Four will come out this Summer. The CFA exams are three exams with each one being a “level”. Historically there have only been three levels. Announcing a fourth level is monumental for this prestigious institute. All current Chartered Financial Analysts’ will need to take the fourth exam to utilize the CFA designation after their name.
“We decided add one more level to the CFA to make the designation more challenging,” a CFA Institute member told us. “The CFA designation was originally meant only for the brightest minds in the financial world. Now with seemingly everyone having a CFA we decided to add another level to the exam to weed out the less bright and capable.”
The CFA has historically been a three-level exam. Each exam takes on estimate 300 plus hours to study for – with each subsequent level becoming more challenging. The exams are only open 1-2 times per year (depending on what level you are studying for) so if you fail the exam you will need to wait 6 months to 1 year to retake the exam.
“The CFA Level Four will require at least 1,000 plus hours of studying,” an Institute member told us. “This will be the most challenging exam in the modern financial world. We estimate only 10% of individuals will pass the exam on their first try.”
Any past CFA member will need to take the fourth exam to utilize the CFA designation. If you are a ‘CFA’ you will be receiving study materials in the mail by June 1st, 2020. The first exam will open December 1st, 2020 for all CFA Level Three members. Topics included in the CFA Level Four exam will include the following:
- How do you know if a stock will go up or down?
- Pumping stonks on Twitter
- Using negative discount rates to get infinite upside
- The difference between a stock and a stonk
- Forgetting everything you know about ethics to make fast money
- Calling customer service for your trading app and complaining when you lose money
- Making up your own financial metrics to sound smart
- Why adjusted EBITDA is the most superior financial gauge
Source of featured image: The Village Family