Changes to the CFA Program beginning in 2024
ฝัง
- เผยแพร่เมื่อ 5 ส.ค. 2024
- 0:00 - 5:20 Expanded Eligibility
5:21 - 14:31 Practical Skills Modules
14:32 - 30:48 Applied series practical capstones
30:49 - 34:12 Charterholder Subscription
34:13 - 45:25 Focused Curriculum
45:26 - 59:09 Practice Pack
59:10 - 1:05:42 Level III Specialized Pathways
1:05:43 - 1:09:10 Digital Badges for Level I and Level II
Having already passed L3, I was feeling left out of all the new content CFAI is introducing in their curriculum... until Mark started talking of the Charterholder+ and the capstone content! Thank you Mark for all the value you bring
Just starting on Level 1 and interested in knowing how has passing all 3 levels impacted your career? Thank you!
I kind of find it weird how the practice pack does what the existing learning ecosystem is supposed to be doing anyway. Not to mention that the ecosystem is full of errors, missing information, bugs, and poor explanations. I seriously hope they fix those issues simultaneously.
Do you know if the practice pack also include questions from the pre-requisite materials?
Exciting changes! Hope the pratical skills modules are availble to people who have already cleared lvl 1 and 2.
You posted this right as I read the Bloomberg article. Always on the money, Mark!
Looking forward for the capstone content!! Wow. Thanks Mark, you are a beast!
This is exciting. Really looking forward to the capstone content!
Thanks for everything that you do, Mark. Just started studying for CFA Level 1 for the August'23 exam and your course content is brilliant.
Is there a time mark where he mentions how the changes affect people doing L1 in August?
@@ThatBigCactus No. The changes do not affect people sitting for the exam in August'23
let us know how it went when you know!
Professor, much appreciated for the explanation
Mark exciting news about the portfolio management section in the Applied Series and the Capstone projects. Looking forward!
Thank you Prof! I was waiting for this update!
The quote is from The Treasure of the Sierra Madre. I think?
As a software engineer, Quant Analysis was a massive refresher. For newer candidates, they need to STRESS now about the prerequisites or expect the failure rate to rise (if they even care lol)
Curious to know what topics or “sub-topics” you found the need to “STRESS” the most on haha, thanks!
Waiting for my L1 results and over the last few days been really contemplating what to do in case I fail - whether or not im even cut out for this designation. Seeing this video really built my interest back up and got me excited. Looking forward to the applied series! Appreciate u sir.
Hope you passed! Just got the “did not pass” email for level 3 and it only made me respect the content more. Between the applied series and applying CFA concepts in Python & excel I’ve got a lot to do before I take level 3 in 2025.
Hope the story is a pass for you but if not, hope you still keep the interest up !
@@TriggeringOpinionsandFactsGreat mindset! May I ask why your waiting till 2025 and not an earlier session?
I am sitting in Aug 23 L1. Already excited for portfolio construction series!
Hey Mark, thank you for the color on this. Question about badging--what further "achievements" do you think will be recognized? Percentile? Number of attempts? Specific subject performance? I struggle to see how they could expand the badging outside of what is currently in place ("passed L1/L2").
Thank you for great content Mark.
CFA is only a prospective endeavor for me at the moment but I am extremely excited about the Portfolio construction and Management part of your offer. Would it be possible for individuals not pursuing CFA to benefit from such an excellent platform?
Hey Mark, will the L1-L3 archived videos + seminar videos from those levels be an available option for the Charterholder Subscription? I currently have the Level 1 archive purchased but the seminar videos are not available with the archive, would love to have that as an add-on option. In addition, if I have passed all three exams but I do not have the work experience to be a CFA charterholder yet, can I still purchase the Charterholder subscription?
Unfortunately, the price of the exam and additional study material is very expensive for a citizen living in an underdeveloped country. Paying in USD is painful. In addition to air tickets and accommodation if you live far from the few centers available. I had a small hope that they would consider regional prices, but that is a distant dream.
About to start the video with a couple questions: if I enroll to level 3 mid year to take it on 2024, will this changes be in place? Will I have to choose a path?
And finally WHEN CAN I ACCESS THOSE PRACTICAL MODULES from level 1 and 2, so unfair.. hope it’s soon!
I hope the answers are in this video
Hi Mark,
Should we expect major changes in L1 curriculum? Changes would be in sense of? New readings will be added with difficulty level to be high? As I have already bought books and have started studying as I had planned L1 in 2024
As a matter of fact , I found that applied series is more practical than the practical skills proposed by CFAI , after I will definitely love that module because it enhances the skillset of any candidates.
May has a few definitions, one of them being the expression of permission. I believe in this case the institute is saying that with permission, an extension is granted. Which means a candidate must ask for one before they are to receive it.
Professor, what topics do you think will be in Private market path? Some MBA like content? To be able to assess companies operations and chances to improve this, etc?
Can somebody explain it to me what really are these models? Will we get tested or is just a mere set of videos and questions that we have to do in the CFA website?
Considering the changes would it best to enrol for November’23 attempt or hold on until 2024?
Hi Dr Mark, CFA L3 Aug 2023 candidate here, purchased your CFA L1, L2 and L3 courses, passed >90th percentile (L1 and L2) in the first attempt. My esteem and gratitude to you is infinite! And never opened a CFAI book....
I also purchased your applied series and currently watching all of your market outlooks. Amazing amazing stuff!!
Do you suggest I postpone my CFA L3 Aug 23 exam to 2025 to be able to enroll in one of the 3 paths or continue with my study and try to get the carter as soon as possible?
Thank you again!!
Hi Mark, appreciate all that you do. Since I’m interested in both Financial Modeling and Python Programming Fundamentals, I will wait until 2024 to take my L1 exam. I’d love to purchase your L1 Full Access Plus (2023) now to start prepping. Will your 2024 package contain the two new modules and will I be able to access them? Thanks.
The two new modules are delivered by CFAI - not any of the prep providers. We will be delivering a practical application of portfolio construction if you have the Level 1+ subscription.
Can we get PL credit for the applied series for charter holders? May already be available and I’m just not aware
Can’t wait for August
The Treasure of the Sierra Madre - love the reference
The changes from 2024 really scared me. Can i still study from 2023 material or wait until 2024 material is available ?
"Badges? We don't need no stinkin' badges!" - The Treasure of the Sierra Madre
Really excited for the practical modules on MM! For the applied series, does it not expire now? I thought it expires in two years after purchase? Thank you!
It won’t expire now
How many psms do we have to go for level 1?also how do we do them, do we need to study some material?
Thank you Mark for your content, it is deeply appreciated. I just wanted to know if the applied series will be equally practical for people in India as it is for people in America? Thank you.
Since you can trade any market that has options, futures, equity, and fired, yes.
@@MarkMeldrum Okay, because a lot of the platforms and sources used will be US/Canada based, which is why I was wondering about the above. Thanks.
hi, Mark, i wrote my level 1 exam on feb this year, but due to the mismatch in my name given to the cfai and my passport the results will be void, i have to save money and attempt it another time, i have paid for your course, will i be covered in "one fee to pass" even if i write in 2024?
Hi Professor, as someone who is interested in taking advantage of these learning changes coming into effect in 2024, what would you recommend doing in the mean time to help start the learning process? I have the 2022 level 1 material, would it be best to just read over that before enrolling for 2024?
Yes, quant and econ are usually very stable from year to year. As is Ethics.
Will a student who has cleared level 1 or 2 be allowed to switch into the new format for the rest of the program¿
Do you suggest we do the applied series while studying for the CFA exam? Or should we do it separately, i.e., in between levels?
At the same time, it is not testable material, so it does not require the same deep time commitment.
Hey guys, just wanted to know if his content regularly updated to the cfa syllabus and ill be giving my exams in Feb 2024
Hope this new changes will be made available to those who have cleared L1 and L2 recently.
Otherwise this policy is not doing justice to us.
Treasure of the Sierra Madre!
Am planning to take Lvl 1 next Aug - Nov, are you suggesting to wait for Feb 2024? Thanks 😊
Where should I start in the Applied Series? Is there a particular order that you recommend doing the readings?
There are 2 streams:
Applied Asset management - Options, Futures
Applied Economic Analysis - Top-down, Sector studies
Pick the one that appeals to you the most.
Are these changes effective only from 2024 onward? They will not change anything in 2023?
2024 onwards.
Dear Mark,
I am registering this week to sit for Level 1 in November 2023. Please could you explain what all changes should I be prepared for?
None. Changes are for 2024
For the applied series like portfolio construction/management that starts in August 2023, at which point of the CFA curriculum would you recommend starting those applied series to get the most out of it? Would it be best to start the applied series after passing the Level I exam or should we even wait the passing of Level II?
Start at Level 1 - you need to get addicted to markets. That is why I start with that one.
@@MarkMeldrum Hi Dr. Mark! Regarding the applied series, I am currently studying level 2 for November 23 and have a full time job. Would it be too much adding the applied series to it all or will it be manageable?
There is no expiration - so it’s not like you gave to get it all in by a certain date.
Dr. Meldrum, do you know if Financial Modelling will be made available for people, who already passed the LVL1 exam? - SO that we could take it at some point in our future? Thanks!
Not sure, but most likely.
@@MarkMeldrum Thank you!
Don't we already have basno badges for passing l1, l2, and also when you get the charter? How is this going to be different is my question.
Also don't we currently have free pdf curriculum from CFA? Sounds like they will only be available going forward through the practice pack? Does that mean I won't get to read the textbook if I don't pay extra 300?
You get the text of the content digitally through the learning ecosystem - is my understanding.
@@MarkMeldrum Whenever the CFAI website is working, that is!
I failed my L1 in Nov 2023 should, I write in May or August? Since the changes apply in 2024
When will you drop 2024 Feb lectures?
Wow! Looking forward for August to start the portfolio construction. Question: will the portfolio base currency be USD? If yes, is there any change to have a portfolio not based in USD? Could it be in EUR or CAD for instance? there might be different techniques used depending on the base currency of the portfolio correct? Thank you
You can use whatever market you are in. Some markets do not have a futures market however, or very limited options markets. I will be using the US market since it is the biggest with ample liquidity in all asset markets.
@@MarkMeldrum Thank you for the reply. I was not questioning the market to be invested in. I was thinking of investors based outside of the US. Like me, you and I guess much of your audience don't use the USDollar as base currency. Wouldn't we have to use different/additional techniques, like more use of options to don't convert our base currency to USD and also apply FX hedging? If this is the case, couldn't this merit maybe some attention? Maybe another portfolio? Of course investing in the US market, but where the base currency is not the USD dollar? Or would it not change the tools to construct the portfolio and an international investor based outside teh US just needs to add some type of FX hedging? Thank you so much
We can all consider the base currency as USD. A paper account can be set to any base currency.
@@MarkMeldrum Ok understood, thank you
Hello Mark,
I am planning on sitting the august 23 exam. My company will be paying for the exam however, due to internal rules they won’t let me sign up until the last few days before registration closes. I’ve already bought the print books and begun studying but I would like to sign up for your course. Is it possible to sign up before being enrolled in the CFA? I remember reading somewhere that it is not :(
Thanks in advanced
For level 1, the system may let you, but it also may ask for supporting documents. Give it a try.
@@MarkMeldrum thank you for your reply :). I will give it a shot.
Professor, my preparation takes more than a year of time, because I use the full curriculum + your videos, so in fact I go through each topic 2 times, and after that I make my own conspect based on the curriculum and your videos on each topic. At first I buy books without registering for the exam, because I don't know in advance how long it will take to prepare.
So, if I start my preparation for Level 3 in 2024, will I use content for portfolio management? And when this change happens in 2025, will my knowledge based on the materials of 2024 be relevant specifically for Portf.mngmt. 2025?
I am afraid that my year of preparation will be irrelevant in 2025.
The portfolio management option is the current version of Level 3. So my guess is 2025 for that specialization won’t have many changes, but I do expect some changes.
34:06 Hello, Mark.
I am a CFA Candidate, registered for the Level 3 aug-sept 2023 window, and I use your content since level 1.
My question is, am I still going to have access to the archives (previous and current level) vía the app, after passing level 3?
Thanks.
Yes.
@@MarkMeldrum thanks for your answer!
Dont we already get the digital badges that says Passed Level 1 or Passed Level 2 and once you are a charterholder says CFA Charterholder?
I think there is a distinction between that and one that recognizes some status to Level 1 or 2. My best guess since you are correct, there are badges - so these must have some higher significance.
Hi Mark, for the applied series beginning August 2023 for portfolio mgmt construction can we use our own real money instead of the demo account? I find it would be real if that was the case, maybe $10,000. Or does the strategy you're using only work with $1M in the demo account on IB?
Well, I am hoping we will make some bad trades so we can learn how to salvage the trade. I would not advise using real money until you are certain of your skills.
34:11 Professor maybe you can change the Charter holder subscription to both who are CFA and who have cleared level 3 exams also?
Good idea.
18:25. I am a CFA charterholder but I didn't work in the field. Rather I worked in retail banking. So, I have little practical idea about how to apply my knowledge in real world. How can I get access to your portfolio construction/management section starting on Aug 2023? I used your L3 prep material in my CFA journey and am still subscribed to Applied series. Waiting for your reply.
If you already have the applied series - you will just get it.
@@MarkMeldrum Thanks
Hey Mark, I have a question, can you still use older materials like Kaplan notes from 2022 to study for February 2024?
Not really. 2024 is completely re-written from 2022. All the written content you need is included as part of your exam fees with CFAI.
I had my level III exam in Feb2023. Does that mean that if I fail it I cannot write the one in August (consecutive)?
May is consecutive, august is not. Consecutive windows, not exams.
Hi professor, I enrolled for CFA L1 in February 2024, my brother took L1 earlier this year and left me his Kaplan notes, are they any good for 2024 curriculum or should I focus on CFAI materials?
CFAI gives you all the written content you need - no need for Kaplan anymore.
What if you paid for the 6 practice exams but then fail the actual exam. Do I need to repay for the 6 practice exams if I retake the level?
Great question, have you found the answer to that yet?
Hi Mark, for people that bought full access before the applied series was launched, is there possibly a discount to purchase the module?
Just add the applied series on its own.
@@MarkMeldrum I mean if I bought full access for Level 3 for 500CAD or so 2 years ago (before the applied series was launched), is there a discount for getting the Applied series modules or do I have to pay full price?
The price of the CFA+ option today is simply the sum of the prices of L3 + AS. So there was no discounting in adding the AS to the CFA+.
"Better freaking say no" had me laughing
I'm writing L2 in 2023 and ideally L3 in 2024. If I succeed, then I'll miss all of PSMs....? I want them all! Let me, just let me
Ok the only problem is how the industry will respond to this.
I am in asset management now, honestly the fact of the matter is the CFA charterholder does not MAKE you a better professional. Most people forget the vast majority of the curriculum anyway. You learn what you need on the job.
So if the industry starts to require specific paths for specific roles, that will be a major issue.
Of course, one path will be easier than another, so most people will just go for that to get the charter over with.
And if you complete the charter, and the industry or a specific job requires you to re enroll to go through a path you did not choose. This is JUST a cash grab. It will be effectively a level 4.
So, given the above. I dont see any benefit from this. Unless it makes level 3 easier, I am sure it will given that there are 3 paths . LOL @ private wealth, id probably go for that one.
Honestly it makes sense if CFA 3 is a mid-career qualification rather than something you start getting in college. Currently level 3 is quite distant from investment banking and PE, which is probably going to be better covered by private markets. I guess once you get a job out of college, you can do the corresponding level 3 too.
I am a bit concerned that it may damage the brand though. Right now there’s one CFA Charter. They even don’t tell you have you scored in L3, so that there is now distinction between charter holders. Now the first question will be what kind of CFA you are.
I kind of wish they’d just kept the CFA as CFA and balance the PM in L3 a bit more, and then added this specialization thing as a separate designation for CFA holders.
@@dojimaryotaro6563 For IB/PE/PrivateANDpublicmarkets you are best served in CFA level 2.
What more can the CFA charter teach you at level 3 that your career could not have taught you by the time you are level 3?
@@dseer13 The same question can be asked for any profession in finance really. I find that random CFA stuff I never expected to need comes up all the time.
@@dojimaryotaro6563 That is simply not true about any profession in finance.
Also, the Charter as it is NOW, has all the info you would need.
There is no need for them to do what they are doing to it.
And If random stuff pops up, you would likely not remember it from the cfa curriculum and you would, just like any other professional, refer to google.
What they are doing runs the risk of creating different tiers of CFA charter holders for different career paths. This is dangerous and dilutes the value of the charter. a major risk.
Hi Mark, i have been trying to send you a mail but it keeps bouncing. Please i would like to confirm if the tutorial subscription fee is in usd dollars or Canadian dollars, as i am a bit confused about that. I would be sitting for the level 1 exam and i intend to purchase the 310 dollars subscription ( but i am not sure if the fee is in usd or cad)
I anticipate your response, thank you.
I really do hope you see this comment and reply 🙏
All prices are in USD. Use support@markmeldrum.com instead of mark@markmeldrum.com
Will the pre-requisite materials be tested as well?
no
Hi mark, If I have failed 3 times in CFA Level 1 in 2016, 2017, and 2018, do I only have remaining 3 last chances to pass Level 1 if I register after 2024? What happens a candidate fail the level 1 exam 6 times in a row? Is there any way to take the CFA Level 1 exam after the 6th attempt? Is the candidate not eligible to take CFA Level 1 if he has failed 6 times😢 ?
The 6 limit began in 2020, so it most likely does not apply to you.
At first glance, the mock exams / the Q-Bank at exam difficulty seem great, but this would also make the preparation process easier - and surely this should lead to a lower failure rate (which CFAI would like to keep constant I guess). This could mean the difficulty level of the practice questions and the exam will increase.
But that assumes CFAI uses a bell curve to grade, which they explicitly do not. They don’t set a desired pass rate and then grade based on that. They set the MPS based on the test difficulty. If a candidate passes it is purely based on if they meet the MPS or not
Badges! We ain't got no badges. We don't need no stinkin' badges! A true "treasure" if you will ... don't want to give away the answer to easily to those curious
The treasure of the Sierra Madre 😂 1:07:59
Hi Professor,
I am currently deciding weather to commit to CFA or not. I completed BBA undergrad Dec 22 and have begun studying your L1 materials I have not signed up with CFA nor have a date for an exam.,I find the quant section far too important and a good refresher, it was a while ago that I took those courses and I do not use any of it on a daily basis.
The Question is: would you wait and book L1 in 24 or book for November 23 In order to avoid overlap or omitted materials on the latter exam?
Nov 23 or Feb 24 will not materially change your experience.
my Graduation was in 2018.. am i not eligible?
You can take it anytime now.
@@MarkMeldrum i am preparing for Nov 2023 level 1 exam.. what happens after that? can I take level 2 exam in 2024? and level 3 after that..?
Yes.
I find it hilarious that CFA offers an additional supplemental package for 300 dollars. Like hello?? We are already paying exorbitant amounts to sit and write the exam as well as studying loads to reach 300 hours, may I at least have the decency of receiving as much supplemental material as possible from the institute?
Blazing Saddles!
Or you can meet the 4,000 hours of work experience
Didn’t see anyone say blazing saddles yet
Blazing Saddles
First