LIFA vs. CFA
As I stated earlier, I am a CFA Level III candidate for the second time. Once you start the CFA program, you sort of get locked in (escalation of commitment). CFA Level I is pretty easy to pass, but Level II is much harder, then Level III is actually quite difficult (even though the pass rates are high).
I think the Level III pass rates are high because it is such a solid pool of applicants.
I received the invitations to take the Licensed International Financial Analyst program test for free. I signed up, then let it expire, then after the pain of studying so hard for level III (Again) and then feeling that I got crushed (again), I opted for signing up for the LIFA exam.
LIFA is actually a great structure for a financial competency exam:
- It is offered about 300 days per year at Prometric Facilities which tend to be much closer to everyone's home. And you can repeat frequently
- There are no required books to buy
- They just have a list of key words/concepts to understand...the curriculum and questions for LIFA Level III are very similar to CFA questions
- The test is all multiple choice and you can get your results within a month (I got mine in a week)
- If you already have an MBA or CFA, you can skip to the Level III exam, bypassing levels I and II.
The problem with LIFA is that there are only about 12,000 LIFAs and the organization is much less well known.
Ideally, I will pass CFA Level III to get the well esteemed CFA, but LIFA might be a much more humane way for someone to get a certificate without sacrificing over 3 years of time and fees.
The CFA is a great, well respected program, but the time commitment and cost is high.
I wonder the true value of CFA or LIFA to Hedge Funds and/or Private Equity Firms???
I think the Level III pass rates are high because it is such a solid pool of applicants.
I received the invitations to take the Licensed International Financial Analyst program test for free. I signed up, then let it expire, then after the pain of studying so hard for level III (Again) and then feeling that I got crushed (again), I opted for signing up for the LIFA exam.
LIFA is actually a great structure for a financial competency exam:
- It is offered about 300 days per year at Prometric Facilities which tend to be much closer to everyone's home. And you can repeat frequently
- There are no required books to buy
- They just have a list of key words/concepts to understand...the curriculum and questions for LIFA Level III are very similar to CFA questions
- The test is all multiple choice and you can get your results within a month (I got mine in a week)
- If you already have an MBA or CFA, you can skip to the Level III exam, bypassing levels I and II.
The problem with LIFA is that there are only about 12,000 LIFAs and the organization is much less well known.
Ideally, I will pass CFA Level III to get the well esteemed CFA, but LIFA might be a much more humane way for someone to get a certificate without sacrificing over 3 years of time and fees.
The CFA is a great, well respected program, but the time commitment and cost is high.
I wonder the true value of CFA or LIFA to Hedge Funds and/or Private Equity Firms???
Replies to This Discussion
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Permalink Reply by mat t on -
LIFA seems like a good alternative to CFA, but it really depends on what your ultimate goals are, how good you are at studying, how good you are at testing, where you live, and whether you have an MBA or not in advance.
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