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It's always nice to get something for free. Especially CFA preps

CFA is not for the people with empty pockets. Program enrollment and exam registration fees will cost from $990 to $1395, depending on the timing of application. Plus, it really helps to have some unofficial preps, like Schweser Study Notes, if you don't have time to go through the multi-hundred-pages official curriculum.

So, it's really nice to learn that some of that material is now available for free. Investopedia.com now hosts CFA Level 1 prep, along with Series 6, 7 and 63.

Even after spending 5 or so minutes browsing the site it became obvious to me that this is way too little to pass the exam, but it is still a very useful resource to gain an understanding of the topics covered and occasionally find one of the not-so-complicated formulas online whenever you need them. Not so bad for the times when salaries are not expected to increase for a while.

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CFA Pass Rate

It is interesting to note that CFA pass rate has considerably declined over the years. It amounted to as much as 94% at the time of inception in 1963, and as little as 42% for the June exam of 2007. Of course, the total number of exam-takers has grown around 250 times, so these pass rates are not completely comparable, but the shift is considerable enough to show a clear trend. Is it the exam becoming more difficult, or the exam-takers are getting dumber? Let's just hope that I am one of the few lucky among the 42% when I receive my exam results in about two months... Original data is available at CFA Institute official site at the following URL: http://www.cfainstitute.org/cfaprog/pdf/candidate_results.pdf

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