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In the business field, the most common graduate degree that you get that specifies your proficiency in business topics is the MBA. MBA students tend to take those degrees on to managerial careers, hopefully getting them up to the C-level executive ranks that pay the big bucks. That probably does not even cover it. More like the HUGE bucks. But for investment bankers and other financial analysts, the MBA is not always a sensible degree to pursue, so they do not need GMAT tutors. In fact, it might not even be in the top two. Lots of investment banks are looking at the people who are able to manipulate numbers the best, which is why math majors actually tend to make great investors. Computer science also becomes important, as programmers that are able to combine computing power with their own knowledge of markets do a great job of managing money. Another way that you can differentiate yourself in the field is by going after a Chartered Financial Analyst charter, which is another credential that signifies your ability as a financial analyst. If you are looking to get on this path, working with private CFA tutors might be the right path for you.
The first requirements before you take the exams and join the CFA program are that you complete an undergraduate university or are at least in the final year of studies before you apply to the program. The other way in, which is also a requirement, is four years of relevant professional work experience in an investment decision-making process. You can apply to the program with one of the two requirements met, but the charter will only be granted once you have both the degree and work experience in hand. Only after all of that work are you even allowed to try to pass the CFA process, which consists of three exams.
The whole process of the CFA takes at least three years, as students take the exams once per year over the three years. It can take even longer if the pass rates of students are not high. The pass rate averages to around 50% across the three exams, but the toughest tends to be the first exam. Since the 1960s, the pass rate for Level I of the exam is just 42%, compared to 57% on Level III. During the 60s and 70s, it was up in the 70-80% range, but that fell significantly to the 30-40% range in the 2000s and into the 2010s. It was as low as 35% in 2004 and 2005. With such a difficult exam, you can see pretty easily why people are searching for CFA tutors near me. If you can do anything to increase your chances of passing, it could make a huge difference. Imagine coming close, but missing out. You have to wait a whole other year to try again. Potentially, you could take Level I again on the next cycle (it runs twice a year, once every six months), but do not hold me to the fact that you are eligible to do so.
Passing the exam is no easy feat and there is no benchmark score to point to that tells you that you are ready for the exam. In taking the SAT or ACT, the good news about studying is that you have a lot of resources available, like practice tests, which can give you confidence before you take the test that you have what it takes to get a passing score. The scores also stay consistent from year to year (mostly, unless you are the SAT and can’t decide whether you should be 1600 or 2400 points), so you know what the bare minimum might look like and what it takes to get to a sufficient level. The CFA exams would like you to know that your feelings are not important. They are not holding your hand to make you feel confident. You just have to pass or fail, but you will not know what either looks like. The passing score for the exam is determined in a complex manner that requires first figuring out the upper limits for student scores. The passing grade is then determined as a measure of the top scores, with those above 70% receiving a passing score and those below getting a percentile rank of where they fall in the failing class. There is no overall score, just a series of percentages based on how you do in various topics. They do not make it easy, which is why we need great tutors.
Private CFA tutoring is going to cost you a little bit, which might not be what you are looking for in this process. The exams themselves are not cheap at all. Just to enter the CFA program, it costs an initial $400 to $480. Each exam ranges in price from $710 to a whopping $955. You might think that the $3000 you are spending just to take the test is enough, but when you consider that tutoring might tack on an additional $1000, you might see that the 33% increase is worth it because you save yourself from spending that money to retake a test.
Once you find out that the cost is something that you can work with, you want to make sure that you find a tutor that can walk you through each level of exam and make sure that you are prepared for each one. Each exam has a very different structure, so you are going to have to learn each one separately. Level I consists of 240 multiple choice questions that contain all of the information necessary to find an answer right in the question. Level II amps up the difficulty by making it so not all information is present. There are only 120 questions this time, broken into 20 sets of six items each, but they are going to really make you think about answers. If you make it all the way to Level III, you get even fewer questions, but the format changes again. Now, there are only 10 sets of six questions, totaling 60 multiple choice problems, and an additional few essay questions that require a deeper response. Each exam has its own strategies to succeed, so finding someone that can walk you through all three can be difficult, but it is worth working toward.
When searching for CFA tutoring near me, you want to make sure that you are getting the best tutors possible, so we hope for people that have taken the exam before and passed all three parts. If that sounds like you, reach out and join the team.
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