189,000 candidates sat for CFA Exams on Saturday, Gundlach responds on Twitter

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Good luck to those who sat for the CFA exam on Saturday. The hard part is over…now your patience must be tested while waiting for the results. This marks 2 years that I’ve been able to do something other than sit for an 8 hour exam on the first weekend of June.

I found this tweet about CFA candidates/charterholders from Jeffery Gundlach, CEO of Doubleline and the “New Bond King” to be a bit odd.

The most obvious problem with the tweet is he used “CFA’s” improperly as a noun but ignorance is bliss. He doesn’t know any better and isn’t held to the same standards. This is one of those inside jokes that only people who have studied the curriculum can appreciate.

I’m not really sure I understand his point – there are only 150k charterholders in the world and 26% more people sat for the exam? That still seems to support the idea that earning the charter is something that sets you apart.

Musical chairs since 2007? Isn’t finance always changing? That’s how people make money. Different views and opinions lead to mispriced assets and those with contrarian views can make money if they are right or lose money if they are wrong.

Lots of haters of the CFA designation/program in the responses to that tweet. Ignore the haters. Do you need the CFA charter to excel at investment management? Gundlach doesn’t have it and he seems to be doing ok. You don’t NEED a college degree to be successful but it at least improves your chances of having a job as the unemployment rate is much lower for those who have one than those who don’t.

I’ve done the MBA thing. Mine was an online program which is regarded as inferior to going to a brick and mortar campus. I get it, but the CFA Program was much, much more difficult and better prepared me for a role as an investment analyst and hopefully a PM down the road. Most importantly, the CFA Program builds a foundation of investment knowledge that stands up against any other investment curriculum out there.

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