June’s CFA exams are over! Candidates who’d spent hours studying are now free to frolic in the rain (assuming they’re in the UK),
Unfortunately, however, this may not be the end of the matter. Pass rates for CFA qualifications are notoriously low. Last weekend's exam-takers will be told how well they’ve done in anything from 60 to 90 days’ time. Past experience suggests anything from 35-50% of them are likely to have failed.
This year, it’s quite possible that an even higher proportion than usual won’t have made it through. Anecdotally, Levels II and III were particularly hard this year. One Level III candidate complained that all the difficult derivatives questions were buried at the end, making timing all-important. Another Level II candidate based in the US claimed a candidate went crazy mid-exam and started to bang on the table, scream and rip his exam book into pieces. He was reportedly escorted out.
Goldman will be naming 100 instead of 110 partners this year. It will also be naming fewer managing directors. (DealBook)
Morgan Stanley may sell a stake in its commodities unit. (CNBC)
Hedge fund trader Jeffrey Burch, formerly of Millennium Asset Management, is joining Goldman Sachs to manage fixed income products within its private wealth management division. (Financial News)
Christian Siva-Jothy is selling his Scottish island. (Daily Mail)
Deep down, London sees the banking union is a good thing, a fix to the eurozone crisis. But officials recognise this will be a turning point for the UK’s membership.(FT)
Morgan Stanley has reopened its fixed income trading desk in Toronto. (WSJ)
You may not want to be working in investment banking for Vontobel. (Berenberg)
"Germans need the Greeks because they have this zest for life that makes the Germans happy." (Spiegel)
When in doubt, it’s better to trust a computer algorithm. (Farnham Street)