i think cfa program focus too much on risk analysis , among this is the choice between low risk and high return.

but in fact, we can find out a stock with high return and low risk. cfa books do not tell us how to find this stock.

to find this stock, we need to analyse competitive position of a stock. but cfa dose not analyse competition enough. MBA program is very good at competition analysis and help us better to choose a stock with lower risk and high return.

the strong point of CFA program is the deep analysis of portfolio. but the anaysis is reduandant. if we keep more than 10 stocks in different industries , most of risk specific to a company are diversified away. most funds keep more than 10 stocks , so most fund do not need to understand portforlio.

the key to stock investment is to find a good stock. but cfa dose not tell us how to find a good stock.

brand identity is a competitive advantage which make a profit of a stock grow and keep other stocks unable to grow. but cfa never analyse brand name.

i buy some stocks in vietnam. for some , i gain success, for other, i fail. my success and failure is all caused by brand name concept.