Being successful as an undergraduate at university does not always mean that you will be successful with the CFA Program. After all, the CFA Program has a notorious attrition rate: for every five candidates that start the CFA Program, only one will eventually earn the coveted charter. Recently, a potential CFA candidate in my network told me that Level I would be easy because he studied a lot of the CFA exam topics at university. Having worked through the CFA program, the word "easy" never comes to mind with the gruelling CFA exams. And in my own personal exam-writing experiences, nothing was as challenging or as stressful as the CFA exams. Not even close! If you recently graduated from university with a finance or non-finance related degree, my advice is to consider that Level I CFA exam is like writing ten different exams on the same day. That's because the CFA exam at Level I contains ten different topic areas, from Financial Reporting & Analysis to Economics to Ethics and Professional Standards. When was the last time you wrote ten exams
on the same day
at university? Never. Here are three things that I would advise to new CFA candidates or those considering registering for Level I: 1. Have an open mind to learning more.
Sure, you might have studied about CAPM in your Finance 101 course, and CAPM is certainly part of the body of knowledge of the CFA Program. However, don't take your previous knowledge for granted. The multiple choice questions at Level I are professionally written with common traps set that you need to avoid, perhaps much better structured than anything that your professor prepared. And, of course, you will not remember everything from your university courses. Pretend that you are totally new to the CFA topics and are thirsty for more knowledge. 2. Don't think about cramming.
Last-minute study might have worked at university, but this is generally not a successful strategy for the CFA Program. You need to start your studies well in advance of the actual exam. Most successful candidates begin their studies in earnest within four to six months of the actual CFA exam date,
finding time every day
to chip away at the vast curriculum. 3. Plan and manage your own structure. At university, your professors most likely provided you with a detailed timetable for classes, assignment deadlines, and exam dates. And your professor also had office hours so that you could visit to get help. When you register for the CFA Program, you will receive an intimating set of books (or eBooks) and an exam date in June (or December). So, you will need to build your own study schedule, providing a structure where there is none, and form a network of trusted people who can help you when you need it. CFA Institute provides an [url=http://www.cfainstitute.org/programs/cfaprogram/courseofstudy/Pages/cfa_study_planner.aspx]interactive study planner[/url], but you will still have to use it and manage it. Failure to plan is a key reason why candidates fail the CFA exam. Best wishes for successful CFA studies, | 
发表于 2015-9-2 22:43
|