Umpteen years ago, after checking that I met the eligibility requirements, I signed up for my CFA Level 1 exams as a sprightly, wide-eyed innocent.
Now that I’m a CFA charterholder, I wished I had someone who’d gone through everything to point out the potholes of the journey I’m on. For example, warning me aboutthe difficulty of Level 2would have saved me a lot of trouble!
Here are 20 things I wish I knew before going through the CFA exams. May they help you on your own journey!
#1. CFA exams are not easy, and Level 1 is just the start
Commonly cited asone of the world’s hardest exams, CFA Level 1’s difficulty is comparable to a diploma level and gets harder from then on.But I didn’t know that it’s never-seen-before-and-by-the-way-you-could-definitely-fail tough.
Oh, and by the way,Level 2andLevel 3 are way harder than Level 1, although which is the most difficult CFA level is up for debate.
Although Level 1 and 2 are multiple-choice questions, Level 3 introduces half the paper in constructed response (‘essay’) format too.
Or if you’re a half glass full kind of person, it could also mean that you’re more likely to pass Level 2 and Level 3 once you passed Level 1.
According to CFA Institute, about 50% of successful candidates passing the CFA Level 3 exam passed each exam on the first attempt (i.e. sat a total of 3 exams,) while about 25% sat a total of 4 exams.
#2. I’d have no weekends for the 6 months before each exam
That’s at least 18 months of no weekends, or 153 holidays’ worth of time. Hopefully sticking to your study plan.
Gone.
Poof.
#3. That it is crazy
Between a hectic full time job andhaving a young family, it took some real discipline and ruthless time management to balance so many different priorities.
Got prettyburnt outin the end.
#4. That I will have nightmares of malfunctioning calculators
Closer to the exams, I developed a sudden paranoia ofcalculators running out of batteries, orforgetting how to set up my BA II Plus again if a proctor does itto mine on exam day.
#5. That thelow CFA pass rates EXCLUDES no-shows
Oh yeah, no wonder we all have a cold sweat when CFA difficulty is discussed – it’s one of the world’s hardest exams (see #1).
Erm,should I be taking the CFA examsin the first place? Or look at CFA alternative courses?
#6. That I willnothave the willpower to study on weekdays
The combination of the long day at work plus the CFA exams is just a bit too much for me personally.
But fret not,lots of CFA candidates manage to grab 1-3 hours of studying on weekdaysto minimize the weekend load. Do what works for you.
#7. That the CFA Institute study material is dry as hell
Disclaimer: Candidates find it much better now, but I found it very challenging to digest due to the sheer amount of text when I was a candidate.
Third party study materials are hell of a time saver!
#8. ‘Mock till you drop’ is the name of the game
That the key topassing CFA Level 1,Level 2andLevel 3is topractice the hell out of the mock exams, preferably under timed constraint.
Here’s our free practice exam guide roundup, and what ‘safe’ target mock scores to aim for.
#9. CFA Institute provides a free mock exam For candidates
Yeah, I didn’t know this until Level 2.
*face palm*
Use it wisely, as it’s the best practice you can have.
#10. CFA isnot necessarily a silver bullet for my dream career
It certainly helps, but it’s definitely not the answer to everything as many candidates think/hope it would be.
It’s worth checking out our career switching guide, typical charterholder career paths, as well as asset management outlook guide to figure out if a CFA charter could be useful for your career.
#11. That CFA proctors are extremely strict
A little more thanwiggling around and fidgeting could get me accused of cheating and my exam disqualified by the CFA Institute’s Professional Conduct Program (PCP).
There is some regional variation (London usually is more reasonable), but the proctors don’t screw around.
Be good during the exam.
#12. The security during exam is impressive and tight
Especially with the new computer-based testing security procedures.
Be at least 30 minutes early to give yourself time to go through the procedure calmly and unflustered.
#13. The CFA exam experience is special
Someone will probably show up for the exam in a suit. And on the opposite spectrum, someone will probably show up looking only slightly better than a homeless person.
You’ll experience a lot of different ups and downs emotionally on the day itself. There’s nothing quite like this.
#14.That you can’t bring water into the computer-based test room
Nor a second calculator, or chewing gum.
Check out the latest CFA exam day checklist updated for computer-based testing.
#15. The start and end time for CBT exams seem to be more flexible vs. paper-based exam
Previously for paper-based exams, you’ll be kept outside the exam room if you’re not in there before your exam start time.
However, we have heard some first CBT candidate reports that some started earlier than their official test time (and ended earlier), whilst some were 15 minutes late and it was still OK.
Don’t chance it though, it’s best to arrive at least 40 minutes before your exam for the check in and security procedures.
#16.That I couldn’t tolerate other people using the term ‘CFA’ as a noun
(I probably make this mistake all the time too, but I can’t let it slide when I do realize.)
#17. Figuring out what relevant work experience means isn’t straightforward
What constitutes relevant, qualified work experience? How is it investment-related? Does this particular work experience count? How do I write my work experience properly?
All these are clarified in our CFA work experience guide.
#18. How to correctlydisplay my current CFA exam status is a minefield
I mean, there aredigital badgesnow.
Yes folks.
An image. Of some badges. For social media.
#19. Thatpeople will start saying silly crap to me
Bless them, but no one will quite understand what a CFA candidate goes through until they are one.
But saying “oh, you’ll be fine” will just bug the hell out of me.
#20. It doesn’t matter how awesome I was in exams before this
The chance of failing is very real, and will present a huge dilemma –do I retake? When do I give up?
I hope you’ve enjoyed my rant -_- ||.
Meanwhile, here are some related articles that may be of interest:
- CFA Pass Rates: How Hard Are the CFA Exams, Really?
- Why is the Recent CFA Pass Rate So Low, and the MPS High?
- What Is the CFA Exam? Our Beginner’s Guide
- 7 Reasons to Consider the CFA charter
- CFA Level 1 Tips: Top Tips from Previous Candidates
- CFA Level 1: How to Prepare and Pass CFA in 18 Months
