Can I Earn the CFA studying 1 Hour Per Day, 250 days per year, for 6 years?

CFA General
#1

Within a few days I’m going to decide between earning the CFA and the CIMA.

Given my life circumstances, I can give it 1 hour per day, 250 days per year, as far as the eye can see. Realistically, it’s not going to be more than that. That’ll be a stretch, but I can do it. After six years I’d have studied 1500 hours.

I’m not Sergei Brin, believe me. My math is weak, and, no, I’m not a falsely modest high achiever comparing myself to the population of MIT. I rely on others to crunch numbers. I’d literally have to learn how to use a financial calculator from the beginning.

My gifts are otherwise. But I can learn mathy things albeit slowly.

So my first question is:

Given what I just revealed about my lack of math chops, should I punt on attempting the CFA based on that alone? It WILL bog me down if there’s a lot of complex formulae around parsing derivatives and super-involved statistical anlysis.

Having said that – I’m from the “the-journey-of-a-thousand-miles-begins-with–single-step” school of life and work. I can keep on keeping on. It would be slow, but I’m confident I could learn enough to pass given sufficient time and repetition with the material.

So in the last couple days, I was feeling like, “OK, I can do this thing. 6 years, 1500 hours plodding along. That ought to be enough.”

Then today I spoke with a guy who had the CFA and the CIMA. He was pretty skeptical that my “hour per day” approach would work. He thought it was necessary to “drink from a fire hose” doing multiple hours and marathon study sessions for the months leading up to the exam. He said otherwise I’d be testing on material I hadn’t seen for 9 months and completely forgotten by then.

So my 2nd question is:

Do you agree with that? Can my “water drip method” work? Or would I need to carve out 3 - 6 months to retreat to a cave and study to pass these tests?

If the answer is “yes,” I’ll have to go with the CIMA. I’ve got 2 kids under 5 and have to apply myself to growing my business for the next several years at least.

All feedback gratefully received.

Thanks.

NIZ

#2

Based on everything you say, I would say the CFA probably won’t be for you.

I’m a CFA charterholder, you can do a slow “water drip method” for a while, but at the least, you have to carve out at least a full month+ “retreat to cave”, and that’s assuming you retain a lot while 2 kids/biz. The slow method of trying to absorb things over time will ultimately eat up a lot more time vs a “3 month retreat before an exam”.

Perhaps you will retain the info over a longer period of time, but you may literally double or more your time commitment in the constant reviewing of it all

I would focus on producing results for that biz instead of using that time to grabbing these letters

#3

I have to agree with iteracom. Haven’t heard of anyone (and certainly couldn’t have personally) got through without ‘living, eating, breathing’ CFA for at least a few months before each exam.

If you think of your brain as a bucket, and its ability to retain material as a hole in the bucket, at 1hr of study a day, there won’t be much in the bucket come exam day…

#4

that’s exactly the input I needed. much appreciation.

#5

I agree with Iteracom too. Sounds like it might be more trouble than it’s worth. And you do have to retreat to a cave, at least in May.

I would also offer this. For most people who have at least a Bachelor’s in Finance or Accounting when they take Level 1, the test is really just a review. However, you don’t have a Bahelor’s in Finance or Accounting. For somebody in your situation, Level 1 will be the hardest.

If you spend a couple of years learning Level 1 very very well, then you should be able to do Levels 2 and 3 in only one year. However, whether it’s worth the trouble is very doubtful.

#6

I suppose it can be done, but it doesn’t sound like a very good way to study it.

Remember two things: a lot of people who pass put in well more than 240 hours, so if you are planning to pass with 250 hours per year, well, let’s just hope you put those to good use. If you have to retake a level, your past studying will probably help, but you’re still in for a lot of review and revving up for the exame.

I don’t know how you are going to simulate a practice exame of 6 hours (or even 1/2 a session for 3 hours) if all you are going to dedicate is 1 hour per day. Getting your mind ready to power on for 6 hours is part of the process.

Finally, the curriculum changes from year to year - not entirely, but just a bit. If you are really doing 1 hour per day for a year, and you don’t pass, you may well find yourself studying for a somewhat different exame next year.

Things to consider. Why do you want to do the CFA? If it’s just for the knowledge in the curriculum, then that may fine. If it’s for an employer or a future employer, please don’t tell them that you allocated a whole hour a day for this… it will probably not impress.

#7

I do not agree with Chad on this part. (I agree on everything else he said, though.) Whether you study 1 minute per day or 10 hours per day is irrelevant, methinks. Either you IS a Charterholder, or you AIN’T a Charterholder. Once you get the initials, nobody will know nor care how much you studied, nor how often you studied.

#8

My point was that if you are asked about what it was like doing the CFA (which does come up, Charterholders often use it as a kind of bonding, “yeah, I remember that” kind of experience), don’t mention that you did it by allocating an hour a day over a year. It comes across sounding like you didn’t really take it very seriously (not that it actually means that, but it’s about how it sounds) and were kind of lackadasical about it. It’s also probably not what the other guy did, so you won’t bond as well. My point being “just leave that part out.”

I agree that ultimately, CFA is more or less like a drivers’ license: few people if any will care whether you barely made it through or whether you got 70+% on all sections on all exams.

BTW, Greenman, I’m bchad, not Chad. Chad is the site owner. I’m just a moderator. (I’m not offended, I just wanted to clarify that point).

#9

It’s not who you are underneath but what you do that defines you.

#10

spain’s unemployment rate is ~25%. and ~50% for young adults.

when in doubt: dance.

like this guy:

[video:http://www.youtube.com/watch?v=vt2i0ts-uck]

#11

What you will find is that you need to be able to do 20-30 hours per week leading up to test time, because you get very far in to diminishing returns, and begin forgetting things at almost the same pace as you are learning new things. I am not very good in math either but I passed Level 1 and Level 2 on the first shot (both last year). The key strategy for me was “All In”, many people on here will push their time management to the outer limits, and then begin sacrificing sleep for study time. Also remember that preparing is not a linear process, you will be much more productive and have a higher learning pace as you build your mental tolerance near test time.

#12

I believe that everyone can find time when they really want to do something. So you don’t sound serious about really wanting to do the CFA. How about your weekends? Early mornings?

You cannot learn something in 1 hour a day no matter for how long; it’s just not how the brain works. Do you know anyone who has learned anything like that? I certainly don’t.

#13

All you’ll end up doing for almost all of each hour is trying to remember what you did yesterday. Sorry but I’ve never heard anything so ridiculous in all my life.

#14

WTF?

#15

@Drache - Are you talking to yourself on the forum?

#16

Dear Niz, I am a CFA L2 candidate and working full time on our family business. CFA L1 + L2 has taken the most of me despite my BSc in Accounting and MSc in Accounting and Finance. Someone that can devote 3-4 hours daily might be able to pass with the 2nd attempt. A bit of luck and brains might allow passing on the first attempt.

Generally 2 of my ex-girlfriends could not tolerate my CFA and working. My friends and close ones believe I give too much for nothing. They think I waste my youth in my cave. So there is a cost here. You have to be determined and conscious that this will challenge you physically and mentally.

#17

did rambo say that?

#18

no. Batman did.

#19

Well actually Katie Holmes said it first and later Batman quoted her.