Copying it from a blog good read =============== I started preparing for CFA when it had been 6 months into my first year at B School. CFA seemed to be that great qualification which was very difficult to attain and thus very much respected. It seemed to be the magical gateway to $100,000 jobs and it was an accepted fact that it required very hard work and that hardly anyone cleared the exams in one shot. That was January 2007. Today is August 2009. I have cleared all three levels in my first attempt. I think now having gone through the program, i can write decisively about the myths and realities surrounding it. Here’s 50 insights in the program 1) Its not that tough that they make you believe. CFA is very do-able. 2) CFA is 80% hard work and 20% intelligence. 3) An average joe can clear the program provided that he/she does not give up hope. 4) CFA is difficult because you’ll have to give up on your social life for the three years that you’re doing it. 5) It is much more difficult to clear the exams while you are working 6) Thus, if possible take atleast 1 ( better 2) levels while you’re still in college 7) Clearing only 1 level or clearing only 2 levels does not carry any weight. You have to clear all three levels before you can make the exams work for you. CFA alone will not calapult you to the $100,000 job 99% of the times. 9) It is expensive. Abt $2500 to be precise 10) It will cover all topics in finance, but it is more suitable for equity research type of roles 11) it is not a subsitute of FRM ( and vice versa) 12) You’re not going to seem attractive to chicks in a bar only because you hold a charter 13) People don’t get that much impresed that you’re a CFA unless they are CFA level 1 candidates 14) the feeling of passing level 1 is the great, level 2 is good and level 3 is just ok 15) The happiness of passing Level 1 lasts 1 week, level 2 lasts 2 days and level 3 lasts a few hours. 16) Schweser is the best 17) Study atleast 2 hours everyday 18) start Preparing atleast 4 months before the exam 19) refer to CFAI textbooks only when in need for level 1 and level 3 20) Use CFAI textbooks often in level 2 21) you’ll forget what you studied by the time you complete your course. 22) in View of 21, revise atleast thrice before the exam 23) you mock test scores in Schweser Pro are the best indicators of your expected score 24) Doing Schweser back of chapter problems and doing CFAI past years qns is a very good idea 25) take free CFAI sample exam 3 weeks before the exam 26) take CFA mock exam 10 days before the real exam 27) apply for a 2 week leave before the exam , well in advance . 28) try to understand the material rather than mug it 29) Ethics is BY FAR the most scoring and important topic in exam ( especially in level 1) 30) take lots of tests 31) If possible, study from Schweser Videos for L2 32) Everyone who studies for atleast 300 hours for L1 shall pass that exam 32) NOT Everyone who studies for 300 hours for L2 shall pass that exam 33) L2 is very difficult. Abt 4 times more difficult than L1 34) If possible, form a study group 35) Don’t start hitting on the girls in the study group. If prone to such activities, study alone 36) Talk to your friends regularly on weekends. take out 1 hour on both days for this purpose. This will ave you from burning out 37) Have a beer when you’re frustated of this F&&&& exam 38) If extremely bored of prepatration, take a weekend off. Go on a trip/ read Calvin & Hobbes/ Gossip with friends. After 1 weeekend, hit the books again. Without fail 39) Don’t let people fool you into thinking that you can pass the exam in 2 weeks. That won’t happen unless you’re John Nash. 40) Join www.analystforum.com 41) It makes immense sense to talk to someone who has cleared your level (recently) before starting actual preparation 42) Don’t be afraid of the numericals. They’re not that difficult 43) for L1 - FSA , ethics are Imp 44) For L3, having a holistic view is important 45) For L2, Everything is important 46) Do not send the picture postcards you received with CFA registration to anyone, that’ll instantly classify you as nerd 47) Its better to complete one book before moving to another one, that way you’ll always have an idea about how much syllabus you’ve covered 48) Once you pass, don’t boast about the CFA program. That’s one of the most stupidest things to do. 49) If you fail once, don’t give up. If you fail twice, continue if situations were outside your control. If you fail thrice, leave it. 50) Degrees, Education, Charters, Exams are all of zero importance if you do not maintain good relationships with people. That’s the single most important thing that i’ve learnt over the three years in this program
Perhaps a bit more useful on the L1 forum wouldn’t you think?
what a load of sh!t. 2/3) I have the mentality that anything is doable if you put enough time into it. That would mean that you dont have to be intelligent to score well in any exams. Yet jobs classify people for ability using their school/college/university grades… I think that if you aren’t even slightly intelligent, then it would take you 10x as long and thats the reason why you’d give up. 5/6) And most people dont take this in college. thats cheating as far as I am concerned. Th challange is getting it done whilst holding a full-time job. 29) Ethics is not the most important topic in level 1. I failed ethics and passed the exam.
Some truth in there. Some very personal points of view that are presented as common wisdom. All in all a weak 5 mn of my life.
He used “CFA” as a noun! Take his charter away!
as a L3 repeater, I could not possibly disagree more with points 14 and 15…hope to be able to make an honest comparison come this August. How could passing L1 feel better than passing L3 and finally having your charter, achieving the goal, and (maybe best of all) never having to study this again??
- People don’t get that much impresed that you’re a CFA unless they are CFA level 1 candidates 14) the feeling of passing level 1 is the great, level 2 is good and level 3 is just ok 15) The happiness of passing Level 1 lasts 1 week, level 2 lasts 2 days and level 3 lasts a few hours. agree
Stopped reading after number 16, dumb!
adavydov7 Wrote: ------------------------------------------------------- > Stopped reading after number 16, dumb! There is a mixed perception about Schweser among candidates. Many people have passed these exams just using Schweser.
cfafa Wrote: ------------------------------------------------------- > as a L3 repeater, I could not possibly disagree > more with points 14 and 15…hope to be able to > make an honest comparison come this August. How > could passing L1 feel better than passing L3 and > finally having your charter, achieving the goal, > and (maybe best of all) never having to study this > again?? Agreed… 14 and 15 are ridiculous. Passing level three and feeling the weight lifted from my shoulders is probably the best feeling I’ve ever felt. Maybe it’s just me, but the sense of relief was incredible.
Wow… and I thought I had too much time on my hands…
14 and 15 are true for me. My excitement for passing level III lasted for an entire 5 minutes.
Well, to be fair, if you follow all of those suggestions, you will probably pass L1 and L2.
Alchemist1320 Wrote: ------------------------------------------------------- > 39) Don’t let people fool you into thinking that > you can pass the exam in 2 weeks. That won’t > happen unless you’re John Nash. Or f2d…he passed, right? Obviously we’d all have a different list of 50 insights of the program. He makes some valid points.
- You’re not going to seem attractive to chicks in a bar only because you hold a charter whah…? damn
Yay to Pt 40!. I agree with most other points too.
Im surprised at so many reactions…I just bumped at this list on web and agreed with most of the stuf…( except for comments on L3 as I have appear for that ) take it light guys…
L3 is the more difficult than L2 in recent years schweser pro is useful and good indicator of how much you know in L2, but less so for L2 and L3 schweser book 6 a good review material not to be missed
i went 3/3 while working but i have to disagree in general on the message depicted from these 50 points. CFA is not an easy exam, it looks easy after you cleared it, but it’s not like that. going back to the times i learned the material, there were a lot of difficult areas in the curriculum. and just like monki said, L3 is more difficult than L2 in the last years. the low pass rate helps to this too. the only thing true (unfortunately) is the fact that at least in my country and during these times, the charter does not seem of have any importance.