Don't have the motivation to continue

CFA General
#1

Hello all,

I’m not sure if this will end up being a rant or a question, but either way I’ll try to keep is as short as possible to try and illicit some responses from you educated folk.

Background: Went to a mid level University in Canada and receive a BBA. Majored in Finance - I graduated with honours, but overall my grades were very very average (75% over 4 years).

I currently work in a very back office job at a big 5 Investment bank in Canada, however am in contact daily with the analysts and associates and am on good terms with many of the people that I talk to.

I enrolled for CFA level 1 in June 2016 and currently am reading through Scweser, I only have 1/4 of FRA left, ethics, equity, fixed income, and economics left to read through before I start banging out questions and mocks.

I have a solid study plan, and am very motivated thinking about studying and passing the exam, but when I sit down I zone out instantly. I tried studying at different times of the day… 4AM before work, lunch break at work, after work, after the gym, after dinner etc. It’s all the same feeling.

I think the issue is deep down I don’t feel interested in the material at all - I’d like very much to make the transition to an IB analyst in the future, but the problem is the experience I’m getting in my current job is not helping me at all move towards that route - it is a very mundane, repeitivive typical back office job.

I guess my question/point is, I’m losing motivation ALREADY and I’m still 5 months out… Is this a normal feeling? Is there anything I can do to combat it? Since I have a degree in finance and am in a large bank already, would I be wasting my time with the CFA? Honestly, even if I pass level I I know that level II and III will be an absolute nightmare and at this point am not 100% sure I even want to continue if I do somehow pass level I. I just hate the thought of wasting the large amount of money I already threw at level I, especially since I enrolled when the Canadian Dollar was literally dirt compared to the US. PLUS I bought Schweser LOL.

Thanks if you took the time to read this, I hope someone is able to shake some sense into me (virtually of course)

#2

hacksaw then?

#3

At the very least, finish Level I. Even if you don’t pursue L2 and L3, you will learn a ton about finance from L1. If at some point down the road you want to continue, then at least you don’t have to start from L1. L1 should largely be a review anyways and it’s a good way to brush up on what you learned in undergrad.

If the goal is to transition to IB anyways, most on this forum will tell you it’s less about your credentials (CFA and the like) and more about networking and the people you know. I would focus on that.

In addition, if you want to transfer into IB, you will need some work ethic, and studying for L1 will give you some discipline in this regard.

#4

Thanks for the input DW. Defninitely good points that I needed to hear.

Also,Itera… I’ve seen that hacksaw reference not only from you but others on this forum as well… and I still have no idea what it means.

#5

When I was studying, there wasn’t a day that went by that I did not have those same doubts (or demons) - “Is it worth it?”

As with anything hard, there will always be reasons to give up as no one knows what the outcome will be. Nothing is guaranteed. In the end perhaps it will be a pyrrhic victory.

But at least I know that I did all that I could and I have the satisfaction of completing what I started.

And most importantly, I faced the doubts every day and defeated them. That is why, no matter what happens, I do not regret the hours and money I spent on becoming a CFA charterholder.

It isn’t the mountain ahead that wears you out; it is the grain of sand in your shoe.

#6

When you sit down too study dont think about going for a marathon run of 2 hours or three hours straight, pick a topic and focus on it for 30 mins with your un divided attention, smaller the studying slots easier it is to focus and have a productive study session,If this strategy works for you then all you need to do is, increase the frequency of these 30 min study sessions.

Hope it works!

ST

#7

If you studied finance at uni you will know most of the L1 stuff anyway. I suggest skimming through the last bits and going straight for the questions. It’s more motivated to study something you are aware you don’t know than trawl through material you’re familiar with.

After that, you need to have a real think about whether you want to give L2 a go (it will be a big step up as as you know most of the L1 stuff but not most of the L2 material).

#8

Thanks for all your replies guys - it is all very much appreciated. I guess I just have to suck it up and get through it. I’ll need to experiment with different study techniques etc. I just really dislike reading and I know I’m retaining almost 0% of what I read. I’m really debating just reading ethics and jumping into questions to learn econ, fixed income and equity.

#9

If you’re having this much trouble with L1, I’d just throw in the towel. L2 is so much harder than L1, it’s not even funny.

#10

and id argue L3 is harder than L2

#11

But is it funny?

#12

Personally I think one of the biggest determinants of successfully getting through the three exams is to have interest in the material.

#13

Personally believe you are right. Essay format must not be funny.

#14

Essay format in a foreign language, not funny at all. At least it ain’t chinese

#15

At least we will improve our English. This is one of the positive externally of CFA program (even if we fail an exam). Also making the beautiful friendships on this forum. LOL!

#16

I would agree with most people of the post. If you have interest in the materials, studying will be less painful.

Question, why do you want to be in IB?

#17

If you’re already registered to sit for the exam, I’d say at least play out the string. Study to the best of your ability and see where you are and how you feel in a few months. Sit for the exam to get the experience. I wouldn’t necessarily listen to the people who are advocating throwing in the towel because you’re having doubts and/or struggling early on in L1 prep. That was a pretty common theme for my first few months. Eventually I found a good routine and the material started to come easier. I think once I got a grasp of the scope of the curriculum one time through it didn’t seem as daunting. At the beginning it seemed impossible but it’s really not so bad.

(I did way better on L2 than L1 fwiw.)