CFA Update

"After much pain and suffering, toiling through the pages and hoping that I remember even the slightest thing that I read, I look back at how far I've come and feel a sense of pride, that I have finally finished trekking through the jungle of information of what was the first three books of the CFA Level I Examinations." Joshua Ng 2009

Ok, that was slightly exaggerating. But there were a few true facts, namely one of them is that I have successfully finished the first 3 books of my CFA Level 1 Examinations! What a journey it has been, absorbing all that information. At times it has been really stressful and at other times grateful for what I have learnt and remembered so far.

The first book - CFA Ethics and Quantitative Methods

The second book - Economics

The third book - Financial Analysis and Reporting

By finishing the 3rd book, I am more than halfway through the whole curriculum already. It is because the thickness of the books is skewed towards the first three books out of six books in total. And finishing the 3rd book means I am at the 43rd Reading out of 74 readings in total. I am looking forward to the finishing line!

So what does it feel to be doing the CFA? Well alot of times you will feel that it is like climbing a hill. Some topics are easy and you have learnt before, some topics are hard. You will feel that sometimes going through the pages of the hard topic is just such a pain and you can't wait for that topic to end. But you know in your mind that every topic is just as important for the exams and anything could possibly come out.

Along the way, it is very important to remember why and precisely why you are taking the CFA Examinations. It involves alot of commitment and a clear focus on the curriculum. You must be very sure of yourself, because the moment will come when you will ask yourself "Why am I doing this?". Seeing that the material is like a whole ocean, swimming through it can prove dangerous and make it very easy to "drown" and give up.

I always remind myself that it is my dream to one day be a CFA Charterholder. I do it because of the dream of being a CFA Charterholder which means the ability to travel anywhere in the world to work, to have the gold standard in the investment profession, to be respected as a highly qualified investment professional and to have in-depth knowledge of being an investment expert in my future career, where I aim to be a fund manager. This dedication is absolutely necessary for a person to complete the CFA Program without losing focus. The program is a journey, one that you must remain focus, if not it will be easy to lose your way and go off track.

In terms of hours put in, the CFA Institute people recommend a minimum of 250 hours. Personally I think that that is too little. It is impossible for someone to successfully complete the whole program in that number of hours. I have personally done about 198 hours so far and I have just finished the 3rd book. My recommendation for my fellow blog readers is 400 hours at the minimum. That should ensure you are truly prepared for the exam and having no chance of failing.

For those of you interested in taking the program, I recommend you look at these additional notes to aid you in your tough journey:

www.analystnotes.com

www.schweser.com

I end with some inspirational quotes of current CFA Charterholders:

"Each time you learn something from the curriculum, it can directly be applied."

Rohit Rebello, CFA - Mumbai, India

"You find time where there is no time."

Mamokete Lijane, CFA - Johannesburg, South Africa

"Be ready to learn and be open-minded"

Olga Logvina, CFA - Moscow, Russia

"You should live with the CFA Program. I took the curriculum books with me when I travelled."

Gao Yuan, CFA - Shanghai, China

"It was challenging to do it while working full time, but I had a three-year vision and it was worth it to me."

Roksana Ciurysek, CFA - London, United Kingdom