My CFA Journey So Far

It's been quite an exciting journey so far. Undertaking the CFA Level 1 exam is a huge challenge. It required my commitment, dedication and a lot of my time spent doing it. There are 6 textbooks in total to memorise and study. Fortunately, until now, I have managed to finish all 6 textbooks! However, that does not mean that I am ready for the exam. Actually I still have got a lot of practice to do and improvements before I can sit for the real exam.

My CFA examination is due on the 6th of December of this year, which leaves about just another 45 days left. The odds are staggering, only 35% of candidates pass every year for Level 1 alone. How sad is such odds of which I am facing. I guess the upside is that if I do pass, I will be one of the top in the world in the finance industry. The things we do to be recognised. Then there's also the calculator problem. For all of you who are going to be future CFA candidates, I recommend that you try to master the calculator as soon as possible. That is because CFA only allows 2 distinct calculators into the exam, of which you must use either of them. They are complex things and require alot of time to master it! Some people can fail the exam because of the calculator (and I hope its not me!).

The CFA exam is unique in the sense that not everyone is able to do it. You require intense discipline and commitment. Even if you are the brainiest maniac in the world, if you do not spend the time studying the material, you won't pass the exam. Add into the hot water that this CFA exam is totally voluntary which means that there is going to be a huge temptation to not study because its 100% voluntary. I always use the excuse that I've already paid US$1000 to sit for the exam so hence I do not want to waste my money, even though I know my thinking is flawed since it is a sunk cost already. Furthermore, to add spices into the hot water, the CFA exam type questions requires you to really internalise the material, not just read it. So you got to really understand what you are studying to pass the exam successfully.

It really covers everything a financial analyst needs to know to be a good one. You will learn ethics, quantitative methods, economics, accounting, corporate finance, equities, bonds, derivatives and alternative investments. Truly it doesn't get much harder than that. I would agree full heartedly that CFA is the hardest exam I will be taking in my entire life. Levels 1, 2, 3 are 3 exams you would neeed to take (and successfully pass) to get your CFA (besides the 4 years of work experience needed). Each exam is 6 hours long with an hour break in between. For level 1, there is 240 Multiple Choice Questions that every candidate needs to take! I read somewhere on their website that 25% of the candidates are a no-show, that means they paid their fees but did not actually turn up to the exam. I am sad to say, however, that of my friends who I found out registered for CFA before, the odds are around 25% as well of those of them who "flunked" out during the exam day.

So, having 4 uni exams coming up and this big exam called CFA, wish me luck my dear readers! For anyone sitting CFA out there as well, all the best! We can do this!