Latest Posts
Tuesday, April 3, 2012

How Many CFA Mock Exams Should You Do?

by  | Write a Comment  (No Comments)

This is one of the most frequent questions for CFA candidates and I think it’s a good one to look into today. First just to be clear, I personally am talking about a 3 hour, 120 question exam. You might be able and want to take the 6 hour complete one to get the feeling and all but it’s never something I felt was useful. I personally prefer doing a 3hour one and then correct it carefully while questions are still in my mind.

So How Many Should Be Done?

Valid question and I guess each person would have a different answer although I would caution you. I have never heard of someone post-exam that said:

-i did too many mock exams

Or

-i started doing mock exams too early

It simply doesn’t happen

Start Early

As all candidates that bought my 12 week CFA strategy ebook will find out, I think you should do a first mock exam about 2 months before the actual date. Seems early? Maybe even too early? Great! It should add pressure and you should not feel entirely ready, especially if you are on a 12 week study plan.

That being said, the earlier you can find out your overall level, strengths and weaknesses, the earlier you can move on to the critical part of your exam.

How Many Should You Do?

I personally feel like doing one every week initially is about perfect and helps make the rest of the week more productive. Then, in the critical study week (which ideally ends one week before the exam), I try to start most of the days with a mock exam.

What are your thoughts on CFA mock exams? Do you intend to write one? Two? Several?

Read Post   No Comments   Print This Post Print This Post
Posted in Preparation |
Tuesday, March 27, 2012

This Is The Time To Shine – Nail Your CFA Exam Preparation

by  | Write a Comment  (No Comments)

I’m not the type of guy to sound alarms, start screaming or tell others what they should or should not do. But if you are planning on taking (and passing!) the CFA exam this June, this is pretty much the time where you should be getitng very serious.

I’ve said it before, I’m not a big fan of studying for 12 straight months although that can work very well for some candidates. I prefer using a method that maximizes results through 2 months of intense studying.

That is also why I wrote a detailed ebook that gives a detailed plan on how to pass your exam. In the end, passing the exam is much more about having a consistent and solid studying plan than anything else.

I sincerely believe that the ebook is worth much more than its cost price and the comments that I’ve received so far have been very solid.

But no matter what material, study plan or strategy that you decide to use, it’s critical that you start going 200% from now till exam time. What does this mean? Basically that you social life is winding down, so is your sleep to some extent. It also means that within a week or two.

It is CRITICAL that you do one mock exam. Don’t tell me you’re not quite ready, that you prefer waiting a bit longer, etc. I don’t want to hear it. Doing one exam will make an incredible difference. Why?

-You will likely get a bad score (giving you even more urgency)
-You will get a better understanding of the format and how to prepare for it
-You will get more information about your strengths and weaknesses

I’m telling you, there is no valid reason for not taking an exam. Set the date and stick to it. In the meantime, you can struggle, spend as much time as possible and do your absolute best to get ready.

Read Post   No Comments   Print This Post Print This Post
Posted in CFA Strategy |
Friday, March 9, 2012

CFA Level Explanation

by  | Write a Comment  (No Comments)

Today, I wanted to do a CFA level breakdown. It’s something that many candidates wonder about, what the differences between the levels of the CFA. First off, if you do not know what the CFA is, I have written quite a bit about what it is, what it stands for and what you need to pass it. Basically, the CFA title can make a big difference in the job, the salary and conditions that you will end up making. How do you get the title? The first thing, and by far the most important is to sign up for the exam.

So many potential candidates have a difficult time deciding if the exam is right for them or not. If you are able to commit yourself to passing the exam and want to pursue a career that relates to investing, research or trading, there is a good chance the CFA is for you.Then comes the tricky part, you must pass a series of the 3 exams:

CFA Level 1 – find out more about it here – if you are thinking about doing this one, I highly recommend that you take a look at our ebook: How To Pass The CFA Exam In 12 Weeks

CFA Level 2 – find out more about it here

CFA Level 3 – find out more about it here

Once all 3 exams are passed (which can take anywhere between 2.5 years and 10 years (yes I’ve seen some take that long), you can apply to become a CFA charter holder. Actually getting it depends mostly on what type of experience you have (it must be considered relevant by the CFA institute so generally that means being something where you apply a portion of the CFA material). I would say though that passing the exam is by far the most important.

Once all of that is done, you must simply pay your annual fees every year in order to enjoy the benefits of holding a CFA title.

 

Read Post   No Comments   Print This Post Print This Post
Posted in CFA Level |
Friday, March 9, 2012

CFA Level 3

by  | Write a Comment  (No Comments)

The CFA Level 3 exam is the final of 3 CFA exams that can help you obtain the CFA title.

CFA Level 3 Exam Format

The CFA level 3 exam consists of a morning and an afternoon session.

In the morning 3 hour session, candidates must answer 10-15 essay questions that have multiple questions on one subject. The challenge is always to answer the questions with as many details as would be useful but not too much either.For these types of questions, being able to do multiple mock exams as well as seeing the CFA material is key in seeing what types of answers they are looking for.

In the second 3 hour session, candidates must answer 60 multiple choice questions, there are 3 possible answers for each question.As is the case in the CFA Level 2, questions are all organized into sets of 6 questions. Basically, you read a situation and then have 6 questions about this problem. I personally find these much more challenging because reading them does take a lot of time. Also, if you do not understand the set correctly, you can be in trouble for most if not all of the 6 questions.

CFA Level 3 Exam Dates

The CFA Level 3 exam is only given once per year, on the first Saturday of June..

CFA Level 3 Material

The CFA level 3 material becomes even more about understanding and analysis than the level 2 exam. You might be asked to recommend a specific asset allocation for a given investor or do more complex calculations. The basic idea is that a CFA Level 3 candidate should be able to put everything together in order to draw opinions and conclusions about a portfolio, the risk, etc.

The main sections being tested in the CFA level 3 exam are:

-Ethics (10%)
-Asset classes (35-45%)
-Portfolio Management and wealth planning (45-55%)

 

Read Post   No Comments   Print This Post Print This Post
Posted in CFA Level |
Friday, March 9, 2012

CFA Level 2

by  | Write a Comment  (No Comments)

The CFA Level 2 exam is the second of 3 CFA exams that can help you obtain the CFA title. – It is the exam that usually separates the men from the children as they say, it’s very challenging and a majority of those that passed level 1 end up failing this one.

CFA Level 2 Exam Format

The CFA level 2 exam consists of a morning and an afternoon session. In each 3 hour session, candidates must answer 60 multiple choice questions, there are 3 possible answers for each question.The main difference with the CFA Level 1 is that questions are all organized into sets of 6 questions. Basically, you read a situation and then have 6 questions about this problem. I personally find these much more challenging because reading them does take a lot of time. Also, if you do not understand the set correctly, you can be in trouble for most if not all of the 6 questions.

CFA Level 2 Exam Dates

The CFA Level 2 exam is only given once per year, on the first Saturday of June..

CFA Level 2 Material

The CFA level 2 material digs much deeper into making sure that you understand the material. Where the CFA level 1 exam would have asked you to calculate a specific ratio such as a liquidity ratio, the CFA level 2 would figure out ways to not only make you calculate the ratio but also make sure that you understand what it means. There is much more of an emphasis on understanding what you are doing. I also think that the CFA level 2 material requires an extensive amount of practice as the same types of questions come up over and over but with variations that make sure the candidates understand very well.

The main sections being tested in the CFA level 2 exam are:

-Ethics (10%)
-Accounting (Financial Reporting and analysis (15-25%)
-Asset and debt valuation and understanding (35-75%)

Read Post   No Comments   Print This Post Print This Post
Posted in CFA Level |
Friday, March 9, 2012

CFA Level 1

by  | Write a Comment  (No Comments)

The CFA Level 1 exam is the first of 3 CFA exams that can help you obtain the CFA title.

CFA Level 1 Exam Format

The CFA level 1 exam consists of a morning and an afternoon session. In each 3 hour session, candidates must answer 120 multiple choice questions, there are 3 possible answers for each question.

CFA Level 1 Exam Dates

This is the only CFA exam that is given twice per year. It can be done either on the first Saturday of June or of December.

How To Pass The Exam

Hopefully this does not feel too much like a shameless plug but I really do think that our CFA ebook: “How to Pass The CFA in 12 weeks” gives a great base in how to pass the exam, mostly in terms of strategy. In my opinion, the key to passing the CFA Level 1 is not so much knowing the material itself but rather being able to focus on the critical parts of the exam, do mock exams at the key moments to ensure that you are fully prepared come exam time.

CFA Level 1 Material

The CFA level 1 material is mostly basic finance. It would be very similar to what a candidates could learn in a finance degree. There are 3 big elements of focus:

-Ethics (15%)
-Accounting (Financial Reporting and analysis (20%)
-Asset and debt valuation and understanding (30%)

Read Post   No Comments   Print This Post Print This Post
Posted in CFA Level |
Tuesday, February 14, 2012

The CFA Is A Fair Exam

by  | Write a Comment  (No Comments)

I was asked the other day about the CFA because a friend of mine felt it was unfair that after spending hundreds of hours studying for the CFA exam, he might end up failing because of bad luck or because he had missed a few details out of over 1000 pages of material. I couldn’t disagree more. I personally feel like, as hard as the CFA exam is, it is the fairest exam that I have ever done. Why?

Honestly, I have never met someone that 100% should have passed the exam but didn’t or the opposite. In my opinion, someone that is able to consistently score 70% or so in mock exams will always end up passing the exam. In the same way, those scoring closer to 50% will always end up failing. You might find one or two miracles but I would say that as a general rule, it’s almost always the case. Why?

The CFA exam is fair, it asks you 240 multiple choice questions giving the CFA institute the opportunity to test more or less all of the critical elements of the exam. Since the large majority of the content is taken from those sections, this also greatly diminishes of not knowing a few less critical parts that end up being in the exam.

I have a strong feeling that for 90% of candidates, they should have a fairly good idea of their odds of passing the exam before even sitting down that day.

If you think there is even a possibility that you will not be ready, I would highly suggest that you take actions to plan your studying as carefully as possible, that is what will end up making the biggest difference. I would of course recommend that you try out our ebook: “Passing the CFA In 12 Weeks” which has as many tips as I could think of.

The reality is that the CFA exam is a fair one and if you want to pass it, you can’t cheat yourr way around a good preparation.

Read Post   No Comments   Print This Post Print This Post
Posted in About the CFA |
Monday, January 30, 2012

No, The CFA Exam Is NOT Getting Harder

by  | Write a Comment  (No Comments)

I hear it all the time, newer candidates complaining about the exam, especially when they fail. Don’t get me wrong, I feel for everyone that has failed the exam, I really do. Today’s post has nothing to do with that. I often hear about those candidates that passed the exam 5 or 10 years ago and how easy it was back then, especially when they compare the passing rates in those days to the most recent ones (38% passed the most recent December exam).

I know, it feels that way, especially when you’re in the middle of studying for the exam. I would know, I felt exactly that way. You might say that the reason I no longer believe is because I’m actually done with the exam. That’s certainly possible. It’s also possible that I simply have another perspective. I’ll go with that angle for today but I’d be more than happy to hear your thoughts.

First off, what’s the point? I mean, are you guys trying to find excuses for yourself as to why you failed (or think you might fail) the exam? If so, it’s used energy, not worth it, etc.

My Theory

There used to be a couple of thousand CFA candidates for every exam. Then that jumped to tens of thousands and we are now at the point where about 50,000 candidates tried the most recent December level 1 exam. Now tell me, as the exam becomes more mainstream, as the  CFA title becomes more known and as it becomes clear that it’s a great way to get a good job and exceptional pay, don’t you think this also encourages many new “individuals” to try out for the exam?

I’m not saying that they should or shouldn’t, or that they are more or less brilliant. Some time ago, CFA candidates were research analysts, traders and portfolio managers. These days, pretty much all types of candidates show up. Some have a finance background, but a large proportion do not. That is a great thing.

Another aspect though is that since getting the CFA is perceived as a key to get a promotion and more money, that has also attracted a lot of candidates that get involved, sign up and do not know what they’re getting into. Those people are the type of people that open their books a few weeks before the exam and then understand that it’s too little to late but still show up to the exam hoping for a miracle. Can’t blame them for trying but those types of miracles simply do not happen… There are many more unprepared candidates than you could imagine even though you probably do not know many (you probably hang out with serious candidates only right?!). So yes, those types of candidates do tend to bring down the passing rates….

So the next time someone brings up the passing rate as an argument for how difficult the exam is, just think about this.

Passing the exam remains entirely in your hands, it’s all about being properly prepared (hint… shameless plug but our ebook would provide an exception preparation!) :)


Read Post   No Comments   Print This Post Print This Post
Posted in About the CFA |
Monday, January 16, 2012

Make Yourself Accountable

by  | Write a Comment  (No Comments)

Earlier this month, we unveiled the ultimate road map, a guide from A to Z on how to pass the exam. It’s not about the formulas really. The big difference between those who do pass the exam and those that don’t is not about who knew more from the start or even who put in a few more hours. In reality, those who pass are generally those who:

-Have a Plan
-Follow that Plan
-Build their Plan using the right priorities (as discussed in the ebook)

Do you get it?

It’s All About The Plan

If you can build a good enough plan, that includes some early mock exams, focusing on the right priorities and dedicating yourself to being ready for the exam, chances are very good that you will pass the exam.

The One Missing Part

The biggest element missing at this point would be making sure that you do actually follow that plan throughout the entire studying period. It’s a lot easier to make the plan than to stick to it.

Make Yourself Accountable

I think the best method is to tell someone around you exactly what you are doing, the plan, etc. Ideally that person would be a study partner that is also doing the exam. But it can also work very well to have a friend, boyfriend/girlfriend or someone else that is not as familiar with the CFA. Why? Because when 2 CFA candidates try to hold each other accountable, they’ll sometimes make it easier to give “excuses”.

“Oh I could not get the practice exam done..just not ready”

“Yeah totally hear you, I’m waiting as well”

That is NOT good. I’m telling you. Give that schedule to someone and make them check up with you. Tell them to not take any excuses. To hold you accountable at the end of every week.

If you knew that the one likely reason for failing the exam would be to not follow up on your studying plan, wouldn’t you want to make sure that you will follow through?


Read Post   No Comments   Print This Post Print This Post
Posted in CFA Strategy |
Wednesday, January 4, 2012

Do You Have What It Takes To Pass The CFA Exam?

by  | Write a Comment  (No Comments)

Do You Have What It Takes To Pass The CFA Exam?

-Make Your Time 100% Productive: The reason why passing the CFA exam is so difficult is not so much about the exam being incredibly difficult. Rather it is caused by poor and ineffective preparation for the exam.

-Focus On The Critical Elements: Passing the exam is more about using your time efficiently than anything else. I go over strategies that have worked for me and many others to use the right tools, etc.

-1 ebook: 43 pages: It includes strategy, qbank and mock exam strategies, a week by week plan that you can follow.

How much is it? You can download this ebook and more for $9.95, just click here.

Why You Should Buy Now

Passing the CFA exam is extremely difficult and the majority of candidates do fail. Why? I would argue that the biggest reason isn’t the amount of time spent studying or even the skill level. It’s all about using your time efficiently, using an optimal strategy to focus on the critical parts of the exam. That winning strategy is the only thing discussed in this ebook.

You should not be thinking about the possibility of failing but I think it’s worth thinking about it. If ever you did, what kind of things might you regret doing or not doing. I would say that #1 on that list would be not committing yourself fully to the exam. In close second though would be studying evenings and weekends without ever being able to use a clear and effective strategy.

I strongly believe that with the right strategy, passing the exam with 1 month of preparation is more than possible. Have 2 months? Even better. I did an ebook about passing the CFA in 12 weeks because that is a more common study length but as long as you can have 1 intense, well executed month of studying, with at least 1 week off to stufy full time, you will give yourself a great opportunity to pass.

“Thank you for your guide. I feel like my studying time is much more optimized which will help a great deal” – Jason

“Your ebook was great. I’ve been trying to get through the readings faster and do a ton more m/cs. So far it seems to be going well” – Ashley

What Is Included In: Passing The CFA In 12 Weeks

-The mindset that you need to pass the exam
-Tools that you should be using while studying
-Tips on optimizing your efficiency by studying in the right places, with the right people
-Strengths vs. Weaknesses: Which sections do you need to put your energy on, which sections can you not afford to fail?
-Week-by-Week Plan: You might end up changing the plan slightly to meet your needs but having a starting point is invaluable as you can then concentrate on the actual material rather than on trying to figure out how to get it done
-Intense Week: Regular visitors know that in my opinion, the whole preparation is about preparing that one week where you can become ready and confident about your chances. The mindset, strategy and time use in that week is more critical than anything else you could think of! This alone is worth the price of the ebook!
-Strategy for Qbank, Mock Exams and the actual exam: These are simple but very useful tips to help you improve your day.

Bonus

Upon buying the ebook, you will receive weekly emails to check on your progress every week until the exam takes place. These emails will be short and straight to the point:

-What You Should Have Done
-What Needs To Be Done In The Next Few Days
-A few tips

Buy Now for $9.95

The Guarantee

I personally think that buying and reading this ebook will help you significantly in passing the exam and at the current price, even raising your chances by a few percentage points is well worth it. In fact, I think the only way this would not be a good buy is if you’re not 100% convinced that you can go through this ebook and follow it up with actions! If that’s the case, please don’t waste your money on this. However, if you are determined to pass the CFA exam and don’t want to do everything in your power to pass the exam, I truly believe this ebook can help you a great deal. If however, after going through the ebook you feel like the ebook was not helpful and that you did not get your money’s worth, I will be more than happy to give you back your money, in exchange for some feedback to improve the product!

 

Read Post   No Comments   Print This Post Print This Post
Posted in Motivation, Preparation |