Are you all in? If not, don’t bother

It might not be the majority, but many CFA candidates put in a half effort before showing up to the exam, especially level #1. It makes no sense to me and yet I see it all the time.

You will not pass this exam without dedication

It’s not the most difficult exam in the world but it is simply not possible to pass these exams without a good plan and some dedication. I think it’s almost sad to see some sign up for the exam and then put off studying until there are a few weeks left. Once that happens, you need so many things to go right that they rarely do. The problem of course is that these candidates do end up putting in a lot of hours and dedication but it is too little too late for them at that point.

Think about it carefully

If you are convinced that you want to do this exam, take a few extra days for your own sake to think about these questions:

-Are you willing to spend many evenings after work studying at home or elsewhere?
-Are you willing to dedicate a few weekends days to studying?
-Are you willing to basically sacrifice the month prior to the exam to give yourself the best chances of passing?
-If you have a boyfriend/girlfriend and/or a family, are they up for the challenge and sacrifices?

The last point is critical

If you have not had a discussion with your loved ones, you should not underestimate the importance because it can create a lot of tension over time if you do not do so. Remind yourself that you are far from the only person making sacrifices but you are the one taking the decision. You might be the one taking the end decision but knowing what to expect is still preferable. What you want to avoid is feeling guilty for spending time studying or having to defend why you need to do so.

It’s all or nothing

Once you have decided to do everything you can to pass this exam, you are ready for the next steps. In our next post we will be going over the main reasons why so many candidates pass the CFA exams and then we will be looking at general strategies when preparing your exam to help you be the most efficient and even more importantly pass these 3 exams.

Any Comments?

Do you know someone who tried to take the exam without full dedication? I would bet a lot of money that things did not go as hoped but if you have a miracle story, I’d love to hear about it.


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2 Responses to Are you all in? If not, don’t bother

  1. i’ve dedicated my 6 months for last year examination, level 1. Unfortunately, I failed the exam 🙁 I don’t understand, I thought that I would be able to pass. Honestly, I spent 400 hours of studying, practicing questions. Hopefully this time can work out well for me.

    It’s not a miracle story. Last year I study with my friend. Just before the exam, he said that he will fail and didn’t study enough blablabla. Finally he did pass the exam… I felt that he was just playing me. I don’t think he was lucky. The pass rate was so low. He gave the impression he was not dedicated but inside of him you need too…

  2. Pingback: CFA preparation: Getting started!!! | SmartFinancialAnalyst.com

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