Motivation + Determination = CFA Exam
Clearing the CFA exams isn’t a child’s play. It requires a lot of determination and motivation to clear an exam like CFA. Unless you are a highly motivated and seriously determined individual with a firm base in finance, your application for CFA is a complete waste of time and money.
Earning a CFA charter isn’t an easy task mainly because of three reasons:
- It is a time consuming process. It involves passing three levels of exams which are especially designed to test your knowledge in finance inside-out.
- It requires a lot of hard work and in-depth knowledge. It requires a lot of preparation and still chances are only 30-40% at each level i.e. out of every 100 applicants only 5-6 come out as CFA charter holders.
- It is also a very costly and expensive test. It requires a lot of investment.
The main hurdles in the way of successful completion of CFA are:
- Motivation: CFA involves a lot of motivation. If you don’t work really hard for the exams then you are essentially going to waste your money and time. If you are not motivated and determined to work hard and perform then you are sure to fail in the CFA exams.
- Preparedness: If you aren’t properly prepared for the exams then there are no chances of passing it. It is said that a very less percentage of students pass the exam. It is only about 30-40%. Re-taking an exam is expensive and time consuming.
CFA exam does not only test your intellect but also your creativity, endurance and diligence. Apart from being prepared for the exam intellectually, you are also required to be mentally prepared for the exam. It is designed in such a manner that it demonstrates one’s commitment and determination for becoming a CFA charter holder.
Apart from preparing for the exam, there are certain personal requirements also. These requirements are:
- Gain an Overview: Although the CFA curriculum is designed for self-study yet it is your choice to decide whether to rely on yourself or take the aid of a tutor or the study course. According to the CFA institute, it takes around four years for a candidate to clear CFA. A candidate requires at least 6 months of serious preparation before the exam with an average 15-16 hours of study per week.
- Design a Study Plan: You must design a study plan balancing the needs of the exam like time management, skill assessment and preparation for the exam by practicing enough. Enough practice will not only help you in fostering your confidence but also help you in determining which section needs greater focus and which section is your strength. It also helps you to manage time during exam. You must also take mock tests periodically.
- Don’t rely fully on Self-Study: Although people have passed exams by only self-study yet it is undoubtedly very difficult job to do so especially if you are not diligent enough for studying. Also, the amount of information that is required to be digested is so much that it becomes almost impossible to do so alone. Moreover, students tend to become more relaxed and liberal with themselves when studying on their own, and this is just what can ruin your CFA exam.
- Take Guidance from other CFA charter holders: If it is possible then you must take guidance from some CFA charter holders who have already appeared in the exam. They might help you to gain some marginal points in the exam.
Due to the complexity and rigor of the CFA program you must have real passion and commitment for clearing the CFA exam. You must analyze your strengths and weaknesses. In addition to this you must have a proper study plan and effective exam taking strategies to gain advantage and competitive edge over other applicants.
Looking at the complexity of this course, EduKart.com, in association with KESDEE, has come up with an online preparatory course for CFA level 1 exam.
For more information click here EduKart Course in CFA (Part 1) Preparation