# CFA Retabulation ?

The results of the June CFA exams were released last week, marking the end to a long and difficult exam season. Less than half the level one candidates (43%) passed the exam with level two candidates doing a little better with 46% passing their CFA exam. These are both above the ten-year averages at 39% for the first CFA exam and 44% for the second exam.

Results for the level 3 CFA exam are due out on August 9th with an average pass rate of 53% over the last ten years.

## CFA retabulation worth it?

Around this time, I get a lot of emails asking if candidates should request a retabulation of their CFA exam score. The CFA Institute offers the service, for a fee, but is it really worth it?

## Understanding CFA Exam Results

CFA exam scores are given on a pass-no pass basis with a 10-level scoring system for those that did not pass. While the minimum passing score is never released, we know that no candidate has ever failed a CFA exam with a percentage score of 70% or higher.

The scoring band system of 10-levels for candidates that did not pass is an equal-band measure, meaning that each band is the same number of points. The number of points separating you from the next higher band are not known either but you can put together a rough estimate by thinking through it. If we assume anyone with a 70% passed and that even the candidate guessing on every question should have gotten a 20%, then we have about 50% within the ten bands or about 5% in each band.

There are a total of 360 points available on each CFA exam with individual questions worth three points each, not counting the essay portion of the level 3 CFA exam. That means, if there is a 5% difference from one band to the next, that you need to have answered as many as six more questions correctly (6*3 = 18 points) to make it to the next band.

This is a very rough estimate and we can’t know the actual numbers. I would say it is probably a maximum for the percent in each fail band. Even if each band is only 3% then you still have 10.8 points or at least three questions within each band.

What does this mean? For retabulation to change the score on your CFA exam to the next band, your original score will likely need to be wrong by at least three questions.

## Should you Request a CFA Retabulation?

A CFA retabulation request for your exam score is due by the 9th of September along with your payment of the \$100 fee. CFA exam retabulation form is available at CFA Institute’s website and must either be mailed or faxed to the address on the form. It takes between one and three weeks to receive your retabulation results by email.

CFA Retabulation will not change an incorrect answer to a correct one and will not get you extra points on missed questions. The process is done by hand but only checks to make sure the machine scored your answers correctly, noting which circles were marked.

For example – If you marked B, the correct answer, but the machine read your answer incorrectly as marking C then a CFA retabulation would result in a higher score. Retabulation of your CFA exam does not change the answer you marked, nor will it make a judgement call and give you partial credit for an incorrect answer.

Retabulation of the level 3 essay questions will not change the score given for a segment, only that your scores were added up correctly.

If the retabulation changes your score, you are refunded the \$100 fee. If your score remains the same, your fee is not refunded.

There is no data released on scores changed by retabulation but I have never heard of anyone that got a higher score, much less anyone that changed a no-pass to a pass. If you are in the final fail band 10, you might consider it but it is still unlikely to make a difference. The accuracy rate on optical mark recognition (bubble-sheet scanners) is above 99% which means only 1% of tests have any error, much less an error on multiple questions.

It is extremely painful to feel like you wasted the last six months of your time but a retabulation isn’t likely worth the fee. Thinking about the tests in a larger context will make it a little easier. Really, how much difference does it make whether you pass this year or next when considering a 30- or 40-year career. Your additional studying only means that you will have a stronger grasp on critical material and the opportunity to be a better professional.

Take your CFA exam fail as what it is, a learning experience. Commit to hitting the material early next year and mastering the curriculum.

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: March 1, 2017 at 3:06 am

# When to start studying for CFA ?

Looking through forum posts and talking to a few candidates about timing and planning for the CFA exams provides some interesting stats and might help you assess how well your own preparation is going. The two core issues here are: when to start studying and exactly how much is enough studying.

## When to Start studying for CFA Exam ?

It might be a little simplistic, but I see candidates starting their study plans in one of three categories: really early, about right, and what are you thinking! The actual dates started appear to follow a fairly normal distribution with the median around mid-February. I usually started with the ‘really early’ crowd between October and November, so I’m a little biased toward earlier rather than later.

While pre-January may be earlier than necessary, we see a lot of people waiting until March to begin studying. Biased I may be but 13 weeks to cram approximately 300 hours of studying seems a stretch. There will always be the intellectual giants out there (or at least those that think they are) that will have no problem learning all the material in three months. Then again, while actual pass-fail statistics are not available, I would put good money on the bet that the 50% of candidates in the fail band come disproportionately from these late starters.

## Is it too late to begin studying for CFA Exam ?

Then there are always the (comical) posts in late April and through May asking for opinions whether it is too late to begin studying and still pass the exam. Most of the candidates I have met and talked to were fairly smart, but sometimes I’ve got to wonder.

Like I said, I am probably a little overcautious and biased to starting early. Most candidates have fairly relaxed schedules and can sacrifice a few extra hours for something that is undoubtedly going to change your career prospects and arguably your life (going out with that hot co-ed you met last week or keeping up with this season’s American Idol are not as important as you think). Nothing I could say would get most of you to start before January, but hopefully you will not wait until March.

## How Much is Enough for CFA Exam ?

More important than when you start studying is (duh!) how much studying you do. Reading through forums and taking a few polls, I was surprised that the consensus is for reading through the material only once and then working through practice problems and a mock exam. At most, I found that candidates expect to read through study guides once then review a quarter to half of the material again. Most candidates planned on working through all the end-of-chapter questions and doing ‘some’ practice problems from a provider question bank.

Again, I might be a little conservative, but this seems entirely inadequate. Who are all these candidates with eidetic (photographic) memory that can pick everything up that easily? Practice exams taken through question banks will give you a good indication if you have picked up the material but most do not start taking these until late in the season. What happens when you take your first inclusive practice exam in May and find out you are not nearly as prepared as you thought?

The candidates that expressed a higher level of confidence with their preparation were mostly those that had read through all of the material at least twice and had started monitoring their progress through practice exams at least two months before the test date. This leaves time to focus on a few of the weaker topic areas as well as going through the material with a few other media (video, summary sheets, flash cards).

I guess it comes down to being realistic about your abilities and taking a rational look at the statistics. Surveys by CFA Institute show that candidates (both passing and otherwise) averaged around 300 hours of study time for each exam. We also know that approximately 50% of candidates fail the exam each year. This is one area where being ‘average’ is likely to not be enough.

I imagine that the absolute number of hours reported belies a fairly large distribution, but we’ll call it 200 hours minimum and maybe 400 maximum needed to pass the exams. Now think about your pre-CFA studying schedule. How many hours per week do you think you can realistically commit to studying? You need to plan conservatively if you are married, have children, or have a job with increasing workload around quarterly reporting. Life happens, don’t expect to be able to study as much as you would like every week.

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: December 22, 2016 at 7:41 am

# CFA Level 3 Examination Tips

On CFA Level 3 exam, a candidate has two sessions, one comprising of 10 item-set questions (afternoon session) and the other comprising of 9-15 essay questions (morning session). The afternoon session is quite similar to CFA Level 2 exam and therefore, should be handled in the same manner as the CFA level 2 questions. However, the format of the morning session is unique to this level. The morning session constitutes 9-15 essay questions, with each composed of 1-5 sub-parts. Following are some tips for preparing and attempting CFA Level 3 examination.

## Preparation for CFA Level 3 Exam

• Most candidates believe that CFA Level 3 exam is easy and much less demanding than CFA Level 2 exam. They, therefore, take their preparations slow and easy. This is a grave misconception! Start early and spend at least 10-12 hours a week studying FinQuiz curriculum notes.
• In item sets, a student is provided with three options, one of which is correct. However, in essay questions, the student has to come up with the exact correct answer himself. Hence, it is imperative that you know, and are able to retain and recall, every important concept, formula and relationship.
• Analyze and identify the areas having a higher probability of being tested as essay questions. Examples of such areas would include behavioral finance, individual IPS, institutional IPS, fixed income and equity.
• Portfolio management is an area that carries the largest weight. Make sure you know this area inside out and can attempt questions presented from every angle and perspective.

## Reading the material for CFA Level 3 Exam

While reading the material to prepare for such questions, use the following tips:

• After understanding a concept, try to memorize all important points related to it. A helpful way of doing this would be to box the important details while reading. You can also number the points by underlining them and writing superscripts 1, 2, 3 and so on for every topic. This way it will be easier to learn and retain the points.
• Reviewing the material as you progress is especially essential for essay questions. Have a proper review plan in place and follow it religiously.
• Know how one topic relates with the other. Flowcharts and similar graphical depictions can help in understanding relationships and are effective means of retention. FinQuiz Smart Summaries are excellent source for this.

## Practice for CFA Level 3 Exam

• A great deal of practice will not only help familiarize you with the format of such questions, but will also illustrate how to approach them.
• Remember to review each practice test carefully after attempting it and determine what information was required and how it is graded. Analyze your mistakes and weaknesses. You would notice that, sometimes, you missed out on writing needed information even though you knew it and instead, wrote something that was not required. As you practice further, you will get better at attempting such questions.
• The only way to avoid leaving points during the final exam is to do practice essay questions under a time constraint over and over and over again.  There is no substitute for intense essay practice.

## Attempting CFA Level 3 Exam

• When attempting essay questions read the question first and then read the case. Try to keep in mind what is needed when you are going through the vignette.
• Apply your time management skills for this exam. Go through the exam once and answer the questions that come easy to you first. This will prevent you from failing to answer all the questions.
• Answer questions by focusing on key words in the vignette. If you don’t know the complete solution, answer with what you know since CFA Institute grants partial marks.
• Don’t miss easy points by assuming that they must be something the examiner would know. Remember, every point is important.
• Answer each sub-part using clear, precise and relevant statements. Remember, your answers are your only communication with the examiner—try to tell him/her that you know what you are talking about. Be as relevant as possible; writing unnecessary details will leave a bad impression on the examiner and will be a waste of your precious time.
• An appropriate format of attempting essay questions is to use bullet points.
• Space your words and sentences so that they are easy to read.
• Do not write lengthy answers; try to be as concise and accurate as possible and explain the answer in just a few lines or so. Knowing how answers are graded will illustrate how objective you have to be when answering; writing long, unnecessary stories will give you no extra points.
• When answering numerical questions, start by writing the data and the formula. Show your calculations and write the final answer prominently. Remember, there are marks for each important step of the calculation.
• No matter how poorly you have done in the morning session, don’t lose hope. The afternoon session carries equal weightage and is as critical to passing the exam as is the morning session. Try to relax during the mid-break and focus on the item sets in the afternoon. For many candidates, the afternoon session scores have been central to passing the exam.

You should review yesterday’s post CFA Level 3 – How to Pass as well.

Last updated: August 3, 2016 at 3:48 am

# CFA Level 3 – Essay Type Exam – How to Pass?

Arriving at CFA level 3 exam for the CFA charter is an accomplishment in itself. With a fail rate of around 50% at each level, you have made it where approximately 75% of candidates could not. While the final exam is not one to underestimate, there are some strategic decisions that will make it easier.

There are strategies that will get you through all three exams and those that you will need to change for each test. We will cover those strategies and advice specific to CFA Level 3 exam here and hold the broader suggestions for a future post. We will also look at two different schedules in the strategy post that could aid in planning.

## CFA Level 3 Contents, Format and Basic Strategy:

CFA Level 3 exam can be the most intimidating for some because of the essay questions. Unlike the other two levels, you will be asked to take the concepts in the curriculum and develop your own recommendations and solutions. This can be tough for a lot of people and will almost certainly test your ability to manage time during the test. The good news is that the essay section does not have to be overly difficult, you just need to follow some basic preparation strategy. I was actually pretty surprised at how easy it seemed compared to what the monster I had built it up to be before exam day.

## CFA Level 3 Exam – For those that can put everything together!

CFA level 3 exam is more conceptual and practically-based than the other two exams, making it easier for those that can put everything together. The morning session of the CFA Level 3 exam has a maximum score of 180 points and will include 10-15 essay questions with as many as 7-8 separate questions within each. Some questions will require that you write on lines directly under the questions, other questions will be answered in a template box on another page. Do not answer the ‘template’ box questions directly under the question on the exam. It will not be graded! It can be confusing answering some questions directly below while others are answered on separate pages so you want to go through and draw a line under the ‘template’ box questions so you are not tempted to put your answers under the question.

## CFA Level 3 and time management

Time is many CFA level 3 candidate’s worst nightmare, but it doesn’t have to be. Just because you have five lines or a three-inch by three-inch box in which to answer does not mean that you must use this entire space. Nor does it mean that you cannot use bullets! Graders are not looking for spelling or grammatical ability, only that you understand the curriculum and can put together a solution.

## CFA Level 3 – Topic Weight Differences on the Exam

Comparing the topic weights for CFA level 2 and CFA level 3 exam provided by the CFA Institute, there are a couple of things you should note.

• First, it is much harder to concentrate on ‘core’ topics because the Institute rolls up many of the topics into Portfolio Management. This means that, while the percentage weights for Investment Tools shows a zero weighting, these sections are still tested within the 45-55% of the exam under portfolio management.
• The topic weight ranges in Asset Classes is fairly wide and difficult to draw conclusions as well. Fixed Income is given a slightly higher weighting, but only on average. You are guaranteed of seeing at least one essay or item set from each topic, but could get more. This, combined with the fact that no clues are given as to which subjects within each topic are more important, means that you must cover these topics fairly broadly as well.

### CFA Level 3 Exam and last three years’ essay exams

Fortunately, CFA level 3 exam revolves around the essay questions and the Institute makes available the last three years’ essay exams for practice. While the Institute changes the questions each year, practicing these essay exams is a great start to building your confidence and understanding of the material.

### CFA Level 3 – Which questions to be answered first?

As with CFA level 2 strategy for item set questions, you may want to answer those essay questions which you feel strong in the material. This will get you the points you know, will help you bank some time and help your confidence. What I mean by ‘banking’ some time is that you will be able to do those questions you know in less time than the allotment leaving you more time for the more difficult questions.

Do not spend too much time on relatively low-point questions within the essay section. Time is a problem for many candidates, so If a question is only worth a few points it doesn’t make any sense spending 15 minutes trying to get it right. Spend time on the higher-point items and the easy ones, then return to unanswered questions if you have time.

Another critical point on the essay section is to show your calculations when the question asks for it. The graders are allowed to assign partial credit for correct procedures or partial answers. If you do not show your calculations in the exam booklet, not only will you not get partial credit you may not even get credit for correct answers.

Ethical and Professional Standards is off less importance on the last exam but still two item sets in the afternoon. You should have a good understanding of the Standards, so spend some time understanding the new material and move on to other topic areas.

Economics is again fairly conceptual section other than a few growth and market valuation formulas. The topic is also secondary, so make sure you understand the key points and reasoning then spend your time on other areas.

The asset classes (Alternative Investments, Derivatives, Equity Investments, Fixed Income) are also much less quantitatively intensive at the third exam but still include quite a few formulas. The impetus on the third exam is how these asset classes fit together in a portfolio. A large section is devoted to risk management and how the asset classes each have different fundamentals. Be sure to understand return drivers and risk characteristics for each class.

## Focus of CFA Level 3 exam

Portfolio and Wealth Management is the focus of CFA level 3 exam. Your first two essay questions in the morning will be individual and institutional wealth questions. While these specifics of these two questions vary from year to year, there are a limited number of topics that are tested. This makes it extremely important to practice the old essay questions to get a feeling for what and how questions are asked.

Key in this section is the Investor Policy Statement (IPS) and its components. Spend as much time as you need to master this section because it will be big points on the exam. Understand the differences in risk and return needs for the institutional investors as well as their differences in IPS constraints. The biggest aid here is again the past essay exams posted by the Institute. Besides the exams, also available are guideline answers. These are important to get a feel for what the graders are looking for within the questions. Study the answers in detail to see what information you need to write in your own answers.

happy studying
Joseph Hogue, CFA

Last updated: December 22, 2016 at 8:06 am

# Five Reasons CFA Candidates Fail the CFA Exams (Part 4)

We’ve already been through three of our five reasons that keep candidates from passing the CFA exams. The first reason was too much time spent studying about studying, posted here. The second reason, planning a schedule around life and burnout, is a big one for those of us with a family and a full-time job. Yesterday’s post, the difference between active and passive studying, is probably the biggest hurdle to success for most candidates.

## Should I use a third-party prep provide for CFA Exam

Today’s post again deals with the planning process, not finding the right time to study but finding the right resources. The big question on the forums is always, “Should I use a third-party prep provider or just stick with the curriculum?” The question goes deeper though to different products and ways to look at the material as well. Disclaimer: Obviously, we here at FinQuiz have a vested interest in the answer. Our study guides have been developed as a great complement to the curriculum and we’re proud of the feedback we receive every year. That said, this blog is here for all candidates and we want to see you pass the exams regardless. Check out our examples on the homepage or contact us and we can talk about helping you get the most for your time.

## Variety is the Spice of Life

Beyond the specific test prep provider, candidates also need to look at a variety of different products. The CFA curriculum at each level is in excess of thousands of pages. I was always a fan of looking at it from as many different angles as possible. This helped to break-up the monotony and took advantage of the strengths within different media.

## CFA Study Guides – two formats

Study guides come in two formats, those based on the specific Learning Outcome Statements and those that are curriculum-based. Some providers reason that structuring the guides on the specific LOS makes it easier to package the material in shorter pieces. FinQuiz has taken a different approach, developing curriculum-based guides as a complement to the curriculum instead of as a substitute. By following the curriculum, the guides are more condensed and focus on those areas that give candidates the most problems.

Some candidates completely ignore the curriculum, opting instead to only read study guides. Granted, this cuts down on the time spent to get through the material but you are sure to miss some points. As condensed notes, the study guides are not going to include 100% of the testable material in the curriculum. If the guide only hits 90% of the material and the candidate only retains 80% of the guide, then their score is already maxed out at 72%. This is why FinQuiz feels that a complement to the curriculum is more appropriate than a substitute.

## Flash Cards for the CFA Exam

Flash Cards are the most appropriate for focusing in on those last remaining areas in which you are having trouble or keeping those important formulas and processes fresh in your mind. I also like flash cards for their portability and ease of use during short periods. We get (2) fifteen minute breaks during the day, not really enough to open up the books and start a new section but plenty of time to go through 10 cards.

You can easily buy or borrow cards off the internet. Most providers sell sets for around \$125-\$175 or someone in your social network probably has some you could copy. The best way, though, is to make your own cards. It may take a little longer, but they will be customized for your learning and will provide the opportunity to write out the material.

## CFA Exam Videos

Videos are a good way to look at the material from a different format. The majority of your studying is going to be through reading a section and answering problems so it is nice to take a break every once in a while and have someone explain the curriculum to you. This is especially useful for some of the more complicated sections where a live example might help. While FinQuiz does not yet offer videos, there are many available on YouTube and can be found through a simple search.

## CFA Exam Test banks

Test banks include thousands of problems to work through and are a great complement to those in the official curriculum. Working practice problems are really where you need to be focusing your time because the retention is so much better using this active learning method than simply reading the material. Candidates need to work through all the end-of-chapter questions and ‘blue-box’ examples within the curriculum. This is going to be the closest to the style and difficulty that you’ll see in the exams. The few hundred problems included in the curriculum really isn’t enough to prepare for the exams, making test banks absolutely necessary.

When working through a set of questions, don’t just score your results at the end of a study session. Go back through the questions. Figure out why you missed those incorrect answers and make sure the correct answers were from an understanding of the material and not simply a lucky guess.

## Practice Exams for CFA

Mock Exams need to be a part of your study program so you are not surprised by the six-hour testing marathon in June. Many candidates handle their studying exclusively in short, one-hour chunks then do poorly on the exam because they are not prepared for the level of mental fatigue. Further, mock exams force you to answer problems across the curriculum instead of only looking at specific sections. Facing a test of the entire curriculum is much different than looking at each section immediately after reading over the topic area, make sure you are prepared.

Too many candidates rely solely on the official CFA curriculum without taking advantage of other available media and resources. Besides offering different approaches and advantages specific to each media, using different resources are about the best way possible of avoiding burnout while studying for the CFA exams. Look through the free examples that many third-party providers offer or ask other candidates which provider they used. The incremental costs to using a few products are well worth the expense to avoid having to retake the exam.

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: January 6, 2017 at 5:57 am

# Five Reasons CFA Candidates Fail the CFA Exams (Part 3)

We’ve covered two of the top five reasons candidates fail in the previous weeks’ posts. I was going to finish the series up with this one but could not wait. I figured there are candidates studying for the December exam now and they need to read this before it’s too late to get back on track.

Frequent readers of the blog will recognize this common hurdle that candidates face. It is a problem all students face. Worst of all, it is not something you can overcome once and not worry about it again. You have to continuously watch for it to keep yourself on course.

## The number one reason candidates do not pass the CFA exams is the difference between active and passive learning.

Passive learning is those activities where you do not participate but really just absorb the material through sensory perception. This includes reading, listening to a lecture or watching a video. Studies have shown that students remember only about 10% to 30% of the material through passive study.

Active learning, by contrast, is those activities where you engage the material in an interactive manner. This includes discussion, presentation and problem solving. Students are able to remember up to 90% of the material when they use active studying as part of their routine.

## Just Reading the CFA Curriculum isn’t Going to Make It

Now that you know the difference, you are probably saying, “Oh crap, I am doing nothing but passive learning!” Don’t be too hard on yourself. Most school systems are built around passive learning (listening to lectures and reading textbooks) and students only grudgingly engage in active learning.

For me, it was only with the realization that the CFA exams were nowhere near as easy as most of my college curriculum and that passive learning was not going to cut it that I made the commitment to active learning. Its not the easier route, but would you rather spend a hundred hours reading to remember 10 hours of material (people typically remember about 10% of what they read) or would you rather work practice problems for about 11 hours to remember the same 10 hours worth of material?

## Practice, Practice and yet more Practice for CFA Exam

1) Practice problems are the most obvious form of active learning. Make sure you do all the end-of-chapter questions and ‘blue-box’ examples in the CFA curriculum. These are going to be the most closely related to actual exam questions and are pretty close to the same level of difficulty.

The FinQuiz test bank includes almost 5,000 questions created directly from the curriculum and more than 500 item sets. It is a great supplement to the textbook questions and will help avoid boredom from doing the same questions multiple times.

### Study groups for CFA Exam

2) Study groups are a good way to discuss and think about the material, but make sure you are efficiently spending your time on the curriculum and not talking about unrelated things that happened over the week. Flash cards are a good resource to use for study groups. You learn first by developing your own set of cards, then learn by working through other group member’s cards as well.

### Level III candidates absolutely MUST work old essay questions.

3)  The Institute releases the last three years’ essay questions with guideline answers. We worked through about 12 of these before the exam this year and are available on the blog. Do not let the essay section surprise you. It can be extremely easy or extremely difficult.

I first wrote about active versus passive learning in a post earlier but thought I would include it in this ‘top 5’ list because it trips up so many candidates. Click here for more information on active learning and how it can help you remember 90% of what you study.

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‘Til next time, happy studyin’
Joseph Hogue, CFA

Last updated: November 21, 2016 at 2:51 am

And you thought practicing FinQuiz Mocks was tough! – Copyrights FinQuiz.com

# 2017 CFA Level 3 Changes: CFA Curriculum Updates

## Miss these CFA level 3 changes in the 2017 curriculum and risk missing out on those important few points that could get you a passing score

The CFA Institute has published its curriculum changes for the 2017 exams. The CFA level 3 changes for 2017 are very limited, really only posing new material over the same learning outcome statements (LOS).

You can download a PDF copy of the CFA level 2 changes for the 2017 curriculum by clicking through this link. The curriculum changes are available in a combined document or individually for each of the 18 study sessions.

The CFA level 3 changes for 2017 are pretty minor compared to previous years. One reading has been removed and one reading added to Private Wealth Management in study session five.

A new reading (Risk Management for individuals) has replaced the old Reading No. 12 (Lifetime Financial Advice: Human Capital, Asset Allocation and Insurance) in Study Session Five (Private Wealth Management).

There are almost no other material changes to the CFA level 3 2017 curriculum.

As with the prior two exams, passing the Ethics material is about working end-of-chapter questions to get a feel for how the CFA Institute wants you to think about the issues. My own experience with the Ethics portion on the Level 3 exam was that it seemed relatively easy. I’m not sure if it’s because I had already worked the topic in the two prior exams or if the Institute figures you must know the material by the time you reach the third exam.

As always, success on the CFA Level 3 exam revolves around your preparedness for the morning essay section of the exam. We covered the importance of practicing the essay questions released by the CFA Institute in a prior post along with working some of the exam questions. It looks like this is going to be the case for the 2017 CFA level 3 exam as well. We’ll cover more essay questions in the lead-up to the exam next year.

‘til next time, happy studying
Team FinQuiz

Last updated: December 29, 2016 at 3:46 am

Read to rule the world – Copyrights FinQuiz

# Five Reasons CFA Candidates Fail the CFA Exams (Part 2)

I used to know a First Sergeant in the Marine Corps, one of the hardest and most admired men I have ever known. First Sergeant had a saying for when someone failed or things didn’t quite work out, as if all failure came down to one motto, and it brings us to the second of five reasons why candidates fail the CFA exams.

“Prior proper planning prevents p*ss poor performance!” For those that do not know, ‘p*ss’ is an expletive used here as an adjective for how severely you just messed up.

Lack of planning may seem like an oversimplification as to why candidates fail the exams, but much of the time it is just that simple.

## CFA Exam – 300 hours studying

Candidates know that it takes an average of 300 hours studying to learn the curriculum and pass any given level. That’s not just some number I pulled out of the air. Every year, the CFA Institute surveys candidates and every year those passing the exam report that they spent about 300 hours studying. For the most part, candidates understand the time required and most plan to put in the necessary time to pass.

They figure 300 hours divided by 3-4 months is about 20 hours per week studying and they plan on starting in late February for the June exam.

But that is about as far as their planning goes.

## Life and CFA Exam

Then something happens I like to call, “LIFE.” Life is your little sister getting married and you have to fly to Albuquerque for the wedding. Life is first quarter reporting and you putting in 80 hours a week at the office to get client presentations done. Life is your son’s Little League Championship series that takes you to every baseball diamond in the state and out for pizza afterwards. Life is all the things that get in the way and cause you to deviate from your study plans.

Besides the little things in life that come up to detour the best made plans, I always planned ahead for those cabin fever moments. These are when you have been hitting the books every day for a month, when you have locked yourself away studying for so long that you see the efficient frontier in your sleep. These are the moments you need to step back and take a day or two off of studying or face some serious burnout.

## When to start studying for CFA Exam

A lot of candidates and charter holders cringe when I tell them I started studying in November or earlier, more than seven months before the exam. When I say I started studying, they assume it was studying as they are used to doing when they start in February or March (studying every day for 15 hours a week until the exam).

When I say I ‘started’ so early, I mean a relaxed schedule of 5-10 hours a week for the first couple of months. Just reading through the curriculum but not worrying too much about problems or the exam. After the first reading, I would start through it again using study guides and working practice problems. This all gave me enough time to work through the curriculum and not worry about setbacks from ‘LIFE’ or burnout. I could take a week off if I needed to and still get back on schedule without drastically increasing study time.

There is a procedural component of your study planning as well, of which we’ll talk about tomorrow, but this time component is what trips up candidates the most. After all the time spent learning about the exams, after all the money spent on resources, it seems too simplistic that a lack of time is what causes candidates to fail but it’s true.

Learn to plan ahead and plan to pass the exams.
Thank you First Sergeant.

‘til next time, happy studyin’
Joseph Hogue, CFA

For the first part of the series and the problem of meta-studying, click here.

Last updated: July 27, 2016 at 6:15 am

# Five Reasons CFA Candidates Fail the CFA Exams (Part 1)

Today’s post starts a five-part series looking at the top five reasons candidates fail any particular level of the CFA exams.

Two things should be obvious here:

• The list, as with the majority of posts, is subject to opinion and may vary across candidates. Besides working through the exams myself, I have spent a great deal of time talking with other candidates about the exams and their preparation. I like to think I know something about the process, but you always need to focus the material from your own viewpoint.
• The list is composed of things that candidates do across all three levels that make it generally more difficult to pass. Each level has its own idiosyncrasies and hurdles that may also make it difficult. The habits listed in this series are not level-specific.

## Which CFA exam level is the most difficult?

While understanding why each level is difficult and how to approach each in your preparation is important, the type of question brings us to our first reason candidates fail.

### TOO MUCH META-STUDYING FOR CFA EXAM

Candidates love to talk about the exams. They talk about which level is most difficult and why. They ponder the minimum passing score and trends in the pass rate. I have even seen forum posts on the best beverage to drink while studying. This is all meta-studying or [studying about studying].

Yes, you need to understand the topic weights on the exams. Yes, there are some great tips and tricks out there on how to approach the CFA exams. The problem is that candidates too easily use this meta-studying as an excuse to get out of actual studying. How many hours have you spent ‘researching’ how the tests are conducted, how to approach each topic area, the earliest one should start studying, or a myriad of other questions about the exams?

I have to be careful here. Your meta-studying is what brought you to the blog and I want you to come back regularly to listen to my ramblings. But I also want you to pass the exams and I have seen too many candidates sabotage themselves by spending too much time on the forums and not enough time actually studying.

## Everything in Moderation

As with most habits, the first step is understanding the behavior and approach it with moderation. There is some great advice out there and it can make your life incredibly easier come the first Saturday of December/June. You need to know the general process involved and the idiosyncrasies within each exam, but you also need to know when to get off the forums and get to work studying.

Give yourself an hour or two every week to answer questions about the exams. You might take a little more during the first couple of weeks to familiarize yourself with a new level and you might take less time toward the end after you’ve learned what you need. The important point is to understand how much time you are spending and to make sure it does not come at the expense of studying.

• If you have a specific question about the exams, especially while studying the curriculum, do not stop studying. Write the question down and address it later, after studying.
• When looking for the answer to a specific question, try searching for the question using the forum’s search bar rather than making a new post. This will help answer the question quickly and will not bring you back to the post every time someone leaves a reply.
• Find a couple of good sites (I hope this blog will be one) that you visit once or twice a week to see if there are any updates. Finding a new site can be helpful but don’t spend too much time surfing the web for new places to visit.

December and June will be here soon enough.
Good luck and happy studyin’
Joseph Hogue, CFA

Last updated: July 26, 2016 at 11:33 am

# What are Earnings Saying about the Stock Market

## Your ability to stay subjective and use the CFA curriculum will distinguish you as an analyst and asset manager

As the S&P 500 climbs to record highs almost on a daily basis, companies are starting to release their earnings for the second quarter. If earnings estimates are correct, the second quarter will mark the fifth consecutive quarter of year-over-year earnings declines.

That trend in earnings weakness hasn’t happened since the third quarter of 2009. As a result of the record high index and weaker earnings, valuations are set to climb even higher. The S&P 500 is already trading for 24.9 times trailing earnings of the companies in the index, 17% higher than its multiple this time last year.

This post isn’t really about earnings and the stock market though but about how you as an analyst need to be able to step back from the chorus of the market and manage your client’s money subjectively.

But Forward Earnings Aren’t So Bad

Against the dizzying heights we see in trailing P/E valuations, I hear more analysts and TV pundits talk about forward earnings to rationalize how the stock market isn’t too expensive. The 12-month forward P/E is a more reasonable 16.6 for the S&P 500, just 16% above its ten-year average of 14.3 times expected earnings.

Joachim Klement, CFA makes a very good point about the Forward P/E in a recent post on Enterprising Investor, the CFA Institute’s practical analysis blog. Klement compared the returns on the lowest P/E stocks against the highest P/E stocks across four international indexes. He ran the test first using trailing P/E multiples and then for Forward P/E multiples.

The result pointed to the perennial over-optimism of analysts and forward expectations. For the S&P 500, the cheapest group of stocks on a trailing P/E basis typically outperformed the most expensive stocks by 1.2% on a rolling basis. Using Forward P/E multiples though, the ‘cheapest’ stocks actually underperformed the more expensive set by one percent.

Relying on Forward P/E multiples as a measure of value just doesn’t work. Klement points out data that shows analyst expectations are, on average, 10% higher than actual realized earnings.

The issue isn’t just about being wary of forward estimates or investor sentiment in your job as an analyst but being generally critical on what you see in the market. I’m not saying the seven-year bull market is setting up for an imminent collapse but no bull runs forever. It’s usually as stocks get pricey and valuations get stretched that we see excuses for why ‘this time is different’ and some reasoning that supports valuations that are much higher than the historical averages.

Warren Buffett called out a warning earlier this year in his shareholder address, which we shared on the Finquiz blog. The Oracle of Omaha warned about the rising promotion of ‘adjusted’ earnings rather than reported numbers according to generally accepted accounting principles (GAAP).

Companies have always adjusted their earnings for one-time and extraordinary numbers and often have tried to soothe investors by pointing out other temporary factors but it seems recently the practice has gone much farther.

For example, dollar strength has weighed on earnings at U.S. corporations for more than a year. Over the last few quarters, I’ve noticed companies putting much more emphasis on their ‘currency-neutral’ earnings. Sometimes it’s difficult to even find their reported numbers with the currency effect.

None of these warnings on the use of forward multiples or adjusted earnings are new. It is all highlighted many times in the CFA curriculum, most clearly in the section on Accounting Shenanigans and Warning Signs.

What will distinguish your career as an asset manager and an analyst is your ability to stay subjective against everything you hear in the market. As everyone else starts marching to the same drumbeat, your ability to step back and use the material you learned from the CFA curriculum will help you spot opportunities both on the long- and the short-side of the trade.

‘til next time, happy studyin’
Joseph Hogue, CFA

# CFA Results 2016 and How to Deal with a Fail

The time between taking the CFA exam and the release of results can be excruciating. The CFA Institute has released the date of June exam results July 26, 2016. Emails will start going out at 9am eastern standard but it may take several hours to receive your email.

How can you use the exam results to prepare for your next exam? How could you possibly deal with the results if you end up in one of the fail bands?

## Decoding CFA Results 2016

Results will look like the graphic below with your percentage range in each topic within one of the three ranges. The graphic is actually from my Level 3 exam results but the format is the same for all three exams (I didn’t save my exam results for the Level I which seems a million years ago).

The asterisks mark the range in which you scored. The CFA Institute does not release an exact score or a minimum passing score for the exam but you can still use your results for some useful information.

I scored greater than 70% in five of the eight topic areas on the item-set portion of the exam and between 51% to 70% in the remaining three topic areas. If these were results of a Level I exam, I would look closely at the three topic areas and their relative weight on the Level II exam.

For example, I know that Equity Investments is a very important part of the second exam and is worth between 15% and 25% of your total exam score. I might want to consider spending some time before my CFA Level II studies to review some of the Level I equity material to make sure I have a good base of understanding.

We published a basic strategy for the Level II CFA Exam which you might want to review.

## How to deal with a CFA Exam Fail

Getting the email from the Institute saying you failed the exam is like getting punched in the gut. Your stomach sinks, you start to feel queasy and some even break down into tears.

You will hear all kinds of excuses and complaints about the designation and the CFA Institute after results are released. Some blame the questions, others try to make themselves feel better by saying that the designation doesn’t matter to their segment of the industry. These are all common coping mechanisms to deal with the results but you need to resist the urge. Your reasons behind taking the exam and the value of the designation have not changed and neither should your attitude.

Resist the urge to get mad at yourself or at the CFA Institute. Half or more of the candidates that take any given exam do not pass. The exams are tough and that is what makes the designation so valuable and will be a source of pride when you do pass.

Take an honest look at how you prepared for the exam and ask yourself where you could have improved your efforts. For most candidates, it is a matter of simply not devoting enough time to study the curriculum. Others may have done really well in a few topic areas but so poorly in core topics that it put them in a fail band. Either way, use the information in your exam results to see where you need to improve.

On the bright side, having taken the June exam means you are still able to register for the December exam and have a good chance at success. The Institute does not publish pass rates for repeat test takers but I have to believe that it is much higher than the general pass rates.

### Not passing an exam is the worst thing to happen?

Contrary to what you may be thinking, it is not really too difficult telling friends, family and coworkers about the exam results. If not passing an exam is the worst thing to happen in your life, you are either very sheltered or not challenging yourself enough. Your friends and family understand that the CFA is important to you and will go out of their way to empathize.

If others in your office have taken the exam, they will know full well how difficult the test is and will not hold it against you. Unless you completely blew off studying, there are bound to be some topics in which you did well and can highlight your success in those areas. Take an honest approach and admit that you just have to work a little harder in the topics where you didn’t score as well.

### What to tell the friends and family?

We published a post Exam Results, What to Tell the Friends and Family which you might want to review. Another helpful post is Exam Results Coming Soon, What if…?

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: January 23, 2017 at 8:16 am

# Getting the Job and CFA work Experience (part 5)

This is the last post of a series we have run over the prior few days highlighting some of the great resources available to candidates through the CFA Institute’s Career Resources. We covered networking, branding, job search techniques and interviews in previous posts. Today, we will wrap it all up with career management and what to do after you’ve got your dream job.

For resources from the Institute: Click through to CFA Institute – then to Career Resources – and then to Library. Click Career Management Webcasts and Podcasts and access 78 resources.

## Did you forget how hard you worked to get the job?

The resources on career management are all podcasts, between 10 minutes and an hour, and take longer to browse through than the other topics we’ve reviewed. Don’t neglect the topic though, it is one of the most overlooked by employees.

The fact is that many people stop strategically thinking about their career after they land a job. Worse yet, many forget how grateful they were and how hard they worked to get the job and they soon fall into a daily routine that gets them nowhere. Constant career management is about two things, guiding your long-term career goals and guiding your career where you currently work.

Just because you love the company for which you work does not mean you want to or have to work their forever. It may be a great job and give you tons of experience but there are a number of reasons why your long-term plans may take you elsewhere.

• Is the firm large enough for advancement opportunities?
• Will the position/sector you want ever be available?
• Does the firm deal in the asset class in which you want to work?
• Does the culture fit with your long-term goals, i.e. family

Don’t forget that even the strongest, most long-lived firms may fall on hard times. Even if you see yourself at your current employer, you cannot afford to completely cut yourself off from the rest of the investment community.

Guiding your long-term plans just means being aware of how you want your career to progress, what rungs do you want in your career ladder, and devising a rough plan on how to climb your ladder. This includes knowing the limitations of your current firm and what other firms can offer. The four-part Career Conversations series with Khalid Ghayur lays out the topic very well and is definitely worth a look.

Guiding your career where you currently work may or may not be different from your long-term plan. I included it as a separate idea here because I see a lot of employees quickly fall into a rut after they get the job. The worked so hard to get the position, were so happy to get it but then lose their momentum. That desired position becomes just another job and they miss out on the opportunity to manage their career at the company.

Everyone’s job can get monotonous at times. The best advice I can offer is to formalize milestone career goals. These should be things you want to accomplish within six-months, one-, three- and five-years. The earlier periods (i.e. six-months and a year) should have multiple goals and may be more defined while the longer-term goals may be more strategic and vague. Regularly reevaluate your milestone goals to make sure you still want to get there and you are on track to achieve them.

Again, doing all this alone will not be half as effective as seeking the advice of someone else. With career management it is better to seek the advice of a supervisor or mentor rather than a peer. You don’t have to tell your supervisor that you see your long-term goals at another company but talk with them openly about how you can advance at the firm.

It strikes me, writing this series on getting a job and career management, that two very important ideas are prevalent across all the topics.

• You need to be strategic to reach your goals. Know where you want to go and plan on how you can get there. Planning two steps ahead will put you at least one step ahead of the rest of the crowd that is reacting to their environment instead of guiding it.
• You need to be active to reach your goals. Too many people passively go with the flow and wait for opportunities to come their way. Unless you have a guardian angel (i.e. someone that is pushing you to your goal and being active for you) then opportunities are not going to seek you out. You need to seek them out by knowing where you want to go and putting yourself in front of them. Attend conferences and professional events, be active in your local CFA society, do research into special topics and become an expert in things that may not be directly related to your current position.

We’ve still got at least four months before you need to start thinking about the next CFA exam. This is the perfect time to review the resources on the CFA Institute’s website, career resources or otherwise. Don’t just be a participant in your life’s story, actively guide it and you won’t regret where you end up.

‘til next time, happy job huntin’
Joseph Hogue, CFA

# CFA work experience (part 4)

This is the fourth post of a series we will run over the next few weeks highlighting some of the great resources available to candidates through the CFA Institute’s Career Resources. We covered networking, branding and job search techniques in previous posts. This week, we will look at one of the most intimidating and difficult stages for many candidates, interviewing.

For resources from the Institute: Click through to CFA Institute – then to Career Resources – and then to Library.

## From 1-in-100 to 1-in-10

Congratulations, you have made it through the mountain of submitted resumes for a position and actually landed an interview. Getting the call for an interview is a huge affirmation of your skills and experience, especially in today’s ultra-competitive environment.

As great as it is to make it to this stage, don’t forget that there are likely at least five or ten other candidates that want the job as badly as you. You’ve improved your chances but you can’t let up on the effort until you sign the employment contract.

• Understand the company and the type of person they usually hire. Are many from a specific school or field of study? Do they prefer newbies or people with strong experience? What is the workplace atmosphere, laid-back or hard-charging? Most candidates will give a cursory glance at the company’s website but this won’t tell you anything about how personalities fit in the office. Proving you are a good fit with the culture is just as important as proving your skills and experience.
• As with your resume, it is important to be able to answer questions with definitive proof. Make sure you are able to support your skills with an anecdote and quantitative proof.
• Be brief and listen to what they are saying. Avoid talking for more than a couple of minutes without some input or response from the interviewer. This will help avoid rambling or getting off topic. If you can turn the interview into a conversation, it becomes much more enjoyable for both and increases your chance of making a connection.
• Don’t be afraid to ask for feedback on your answers and skills. If you can address the interviewer’s biggest problems/concerns during the interview then you’ll have a better chance when they are making the decision later.

## The Behavioral Interview

The ‘Behavioral Interviewing Worksheet’ provides a nice template for answering experiential questions. These behavioral experience questions are popular with many employers because they cause you to ‘prove’ your abilities through actual experience. Make sure you keep each part of the question brief, the worksheet recommends 2-3 sentences, because it can be too easy to ramble and lose focus.

If you thought you were done with networking when you got the call for an interview, think again. One of the best suggestions I’ve ever heard was to find someone already working for the company to get the inside-scoop on the interview. They may not offer much, depending on how well you know each other but it is an opportunity you do not want to pass up. Does the company ask behavioral questions, will there be some kind of test, do they ask opinion or off-topic questions? Having an idea of the type of questions could save you a ton of time in preparation.

While it should go without saying, make sure you follow-up with everything you promised in the interview. Did you promise to provide contacts for references or to find some other information? At minimum, you need to send an email thanking the interviewer for their time.

As with most of the steps we’ve looked at in the series, you really need to be working with someone on your interviewing skills. It’s easy to sit there and read your pitch back to yourself but you’ll never get the feedback you need. Find someone else on the LinkedIn CFA group or around your city that is also job hunting and team up for feedback and support.

Tomorrow, we’ll wrap up the series with career management and what to do after you get the job.

‘til next time, happy job huntin’
Joseph Hogue, CFA

Last updated: October 1, 2016 at 5:19 am

# Getting the Job and CFA work experience (part 3)

This is the third post of a series we will run over the next few weeks highlighting some of the great resources available to candidates through the CFA Institute’s Career Resources. We covered networking and branding in previous posts. This week, we will look at resume writing and strategic job searches.

For resources from the Institute: Click through to CFA Institute – then to Career Resources – and then to Library.

## Do people still use resumes?

There is only one resume link to, “Insider Tips for Resume Writing,” offering nine bulleted tips. In the age of ubiquitous internet profiles, resumes may seem outdated but are still universally used by employers.

HR and employer time is limited, especially with the hundreds of resumes they may be receiving, so it is imperative that you get there attention quick. Put a summary section above everything else that gives a one or two sentence pitch and offers a few bullet points of your top achievements or skills.

One of the hardest but most important things to do on a resume is to quantify your accomplishments. Anyone can say they helped improve the return on a portfolio but you need to be able to prove it. Spend some time to analyze your own contribution to your past employers. Did you suggest and/or lead a project or investment. If your split with the employer was friendly, they might be able to offer ways to quantify your accomplishments.

In keeping with the idea of a restricted time reading your resume, the tips suggest limiting it to two pages though I am still from the old school that tries for one page. This means limiting the amount of information and the number of employers you list. Focus on your most recent and most relevant experience.

Crafting a superb resume is still not going to get you out of networking. The author of the linked tips states that 75% of all new positions are won through networking. While I’m thinking this seems a little high, you absolutely must make those personal connections.

## Strategic Job Searches

I couldn’t have told you what ‘strategic job searches’ were before I started this post but the Institute offers nine files for review so I figure there must be something to it. From reading through the resources, it appears that searching ‘strategically’ is just integrating all the topics (i.e. resume writing, branding, networking, interviewing) and formalizing a process for the search.

As a type-A person who likes to have everything planned out ahead of time, the need for a strategic search seems obvious but the resources are no less helpful. It strikes me that a lot of candidates think getting a job begins with a search on Monster or eFinancialCareers but have very little idea of what they actually want to do besides make money. If you do not fully understand what you want and what you can offer, then you won’t be able to relay that to a potential employer and will have nothing to separate yourself from the crowd.

Job Search Strategies for Today is probably the most detailed resource with 44 slides that cover quite a few different topics including resumes, planning and social media. You will want to take some of the ideas within this resource to develop the template from the previous resource.

Tomorrow, we’ll look at those all-important interviewing skills.

‘til next time, happy job huntin’
Joseph Hogue, CFA

Last updated: February 23, 2017 at 2:36 am

# CFA Level I Formula Sheet December 2016 – Download Free PDF

At the end of this post, download 6 Free PDF files for your CFA Exam Level 1 December 2016.

First PDF file is Formula Sheet.

Next four PDF files are of CFA Exam No. 4 offered by FinQuiz. There are total six similar exams available on www.finquiz.com for purchase (In total 24 PDF files).

Last PDF file is a sample of ‘FinQuiz Smart Summaries’

Last updated: December 29, 2016 at 3:48 am

# CFA work experience (part 2)

This is the second post of a series we will run over the next few weeks highlighting some of the great resources available to candidates through the CFA Institute’s Career Resources. We covered networking in last week’s post and, as much as I would like to move into resumes and interviewing, we need to cover something almost completely overlooked by job candidates…personal branding.

For resources from the Institute: Click through to CFA Institute – then to Career Resources – and then to Library. I like the presentation, Building and Managing a Professional reputation, for its straight-forward questions but it won’t take much time to browse through all the material on the site.

## Personal branding? It’s not like I’m Coca Cola

You may not be a multi-billion dollar company with a product to push but you are still trying to sell something, yourself and your skills.

Sure, you hold the CFA designation or are working towards it but that puts you in the company of about 280,000 other charter holders and candidates. That is on top of the masses of new finance grads and the consolidation in equity analysis over the last few years that has left fewer positions for which job seekers must compete.

## Personal branding WILL get you a job! and your CFA work experience

I can say this so confidently because the process is so neglected by job seekers that working it into your job search will distinguish you from all the rest. As with networking, there are several slideshows and resources on the Institute’s webpage. Most are relatively brief, notes from a presentation, so you might want to check out something from the library. You don’t have to spend weeks developing a plan but give it the time it deserves and it will pay off.

Branding is actively creating a perception of yourself and your skills. This means sitting down to think through the idea and writing down a formal plan. Do not just spend 30 minutes and figure that you will remember your brand without writing it out. Actively creating your brand means seeking out ways to display it so it gets built into people’s perception. This includes public speaking, writing or blogging, as well as highlighting it on all your communications material like resumes and business cards.

The best advice I got from the resources on the website was to be focused and differentiated, understand your value proposition and the specialized solutions you can offer. Think creatively here. Experience is not the only value proposition. If you lack experience, you need to develop your brand around something else.

## Potential brands

• Cross-specialization : Are you someone that has strong experience in other areas? There are tons of analysts out there but many cannot put two sentences together intelligibly. I have built my brand around being able to produce persuasive and thoughtful writing around strong fundamental analysis.
• Perseverance: Everyone says they are passionate and will, “do what it takes.” If you can prove it with a short anecdote then the brand might be yours. Have at least two stories of how you went above and beyond or overcame huge obstacles.
• Be the First or the Leader: You don’t necessarily have to be the very first to do something as long as there are few that do it. Make sure to pick something that will be in demand by a large enough universe of employers.
• Be the Expert: This doesn’t necessarily mean being the global expert but could be the Expert among the group of job candidates. If you do not work in the topic or have much experience, you’ll have to take the time to develop it. Read everything you can on the subject and seek ways to develop your expertise. Volunteer to speak on the topic or submit analysis to journals or to newsletters.

As with any communications strategy, branding works best if it is integrated across multiple channels. You need to focus on your brand across your LinkedIn profile, resume and cover letters, business cards and in your face-to-face interactions.

Whatever brand you choose, stop saying you are, “well-rounded!” Do you know what this tells me, that you do not know your strengths or are not an asset in any particular area. It is fine to have some good general knowledge but you need to be able to bring something extra to the team.

Tomorrow, we’ll look at a few resume tips and some job search strategies.

‘til next time, happy branding.
Joseph Hogue, CFA

Last updated: October 1, 2016 at 5:10 am

# CFA work experience – From Networking to Interviews

This is the first post of a series we will run over the next few weeks highlighting some of the great resources available to candidates through the CFA Institute’s Career Resources to help you in getting your CFA work experience. We’ll start with some networking ideas, highlighting some of the best articles, handouts and presentations available on the site.

Through the next few weeks, we’ll move through the career search highlighting interviewing, resumes, personal brand development and communication skills. Don’t feel like you have to wait for the posts though, click through to the CFA Institute’s site and take a look at some of the resources available.

Click through to CFA Institute – then to Career Resources – and then to Library
You will need your candidate Id number to login to the site.

It’s not what you know
After 300+ hours studying for your exam and countless hours spent in your undergrad program, I’ve got bad news.  You may have neglected the most important skill for our industry.

Most people think of networking only when they get ready to find a job to meet CFA work experience requirement. Don’t let the fact that you’ll spend much of your day following portfolio returns and market analysis fool you, your success in the investment and asset management industry lives and dies on relationships. This is most obvious for the brokers and advisors but the dealmakers and analysts also need to know who is looking in the market for their advice and expertise.

## Networking to get CFA work experience can be frustrating at first.

It’s not really taught in school and the ease of social media platforms like LinkedIn has given people a false impression of how to really make connections. Networking is not adding someone as a “connection” on your profile and it is not simply “Liking” someone’s re-post of the cat playing piano video.

Networking is about getting to know others, their job and their personality, and understanding how the two of you can work together to achieve both your goals.

Ok, so most of you are saying, “That’s fine but I NEED a job now and that’s the only thing I’m thinking about.” That’s understandable and your networking will eventually lead to job opportunities, but…

Try to approach networking first as the opportunity to meet others in the industry and learn. Too many job hunters rush through getting to know someone and jump right into asking for a job. When you do this at a social event or conference, you immediately stop being someone with which the other person is interested in building a relationship and become just another resume.

## There are a few handouts and multimedia podcasts available on the CFA site.

Handouts like these will give you tips and some good starter advice for networking but the best way to learn is by getting out there and practicing.

Don’t just scan through the handouts. Actively read through and compare the advice with your experience in the last couple of times you’ve been to a social or networking event. Did you do anything particularly well? Chances are you will find some points that you either didn’t do well or actively avoided. Use the handout and your experience to write out a networking plan, not a long book on meeting people but a half page outline on what you are going to do at the next event you attend.

Better yet, write it on a small index card and take it to the event with you. Looking back on the outline during the event can be a great way of forcing yourself to do some of the things that you actively avoided in the past.

There are a ton of tips available in the handouts but my favorite is to network with a friend. Working with a peer will help you develop your ‘elevator speech’ ahead of time. At the event, you can use each other to help with introductions. Each of you plan on meeting at least 3-5 people then introduce each other to the people you met. After the event, talk about what you were able to do from your outline plan, what you might have missed and what you learned.

## Your local CFA society is your best bet for networking events related to CFA work experience.

From there check out the local business organizations and your connections through LinkedIn. After going to a few events, you will start to see familiar faces and your ‘real’ network will grow exponentially. Start talking about what you want to do through your career and what you think you be great at doing.

Tomorrow, we’ll look at a few resume tips and some job search strategies.
‘til next time, happy networkin’
Joseph Hogue, CFA

Last updated: October 1, 2016 at 5:05 am

# Notes from the 2015 CFA Candidate Survey

## The 2015 CFA Candidate Survey presents some interesting facts and study hints for other candidates

The CFA Institute surveys candidates each year before and after the exam to help improve the curriculum and the CFA candidate experience. The survey results offer an interesting look into what type of candidates are attracted to the CFA and the overall candidate profile.

The Institute surveyed nearly 16,500 candidates before the exam and almost 25,000 candidates after the exam. The response rate varied between 21% and 31% for each cohort.

### Results of the 2015 CFA Candidate Survey

Candidates for the June 2015 CFA exam ranged from age 21 through 65 and from more than 141 international markets. The majority (75%) were employed full-time along with 15% students, 6% unemployed, 2% self-employed and 1% unemployed but not looking for work.

CFA Candidate Employment Status

There was even a small percentage of candidates (0.05%) that reported being retired. The CFA exams are a challenge to which many aspire. I’ve talked to a few candidates that were already retired and hear that many people always wanted to take the exams but never felt they had the time or failed several times during their busy careers. Taking the exam while retired gives many the chance to accomplish their goal even if they don’t plan on using it professionally.

Nearly half (41%) of candidates reported employment in one of six job functions including portfolio management, research & analysis, risk management, consulting, corporate finance and accounting.

The part of the CFA candidate survey that I’m always most interested in seeing is the section on exam preparation. The CFA Institute surveys candidates on how long they prepared, resources used, emotions leading up to the exam and many other topic areas.

As is almost always the case, candidates reported spending just over 300 hours on average to prepare for each of the CFA exams. Actual averages from the 2015 candidate survey were:

• 308 hours average across all three exams
• 287 hours average for the Level I
• 315 hours average for the Level II
• 327 hours average for the Level III

Most candidates (78%) reported using the official CFA Institute curriculum and 72% reported using the Institute’s mock exam to prepare. Nearly two-thirds (61%) reported using third-party prep materials as well. Only 5% of candidates reported taking part in a local study group.

What I thought was a little disturbing was that only 51% reported doing the end-of-chapter problems in the curriculum. That means about a third of the candidates that used the official curriculum didn’t bother doing the end-of-chapter problems. What did they use then to test their retention?

I won’t get into a rant on the importance of working practice problems but high fail rates on the exams shouldn’t surprise you when so many candidates neglect some of the best resources available.

More than a quarter (28%) of respondents thought the exam questions were more difficult than they expected while 63% thought they were as difficult as expected. Most candidates (73%) felt the questions were all or mostly clearly written while 2% felt many of the questions were not clear.

The Institute asked candidates to rate the most difficult three topics on each exam.

• On the Level I exam; Fixed Income, Ethical & Professional Standards, and Financial Reporting were claimed as the most difficult
• Level II CFA candidates had trouble with Fixed Income, Derivatives and Alternative Investments
• Level III candidates reported Derivatives, Ethical & Professional Standards, and Portfolio Management as the most difficult topics

The fact that candidates reported these topics as the most difficult should give you ideas on studying. Many of these difficult topic areas are also high-value topics on the exams so you might want to spend extra time making sure you master the material.

A third of the candidates reported taking the CFA exams for career advancement or development while increased competency and professional status also ranked highly as candidate motivations. The CFA Institute also asked candidates to rate their expectation for employment opportunities over the next 12 months. On a global level, there were about an equal share of candidates expecting more and less opportunities. The tool allows you to filter by country so check it out.

The results of the 2015 CFA candidate survey are available here. You can view the results by web-page or in the pdf version. Even if you don’t learn anything from the results, it makes for an interesting look into the candidate profile.

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: July 18, 2016 at 15:41 pm

# Is the CFA Exam More Difficult Now?

## Perhaps an unanswerable question but candidates are always wondering if the CFA exams are more difficult now than in the past

A common question we get at Finquiz each year, especially as candidates wait for their exam scores and look at pass rates provided by the CFA Institute for prior years, is has the CFA exam become more difficult over the years.

It’s a taboo question for some. It’s probably impossible to answer with certainty and emotions get high when you start comparing your CFA exam against others’.

Let’s look at the pass rates for the CFA exams over time and then some ideas of whether the exams are more difficult now than in the past.

# Are the CFA Exams Getting More Difficult?

Looking at CFA exam pass rates over time suggests that the exams are getting more difficult but there are other factors that could be involved.

• Pass rates for the CFA Level I exam have fallen from an average of 57% over the five years through 1989 to just 40% over the last five years
• Pass rates for the CFA Level II exam have fallen from an average of 65% over the five years through 1989 to just 44% over the last five years
• Pass rates for the CFA Level III exam have fallen from an average of 74% over the five years through 1989 to just 52% over the last five years

While there is a lot of volatility in pass rates from one year to the next, the trend over the last 30 years is fairly clear. The percentage of candidates passing their exam each year is falling.

There have been a lot of changes to the CFA exams over the years and it seems the curriculum has ballooned with new material. One candidate reports seeing a CFA Level III exam with just four essay questions as opposed to the 10+ essay questions on today’s exam. A few of the topics including Alternative Investments, Derivatives and GIPS didn’t exist in the past.

So the curriculum has definitely expanded along with the body of knowledge available in the industry but are there other reasons why pass rates have fallen?

There could certainly be some intent in the lower pass rates. With ever more candidates registering for the exams, the CFA Institute may be increasing the minimum passing score to manage how many pass. While the Institute needs to add new dues-paying members every year, it also doesn’t want a massive flood of new charterholders to overwhelm the industry. There’s no way of knowing whether this is true or not because the minimum passing score isn’t public but it’s one theory.

There could also be a geographic explanation to falling passing rates. Many more candidates come from non-English speaking countries than have in the past. While English proficiency among international candidates is very good, you would expect it to be more difficult for non-native English speakers to pass the exams. I speak conversational Spanish but there’s no way I would have been able to pass the CFA exams in the language.

In the end, is there really a need to compare the CFA exam of today with bygone years to say that either is more difficult? The industry changes, requiring a different skill set of analysts and money managers. The knowledge you needed to be successful in the 80s was far different from what you need as we reach farther into the 21st century.

What we should really be asking is whether the CFA exams remain as difficult as the industry needs them to be. As charterholders and future CFA charterholders, we need to require that the Institute and our community keeps up with changing requirements in the industry and designs a curriculum that will hold to the highest standard of the past. This means continuously updating your own knowledge even after passing the CFA exams and sharing that new skill set with the Institute and within your local societies.

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: July 18, 2016 at 15:44 pm

# You’re Waiting for the CFA Exam Results? Why?

## Waiting for the CFA exam results can be excruciating for candidates but it may not matter as much as you think

Candidates worldwide are now waiting anxiously for their CFA exam results from the June test. That’s 172,682 candidates biting their nails and pacing the floor waiting for the CFA Institute to grade their exam.

It helps to have gone into the exams with the confidence of passing but even the most self-assured candidates will have a tough time until results are released. The Institute gives itself up to 60 days to release Levels I and II of the CFA exams and up to 90 days to grade the third exam.

It seems like an incredibly long time to wait given the stress around the exams and the work you put in studying…but does it really matter? Of course it would be great to pass the CFA exam but is there a bigger picture you’re overlooking?

The Zen Approach to the CFA Exams

Maybe it doesn’t help much if you’re sitting there wondering your fate for the next year. The low pass rate on the CFA exam means just about every candidate is going to have some doubt as to whether they’ll be spending another 300 hours before next June.

But if you think about the long-term and how much one year really matters within your entire career, it starts to look a little less significant. For many candidates without the necessary work requirements for the charter, you may have years before you can use the designation and passing the exams certainly won’t mean an end to long hours studying how to be a better analyst.

Passing the exam may seem like your top goal in life right now but which is more important, barely making it through to the next level or truly mastering the material? Many of you are probably thinking it’s much better to pass the exam now and worry about mastering the material later but taking one more year to really understand the profession isn’t that bad an idea.

Putting all this in perspective helps to handle a CFA fail as well. I’m not trying to jinx your results but historically half the candidates won’t pass their exam. Getting the bad news means telling everyone that wished you well and dealing with it every time someone asks you how it went.

Resist the urge to find an excuse to blame for not passing the exam. You just weren’t ready and there’s nothing wrong with having to retake the exam. You’re in good company with most candidates having to repeat at least one level of the CFA. Look at it as an opportunity to not only get a better understanding of the curriculum but to learn from whatever study habits held you back from passing. Not only will you be ready to take on the exam next year but you’ll have learned to pull yourself up from defeat and push yourself harder in the future.

Besides being much more relaxed about waiting for CFA exam results, taking the ‘no worries’ perspective of the exam can actually help you study and prepare for next year. If you’re less worried about scoring points and figuring out the tricks to passing the exam, you’ll be better prepared to just study and learn the curriculum. Instead of spending hours ‘studying’ about studying for the exam and trying to game the system, you’ll spend that time more efficiently mastering the curriculum and becoming a better financial professional. And that’s what it’s all about!

‘til next time, just relax!
Joseph Hogue, CFA

Last updated: July 18, 2016 at 15:45 pm

# Is the CFA Worth It?

## A recent article on Bloomberg questions if the CFA is worth it but are they missing the bigger picture?

The CFA exams have come and gone and the financial media has been all over the story for the last week. From describing the challenge for CFA candidates to one recent Bloomberg piece that questions the value of the CFA charter. It’s a question often asked and without a clear answer but naysayers may be missing some key factors.

A record 172,682 candidates sat for one of the three CFA exams this month in just about every country on the globe. If history is any indication, nearly half of those candidates will fail the exam and some may need to take each level multiple times.

On the hundreds of hours it takes to study the material and the money spent for registration, whether the CFA is worth the effort is a valid question. Analytical people are drawn to the CFA through their career dreams so it’s natural they would want to place a value on their time and money spent.

CFA Not Worth It Crowd Misses the Bigger Picture

The Bloomberg article doesn’t come to a definite answer on the value of the CFA charter but the tone seems to suggest that it’s a high bar to set considering the costs. Maybe I’m biased being a charterholder myself but besides some obvious problems with the analysis, the article misses a few key points that only a candidate or CFA charterholder would understand.

The article assumes candidates spend ‘thousands of dollars’ on fees and materials for each CFA exam. While you can spend several thousand through the registration and some of the more expensive third-party study providers, ‘thousands of dollars’ is misleading and not the norm.  The standard registration fee to the CFA Institute is \$860 and even the premium package on Finquiz is only \$400 which leaves a lot of room to ‘thousands’. Saying ‘thousands’ is a stretch considering many candidates study only the Institute materials and even the most expensive third-party providers cost less than a thousand dollars.

The biggest point to the article is based off a Phaidon survey of job opportunities on the LinkedIn platform mentioning the CFA in the description. Nearly three-quarters (73%) of the jobs offer less than \$100,000 annually which is supposed to sound low but sounds like a pretty good salary to me.

Assuming that jobs posted on LinkedIn are representative of all available, there’s a glaring problem with the survey in that no mention of geographic distribution is made. A \$100,000 offer in Mumbai is considerable different than the same salary in New York City where consumer prices are 250% higher and rent is five-times more expensive.

The article does mention a survey by CFA Societies in the Midwest U.S. showing a median salary for charterholders of \$154,000 – almost \$70,000 higher than their peer group. If this is the median in the breadbasket, how much higher is it in the larger cities on the East Coast? Another study by InvestmentNews is reported to show charterholders make nearly 25% more than their CFP and CPA peers.

The article also downplays the credibility one gets from holding the charter. It’s hard to quantify and you can certainly find recruiters that don’t care about the CFA on a resume…if that’s what you’re looking for in a quote. I would disagree from my own experience as a freelance analyst after multiple clients have told me I was selected on the basis of having the charter.

The real benefit to the CFA charter, and just the grueling process of obtaining the charter, goes way beyond all this. The financial industry is uber-competitive and few sectors are as uncertain in outcome. In an industry where being exceptional means beating your index by a few percent, how much is it worth to have all the tools possible?

A lot of potential CFA candidates are turned off by the amount of time it takes to prepare for the exam. Upwards of 300 hours over four or five months times three might seem like a big commitment…but is it really?

Put that 900 hours into perspective against the roughly 744,600 hours you have on this earth (assuming 85 years lifespan). What else are you going to be doing with most of that 900 hours? Watching TV, surfing the internet? Is 900 hours too much to make you the professional you could be and to open the door to more opportunities?

The CFA is a crucible for the best investment and asset professionals. It’s an extremely tough process that weeds out those not committed to the highest standards and forges others into professionals ready with the tools they need to make the best decisions for their clients.

If this sounds like something that is important to you, then welcome to the challenge. If you don’t think the highest standard of professionalism is important, then we don’t want you anyway. Good luck.

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: July 18, 2016 at 15:46 pm

# 5 Ways to Relax after the CFA Exam

## Learning to relax after the CFA exam can be the payoff after months of dedication

It’s usually this time of year, just after the June CFA exam, that I post an article about what to do with all your new free time. You’ve spent upwards of 20 hours a week buried in the CFA curriculum and many candidates forget what it’s like to be…human.

I’m a big proponent of using the post-exam quiet period to keep the momentum going. I usually use this post to highlight some ways to get involved with the local CFA society or ways to learn about finance without it being from the Institute.

If you’re looking for something like that, ideas on how to get a head start on everyone else, check out some of these posts from prior years.

But this post isn’t about any of that, it’s not about learning or networking with your new CFA brethren. This post is just about relaxing!

How to Relax after the CFA Exam

I would hope you have a few ideas of what you want to do over the next few months, ways to relax and feel a little more normal. I used to put things I couldn’t do while studying for the CFA exams on a mental checklist to do after that first Saturday in June. Unfortunately, sometimes we forget or have been studying for so long that it’s hard to remember how to relax.

1) Act Like a Kid Again. Seems everything was simpler when we were kids. Maybe there’s something to that and the key could be getting in touch with the kid inside. Think about a few things you loved doing as a kid. I played whiffle ball with cousins and liked to explore my grandparents’ farm but hadn’t done either in decades until I decided to last year. It was so much fun and my cousins and I get together every couple of months now to play a game.

2) De-orgainize. Most CFA candidates are super-organized type of people. What else would you expect of financial analysts? If I don’t have a pretty good idea of what I’m going to do for the week, I feel a little lost. But sometimes we have to just let our need for organization go to relax a little. Clear your schedule entirely for a day and make a point to do anything you want (unplanned). Go for a walk and just see where the day leads.

3) Get a massage. I’m not talking about asking your significant other to rub your shoulders. Go to an actual spa and get a professional massage, in fact, make it a whole spa day just for you. You’ve earned that sauna, massage, facial package and will love the sense of peace.

4) Make a short-term bucket list. A bucket list doesn’t have to be just things you want to do before you die. Make a list of things to do over the next couple of months. Get creative and be daring. Don’t be afraid to leave home and get outside your comfort zone.

5) Read something totally unrelated to finance. Take up a hobby or read a book totally unrelated to the CFA or finance. Do something regularly just for fun. Being goal-driven personalities is one thing but we have to remember that life is short and we need to take time out to have fun.

Don’t stop with just five ideas for your post-CFA exam relaxation. Make the next few months count and have as much fun as possible. It will be January soon enough and we’ll be right back here studying for another year.

‘til next time, happy relaxing!
Joseph Hogue, CFA

Last updated: July 18, 2016 at 15:46 pm

# 5 Things to Avoid During the Last Week Before the CFA Exam

## Avoid these five wastes of time and challenges to get the most of your last week before the CFA exam

It’s the last week before the CFA exam and hopefully you’re reading this from your study room hideaway just before starting a long week of nothing but cramming for the test. Taking the whole week off work to study is a great way to get those last few points you need to pass the exam.

Not being able to take the week off to focus on studying doesn’t mean you won’t have enough time though. You’ve already spent hundreds of hours on your CFA study plan and putting in 15 or 20 hours this week instead of 40 isn’t going to doom your result.

There are a few things that won’t help your chance at passing the CFA exam though and that should be avoided at all costs.

What to Avoid Before the CFA Exam

Distractions – This one might be difficult to avoid at any point in your CFA study plan but it’s crucial that you get the most of your time this week. This is it, just one more week before the exam and you can’t afford to be taking breaks and surfing online. Find a study area away from home where you will not be distracted regularly and work through the day. Take a ten minute break each hour and 30 minutes for lunch.

Too much group time – Whether you have been studying in a group so far or not, the returns to additional group time are probably limited. At this point, everyone has very specific topic areas in which they need to study most and group members’ needs may not align with yours. If the rest of the group wants to work on derivatives and risk management but you feel you’ve got the study sessions mastered, your time would be better spent studying the topics in which you need to study. Keep the lines of communication open with group members for any quick and specific questions but its best to spend your time really focusing on your individual needs this week.

Negativity and Worry – I understand it’s a lot easier to say not to worry about the exams now that it’s five years since passing the level 3 but you really do need a Zen-like perspective on it. You have done what you can and are using this last week to get those last few points. Worrying about the exam isn’t going to help you make any additional points. Calm down, put in the study time this week and accept whatever score you earn.

New study ideas and inefficient study – It’s too late to start trying out new study ideas or trying to work all the way through the official CFA curriculum again. You need to focus on what has worked in your study routine and getting the most of your time. If you have FinQuiz Study Notes and other review study aids, focus on them to get the point of each LOS rather than reading through thousands of pages in the curriculum.

Too much meta-studying – We’ve covered this one on the blog before but it’s extra important now. What is meta-studying…you’re doing it now. Any time you read something about the test or how to prepare for it, you’re meta-studying. It’s not a bad thing, you need to understand how to study in the most efficient way possible and what to expect on the exam. Just don’t use meta-studying to replace actual studying of the LOS and curriculum. Too many candidates spend a lot of time online, in different CFA forums and searching for questions about the exam rather than actually reviewing the material and working practice problems. Get what you need to know what to expect on the exam then get back to studying.

Getting caught up in some of these studying hurdles won’t necessarily doom you on the exam. If you’ve already put in the time you need then you can probably relax a little this week and go to the exam refreshed on Saturday. Spending a lot of time on these five distractions and wastes of time won’t help you either though so make sure you know that you’re getting the most from your time.

‘til next time, happy testing!
Joseph Hogue, CFA

Last updated: July 18, 2016 at 15:47 pm

# The essay section of the CFA Level III exam is one of the toughest for candidates but you can use past exams to get an advantage

Ask CFA candidates which is the most difficult part of the Level III exam and they will almost unanimously say the essay morning section. The essay portion of the Level III CFA exam is so widely feared that it shows up as one of the top answers when candidates are asked about the most difficult part of all three exams.

The irony is that the essay portion could end up being one of the easiest parts of the CFA exams. I couldn’t wait to tackle the morning section on the Level III exam because I knew exactly what to expect and that I was going to score big points.

You can go into the third CFA exam with just as much confidence. It all comes down to using one of the best resources made available by the CFA Institute.

When else has the CFA Institute given you the answers?

It’s not even a secret but too many candidates don’t know that the CFA Institute releases the actual morning essay section along with guideline answers. That’s not mock exams or practice tests but the actual essay exams that were given in prior years and the answers that would have gotten you full points.

Normally, the Institute releases the last three years’ exams for download along with a separate download of answers. Click through here for the Level III exam prep page and copies of the past exams. Not only does the page include downloads for the last few years’ essay questions but also a brief summary of the exam structure and timing.

The essay section of the Level III CFA exam consists of between eight to 12 questions, each with between two and five sub-parts. Each question and sub-question can be worth a different amount of points but the entire morning session is worth 180 points.

In no other place does the CFA Institute give you so much help on the exams. Download every previous exam available and use it as a mock exam. Not only will it help you learn the curriculum but you will become more comfortable with the essay section and writing for three-hours straight.

We’ve covered several essay questions from previous exams, click on the Level III posts category and scroll through a few. Since the curriculum changes a little every year, questions from many years ago may not be as relevant so always make sure you check to make sure the LOS of the previous exam’s question is still included in your curriculum.

Focus most of your study on the portfolio management questions, always the first two or three questions on every exam. The LOS and required calculations for these don’t change much and doing really well on these first few questions is going to give you a huge confidence boost for the rest of the exam.

Pay attention to how the guideline answers are structured for the previous exam questions. You can save a lot of time and still get full points if you learn how to express your answer with bullet points.

As with the rest of the CFA exams, follow instructions exactly. If an essay question asks that you list two reasons, only write out two reasons. You will only be graded on the first two reasons (or however many are required) so writing out other answers is a waste of time.

The guideline answers are not necessarily the only answer you could have provided for credit but is just a blueprint of the answer for which the grader was looking. Remember, there is partial credit in the CFA Level III essay portion so write something out for every question. Even if it is a multiple part question and you don’t know all of it, write out what you can and show your calculations. Again, follow directions and show your calculations! Even if you get the final answer wrong, you may still get some points if you were on the right track.

Some of the essay questions will require that you write the answer out directly under the question while others may refer to another page for the answer. PAY ATTENTION HERE! Make sure you follow these directions. I wasn’t paying attention and put the answer to some of my essay questions directly below the question instead of on the appropriate page. Fortunately, I had enough time that I was able to copy the answers to the right page but not everyone is as lucky.

The Level III essay portion of the CFA exam does not have to be as scary as candidates make it out to be. Study the prior exams and take advantage of this huge gift from the Institute. Work at least three of the prior essay exams and you’ll be way ahead of many candidates and ready to tackle the CFA essay exam with all the confidence you need!

‘til next time, happy studyin’
Joseph Hogue, CFA

Last updated: July 18, 2016 at 15:48 pm