As we wind up another year on the blog, I thought I would run through the most popular posts over the last twelve months. Most popular does not necessarily mean best or most useful, I’ll need your help in finding those. I would like to think that the most popular are such because they were passed around and read frequently, a result of them being useful as well.
While the three posts describing LOS changes to each exam were all very well read, I’ve excluded them from the list. It doesn’t do us much good to review what LOS changes were made last year but we’ll get the list of next year’s changes out soon.
February 8th – Are you ready for the June CFA exam, have you started yet?
I did a quick poll on LinkedIn to see where candidates were at in their study schedule. As of early February, 16% of candidates had finished at least 60% of the curriculum while 56% had not seen more than 20% of the material. It was an informal poll and there were questions unanswered but there were some lessons to be learned. Don’t count on being able to skim through the material once and do well on the exam, most brains just don’t work like that. Most need to see something several times before it is committed to long-term memory.
December 2nd – The passing score on the CFA exams and how to use it
The actual score or percentage needed to pass the exams is never released but it remains a popular topic for candidates. We know that no candidate has ever failed with a score of 70% or above, so that has always served as a good target. We also know that nearly half of all candidates fail their exam in any given year, which can help to gauge your own progress anecdotally against the rest of the herd.
The 70% target also offers a sober reminder that the exams are more than just a set of multiple-choice questions or essays, it is a gauge of your professional knowledge. Would you trust someone that scored less than two-thirds on their professional exams to handle your money?
January 4th – The Tortoise and the Hare study plan for the CFA exams
I’m always amazed how late some candidates choose to start studying for the exam. While I prefer a slow-and-steady approach to studying, I recognize that some work better under pressure and prefer a later start. In this post, I present two study plans – one for the tortoise and one for the hare.
Even the tortoise study plan, with 20 weeks and 15 hours per week, may be too demanding and I normally started much earlier than this. Still, I think it provides a realistic goal of one study session per week and two weeks of review.
The hare’s study plan is only for those that can clear their schedule completely and devote 30 hours a week over the last nine weeks before the exams. This would be nearly impossible for most candidates but maybe just the right amount of pressure for some.
As important as the practice problems are to passing the exam, I am not surprised that this post was widely read. Doing hours of practice problems is probably not your preferred choice of study method but it is probably the best way to spend your time. It helps to gauge your understanding of the curriculum and gets you ready to handle the 6-hour marathon that is the CFA exam.
Whether the practice problems or mocks are easier or harder than the actual exams, you need to do enough of them to build a confidence interval around your score. This allows you to guide your studying until your interval range encompasses that all-important 70% score.
May 28th – I’ve passed the Level I CFA Program, why don’t I have a job
Using the designation to get a job is easily the most popular forum topic, so it’s given that this would be the most popular post of the year. Whether you’ve already got a job and are looking to move up or you think the exams will get your foot in the door, it can be equally frustrating when it doesn’t all fall into place.
I can tell you that the CFA designation and the knowledge you will gain from the curriculum will help you succeed in the industry. It is one of the strongest and most respected bodies of knowledge in the industry and your perseverance does count for something. I can also tell you that you will still have to fight for the job you want. Use the same perseverance and hard work you put into the curriculum to get your foot in the door and you will not be disappointed.
‘til next year, happy studyin’
Joseph Hogue, CFA