How times have changed since I took the CFA exams. Even though it was only six years ago that I sat through the Level 1 CFA exam, the change in technology has been dramatic. When I first started studying for the exams, online groups were still growing but not widely used among candidates. Now I see that WhatsApp messaging is quickly taking over as a way to group study.
The top three posts on the LinkedIn CFA Program Candidates forum are all WhatsApp study groups and have nearly 2,800 comments, most of them numbers of people wanting to sign up.
But is a WhatsApp group worth your time? How can you use the messaging service to best prepare for the CFA exams?
The Benefits of a WhatsApp CFA study Group
I’m too old for these new software programs so I talked to a few candidates that are using WhatsApp to connect and study for the CFA exams.
The most common response to the main benefits were:
1. The ease of sharing audio recording and pictures of materials. Users really like the fact that they can share short notes they record or a picture of the material they are studying. This really helps those of us that are not as comfortable with typing out text messages.
2. Others like that WhatsApp can easily share contacts around a group. This is one benefit I had never heard of and could be a new networking tool.
3. Users in CFA study groups liked that WhatsApp can be used across different devices so they can transition pretty easily across their laptop to their phone. Being mobile also helps candidates study on the go and when they have time.
Looking through the comments from happy WhatsApp users, I’m a bit jealous that we didn’t have the service to use when I was a candidate. I like the fact that you can quickly share voice recording and add many people to the group. I think the networking aspect could be something that a lot of candidates do not yet fully appreciate.
And the drawbacks of using WhatsApp for CFA study groups?
Using WhatsApp wasn’t all they hoped for some CFA candidates that wrote back that they preferred more traditional study groups.
1. The size of groups and geographic differences annoyed some candidates. They may be exchanging some really good notes with a sub-group of candidates but had to scroll through all the other comments and talk from other members. Candidates also commented that messages to their questions would appear hours, even days after they posted because everyone is on different schedules for when they study and post.
2. Some have reported that WhatsApp was automatically saving stuff to their memory and slowing down the performance of their phone. This should be a relatively easy fix but is still something to think about.
3. The most common complaint was the cross-talk and unrelated conversations that plagued some groups. It is pretty easy for a couple of candidates to start an unrelated conversation that can pull others into it. Pretty soon, everyone is spending an hour gossiping or just texting and not really studying for the CFA exam.
Do’s and don’ts of using WhatsApp for CFA study groups
1. Try to keep the conversation relevant to studying for the CFA exams. This is a big one for any study group and can save you a lot of time. Getting to know each other and building that relationship is important for networking but you are there for a purpose.
2. Avoid one-on-one conversations with other people in the group. These are just annoying and detract from the efficacy of the group. If you want to talk directly with someone, call them or send them a private message.
3. Understand that WhatsApp messages are public and do not send anything out that you would not want others to see. I’m always amazed at how quickly seemingly private messages go public and hurt someone or the firm at which they work.
4. Don’t assume that everyone understands your texting abbreviations. Most people understand the common LOL and other abbreviations used but there are those of us that are still neophytes to texting and need things spelled out more completely.
WhatsApp is a tool and like any tool, it must be used correctly. Make sure you are using it for all the right reasons and getting the most benefit for your CFA study schedule.
‘til next time, happy studyin’
Joseph Hogue, CFA