Candidate Warning: Use WhatsApp Carefully

I have been amazed at the growth of WhatsApp study groups just over the last year. Six of the top ten most popular posts on the LinkedIn CFA Candidates group are calls for a WhatsApp group, including the most popular post which has 369 comments.
The draw of the application is that users can send text messages without paying the SMS fees associated with most carriers. With over 118,000 candidates across the globe, there is no lack of members eager to connect especially when there is not much of a local group.
I contacted a few candidates that have used the WhatsApp groups for their insight into the phenomenon. The response was almost entirely positive from the group with a few big caveats.

Avoid common problems with messaging groups

The group members I talked to generally said that their experience with WhatsApp groups was positive but had a few warnings for those considering the groups. Some are specific to the CFA exam while other problems are more common to groups in general.
WhatsApp may be a great resource for asking questions and sharing insight into those tough topics, but don’t forget that the best way to prepare for the CFA exams is still through practice problems. I always set a goal for at least 2,400 practice problems, ten times the amount on the exam, for my test preparation. Doing these problems gets you physically ready to handle a six-hour test and helps to convert the material to long-term memory through repetition.
Make sure you are not spending too much time on the WhatsApp group. Studying for the CFA exams can be incredibly isolating and candidates have a tendency to confront this by spending lots of time in groups and searching through forum topics. Spending a little time each week socializing with local candidates can be a great way to avoid this and can also help make connections that will help you down the road.
Make sure you double-check answers you receive with the curriculum or study guides. There is nothing that guarantees the answer you receive from other candidates is correct. Problems with incorrect answers are not generally a problem with larger groups since the consensus usually corrects the misinformation.
Some caveats to groups in general include:

  • Avoid the temptation to use the group for a conversation with one member. Unless you are answering a specific question that is relevant to the entire group, these conversations are best left to private messaging.
  • Make sure you keep the conversation relevant. This is tied to the caveat above but can often envelope several members and steer the group off topic. There are plenty of forums for discussing your love of cheese (or whatever), you are here to help each other pass the CFA exams.
  • Don’t assume that everyone understands your short-hand text messages. Whole dictionaries could be written on the jumbled mix of letters that have come to be used for text conversations. Some users may not understand your use of acronyms or abbreviations.

It has also struck me how freely candidates share their WhatsApp number on the web. I asked a few candidates and no one expressed any concerns with privacy. I imagine the risk to posting on a very specific forum like the CFA Candidates group would be minimal but I am still interested in hearing if anyone has had a problem with the dissemination of their number. Use the comment section below.
We’ll continue our review of the Level 1 CFA exam next week for December candidates. For those not planning on sitting for the December exam, enjoy your break!
‘til next time, happy studyin’
Joseph Hogue, CFA


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