Three weeks to the December Level I CFA Program Exam and you are probably nose-deep in your curriculum books trying to get those last few points. Well, I want to take your mind off of studying for just a second to talk about a different kind of exam preparation, preparing for that first Saturday in December with a CFA Exam Day Emergency Preparedness Kit.
You might not have thought much about it yet but just assumed you would gather up the necessary things a couple of days before the exam and everything would be alright. After all, how difficult can it be? You just need your identification, admission ticket, a calculator and a few other incidentals, right?
Over my three years of testing I saw candidates bring along a lot of things to the exam, from tiny sandwich bag size packs to backpacks full of resources. Every year there was more than one candidate, in fact usually quite a few, that was turned away for lack of the right materials or that left the test center near tears because their lack of preparedness cost them the success for which they had worked so hard.
Emergency Preparedness Kit for Candidates
Most likely you’ve heard of having an emergency kit in the car in case you get stranded somewhere. It’s probably got flares, a blanket, some water and maybe a little food. But do you really need an emergency preparedness kit for the CFA exam?
You’ve just spent 300+ hours of your life over a short period of time, sacrificing a social life and time with your family just to pass this exam. Nearly 50% of all candidates fail their exam any given year and the difference between passing and band ten is razor thin. You tell me, do you think it is serious enough to have an emergency kit?
There are two categories of items that will go into your kit, required materials and emergency goods. The required materials are going to be things like your admission ticket, a calculator and your passport. You won’t even be able to get into the exam or to have any hope of passing without these. It’s not stuff that you would normally put in an emergency kit, but there’s no sense in having two kits for the exam so I’m keeping everything together. The emergency items in your kit are things that you don’t necessarily need and may not even use but you will thank your prospective deity if you end up needing them.
- International Passport – You must have a valid government-issued passport to get into the testing center. There are no exceptions and I can almost guarantee that there will be someone at your testing center that gets turned away. Physically check your passport; today, no right now to make sure the expiration date is after the exam day and that all your information matches that of your admission ticket. With three weeks left, you should still have time to get your passport changed if you need to but you cannot afford to wait.
- Admission Ticket – This is another required item and it must be printed on clean, unused paper. Do not mark anywhere on your admission ticket, front or back. The information on your ticket must match what is on your passport so you might as well check it now while you are checking your passport. Admission tickets are now available on the CFA Institute website for printing.
- Pencils – Level I CFA Program candidates only need to bring pencils to the exam. I have seen candidates forget pencils and I have seen candidates bring boxes of more than 10 pencils. I recommend bringing five pencils, not that you will probably need more than one or two but it could save you the time of sharpening them. Take a manual pencil sharpener as well. This is one of those emergency items. I always had enough pencils that I never used my sharpener but you should definitely take one.
- Calculator – I always used the Texas Instruments BA II Plus but I know people that swear by the HP calculator as well. It’s your choice just as long as you have one in your kit. I have seen candidates take two calculators, just in case. I never did but it does make sense, especially if you have extras anyway. Changing batteries can take time and you will need to reconfigure the calculator. If nothing else, you should have an extra battery in your emergency kit and a small screwdriver. You will almost certainly not need it but it is much better to have it than need it.
- Medical products – We start getting into the true emergency items with things like aspirin, cough drops, tissues, wet wipes and band aids. You might not need any of them but can you imagine trying to grind your way through a six-hour test with a throbbing headache? Coughing and wiping your nose on your sleeve for six hours is not going to help your score any either.
- Wristwatch – Some people like to keep an eye on the time while others feel it is more of a distraction. I would recommend taking a watch even though the proctors post the time left at the front of the test center. Time management is critical and you will want to know exactly how much time is left.
- Earplugs – You only need to hear stories of loud traffic or lawn mowers outside the exam site to know that earplugs are a good idea. Even if you are not normally distracted by ambient noises, you might as well take a pair just in case.
- Extra money for a taxi – This one depends on how far you live from the test site and how you plan on getting there on exam day. You need to plan for two ways of getting to the exam, just in case your primary transportation fails. Know the bus schedule or someone that you can call at the last minute for a ride. It only takes a few minutes and can save you the agony of missing the exam completely because you were a few minutes late to the testing center.
Don’t count on putting any of this stuff together the day of the exam or even the day before the exam. Test day is stressful enough without having to worry about finding some cough drops or realizing that you misplaced your passport. There will be an area outside of the exam room where you can store your personal items or you can just leave them in your car if you drive.
We will never know how many candidates miss the exam each year because some unforeseeable circumstance kept them from success. We will also never know how many candidates were too distracted by bad circumstances to be able to think clearly and pass the exam. These things do happen, just make sure they don’t happen to you.
Just three weeks left. Good job, you’re almost there.
‘til next time, happy studyin’
Joseph Hogue, CFA