Relaxing after the CFA December Exam – but for how long?

Congratulations to all the candidates that sat for the Level I CFA Program exam last Saturday. As I wrote in last week’s post, you’ve already shown your worth in the perseverance and dedication to professionalism and I welcome you to our group of CFA candidates and charterholders.
Many of you are now looking to the next step, the Level II CFA Program exam in June and wishing you had enough time to relax and reconnect with friends and loved ones.

There are advantages and disadvantages to jumping right back into the curriculum and you might just decide that you have more time to relax than you thought.

Sitting for the June exam after December’s Test

As December candidates, you’ve got a pretty unique opportunity to finish up the CFA exams earlier. Trying to think back on my own experience, I had not decided to pursue the designation until November so really didn’t have the option. If you’ll have the experience requirement fulfilled by late 2016 then you could potentially shave six months time off the process compared to peers.
Reasons to take the June exam after a December exam

  • A lot of the Level II CFA Program curriculum builds heavily off of concepts learned in the level 1 curriculum. In fact, many of the sections in the curriculum start off with optional refresher pages to remind you. Going straight into studying for the second exam helps to avoid losing any of that information in a year’s worth of partying and working (ok, partying for the younger candidates, working for the old timers).
  • The level 2 curriculum really gets into the detail of financial analysis and working through a company’s financial statements. A lot of candidates are pumped up about hitting the books, even after a grueling few months of studying for the first exam. The curriculum is also undeniably good for your career and the sooner you learn the material, the sooner you can impress your boss with your expertise in analysis.
  • You could easily wait until late January when December exam results come out to register and being studying for the second exam. This gives you nearly two months to enjoy with your family and friends. Believe me, you’re first few years as an equity analyst will be busier than that.

Don’t forget that the application deadline for the CFA Awareness Scholarship is February 2nd so you may want to get started on that ahead of time. This scholarship is for key influencers in the academic and financial communities and reduces the registration fee to $350, including the curriculum ebook. Check your local CFA society as well, many offer scholarships for local candidates.
The registration deadline for the standard fee on the June exam is the 18th of February though you have until March 18th as a late-register.

What’s the rush?

Whether you’ve considered it or not, there is nothing wrong with taking a year and a half to sit for the Level II CFA Program exam either. I know everyone wants to get through the exams as soon as possible but there are also advantages to taking your time.

  • You can still start your study for the Level 2 exam by borrowing curriculum from other candidates or getting it from the local library. Make sure the readings are up to date but the curriculum really doesn’t change that much so most will still be applicable.
  • Even if you set a study schedule that takes you to the June 2016 exam, you can still sit for the 2015 exam to see how it is. You only pay for the enrollment fee once but will have to pay the registration fee again.
  • Burn out is a big problem for candidates and you might not feel like a couple of months is enough to spend with family and friends after taking the Level 1 exam.
  • The Level II CFA Program exam is, in my opinion, by far the most difficult of the three. The detail and the number of formulas are intense, reasons why the average pass rate is only 44% over the last ten years. Spreading your Level 2 studies out over 18 months means you can really take your time with the material and master it.
  • Many candidates will not complete the experience requirements by late 2016 anyway and will need to wait to use the designation. If you are not working in analysis or asset management now, it might be a good idea to find a job that will move you in that direction. Starting a new job takes time but a relaxed Level 2 study schedule will mean more time to learn your new responsibilities.

I know it is unlikely that many December candidates will consider foregoing the 2015 exam to take the 2016 exam instead but I thought I would outline the advantages and disadvantages of each option. Whichever you choose, make the commitment to do it well and continue being the professional you have shown yourself to be.

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

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