With just six weeks to the CFA Exam, you might be feeling pretty confident about your preparation so far and ready to coast through to the June test. You are doing well on question bank problems and are sure you will be able to pass the exam.
Don’t take your focus off of the finish line! This is the time you need to double your efforts and finish strong for several reasons.
Surprised every year
Everyone knows that nearly half of the candidates taking an exam will not pass their level this year yet the statistics are always the same. While the Institue shifts the passing score from year to year, we should see pass rates increase if more candidates were getting at least a 70% or better across all topics. Even after experiencing the exams, candidates continue to underestimate the challenge.
While you may have already put in hundreds of hours in preparation, know that it may take another hundred hours or more to cement your place at the top of the pack. I put in a fairly tough schedule usually from September or October all the way through May each year I was a candidate and was still surprised every year when I went into the exams.
Put in that little extra time and you’ll be rewarded with a huge sigh of relief in June.
Exam, what exam?
One thing I have tried to stress on the blog is the fact that professional development is an enormous part of our industry. Not only is the competition among analyst jobs so fierce but trying to find the best investments in a fairly efficient market among a sea of investors seems impossible at times.
You need every tool at your disposal and the CFA material is the best toolbox around. Try to not think of studying for the exams so much as a one-and-done event but a continuous process in your new career as a true professional.
Obviously, this is tough to do when you are singularly focused on passing your next exam. I understand because I was in the exact same spot just three to five years ago. Keep focused and confident that you will pass the exam but keep the studying in perspective. Don’t stop when you think you are safe to pass the exam. Only stop when you feel you have mastered the material.
Putting it into perspective
While you might feel that the exams are consuming your life right now, putting the time spent in perspective might help a little. That 300+ hours studying for each CFA exam is insignificant over a lifetime.
The Bureau of Labor Statistics reports that Americans 15 years and older spend approximately 7.5 years in front of the television. That’s nearly three hours a day on sit-coms and reality TV.
Surfing the internet takes up nearly as much time with 10,000 hours or about 5 years of our lives. Some of it is time well spent connecting with friends and family or other worthwhile sites but there has got to be a few pointless hours within that total.
Thinking about some of the time wasted throughout the day makes a few hours of professional improvement a little easier. If you spend 300 hours on each exam, that’s just 37.5 days and a little over 11 hours a week over six months. Find that quality time with your family, make sure you get enough time where it counts and then get to work!
Good luck. You’re almost there and I know you can do it.
‘til next time, happy studyin’
Joseph Hogue, CFA