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Do I need any particular academic background to sit for the CFA® Exam? No. We have had many students with little or no financial background who have passed the Exam. We ran one in-house program for 50 journalists, most of whom had little or no academic training in subjects related to business–80% of those who enrolled in the class passed the Exam. Remember, your goal is to pass it, not to "ace" it. In fact, neither you nor anybody else will know your actual score.
Do I need three years of relevant work experience to sit for the CFA Exam?
No. The experience requirement does not have to be fulfilled until to pass all three levels and are eligible to obtain your charter.
What if AIMR decides that my work experience is irrelevant to what is required to obtain a CFA charter? While that is theoretically possible, I have never know somebody who has not been awarded a charter due to deficiencies in his or her work experience. There are a wide range of activities that the CFA Institute deems to be acceptable work experience. http://www.cfainstitute.org/cfaprogram/workexperience.html
Do I have to sign up for a CFA review course?
No, it is optional. So is passing (just kidding). Depending upon your background, self-discipline, and the amount of time that you can devote to studying, you may be able to prepare on your own. However, at locations where review courses are readily available, a large percentage of candidates choose to take a review course–particularly for Level I. Since the Exam is graded on the curve, the fact that many have the advantage of a review course causes other to make sure that they are not at a disadvantage for not having one.
Aren’t all CFA review programs similar, since they are all covering the same Primary Readings?
No. There is a huge disparity in the quality of CFA review programs. Even within training organizations, there can be a huge disparity in the quality of their instructors. The single factor that will most influence your satisfaction with a program is the quality of its instructors. You should find out: (1) how often and for how long have the specific instructors been providing CFA training?; (2) are they teaching in their fields of expertise or are they teaching everything and anything? (3) can they be contacted outside of class? Other important considerations include: (1) the quality of the training materials that are to be provided; (2) time, location, and classroom facilities; (3) ability to make up or repeat classes; and (4) cost (are all costs fully disclosed? Some organizations charge separately for notes or enrollment fees).
Do I need to purchase all of the Primary Readings?
It is certainly preferable, but not mandatory. We provide the Schweser Study Notes, and Q-Notes (download a sample at _______). Many of our students hold off on purchasing books some or all of the books until after the relevant session, and make their decisions based on whether or not they believe the additional information in the books would be useful.
Once I enroll in a CFA review program am I registered to take the CFA Exam? No. The administration of the CFA Exam is handled by the CFA Institute. http://www.cfainstitute.org/cfaprogram/cfaexam.html
How much time does the average CFA candidate spend preparing for the CFA Exam?
CFA Institute surveys indicate that the average candidate spends more than 250 hours preparing for the CFA Exam. However, passing the Exam is not a function of the number of hours that you spend preparing, it is dependent upon the quality of your preparation.
Is it worthwhile to purchase CFA notes or software?
Yes. Depending upon the quality of what you buy, they can be helpful in summarizing concepts that may be more difficult to grasp from the Primary Readings. That is why we provide the participants in our programs the Schweser Study Notes, and Q-Notes (download a sample at _____). We also provide SchweserOnline to candidates in our weekly course.
I practice in the field of ___. Do I need to spend time studying in an area in which I am an expert?
Yes. Remember, the CFA Exam is an academic exam, based largely on textbooks used in universities that are written by academics. Some of the topics covered in the Primary Readings may not necessarily be consistent with what you do for a living. It is said that there is the right way, the wrong way, and the CFA Institute way. For the narrow and specific purpose of passing the Exam, you must learn the CFA Institute way. Presumably, as an expert, you should find it easier to do well in your field(s) of expertise. Use that as an opportunity to rack up a lot of points in that part of the Exam.
Should I devote an equal amount of time to each session? No. Allocate your time taking into consideration: (1) the weighting of the subjects suggested by AIMR; and (2) your knowledge of the subjects. You should devote time to your areas of weakness, but don’t overlook your areas of strength.
I have no talent in _______. Can I just that session go and concentrate my efforts in the areas in which I am good? Nobody is an expert in everything. We all have different mixes of strengths and weaknesses. However, it would be a mistake to overlook certain sessions because they seem hard. The CFA Exam rewards you more for breadth of knowledge than depth of knowledge. To pass, you need to know a little bit about a wide range of topics, rather than being an expert in anything. Many of my students have been amazed how well they have done in areas of the Exam that they believed themselves to be quite deficient.
Should I sign up for an 18-week program, a 10-week program, or the intensive-review program? That is a very personal decision. Different people learn differently, or have different personal or business circumstances that must be weighed in making a decision.
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