Thanks, curious because I’ve heard 2 opposing opinions about the CFA from SS Analysts: 1) “Only level 1 is necessary” 2) Get the Charter
As for me, I would study 3 times a week in the mornings before work (Occasionally after work if I needed to reinforce a subject). Practice exams on the weekends about 1.5 months before exam day. This was for level one and I studied Finance in school so a lot of it was a review for me.
Mine’s pretty boring.
I took the exams in '97, '98, and '99: my employer’s idea, not mine.
I was working as a mortgage securities analyst at the time, and my company decided that all of the analysts and all of the account managers would sit for the CFA exams. Their policy was that they would reimburse a candidate for the exam fees and the cost of a review course . . . if you passed the exam. So I had a great financial incentive to pass each exam the first time.
I studied 2 hours after work Monday through Friday, then 4 hours on Saturday and 4 hours on Sunday, starting in January. I had three children at the time: 15, 13, and 11. Fortunately, I had a wife who was very supportive, and agreed to pretend that I didn’t exist from January through early June each year.
When I started studying for Level I, I decided that I hated studying. I also decided that I would hate it 10 times as much if I had to study for any exam a second time; I made sure that all of my study time was intense and focused. (I can still recall sitting at the dining table studying for Level III while the wife and kids were in the family room watching Disney’s _ Anastasia _. (To date, I haven’t seen the movie.))
I am going for 720 so I have to assume it would take more effort than the CFA exams given that 720 is top 6% of all GMAT takers. I am doing maybe 1 hour a day on weekdays so I really need to step it up.
Great stories everyone
My advice is to carve time out of the workday if possible (lunch or downtime).
GMAT takes way less time to prepare than the CFA since all you are doing is practices rather than digesting new information. GMAT can also be sort of an IQ test in that many people can study a long time and still obtain subpar results.
Each level was different (2012, 2013, 2014). For L1 I worked from 830am-630pm (investment consulting job) and studied 2-3 hours on weekdays, then hit the gym, go home, eat, and sleep. I would study average of 5 hours on the weekends. L1 was Jan-June studying. I had a gf but I was checked out at that point and was trying to get it to end so studying all the time was good. For L2 same work hours and gym time but I did CAIA L2 concurrently. I did not have a gf at this point so did not have to deal with someone nagging me. CAIA L2 studying from Dec-March, CFA L2 a little studying in January but 90%+ of it was from mid-March - June. CFA L3 I started in January but had a gf who I actually liked so I would make time for her. My hours changed completely in April when I started a job in PE. Hours of 8am - 10/11pm…would study in the office til 1am or so, go home and repeat. I would try to make time for my gf on weekends and also possibly have dinner with her around my office. April-June for L3 was def rough with a new job. We almost broke up but made it through…we actually broke up about a month ago…so if anyone knows any boston chicks looking for a suave spanish speaking analyst at a buyout fund…please send her my way.
Also, I am currently studying for the GMAT…I find this m’fer more annoying than the CFA. Aiming for 750.
aight so i have a routine for this. june to december, i just degaf about everything, get fit, holla at chicks. january to march i give up 1 weekend to study. march to june, i dont go out, dont work out.
so stats. los angeles. single. buy side research.
aight so from march to june which is most imp part cuz i cram. heres the schedule. i work 6am to 2pm. i go home eat and finish that crap at 3. nap it for 2 hrs in couch. then from ~5 to 7 i study. eat/shower to 8. play dota from 8 until i sleep around 10 or 11. then wake up at 4:30 for work. weekends is just me in a couch studying and dota at 8 to whatever.
my studying is inefficient though. i fall asleep sometimes. browse around my many apps. watch tv, etc
i failed l3 twice.always cuz of the damn am exam. i think they dont get my writing. band 8 and band 10.
On top of a 60 hour week, I studied 20 hours a week: 10 hours Mon-Fri and 10 hours over the weekend.
During the week I would do anything I could do get the 10 hours in - studying before work, lunchtime, watching videos at the gym or on the bus. And then on the weekend I would just solve problems.
Also, I told all my friends and co-workers I was taking it so they stopped asking me to go out. My boss is a charterholder too, so he went easy on me as it got close to exam day.
I work around 40 hours (Asset Management)
Here’s my typical study week:
6:00 PM Start studying
9:00 PM End - Take a shower, spend time with the girlfriend, eat
11:10 PM - Goto sleep
Repeat Mon-Thurs (12 hours)
Friday & Saturday: Drink and be with the girlfriend
Sunday Routine: Study for about 4-6 hours
Week before exam: 10 hours each day
The guys above are rocking it compared to me.
people can stop reading after 40 hours… it means you should be totally fine
Unless there was some sort of increase in salary, I wouldn’t consider a financial incentive. Considering it wasn’t exactly your idea to take the test, you did pretty well passing the exams in consecutive years without failing. Hardwork and supportive families are probably the most common when taking the test. I should also consider telling my family I don’t exist for the next two years… or until I pass.
As for Anastasia, I watched it when I was younger and I don’t remember a thing. Probably, wasn’t worth it. Thanks for sharing.
Oh. So your GMAT grade is based on comparing your actual grade and other people’s grades? I didn’t know that. Although it is top 7% for 720, in my opinion, I think it must more easier for CFA Charterholders as they have already worked and studied simultaneously.
You are right. GMAT seems to tackle on common knowledge- our stock knowledge. The CFA exams(especially starting with level 2) is pretty much new.
I can’t imagine simultaneously taking CAIA and CFA on the same year. What is your opinion on CAIA? Is it still relevant to someone interested in public equity?
Eat, breathe and live CFA. lol. Thanks for sharing.
My story is not typical. I was in a maternity leave (it is long enough in Russia). My kid went to childcare for 3,5 hours/day and I studied that time. Soon I return to work, and I really don’t know how to juggle all these responsibilities.
what life?
I work 60h weeks (Big4 Audit)
November - February: I study around 15h per week
March - June: All I do is studying when not at the office (around 25h per week)
I am obviously single, and depressed.
the only real bond between charterholders these days is really the fact that we were in the same boat together, and have proved a willingness to suffer and toil for those letters.
How to calculate the fwd currency value at 30 days? what’s kurtosis? what year did some rule change for GIPS? no one remembers, or cares quite frankly.