November 24, 2008
Any tips for someone taking the CFA Exam who has been out of school for awhile?
Kenteman asked:
I graduated from a Top 10 MBA program 16 years ago with a Finance degree. Unfortunately at that time there was no emphasis on finance majors taking the CFA exam. I worked for several years as a financial analyst, consultant and later as an ERP software analyst. Along the way I started an import/export business (doing it full time for past 5 years). I got into investing right after starting my business.
I graduated from a Top 10 MBA program 16 years ago with a Finance degree. Unfortunately at that time there was no emphasis on finance majors taking the CFA exam. I worked for several years as a financial analyst, consultant and later as an ERP software analyst. Along the way I started an import/export business (doing it full time for past 5 years). I got into investing right after starting my business.
However, the itch to learn more about investment management was always there, but I had too many other things keeping me occupied and busy in life. After attending a seminar, I recently purchased the Stalla materials for the Dec. 2007 exam and have been studying them for the past 3 weeks. I now realize that I would be crazy to take this test in December, as there are a lot of things I have forgotten that I need to review as well as some family commitments that will limit my time for the next 2 months.
Any words of wisdom from people who have sat for the CFA exam?
Thanks
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Comments on Any tips for someone taking the CFA Exam who has been out of school for awhile?
General Exam Tips: Taking the Exams
Get to the Exam in the Right Frame of Mind
In the weeks leading up to the exam, make a dry run of the exam day experience to incorporate the actual exam schedule and to determine commuting time, parking availability, and public transportation schedules. Too often, candidates do not allow enough time on the morning of the exam and arrive at the exam center either late or very close to the starting time. Those candidates are not in a proper frame of mind to maximize their performance on exam day.
Go to the Right Location
Your admission ticket will list the location of the exam. Please go to that location. It is common for CFA Institute to use two or more venues in a city. You will not be admitted to the exam unless you have an admission ticket and a current and valid government-issued ID.
Know your Calculator
It is essential that you become very familiar with your financial calculator before exam day. Don’t waste precious time during the exam learning how to perform certain calculations because you haven’t practiced enough with the calculator. Read the calculator policy.
Rest up the Day Before
Don’t plan to study on the day before or early on the morning of the exam. Spend that time relaxing. Remember, the CFA exam is six hours. You need to be well rested to give yourself the best opportunity to succeed.
Focus Inward
Do not to talk to other candidates about the exam during the lunch break on exam day. Inevitably, you will focus on what you did not know during the morning session and this could lower your confidence for the afternoon session.
Last, but Not Least: Test Anxiety
Many candidates under perform (relative to their abilities) on the CFA exams because they suffer from test anxiety. Simply put, they place such importance on their performance that they panic on exam day. Candidates would be well advised to put the exam in perspective. That is, the worst thing that can happen to a candidate on exam day is that they fail.
Given the way the CFA Program is structured, any candidate who fails can register for the next exam administration and try again. Placing too much importance on your outcome can negatively affect your performance. Recognizing that if you fail you will have another chance can help lessen that anxiety.
For further information pleas go to this link.
Peace and blessings!