@rachelbryantcfa
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Rachel’s book is rather insightful if you’re looking to determine a strategy. I picked it up a month or two ago and read it quite quickly. Some very handy insights.
Thank you, CosmicDylan! I really appreciate the positive words on my book Direct Path to the CFA Charter. I wrote it to help candidates like you, so I’m glad to hear that you got a lot out of it. Means a lot. Good luck studying! -Rachel
Up4Hi @Zhang300hours, thanks for commenting! Yes, the need for Word format applies to electronic websites and portals too. In fact, it is very important that those be Word documents because many computerized resume scanning systems cannot read PDFs. And that is how most companies mine their hundreds of applicants – through automatic scanning software. So your resume might have been skipped over because it was a PDF and you never knew it! I used to do the same thing until I heard about this tip. Now I only submit Word docs no matter the method of application.
Hope this helps!
Rachel Bryant, CFA
Up0Great comments, thanks for weighing in! Dan, I don’t think you’re giving yourself enough credit as a speed reader, because that is an impressive speed to get through all of the Schweser notes at that pace and retain the material. For most other candidates, I personally think the number of hours are significantly under reported. Considering practice exams (6 hours each plus time to review), practice questions, flashcards, etc., I kept track of my hours as well and studied more than 300 hours for every Level. I’ve found that many candidates leave out these “side activities” and only consider reading the material when estimating time spent. I also think candidates under-estimate their hours out of pride – we all want to seem inherently smart, rather than admitting it took way more hours than “typical.”
I actually think the CFA Institute would like to avoid saying the CFA Program requires more than 300 hours… the Institute already has to battle a perception that the Program is nearly impossible to pass (not the case, but certainly harder than most other certifications). I don’t think it would like to advertise that passing requires even more than 300 hours – the idea of 300 hours per Level already turns off a lot of people! They need new candidates willing to sign up for the Program and submit themselves to the rigorous day-to-day grind to keep revenues up. I do agree, though, that they wouldn’t want to suggest it takes only 100 hours. There’s a fine line. Regardless, I think the CFA Institute is straightforward about what it is reporting: 300 hours is a reported average, plain and simple. Then they let you as the candidate decide what to do with that information. Perhaps the Program can be done in less time (I have never met a charterholder in which this was the case), but I think budgeting more time rather than less gives a cushion that can be adjusted later.
Also as a side note, I think aiming for 70% on mock exams is a little dangerous, simply because that is an average just like the 300 hours mantra. If the average candidate aims for 70% on mock exams, I find it safer to aim for 80%. That puts you ahead of the competition on test day. Just a thought to ponder!
Good luck to all,
Rachel Bryant, CFA
Author of book: Direct Path to the CFA Charter
