All about my CFA Journey | How I cleared Level 3 CFA in my first attempt?

Summary

This video script narrates the speaker's journey of successfully passing all three levels of the CFA exam, achieving a 90th percentile score in the first two levels and confidently expecting the same for level 3. The speaker shares insights into their study process, emphasizing the importance of a flexible study schedule, avoiding subject saturation by switching topics, and managing time effectively. They also discuss the challenges of balancing full-time work with exam preparation, the necessity of mock tests, and the motivation to succeed in one attempt, inviting viewers to share their CFA-related questions for future content.

Takeaways

• 🎓 The speaker successfully completed CFA Level 3 on their first attempt, following a high score in Levels 1 and 2 with a 90th percentile.
• 📚 For Level 3, unlike Levels 1 and 2, candidates are only informed of their pass status, not their actual scores.
• 📈 The speaker will share their study process and mindset in a separate video, emphasizing that their approach can be valuable for Levels 1 and 2 candidates as well.
• 🙏 The speaker expresses gratitude to their audience for their support throughout the year, highlighting a successful year despite initial challenges.
• 🏆 The speaker received recognition as one of India's 100 digital stars by Forbes, attributing their success to the support of their audience.
• 📅 The speaker began serious preparation for the August 2023 exam in May, leveraging their fresh knowledge from passing Level 2 in the previous November.
• 📝 The speaker did not follow a structured order in studying, instead, they switched between topics to avoid saturation and boredom.
• ⏰ The speaker studied 2-3 hours daily from May to July, increasing to 4-5 hours in August, while balancing a full-time job.
• 📉 The speaker solved mock tests from multiple providers, including CFA Institute, Schweser, and Mark Meldrum, to prepare for the exam's difficulty and format.
• 🕒 Time management is crucial both in daily study routines and during the exam, with the speaker advising to finish mock exams 10-20 minutes early.
• 🔢 The recommended 300-hour study time for each CFA level should be taken as a guideline, with the speaker emphasizing that study time should be as long as needed for individual comfort and readiness.
• 💪 The speaker discusses the importance of motivation, using the fear of failure as a driving force to pass the exam in one attempt.

Q & A

What was the speaker's experience with CFA Level 1 and 2 exams?

The speaker scored in the 90th percentile for both CFA Level 1 and 2 exams, indicating they performed better than 90% of the candidates.

How does the CFA Level 3 exam scoring work?

For CFA Level 3, candidates are not informed of their specific scores. They are only notified if they have passed the exam.

What was the speaker's study approach for the CFA Level 3 exam?

The speaker started studying seriously in May, with the exam in August, and had a consistent study approach across all levels, focusing on studying topics they wanted without following a strict order.

How many hours per day did the speaker study for the CFA Level 3 exam?

The speaker studied for roughly 2-3 hours a day from May to July and increased it to 4-5 hours a day in August, including time for mock tests.

Why did the speaker switch between different subjects while studying?

Switching between subjects helped the speaker avoid saturation and boredom, as the CFA curriculum is heavy and can lead to mental fatigue.

What was the speaker's strategy for managing study time alongside a full-time job?

The speaker managed to study while working full-time by dedicating 2-3 hours a day and taking full days off occasionally to maintain balance.

How many mock tests did the speaker take for the CFA Level 3 exam?

The speaker took a total of 4 mock tests from different providers, including CFA Institute, Schweser, and Mark Meldrum.

What was the speaker's recommendation regarding mock tests for CFA exam preparation?

The speaker recommended solving mock tests from multiple sources, including Mark Meldrum, to get a comprehensive understanding of the exam format and difficulty.

What is the significance of the 300-hour study guideline mentioned by the CFA Institute?

The CFA Institute suggests that students should study a minimum of 300 hours for each level, but the speaker emphasizes that the optimal study time varies and should be based on individual comfort and effectiveness.

How did the speaker maintain motivation during the CFA exam preparation?

The speaker maintained motivation by focusing on the reason they started and by being determined not to fail or give up, aiming to pass the exam in one attempt.

What was a significant achievement the speaker mentioned alongside passing the CFA Level 3 exam?

In addition to passing the CFA Level 3 exam, the speaker was also featured as one of India's 100 digital stars on a Forbes list, which they attributed to the support of their audience.

Outlines

00:00

🎓 Journey to CFA Success

The speaker shares their remarkable journey of completing all three levels of the CFA exam, with a special emphasis on their first-attempt success in Level 3 in August 2023. They scored in the 90th percentile for Levels 1 and 2, and confidently expect the same for Level 3 despite not receiving a score. The video promises insights into their study process, mindset, and strategies that led to this achievement. The speaker also expresses gratitude for the support received throughout the year, highlighting personal and professional milestones, including being featured as one of India's 100 digital stars by Forbes. They encourage viewers to stay tuned for a detailed study plan in a separate video and begin discussing their preparation approach, emphasizing the importance of starting early and the flexibility in study patterns.

05:03

📚 Strategies and Time Management for CFA Exams

The speaker delves into their study routine for the CFA exams, which included no strict order of subjects and a focus on avoiding saturation by switching topics frequently. They detail their time allocation, starting with 2-3 hours daily from May to July, increasing to 4-5 hours in August to accommodate mock tests. The speaker worked full-time while preparing, emphasizing the feasibility of balancing work and study. They discuss the use of mock tests from various providers, including Schweser and Mark Meldrum, to gain a comprehensive understanding of exam patterns. The speaker also stresses the importance of time management, both in exam preparation and during the exam itself, and shares their approach to completing exams ahead of time to avoid post-exam crowds. They mention the CFA Institute's recommended 300-hour study time as a guideline rather than a strict rule, advocating for personalized study durations based on individual comfort and effectiveness. Lastly, the speaker addresses the challenge of maintaining motivation, sharing personal reflections on the fear of failure as a driving force and the importance of remembering one's initial goals when faced with the temptation to give up.

Keywords

💡CFA Level 1

CFA Level 1 is the first of three examinations administered by the CFA Institute to qualify as a Chartered Financial Analyst. It is known for its rigorous curriculum and high standards. In the video, the speaker mentions passing CFA Level 1 in November 2021, indicating the start of their journey towards becoming a CFA charterholder.

💡CFA Level 3

CFA Level 3 is the final examination in the CFA program and is considered the most challenging due to its case study format and comprehensive content. The speaker in the video script cleared CFA Level 3 in August 2023, showcasing their achievement and expertise in the field of finance.

💡90th percentile score

A 90th percentile score means that the speaker scored better than 90% of all other candidates who took the same exam. This is a significant achievement, indicating that the speaker's performance was in the top 10% of all test-takers. The script mentions this score for both Level 1 and Level 2 exams.

💡Study plan

A study plan is a structured approach to preparing for an exam, outlining the topics to be covered, the time allocated for each, and the methods of learning. The speaker mentions a separate video on the study plan, emphasizing the importance of a well-organized strategy for exam preparation.

💡Mindset

Mindset refers to the mental attitude or inclination toward a particular way of thinking or acting. In the context of the video, the speaker discusses their mindset during the preparation process, which likely contributed to their success in passing the CFA exams.

💡Content creation

Content creation is the process of producing digital content such as videos, articles, or other media. The speaker mentions working full-time in content creation, which implies that they managed their time effectively to balance a demanding job with rigorous exam preparation.

💡Mock tests

Mock tests are practice exams designed to simulate the actual test conditions and help candidates prepare for the real exam. The speaker discusses using mock tests from the CFA Institute, Schweser, and Mark Meldrum to familiarize themselves with the exam format and improve their readiness.

💡Time management

Time management is the ability to use one's time efficiently, which is crucial for exam success. The speaker emphasizes the importance of time management both during exam preparation and on the exam day itself, especially for CFA Level 3, where timed written responses are required.

💡300-hour study guideline

The 300-hour study guideline is a recommendation by the CFA Institute, suggesting that candidates should study for a minimum of 300 hours to prepare for each level of the CFA exam. The speaker, however, advises not to take this figure at face value, as individual study needs may vary.

💡Motivation

Motivation is the drive or desire to achieve a goal. The speaker talks about the importance of staying motivated during the challenging CFA exam preparation process, even when faced with the temptation to give up.

💡Forbes list

The Forbes list mentioned in the script refers to a prestigious recognition of top creators or achievers in various fields. The speaker shares that they were featured as one of India's 100 digital stars by Forbes, highlighting their success not only in the CFA exams but also in their digital presence.

Highlights

Passed CFA Level 3 on the first attempt in August 2023.

Achieved a 90th percentile score in both Level 1 and Level 2.

For Level 3, only a pass or fail result is provided, not a score.

Started studying seriously in May for the August exam.

Previous knowledge from Level 1 and 2 was still fresh, reducing the need for early study.

Did not follow a structured study order, instead, studied topics based on interest.

Recommends not studying more than 2 consecutive chapters in one subject to avoid boredom.

Allocated 2-3 hours daily for studying from May to July while working full-time.

In August, increased study time to 4-5 hours daily to include mock tests.

Solved mock tests from CFA Institute, Schweser, and Mark Meldrum to prepare for the exam.

Mark Meldrum's mock tests were particularly challenging and confidence-shattering.

Emphasizes the importance of time management both during exam preparation and on exam day.

Advises aiming to finish mock exams 10-20 minutes earlier than the actual time limit.

CFA Institute suggests a minimum of 300 hours of study for each level, but personal comfort is key.

Motivation is crucial; recommends reflecting on the initial reasons for starting when feeling like giving up.

Fear of failure as a motivator to pass the exam in one attempt.

Invites viewers to ask questions about the CFA program for future video content.

Transcripts

In November 2021, I gave an exam for CFA level 1 and in

August 2023, I cleared CFA level 3.

First attempt, one and done everything.

In level 1 and 2, I had a 90 percentile score, that means I

did better than 90% of the people who

In the case of level 3, if you pass the exam, you are not

told your score, you are only told that

have passed.

But I am pretty sure that if they tell me my score, it will

also be in the 90th percentile.

So how did I do it? Watch till the end, I will tell you.

In today's video, I will share with you how I did it, what

were some key aspects that I followed.

There will be a separate video on the study plan.

In today's video, I am mainly going to tell you about my

process, about my thinking.

If you are preparing for CFA level 1 or 2, then also this

video is going to be very valuable for

Because it is made on the basis of my level 3 experience,

but it is beyond the prep.

I will tell you about my whole process, about my study

patterns, about my mindset, so let's go.

Before moving ahead in this topic, I want to say a big

thank you to all of you.

Because of what a lovely year this was.

And throughout this year, you were also with me, witnessing

it, supporting it.

So yes, a big thank you to all of you.

When this year started, it was not that fun to work.

The content was not performing, the pressure of CFA was

also very high.

But the year ended so beautifully.

Hopefully, the first of many more.

Along with that, when I am recording this video today, the

24 hours before this were the craziest

hours of my life.

Because at 6 in the evening, I got the result of CFA level

3 and I got the result that I passed.

And literally the next day at 12 noon, I got a message from

my friend saying that bro, you are on a

list.

That is when I got to know that I got featured as one of

India's 100 digital stars.

There is a list that Forbes releases every year, where it

features India's top 100 creators.

And I got featured on that list.

What I mean to say is that no win is solo.

All these things that I saw in the last 24 hours, I did

experience it but you also had a hand in

And that's why I want to share this with you.

So once again, thank you so much for sticking around.

Let's start the video.

So anyway, how did I prepare?

How much time did I give for this?

Keep in mind that this applies for level 1 and 2 as well.

Because my preparation was more or less consistent and

similar in all 3 levels.

Once again, do not worry.

There will also be a deep dive video on this where I will

break down the prep even more.

I will tell you what happened subject-wise.

First of all, how much did I study?

When did I start?

So my exam was on 31st August 2023.

For this, I started my studies seriously in May.

Now the thing is that the concepts of level 1 and level 2

were very clear and fresh in my mind.

Because I gave my level 2 exam in November.

So the period from November to May was not that long.

Things were still fresh in my mind.

Not even a whole year was completed.

That's why I didn't take that much time to memorize all the

materials for level 2.

That's why you can say that this start date was a little

late.

Would I tell you that you should start studying in May for

the August exam?

Obviously not.

Every person is different.

His preparation style is different.

His previous level link is different.

That's why you have to start as early as possible.

Second thing, how long did I study in a day?

What was the pattern of my studies?

See, I didn't follow any order.

I never thought that I have to finish one subject first and

then move on to the next one.

I used to look at the topic.

I used to study what I wanted.

After that, I used to move on to a different topic.

I didn't finish any subject in order.

My entire order was haywire.

And there is a big benefit of this, let me tell you.

The benefit is that the curriculum of CFA is so heavy,

especially at level 3, that after studying

thing, you will be so saturated and bored that you will

think that let's leave this.

And to avoid this feeling, you should keep switching your

subjects.

In fact, I recommend that you don't do more than 2 chapters

consecutively in one subject.

This applies to every level.

Because even in level 1, the topics are so heavy that it is

very easy to get bored.

Now, let's talk about how much time I used to give for CFA

in a day.

See, at this time, I was also working full-time in content

creation and consulting.

I had to study along with that.

So, I used to give roughly 2-3 hours in a day from May to

August.

And in a month, typically on Sundays, there were 3-4 days

where I didn't do anything.

I used to think that let's take a full day off today.

I mean, a day where we don't study at all.

So, if we take 2 hours per day from May to July on average,

then it becomes roughly 180 hours.

But obviously, in August, the duration of my studies had

ramped up naturally because it was exam

At this time, I used to study for 4-5 hours a day because

mock tests had to be solved here as well.

By mock tests, I remembered how many mock tests I had

solved.

See, CFA institute gives you 2 mock tests in their learning

ecosystem.

Learning ecosystem means the questions that are given on

their website.

And with that, roughly 800 different types of questions.

For level 1 and 2, CFA's questions were actually very good.

In fact, in level 3 questions, there were so many errors as

well.

All the things that you read in books, the contradictory

things were given in their questions.

When I solved some questions of CFA institute, then I

understood that this isn't going to be

That's why I solved mock tests of Schweser as well.

Schweser is a preparation material provider whose books

are easily available on Amazon for Rs

You get mock tests of Schweizer for a total of 4.

I did these 4 as well which were pretty good.

And with that, there's a Canadian based provider online

whose name is Mark Meldrum.

I solved mock tests of them as well.

So basically, I solved mock tests of Schweser, CFA

institute, and Mark Meldrum.

So that I get a good idea about what's going to happen on

the exam day.

And here's the real deal.

The papers of Mark Meldrum were very difficult.

I mean, I didn't solve the difficult papers of them.

These were the papers because of which my confidence was

shattered.

I highly recommend that if you're doing any level from

level 1 to 3, then buy their sample papers

their website.

They are worth it.

Because the way they prepare you, they don't do the papers

of CFA institute.

Next thing is time management.

This is obviously on the day of the exam as well as before

the exam.

Before the exam, it's more important how you manage this

with your other academic job.

Many people do 9-5 full-time jobs and try to pursue CFA

with that.

Obviously, this is not impossible at all.

You can do it.

Just that it's a bit more difficult.

I also pursued this with full-time work.

Secondly, if we talk about time management, on the day of

the exam, there are 180 MCQs in level 1

10 different subjects, 90 MCQs in level 2, and 77 questions

along with typing answers in level 3.

If we talk about level 1, there are 10 subjects where I

gave the exam, there were 180 MCQs.

But here, a vignette is also given.

That is, a story is given which you have to read.

And on the basis of that, you have to attempt an MCQ.

So, it takes some time to read this story as well.

Time management is very critical.

And time management matters the most in level 3.

Because in level 3, you are given some questions whose

answer you have to type and tell.

I will make a separate video on this as well.

Level 1, level 2, and level 3.

What is the strategy of writing a paper?

What is the strategy of preparation?

We will discuss everything.

But for now, let's talk about time management.

So, I would always say that when you solve a mock exam, aim

that you finish your paper at least 10

earlier.

Or if you are like me, then at least 20 minutes earlier.

Because otherwise, there is a lot of crowd outside the exam

hall.

And honestly, I don't like the crowd in general.

So, I always try to finish the paper early and leave.

Now, the CFA Institute itself says that according to our

data, all the students who pass the exam,

study for a minimum of 300 hours for each level. I have

told this in the previous videos as well.

Don't take this 300-hour figure at face value.

I studied for roughly 200-250 hours for level 1.

And I passed.

There are some people who study for 400-500 hours for level

2 and still fail to pass. This 300-hour

How long is optimal to study?

There is only one right answer to this.

As long as you feel comfortable.

If after studying for 1 hour, you are able to solve 80 MCQs

out of 100, then very good.

But if after studying for 4 hours, you are able to solve

only 30 MCQs out of 100, then you need to

harder.

Every student is different.

So please don't take this 300-hour figure so seriously.

And now, the last point is motivation.

If I tell you that I didn't feel like giving up, then I

would be lying.

Whenever you feel like giving up, you just have to ask

yourself why did I start this?

And secondly, some people might call this toxic as well,

but I am very, very, very afraid of

I have also read all those quotes that failure is the best

teacher.

But I don't want to learn from failure.

I think there are many more good teachers in the world.

We will learn from them.

When I attempted Level 1, that's when I thought that if we

want to pass, then only in one attempt.

Now, God forbid, if we don't pass in one attempt, then we

will try again.

There is no other option.

I thought that I don't want to fail.

I don't want to give attempts.

I don't want to give up at all.

If we pass this exam, then in 2023, we will finish it at

any cost.

And we did that.

Now, I will make just one request to you.

Whatever questions you have related to CFA program, please

put them in the comment box.

The separate videos that I will make according to the

levels,

I will cover all these questions there.

I promise you 100%.

If you have learned something new from this video, then

subscribe to my channel.

I will see you in the next one.