September 2008
CFA Candidate Newsletter
Dear CFA Program candidate,
Welcome, and congratulations on enrolling in the Chartered Financial Analyst (CFA) study and examination program.
I recently became managing director of the Education Division at CFA Institute when Bob Johnson became deputy CEO. Prior to joining CFA Institute, I was a member of the Council of Examiners (which creates the CFA exams), an exam grader, a professor, and a private wealth manager. Much earlier, I ran a prep course for a local CFA society. I am pleased to bring all of this background to help make your preparation efficient and successful.
The credential you seek is highly respected around the world as a mark of accomplishment and dedication in part because of the challenging nature of the exams themselves. But as you prepare for the December 2008 CFA exam, keep in mind that the CFA Program goes beyond simply passing the CFA exams. It is part of a process of lifelong learning that is necessary to understand changing financial markets and products.
The CFA program also provides a great opportunity for you to look at the world from a global perspective. It may open doors for you in your career, help you optimally manage portfolios, or excel in whatever area of finance and investments you choose to practice.
Preparing for the Exam
At this point in your study program you should be focused on
preparation and planning, and be well into your reading of the assigned curriculum.
The CFA exams are based solely on the CFA Program curriculum, and you
should work toward mastery of the assigned content. It is organized into
18 study sessions, each
of which includes the assigned readings, learning outcome statements, and
problem sets.
Our Candidate Preparation Toolkit is your online preparation resource. From this one location, you can get information on the curriculum, study tips, examples of question types for each level, and more.
You'll also find information in the Toolkit on planning your study program. We recommend that you:
- Purchase your calculator early so that you can practice using it as you study. Make sure that your calculator is one of the approved models
- Devote 10-15 hours per week for at least 18 weeks to reading and studying
- After you have completed the 18 study sessions, use the final weeks before the exam to review the material and take online sample exams (available early October) and mock exams (available early November)
- Visit the Errata page often. CFA Institute posts corrections to the curriculum here, and it is updated approximately monthly
The Toolkit also contains CFA Institute testing policies, including changes to your registration, and your responsibilities as a CFA candidate. When you enrolled in the CFA Program, you committed to the CFA Institute Code of Ethics and Standards of Professional Conduct, and it is very important that you read and understand these policies.
Refund Policy
Registration and enrollment fees are nonrefundable, and
candidates may not carry forward (defer) enrollment fees. If you do not
meet the entrance requirements, or if you are denied admission to the
program for professional conduct reasons, the current examination fees
will be reimbursed.
Preparation Tip
Some third-party preparatory providers recommend or even
encourage candidates to study for the CFA exam without using the CFA
Program curriculum. You should treat such advice with caution. Prep
materials can be helpful supplements to the CFA Program curriculum but
should never be used as a replacement. Learn more about prep providers on
our website.
I hope your studies are well under way. Remember that self-discipline
and consistency are the hallmarks of a good study program. I wish you
success in the CFA Program.
Kind regards,
Tom Robinson, PhD, CFA
Managing Director, Education Division
CFA Institute