Learning from failure - The CFA Level 1 exam
This is an interesting topic for the first post of a blog. I embarked on a CFA journey at the start of the year to challenge myself and attempt educating myself in the world of finance.
When I was younger, I wanted to stay far away from a career in finance. It never appealed to me as your knowledge and skills would revolve around money. However, as I matured, I understood the relevance of economics and finance in everyday life. It enables governance, innovation, trade and many other activities that has helped humankind evolve.
I first started on the Bloomberg CFA prep program. The Bloomberg Prep program had an interesting structure. The learning was well directed and the program ensures that you pass before allowing you to continue. As it was my first CFA attempt, I decided to go with the trusted sources - the Kaplan Schweser program. Schweser is more traditional, with textbooks, notes and mock tests. It definitely contained more information and was more comprehensive. Looking back, based on my learning style, I think that I should've stuck with Bloomberg. The guidance was very welcome - Schweser required independent study. I would also recommend giving yourself more than half a year for study - I was too ambitious.
What I got out of this program was extremely fulfilling. A great mix of micro and macroeconomic concepts, corporate governance, accounting and portfolio management. These were concepts that broadened my view and deepened my understanding of economics and finance. It gave me a glimpse of how companies would manage their accounts and how wealth managers make investment decisions. It also improved my ability to communicate with people in the business and finance industry and enabled me to understand financial news.
What I enjoyed most was being exposed to world economy and understanding larger scale issues. Being from a small country, having exposure to world affairs broadens your perspectives and ultimately assists in my goal of making the world a better place.
My scores for anyone interested:
The pass rate for the May 2022 exam was 38%
Performed well in derivatives, poorly in alternative investments
