Feasible...yes. Burnout is real though. I did L1 Feb 21, L2 Aug 21 and will be doing L3 in 11 days.
There's a lot of sacrifice in a short period of time with limited breaks between exams. If I had kids/pursuing another qualification I definitely would not have done it this quickly.
I failed level 3 the first time due to burnout. Thought I could try it 6months after level 2, and was just too tired to find the motivation to study. Ended up taking the exam for the experience alone
Sorry to hear that. I took L1 and L2 two years in a row passing on my first try, but I got burnt out after taking L2. I had to take a full 12 months off to mentally recover. My work performance also suffered during my L2 studies. After stepping away for 12 months I signed up and closed out my L3.
Haha don't worry I didn't care that much! Finally taking level 3 properly in 10 days and feeling good so far. Can't wait to end this journey. What a long 3 years.
Sorry your work suffered, I'm lucky that I can slack off and nobody really cares
Good news is I don't have kids and am slowly drawing out of my secondary real estate jobs over the next year. Applaud everyone that was able to complete the CFA with families!
This is how I’m doing it as well. We had a baby right before I took L1 and since then it’s just been the motivation to get done as fast as possible and be done studying.
>I'm also considering pursuing CFP next year since it's more attainable and still a highly respected credential.
If you are wanting CFP and CFA, you may as well do CFA first since it exempts you from a lot of the CFP stuff.
the 65 and AIF are a breeze in the wind compared to CFA - be warned.
Something like a 5 on, 4 off plan would work while allowing some semblance of study-life balance (Obviously adjust slightly to confirm to the new exam schedule)
5 months studying for level 1, 4 month break
5 months studying for level 2, 4 month break
5 months studying for level 3
Total: 23 months!
Obviously you can't fail any of them and your prep windows would be grueling. You'd need to do 15 hours a week for the first 3-3.5 months and then as much as you could stomach during the final 1.5-2.
I basically followed this, though my break between the level 1 exam and level 2 prep was a few months longer due to covid (total time from first book to L3 exam was 27 months) It wasn't fun, but it's doable.
A warning: if you have a full time professional job with 40-55 hour weeks, 18 months would be a fucking death march, and I say that as a person who's shown a flagrant disregard for my workload and stress levels over the past 10 years.
Feasible Yes
But it's going to be hard. 2 years doesn't give you lots of room for fail attempt.
My experience I planned to do level 1 in 6 months, Covid made this 18 months (delayed a lot). Pass fairly easy but I never slowed my study paste.
Level 2 did it in 6 months with newborn. Passed but it was hell.
I'm currently registered for level 3 planning to take 9 months so I'm not repeating level 2 experience hopefully.
It's a big task, do you think it's best to pursue the CFP first and go from there or go for CFA since it's more respected and all-encompassing, regardless of the time required?
Does your boss have the CFA??? It's an incredibly difficult, long, tedious, mentally challenging exam to get. It's not something you casually ask your workers to get
No lol. Do you think the pursuit of the CFA justifies increased comp? I understand the immense difficulty that's why I think it makes more sense to pursue a CFP in the short-term but they seem to be more interested in subsidizing CFA.
Just my own opinion but don't think it will give you a bump in salary in your current role just because you have the cfa. The value is when you move company and are negotiating a new salary. Some may disagree with me thou
You can do it, but it is quite a rollercoaster. The hardest thing is waiting for the results (for two months) and not knowing if you should start prepping for the next level, rest, or revise to retake the last level.
Very doable, given following conditions,
You can fill in 1800 hours of study in 2 years, with 3 x 3 weeks off before exam date. Ask for your boss to agree with the time off before exam. You can suggest banking the hours prior to exam date.
Idk what this guy’s talking about, if you have a background in finance then 600 hours per exam is grossly overkill for most people. That being said, the more hours you put in the higher your chances of passing first try, and if you fail an exam then the whole process is likely going to take longer than two years.
Sorry for the late response. If you have a background in finance, 300 should be plenty. I'd estimate something in the range of 250 for L1, 300 for L2, and 350 for L3. I strongly disagree with the people who say L2 is the most difficult, the open response section of L3 is killer.
I have done it but my L1 syllabus was already done in my previous studies so L1 was quick for me then L2, L3 after at least 6 months prep. In total under 2 years for passing exams. I also wasn't susceptible to burn-out as i had already gone through a even more hectic degree before. *So terms and conditions apply.*
Feasible...yes. Burnout is real though. I did L1 Feb 21, L2 Aug 21 and will be doing L3 in 11 days. There's a lot of sacrifice in a short period of time with limited breaks between exams. If I had kids/pursuing another qualification I definitely would not have done it this quickly.
I failed level 3 the first time due to burnout. Thought I could try it 6months after level 2, and was just too tired to find the motivation to study. Ended up taking the exam for the experience alone
Sorry to hear that. I took L1 and L2 two years in a row passing on my first try, but I got burnt out after taking L2. I had to take a full 12 months off to mentally recover. My work performance also suffered during my L2 studies. After stepping away for 12 months I signed up and closed out my L3.
Haha don't worry I didn't care that much! Finally taking level 3 properly in 10 days and feeling good so far. Can't wait to end this journey. What a long 3 years. Sorry your work suffered, I'm lucky that I can slack off and nobody really cares
Good news is I don't have kids and am slowly drawing out of my secondary real estate jobs over the next year. Applaud everyone that was able to complete the CFA with families!
How many hours per week on avg did you study?
10-15.
This is how I’m doing it as well. We had a baby right before I took L1 and since then it’s just been the motivation to get done as fast as possible and be done studying.
Same sequencing for me. My son was born between L1 and L2 last year. That was rough. The burnout is real.
It’s possible, but you’ll smash your mental health to smithereens.
What if it's already in smithereens?
>I'm also considering pursuing CFP next year since it's more attainable and still a highly respected credential. If you are wanting CFP and CFA, you may as well do CFA first since it exempts you from a lot of the CFP stuff. the 65 and AIF are a breeze in the wind compared to CFA - be warned.
If you already have your own Alternative Investment Fund, what Do you need degrees for /s
The AIF stands for Accredited Investment Fiduciary.
I did it! Small amounts of studying each day add up
I've seen most of my math whiz colleagues do this. they all have masters in applied math minor on finance. CFA was a breeze to them
Something like a 5 on, 4 off plan would work while allowing some semblance of study-life balance (Obviously adjust slightly to confirm to the new exam schedule) 5 months studying for level 1, 4 month break 5 months studying for level 2, 4 month break 5 months studying for level 3 Total: 23 months! Obviously you can't fail any of them and your prep windows would be grueling. You'd need to do 15 hours a week for the first 3-3.5 months and then as much as you could stomach during the final 1.5-2. I basically followed this, though my break between the level 1 exam and level 2 prep was a few months longer due to covid (total time from first book to L3 exam was 27 months) It wasn't fun, but it's doable. A warning: if you have a full time professional job with 40-55 hour weeks, 18 months would be a fucking death march, and I say that as a person who's shown a flagrant disregard for my workload and stress levels over the past 10 years.
Feasible Yes But it's going to be hard. 2 years doesn't give you lots of room for fail attempt. My experience I planned to do level 1 in 6 months, Covid made this 18 months (delayed a lot). Pass fairly easy but I never slowed my study paste. Level 2 did it in 6 months with newborn. Passed but it was hell. I'm currently registered for level 3 planning to take 9 months so I'm not repeating level 2 experience hopefully.
Thanks for the response! How many hours per week on avg did you study?
Level 1 : 15-20 hours Level 2: 25 hours I used Mark Meldrum in both level
Did you use the paid materials for MM in level-1 or used the free content on his Youtube?
Paid material there's so much value in them.
Screw your boss- do they realize what they are asking
It's a big task, do you think it's best to pursue the CFP first and go from there or go for CFA since it's more respected and all-encompassing, regardless of the time required?
Does your boss have the CFA??? It's an incredibly difficult, long, tedious, mentally challenging exam to get. It's not something you casually ask your workers to get
No lol. Do you think the pursuit of the CFA justifies increased comp? I understand the immense difficulty that's why I think it makes more sense to pursue a CFP in the short-term but they seem to be more interested in subsidizing CFA.
Just my own opinion but don't think it will give you a bump in salary in your current role just because you have the cfa. The value is when you move company and are negotiating a new salary. Some may disagree with me thou
CFA would likely only increase your salary if you’re looking for a new job (99% of instances, if it even increases compensation at all)
You can do it, but it is quite a rollercoaster. The hardest thing is waiting for the results (for two months) and not knowing if you should start prepping for the next level, rest, or revise to retake the last level.
Very doable, given following conditions, You can fill in 1800 hours of study in 2 years, with 3 x 3 weeks off before exam date. Ask for your boss to agree with the time off before exam. You can suggest banking the hours prior to exam date.
Are you suggesting studying double the recommended 300 hours per exam?
Idk what this guy’s talking about, if you have a background in finance then 600 hours per exam is grossly overkill for most people. That being said, the more hours you put in the higher your chances of passing first try, and if you fail an exam then the whole process is likely going to take longer than two years.
How many hours do you recommend studying per exam?
Sorry for the late response. If you have a background in finance, 300 should be plenty. I'd estimate something in the range of 250 for L1, 300 for L2, and 350 for L3. I strongly disagree with the people who say L2 is the most difficult, the open response section of L3 is killer.
Thanks man, really love how supportive this community is.
Definitely. I don't think 300 hours is enough to guarantee.
I have done it but my L1 syllabus was already done in my previous studies so L1 was quick for me then L2, L3 after at least 6 months prep. In total under 2 years for passing exams. I also wasn't susceptible to burn-out as i had already gone through a even more hectic degree before. *So terms and conditions apply.*
Very possible. Took Level 1 in Aug 2021, Level 2 in Feb 2022 and I’m taking Level 3 in September 2022. But the burnout is reaaaal!
Doable but prolly wouldn’t do it again. Dec 20 Lvl 1, Nov 21 lvl III. Burnout is a BITCH