CFA Level One

I didn't want to make much fuss about this until the results came in, just in case I didn't pass. The results were published this morning for the CFA (Chartered Financial Analyst) exams, Level One of which I wrote at the beginning of June. This is a professional designation that I am pursuing to complement my MBA degree. I studied nearly every day for weeks leading up to June, and then took the last week ebfore the exam off of work to study.

There are three levels in the CFA examination process before you can become a charterholder. The exams are held in June each year (plus an extra date for Level One in December), so if you fail a level, it means it will probably be another year until you can retake the exam. The historical pass rates for the exams are about 50%, and very few people manage to pass each exam on their first try, so it often takes more than 3 years to complete the process.

Usually, you aim to get higher than 70% on the exam to ensure a pass. My practice exams hovered just above that 70% mark, with a lot of improvement coming along in that last week.

The exam is written in two 3-hour sections, one in the morning and one in the afternoon -- 120 questions in each section. I was in a gymnasium with 750 other people (writing all the levels together) and I did really well in the morning. In fact, I finished the exam 29 minutes early in both sections. Unfortunately, they don't let you leave the room once there are 30 minutes left (to preserve quiet), so I had to sit there and count volleyballs stuck in the rafters until it was over and they'd collected and counted all the exams. Painful.

But it all paid off, because I passed!

I'm absolutely ecstatic, but R is almost happier than me, because this means she won't be missing one husband in the months leading up to the December exam date, when you can rewrite Level One.

Next stop, Level Two in June 2009!