Passing Your CFA & CSC

I knew what I had to do and just stuck to my study plan.  The last thing one can do is worry about things that are beyond my control.

Aziz (CSC): It helped me most to focus on your goal of passing.

What is the pace of the exam?  Do you need to be quick or can you take your time on certain questions?

Muz (CFA): Level 1 has 240 questions that are broken down in two sessions.  There are 120 questions in the morning session and 120 in the afternoon.  Like I said earlier, a candidate really needs to know it all as the exam tests you on almost every LOS.  I would say you need to pace yourself during the exam. Doing a few MOC exams before the big day definitely helps.

Aziz (CSC): It’s fairly reasonable if you stay confident. There are going to be questions that you won’t know the answers to, so circle something and move on.

What were the questions like in your exams (theoretical or practical, or a combination)?

Muz (CFA): Most of the questions on the exam were qualitative (only a few required calculations).  The difference here is the only way a candidate will be able answer these qualitative questions (which actually indirectly test your analytical and computation ability) is if he/she understands the concepts/quantitative parts well.
Aziz(CSC): Combination of both.

What strategies did you use on a MC question where all the answers seem reasonable?
Muz (CFA): I learned this strategy from one of my professors and it works! You never look at the answer choices till you finish solving the question. Because when you do, you get influenced by the choices.

Aziz (CSC): Circle C.

How was your experience on writing the exam?

Muz (CFA): It was amazing and I can never forget that moment.  It was the first time I was writing a common exam in a single room with not just hundreds but a few thousand candidates, who all have the same goal.

Aziz (CSC): It was good.  I learned a few things, but at the end of the day it was just to get the certification.  I think all these courses are a formality.  The real learning happens at the job.

What did you find most surprising on the exam?

Muz (CFA): Nothing!  I knew the exam will be challenging and therefore I prepared accordingly.  A candidate should know not only the material but also the structure of the exam (like the weights, the order of the questions, etc, as I think it makes a big difference). My goal was to take uncertainty out of the equation.

Aziz (CSC): I don’t remember to be frank, so probably not much.

Why do you think most students lack the most when it comes to preparing for their designations?

Muz (CFA): In my personal opinion, a lot of students lack the discipline, a study plan and the endurance.  One has to understand, the exam is 6 hours long.  Therefore, one should be able to maintain the same level of intensity and concentration to do well on the exam.  A lot of candidates I know, who knew the content well just could not focus for the second half of the exam. A lot of them said, they were tired and they could not focus even if they wanted to.

Aziz (CSC): They listen to other people.  If you want something just go for it, everything else is in the details.

What would be the one piece of advice you’d give for a finance student considering going after a designation such as yours?