CFA Tips

As a parent, here are some tips on how to prepare for the CFA exam.

It has a foreboding ring to it: A 300-hour study commitment over the course of four to six months, equating to around 12.5 to 18.75 hours per week. Oh, and that 300-hour estimate is an average; any individual may need to put in significantly more time to learn the content and pass the test. Even young, single people are now having difficulty coordinating their schedules. Consider the situation if you have young children at home and family obligations. Children are unlikely to comprehend your desire for quiet time on a regular basis. They'll simply notice that you've been gone for a few months and may be perplexed as to why.

If you're wondering how to keep all of these things in check, I can help. I had a three-year-old daughter in the family when I started studying for Level 1 in 2013, and my second daughter was born in March of that year. I was working full-time, serving as Secretary (or other executive role as my journey evolved) of the local CFA Society, and being a husband and father, but I still managed to study for all three examinations correctly. So, if you're telling yourself that you don't have time to study while also keeping your family happy, you might want to reconsider your method. Make no mistake: if you want to do both, you'll need a strategy.

Get Your Family to Join You

The photo below was shot in the hospital shortly after my second daughter was born. It's the cover of one of my CFA curriculum books, and it depicts a portion of my plan for enlisting the help of my family.

The footprints were taken shortly after she was born, at the same time the hospital was taking prints for my scrubs and their official documentation. Of course, this was in late March, and I was on the sixth book, Equity and Fixed Income, so I was nearing the end of my Level 1 voyage. And this brings up an essential point that I'd want to emphasize: Let your family know that you'll be studying every spare moment you have, but find a method to do so with them. To put it another way, turn this one-player game into a team sport. Nobody was astonished or unhappy that I was carrying my books around at this time (and, obviously, not during the main event).

Expect the Unexpected

Long before this, I had spoken with my wife and firstborn daughter to inform them of the seriousness of my actions. We discussed how the charter would provide me with additional opportunities, and how this would benefit all of us, regardless of the outcome. Perhaps a better term would be "creating buy-in," and it is critical if you want to keep your family happy while competing against some of the brightest minds in finance.

Here's an example of a strategy I used to gain family support and incorporate them in my research: By the end of Level 3 study, I had a stack of flash cards that stood at least two feet tall, and my older daughter (now almost eight) would be there with me while I went through them and my wife quizzed me on them. (I'm convinced my daughter still considers flash card studies to be a fun game.) Everyone is going through it together and seeing the reasons why since the expectations are set up front and parts of the trip are shared. And that translates to a (hopefully) happy family, one that is united in its pursuit of and sharing achievement.

I'll leave you with this thought: "How do you manage to complete all of that with a family distracting you?" people would ask incredulously when I was studying. I'd simply smile since they're playing the wrong game. You are stronger, and you are making your family stronger, when you have your family's complete support while pursuing your aspirations. This also applies to other aspects of life. Making your family a part of your self-improvement process, in my experience, makes your burden a lot lighter, and the key people in your life don't feel ignored, even when you have to depart to study or do something else important.