CFA Exams: Effort, Sacrifice, and Career Benefits

Charlene, a CFA charterholder, shares her challenging but rewarding journey preparing for CFA exams and the significant professional advantages gained from the designation.

### Is the CFA Worth It? A Chartered Holder's Perspective
* 💼 Charlene, a former finance journalist turned banker at JPMorgan, shares her experience as a **CFA charterholder**.
* ⏰ The CFA exams require significant time and effort, with an official recommendation of **300 hours per level**, but it often takes more, especially for **non-finance backgrounds**.
* 😔 Charlene describes her life during CFA preparation as "**miserable**," with no social life for at least 4 months and daily routines of **work, study, and little relaxation**.
* 📈 Despite the challenges, Charlene passed all three levels on her first attempt and highlights the career benefits of the CFA designation, including **increased credibility in the finance industry**.
* 💰 Anecdotes like a landlord reducing rent after discovering Charlene's **CFA status** illustrate the **unspoken bond** among charterholders.
* ✅ Charlene recommends pursuing the CFA for those aiming for finance careers, especially in wealth and asset management, but suggests **Level 1 may be sufficient** for those in other fields looking to **expand their financial knowledge**.
* 🎓 The CFA is seen as a valuable investment in terms of **respect, opportunities, and friendships gained**, but the decision to pursue it should be based on **individual goals and plans**.
* 🔗 Charlene provides additional resources for those interested in finance and the CFA exams, including a **free guide to finance terms** and a **video on passing all CFA levels through self-study**.

There's a rumor going around that if you pass the CFA exams, you can make a really good six-figure income. The CFA exam is seen as the most difficult exam in the finance industry. There's also news about how pass rates for CFA exams are dropping, and some even say ChatGPT, the super smart AI, cannot pass all the exams. Today, I'm making a video to answer some important questions about CFA from my own experience as a CFA charterholder: How much effort should you put into preparing for CFA exams? What was my life like while preparing for them? What benefits do I and my friends get from having the CFA designation? Would I recommend people to go for it today? If you're new here, I'm Charlene. I used to be a finance journalist before I joined the banking industry at JPM. I make videos about personal finance, investments, and self-development. Don't forget to subscribe for more videos like this!

How much time and effort you need to contribute? Back in 2016, when I did Level 1 exam, 
about almost 1/3 of the seats at the exam hall were empty. Many people just jumped in 
impulsively, paid for the exams, so expensive, 1k, but later got scared by the materials and 
quit. In 2019, when I faced Level 3, the exam place was pretty packed. Once you pass Level 2, 
people take it more seriously. I still remember, the people sitting in front of me, behind me, and 
next to me were all guys. I was the only woman in between. But now, CFA is actively encouraging 
more women to take the exam. They even offer women scholarships. Officially, they say it takes 
around 300 hours for each level. Honestly, for me, it took me more than that, because I didn't 
have a finance degree. I studied literature.

in college and journalism for my master's, so 
finance wasn't on my radar. Before I studied, I didn’t know what’s the difference 
between a stock and a bond. Back then, you could take Level 1 
twice a year, but for Level 2 and 3, it was only once a year. If you failed, you had to 
wait a whole year, which is kind of like China's college admission exam, which I also took.
Now, when you're thinking if CFA is worth it or not, it mainly comes down to two things: 
ROI and opportunity cost. ROI means Return on investment, and I'll talk about the return later. 
The investment part is at least 300 hours per year and sacrificing your after-work and weekend 
time. Basically, you lose 4 to 5 months every year with no free after-work or weekend time.
Opportunity cost is what you could do otherwise.

instead of CFA. You could hit the gym, 
spend quality time with family and friends,   or study something else. There're 
tons of things to study to learn. How’s my life during the preparation? My life can be summed up in one word: Miserable.
I have the habit of keeping a diary. When I look   back on those days, it’s really depressing, if I 
can use the word. No social life for at least 4   months. I’m a really outgoing person. I love to 
hang out with friends after work during the weekend.   I remember very clearly, there’s a bar just 
under my office in HK back then. After work,   my colleagues would ask, Charlene, 
one drink? I said no. They said,   only one. It’s tempting but I had to decline, 
because I know it can't be just one drink. My daily routine was brutal. I'd spend 8 to 9 
hours at work. I also traveled a lot back then.

between HK and SG. A typical day is like after 8 to 9 hours at work, I came back home around 7 or 8 pm, then lie on my bed for an hour. I listened to some music and tried to relax a bit, ordered takeaway on Deliveroo or Food Panda, and finally, start to study for 2-3 hours from 9 to till midnight. The good news is, I passed all three levels on my first attempt. It's a rewarding journey, but if you ask me if I want to experience that again, the answer is a big NO. I had hair loss during this crazy period. You know when you take a shower, I could clearly feel the hair was literally dropping, a lot more than usual. So, yeah, it was a tough period, at least for me! I've heard some people bragging, saying, Oh, I only studied for 2 weeks,

and the CFA is just common sense. If you 
come across someone like that, my advice   is to keep your distance. Anything's 
possible, but I wouldn't trust them. I've talked to many people with finance degrees, 
super smart, and loads of industry experience.   They all told me it's tough and demanded 
a lot of hours. So, don't take it lightly,   and don't think those who claim it's a 
breeze are necessarily smarter than you. So, what did CFA bring to me? Let's dive into ROI (Return on Investment) 
again, but this time, let's focus on the return.  Before I joined JPMorgan, I worked 
as a banking journalist. My daily   job involved talking to various people in 
the finance and banking industry and then   writing articles about it. I also moderated 
many panels and conferences. I can tell you,   having those three CFA letters after your name 
made a real difference. People definitely took

me more seriously, especially since it's not 
that common in the finance media industry. Eventually, I did land a job at JPMorgan, 
and many wondered if the CFA helped. I'd say it was definitely helpful, but it's one 
piece of the puzzle. When you're hired, they look at your hard skills, soft skills, and 
the chemistry you have with your manager and team. By the way, if you're curious about how I got 
into JPMorgan and what life is like there, I've got you covered. Check out my previous 
video where I shared my life at JPM. Now, here's an interesting story: I was looking 
for a new apartment in Hong Kong in 2019. The landlord asked for my pay slip and 
business card to ensure I'm a good tenant who could pay rent on time. We ended 
up connecting on LinkedIn, and he discovered I was a CFA charterholder. 
Guess what? He reduced 500 HKD off my

monthly rent because he's also a CFA 
charterholder. I was over the moon! I think people tend to connect well when 
they know you've been through the same tough CFA journey. All those three 
years. It's like an unspoken bond. Would I recommend people to go for it? Well, it's a yes and no. It really 
depends on your goals and plans. For me, I'd say it's totally worth it because 
of the respect you earned, opportunities you gained, and the friendships you had.
If you want to be a finance professional, especially in the Wealth Management and Asset 
Management industry, it's a solid choice. Now, if you're in a different field like 
engineering or technology and just want to expand your knowledge in finance and investing, 
Level 1 is good enough. It gives you an overview of key financial players, various asset classes, 
investments, and different financial instruments.

By the way, if you're new to investing and feeling overwhelmed by all those finance jargons, I've got something cool for you. In the description, you can download a free guide with 60 finance terms explained in plain English. And if you're already committed to the CFA exams and want to know how I managed to pass all three levels without a finance degree, check out my previous video titled How to Pass All CFA Exams On The First Attempt Through Self-Study. Like, subscribe, and click on the screen. I will see you in the next video.

Is the CFA worth it today? (THE HONEST TRUTH from a CFA Charterholder)

Charlene Cong, CFA

The CFA Exam Experience: Insights from a Charterholder

The CFA exam is highly regarded for its potential to lead to a lucrative six-figure income.

The exam's difficulty is increasing, leading to dropping pass rates, and it is gaining more female participants.

Preparing for the CFA exams requires a significant time commitment, with many candidates needing more than the recommended 300 hours per level, especially those without a finance background.

The Impact of CFA Certification on Personal Life and Time Management

Studying for the CFA exam requires a significant time investment of at least 300 hours per year, leading to a loss of personal time and social life.

The preparation process can be emotionally and physically draining, causing a sense of misery and isolation for months.

The decision to pursue a CFA certification comes down to balancing the return on investment with the opportunity cost of sacrificing other activities and interests.

A Challenging Journey through CFA Certification

Long hours of study and work led to hair loss, making the experience difficult.

Dismissing claims that the CFA is easy, the individual emphasizes the rigorous demands of the program.

Despite the tough journey, obtaining the CFA certification significantly impacted their career, opening up opportunities at JPMorgan.

The Impact of CFA Certification in the Finance Industry

CFA certification was helpful in landing a job at JPMorgan, but hiring decisions also consider hard skills, soft skills, and team chemistry.

A landlord in Hong Kong offered a discount on rent after discovering the tenant was a CFA charterholder, showing the strong bond among those who have gone through the CFA journey.

The value of pursuing a CFA depends on career goals, with it being highly beneficial for finance professionals but also valuable for those in other fields seeking to expand their financial knowledge.

Navigating Finance Jargon: A Beginner's Guide

A free downloadable guide offers explanations for 60 finance terms in plain English.

The video provides insights on passing all CFA exams through self-study, even without a finance degree.

Viewers are encouraged to like, subscribe, and access the provided resources for more information.