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Archive for the ‘CFA’ Category

CFA Level III exam experience

So now I have officially appeared for CFA in three countries.
Level I – Singapore
Level II – India
Level III – USA

That should be some kind of a achievement I guess 🙂

Appeared for the exam in LA. The exam center was in Fairplex, Pomona.
I must say this is the best preparation for any Level I have done so far. Bad thing was in the morning exam I spent too much time explaining everything which resulted in me not being able to complete it in full three hours. I left like two questions. I might have been able to cover it in the afternoon session. Overall, I think I am a borderline case. If I fail, I will be in top 10 or 20% of failures and if I pass I will be in bottom 10-20% of passes.

Some tips for appearing for CFA level III:

1. Write to the point answers in morning session, don’t bother explaining everything. Bullet points for most of the answers should be good.
2. As most people are working while appearing for Level III. Start preparing early in order to finish the whole course. I started like in mid February while working from 9-8 pm and visiting different places in California over the weekend except for last two months.
3. Do a few test papers before the actual exams. Especially the morning session. Get in a habit of writing with a pen instead of typing on Computer 🙂
4. Schweser is more than enough.

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So after assuring Indian CFA candidates that they will be able to defer their exams to December 2007, now CFAI has infromed that it’s not sure whether exams will be held in December or not. So, thousands of wannabe financial analysts are left in lurch. I wonder if CFA Institute will refund the Level I fee and the registration fee for candidates who got refund for Level II examination because now, technically, they won’t be able to get a CFA charter and Level I exam is a waste. So ethically and morally (championed by our CFAI) those candidates should get a full refund of their previous exams.

What I feel is that they have posted all these warnings just to save them from a ‘contempt of court’ charge. Actually there is no check on Indian candidates as long as they give postal address of some other country and sit for the exam in Nepal or Sri Lanka.

What you should do? Just wait till august for the 2nd deadline, if no court decision comes till then (which won’t, given Indian judiciary) then go ahead, call up your relatives in US, UK, anywhere but India, take their address and register for CFA and give exam center as Nepal as you will be on a trip to Nepal at that time 😉

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Finally I’ve decided not to appear for CFA this June. The ever so ethical CFA people are doing whatever you want. If you are going outside India they are paying back 300$, you can choose not to sit for exam altogether or if held in India you can still go and give it in India. ( Of course you will not be entitled to refund in this case)

The Delhi high court could not reach a decision today, next hearing is scheduled for tomorrow.

For me, it doesn’t matter anymore. 🙂

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Update: As of today (31/5/07), Delhi High Court has put a stay on AICTE order. Though it could be challenged again but in all probability CFA exam will be held in India on 3rd June. Those going out of India can still go and will be entitled for a 300$ refund or they can sit at their original test center. Of course  you can also choose to cancel or defer your exam in which case you don’t have to do anything and wait for CFAI to contact you.

My last week of studying non-stop might get wasted as the CFA exam might not be held in India at all. AICTE thinks that CFA is a ‘technical program’.

I’m sure they will try hard to make things right as India has 202% growth of CFA candidates and India was only 2nd to US in terms of no. of people who sat for Dec 2006 exam.

In another development the HRD ministry is trying to make a law in which IIM’s will stop ceasing to work autonomously as far as their finances are concerned.

What’s wrong with this country!

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