Every first Sunday of June, I get reminded of the fact that it’s CFA exam day.

Not too long ago, I would have been just like all the would-be candidates, fretting about what’s going to come out on the exam as well as cramming as many of the arcane formulas into my head as I possibly could.

In fact, as I write this, candidates are probably going to stream out of the exam hall at the Singapore Expo Halls 7-9, trying to grab lunch from one of the few possible options. The last two times I took the exam, the queues were so horrendous that I bought chocolate bars and a can of coffee from the 7-11.

That’s how winning is done

If there’s one thing I can offer to anyone thinking about getting the CFA Charter, it’s probably to tell you to hang in there.

Every end of semester, I show my students a clip from Rocky where he says this.



Ok, it’s suppose to be “keep moving foward”. Go watch the full thing for a dose of inspiration.


Unless you’re a hardworking, determined genius (and I personally know one) that can get all the material easily and pass all three exams on your first try, that’s exactly the mentality you need to get through all three exams. I remember taking the first exam with a lot of friends and familiar faces but by the time I got to Level 3, I was alone.

I can’t count the number of times I asked myself things like “Am I really cut out for this?” or “Is it a sign to give up?” when I got back the result that I didn’t pass. However, when you eventually do, the feeling is incredible.

As I told a friend who asked me why I kept trying, this charter was my Everest. It was my personal challenge and for many years, it remained so.

So what’s next after getting the CFA charter?

Personally, not much has changed.

I’m not the best person to answer this because I’ve never even worked in finance. I guess a certain level of recognition comes with it which is nice but more importantly, on an intellectual level, the subscription to the Financial Analyst Journal has been awesome and the events organised by CFA Institute Singapore have been great (if only I had the time to attend more of them).

If you want to work in finance, your best bet is to start there and get your CFA charter after. No one’s going to hire you if you have a CFA charter but lacking in relevant work experience – you would be overqualified for entry level positions even if you were willing to take a pay cut and you would be underqualified for mid-level positions.

I guess what’s more important is the content I learned from studying for the exams. If not for the exams, I doubt I would have heard about MM’s Dividend Irrelevance Theory, learned how to calculate the value and payoff of swaps and other derivatives (which is nice to know but a nightmare to work out in an exam) as well as other pretty interesting stuff.

To all candidates, do your best!