July 2008
CFA Candidate Newsletter
Dear CFA Program candidate,
Welcome, and congratulations on enrolling in the CFA Program. The credential you seek is highly respected around the world as a mark of accomplishment and dedication.
As deputy CEO and managing director of the Education Division at CFA Institute, I am pleased to personally welcome you to the CFA Program and to help make your preparation efficient and successful.
As you prepare for the December 2008 CFA exam, keep in mind that the CFA Program goes beyond simply passing the CFA exams. It is part of a process of lifelong learning that is necessary to understand changing financial markets and products. The CFA program provides a great opportunity for you to look at the world from a global perspective. It may also open doors for you in your career, help you optimally manage portfolios, or excel in whatever area of finance and investments you choose to practice.
This message is our first in a series of communications that will give you important information to help you prepare for the December exam. I am a charterholder and former professor, exam grader, and prep course instructor, and in these messages, I will offer advice and encouragement, important policy reminders, and resources you can investigate.
Verify Your Test Center
Please be sure to review your acceptance letter (sent via e-mail to your primary e-mail address) to confirm your test center selection. Carefully review the test center location and code to ensure that you are scheduled for the correct test center. To request a test center change, see our detailed instructions.
Refund Policy
All registration and enrollment fees are nonrefundable, and candidates may not carry forward (defer) enrollment fees. If you do not meet the entrance requirements, or if you are denied admission to the program for professional conduct reasons, the current exam fees will be reimbursed.
Preparing for the Exam
The CFA exams are based solely on the CFA Program curriculum, and you should work toward mastery of the assigned content. It is organized into 18 study sessions, each of which includes the assigned readings, learning outcome statements, and problem sets.
Our Candidate Preparation Toolkit is your online preparation resource. From this one location, you can get information on the curriculum, study tips, examples of question types for each level, and more.
You'll also find information in the Toolkit on planning your study program. We recommend that you:
- Purchase your calculator early so that you can practice using it as you study. Make sure that your calculator is one of the approved models
- Devote 10-15 hours per week for 18 weeks to reading and studying
- After you have completed the 18 study sessions, use the final weeks before the exam to review the material and take online sample exams
- Visit the Toolkit often. We post corrections to the curriculum on the errata page, which is updated approximately monthly
The Toolkit also contains testing policies, including changes to your registration, and your responsibility as a CFA candidate. When you enrolled in the CFA Program, you committed to the Code of Ethics and Standards of Professional Conduct, and it is very important that you read and understand these policies.
Preparation Tip
Some third-party preparatory providers recommend or even encourage candidates to study for the CFA exam without using the CFA Program curriculum. You should treat such advice with caution. Prep materials can be helpful supplements to the CFA Program curriculum but should never be used as a replacement. Learn more about prep providers.
I hope your studies are well under way. Remember that self-discipline and consistency are the hallmarks of a good study program. I wish you success in the CFA Program.
Kind regards,
Bob Johnson, PhD, CFA
Deputy CEO and Managing Director, Education Division
CFA Institute