Frank Quattrone (1956) is a former investment banker at Credit Suisse First Boston who has been convicted of interfering with a government probe into Credit Suisse First Boston's behavior in allocating hot IPOs. The conviction was later overturned...

Tales from the CFA

cfa.gif[Editor's Note: Some of you have asked for some sort of relief from the pressures of studying for the CFA. We offer you the following advice: Get out of banking while you still can. For the rest of you: it's always fun to witness other people's pain, especially if you've already jumped through the requisite hoops and barring the creation of a CFA Level IV, will never have to do that again. DealBreaker correspondent "JAK" reports:]

So for a lot of you June 3 is going to mark the end of a tortuous struggle to stay sober long enough to cram as much financial analysis goodness into your already overstocked brains. Well, you’ve almost made it. You can get hammered in 39 days. These last few weeks when you’re getting approximately three hours of sleep a night, you lose all contact with friends and family and your girlfriend dumps you because you’re too weak and dehydrated to pleasure her in any way, we’ll be here for you. We’ll have war stories AND study tips and we're even sending someone to sit in on the Stala CFA I Mock Exam as part of the DealBreaker Correspondent Abuse Program. (Okay, we're sending outselves.)

They sent us our Mock Admission Ticket today, which included tips on how to prepare for exam day: we have been instructed to lay our clothes out the night before. Thank you, Stala. Last time we took the CFA, we showed up without pants.

So let’s kick it off with a look back at “Great Moments in CFA Studying History”

Sent in by an Anonymous Level II Candidate:
“So it’s two Saturdays before the test. I’m pretty on track. I’ve been all about Schweser for months now- always have a Study Notes book with me, got that Quicksheet. I sit down to take a Practice Exam created only with FSA and Asset Valuation questions- figured I better really try to nail those sections by doing as many problems as possible. First question is on Diluted EPS. And I can’t remember what to do with the convertible debt. I think I use the interest and the tax margin together somehow, but how and where? I just don’t know. But I figure it’s fine- simple concept- I know it’s on my Quicksheet- I’ll just put a star right there and look over it later. Next question- what the fuck do you do with software development costs? Shit. Are they capitalized from the beginning? Or expensed then capitalized? O.K., another little star being placed. Next question-definitely using the dividend discount model. Know it. But then all of a sudden I don’t know it- not in the context of this insane question. And then the next question- do I use the %-of-completion method or the installment sales method? How could I possibly know that? I stand up quickly and knock my Redbull all over my Book 3 Study Notes. I start to cry. I can’t stop. That’s the book with all the FSA stuff in it. I’ve wasted the past 3 months of my life studying and not retaining anything and now I have spilled redbull all over my FSA Study Notes. My roommate found me 3 hours later passed out drunk, shredded pieces of Book 3 and my practice exam lying all around me.**”

**Schweser was able to overnight a replacement Book 3 to Anon for a relatively reasonable fee. He then went onto study 19 hours a day for the next 2 weeks and pass Level I.

Ah, sweet memories. (This had better improve our bonus.)

Send your own stories to tips AT dealbreaker.com.

TrackBack

Use this Trackback URL for this entry:
http://www.dealbreaker.com/cgi-bin/mt-tb.cgi/192

Listed below are links to weblogs that reference Tales from the CFA:

» DealBreaker.com: Tales from the CFA from Simran's Daily Links
*Thank you stalla, last time I showed up with my pants* ... [Read More]

Comments

Its funny because its true...

Its funny because its true ..

Hey "JAK", what are you wearing to the Mock Exam? I was thinkin of sporting my new Baby Phat tube top. Didn't wanna show up in the same outfit as you again this year.

Funny cause it's true? Only if you lack skills.

Seriously, you shouldn't need to study for more than 4 days at 8 hours/day doing Schweiser practice questions to get through it. And you should only use half the time of the exam. I mean, really sitting there staring at a completed exam for an hour and a half in each half will only screw up your results. Get done fast, get out, and relax, so taht you can get a nice lunch break and then leave early. I have no idea why they give you 2 3 hour sessions, when any intelligent person can finish the whole thing in 3.

Now if you're doing CFA III, well I can understand, cause thats a bit harder.

Dear Bulging,

Really? Only 32 hours of prep time? You must be incredibly skillful. In order to immerse myself completely in this story I'm actually going through with the test on June 3. I thought I was getting a late start- but maybe not. The Mock Exam is May 20 and I really want to nail it- can you give me some specific tips?