[[特许金融分析师读书笔记].cfa.2008].how.to.pass.cfa.level.i

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1、PreparingfortheLevelIExamPage1of11HOWTOPREPAREFOR—ANDPASS—THELEVELI®1CFAEXAMJackS.Rader,CFAPresident,TheFinancialAnalystsReview(FAR)Passingtheexamrequiresconsiderableeffort.Themoreyoudotoprepare,themorelikelyitisyouwillpass.Thisarticleisbasedoninterviewsan

2、ddiscussionswithsuccessfulcandidates.Muchoftheinformationprovidedissurprisinglytimeless;thatis,successfulcandidatesin2004didmanythingsthatcontributedtothesuccessofcandidatesin1983whenFARstartedworkingwithcandidates.Inthepagesthatfollow,wewilldiscusstherequ

3、irementsoftheCFAprogram,describethefourkeystosuccessintheprogram,andexplainthesevenfactorsthatmostsuccessfulcandidatesshare.Wehopeyouwillusetheinformationtoprepareforand,ultimately,topasstheexam.TheBigPicture:WhatYouShouldKnowAbouttheCFAProgramPassingtheCF

4、Aexamrequires:•Commitment.•Hardwork.•Perseverance.Themoreyoudotoprepare,thebetteryourchanceofpassingtheexam.PassRatesfortheCFAExamsRecentCFAInstituteworldwidepassratesare:2001-20032004LevelI45%34%LevelII47%32%LevelIII69%64%Let’sputthisinperspective:1.Given

5、recentCFAInstitutepassrates,areasonableestimateoftheimpliedprobabilityofpassingallthreelevelswithoutfailinganyofthethreeexamsisaround18-20%.1®®CFAandCharteredFinancialAnalystaretrademarksownedbyCFAInstitute.©2005TheFinancialAnalystsReviewDuplicationWithout

6、PermissionProhibitedPreparingfortheLevelIExamPage2of112.Alternatively,accordingtoCFAInstitute,forevery100candidateswhoenrolledintheprogramin1996,5yearslateronly19hadreceivedtheircharters.Thisiswhyitisworthittogetthecharter—itmeansalot.Butdon’tbeintimidated

7、—afterallthereareover65,000activecharterholdersworldwide.HoldinmindthattheCFAInstitutepassratesincludeonlythosecandidateswhoactuallycompletedtheexaminations.Overthelast10years,thenumberofenrolledcandidatesthatdidnot1sitfortheexaminationshasaveraged25percen

8、tacrossthethreeLevels.2TheCFACurriculumCFAInstituteensuresthattheCFAcurriculumistrulyglobal.Additionally,itisgroundedinthepracticeoftheinvestmentprofession.Thus:•CFAInstitutedeterminesthoseelementsofthebodyof