My CFA Exam Story: Emotions, Wins, and the little things that count

In Part 1 of my CFA Exam story, I delved into my study routine, explaining how I scheduled my day. In Part 2, I wrote about the materials and resources I used and the strategic moves I made to conquer each level. 

Now, let’s uncover the emotional tapestry that weaves through this challenging yet rewarding journey.

After the 6 hours (now ~4.5 hours) ride in the exam hall, the relief of a return-to-normal life washes over you. And then comes the slow 8 -10 weeks waiting for the results. You hope and pray that your hard-earned money and irretrievable 300 hours+ has not gone down the drain.

The tension worsens on the result week. So, here is how I spent my result day.  

CFA Exam Result Day

Level 1 – I was on annual leave. That day, I worried myself to sleep, and then woke up at 1pm Nigeria time to refresh my browser for the umpteenth time. I heaved a sigh of relief when I saw that I passed.

Level 2 – I switched things up a bit. Again, I was on annual leave, but this time, volunteering to teach children at a Church holiday program. I left just before the expected result publication time. The plan was to check the result when I got home. Well, curiosity got the better of me. I remember where I was – just at the turn where Trolley supermarket is at Sabo, Yaba. I couldn’t hold the suspense any longer. So, I brought out my phone and checked. I hope I didn’t shout on the road.

Ah. Alas, it was a pass.

Level 3 – No annual leave this time. Fortunately or unfortunately, a few of my colleagues now knew my tightly-held secret. This is the last straw. I had read twice for this exam, initially for June 2020 which was postponed and then again for December 2020. 

The plan was to take a break, drive out to Unilag (University of Lagos), have a quiet spot to check the exam result. I planned this for days. But, at the last minute, I flipped out the phone that ushered in glad tidings. I passed. 🎉🙌🥳 My joy knew no bounds. A heavy weight had been lifted off my shoulders. An accomplishment worth celebrating. 

Studying for CFA exams is hard, awaiting the results can be just as emotionally draining.

Each time before I wait for the results, I tell myself it’s not the end of the world if I don’t pass, and then I think, no o, I just have to pass.

Some causes of mental/emotional stress during the CFA exam journey and suggested remedies:

1. The result of your first mock exam. After all the reading, your recollection fails you and you think “Wait, is this it?” My advice would be to practice your first mock exam about 6 – 8 weeks before the exam date. Give yourself time to be shocked and to recover.
2. A well planned study session abruptly cancelled by a call. Put your phone on airplane or do-not-disturb mode, when you can afford to. Also, include reasonable buffer time to your study plan.
3. Peer pressure – Comparing your progress or scores to others can cause worry. Unfortunately, you can’t not compare. CFA Institute does not publish a pass score. There are only speculations on what the MPS (Minimum Passing Score) is. Thus, there is the tendency to compare yourself on the basis of percentile. E.g. if you heard that the pass rate is 40%, you may want to be in the 60% percentile. How can you then not compare? However, there is still a chance for redemption. Don’t give up because you think others are doing better. Focus on your study progress.
4. Difficulty in comprehension. You may want to get a study buddy or ask other candidates questions. You may even look for a video lecture on that topic that would provide a better explanation.

The little things that matters

What wrongly comes last when you’re writing an exam is yourself – your physical and mental health. Preparing for an exam can be akin to preparing for a sports competition. You need to be in top physical and mental form.

• Speak to trusted kind people, not those who minimize the emotions you feel. 

(not people that will add to your stress and tell you “it’s not that serious”. It’s that serious, my dear.🤭) 

“Kind words are like honey— sweet to the soul and healthy for the body.”

– Proverbs 16:24 NLT

• If you do not have people you can speak to, the internet community can prove valuable. Use with care though. 

Also, encourage yourself in the Lord. It works wonders.

My exam routine worked, thanks in no small part to my encouraging family and friends, those who didn’t add guilt to what I was dealing with. 

Thanks to my husband who knew the right things to say when I was stressed.

I also had wonderful colleagues (SDA, EEA, AOA, PEK, BEA – their initials) who knew I was writing exams and kept mute. I can’t thank them enough for their support. 

• Journal: Writing can help you clear your mind. An added benefit is being able to look back at how far you’ve come.

• Try not to completely ignore your family and friends. Even a 5-minute call or short text message to the right person will do wonders for you and the other party. And you will feel refreshed afterwards. 

• Eat well. It really is for your own good. Even with limited time, how about snacking on apples and bananas and cooking a bulk one-pot meal? Also, remember to stay hydrated. 

Minimal efforts – outstanding result.

• Plan in advance for exam day – your clothing, your exam materials (my friend and I used to coordinate this – somehow, she trusted I won’t forget her pencils 😂), your International passport, your food, hygiene and hair for the critical week before exam, and the route to exam venue. 

Exam Anxiety

Dealing with exam anxiety for me was to a large extent spiritual. So here is what I did:

• Take a deep breath.
• Pray. Praying is not only effective but therapeutic.
• Recite God’s promise: No matter what the result was, I knew God has got me. 

Here are some comforting bible verses:

“For I know the thoughts that I think toward you, saith the LORD, thoughts of peace, and not of evil, to give you an expected end.”

‭‭Jeremiah‬ ‭29:11‬ ‭KJV‬‬

“Fear thou not; for I am with thee: be not dismayed; for I am thy God: I will strengthen thee; yea, I will help thee; yea, I will uphold thee with the right hand of my righteousness. “

‭‭Isaiah‬ ‭41:10‬ ‭KJV‬‬

“I have more understanding than all my teachers: For thy testimonies are my meditation. I understand more than the ancients, Because I keep thy precepts.”

‭‭Psalm‬ ‭119:99‭-‬100‬ ‭KJV‬‬

If you are struggling with anxiety, please speak to a medical professional.

Concluding words

As I look ahead, the CFA journey has not only influenced my job but has also changed me as a person. The personal development journey isn’t over, and I’m excited to see what comes next.

I hope you enjoyed reading this as much as I enjoyed writing it. And I look forward to hearing from you in the comment section or contact. If you know someone who needs this information, share with them. 

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I wish you all the best in your CFA exam journey.