Daniel Nazareth's Blog

I passed the Chartered Financial Analyst (CFA) Level I November 2023 Exam. In September 2022, I passed the Chartered Professional Accountant (CPA) Common Final Exam. As I continue on my learning journey, here are my key takeaways.

In 2022, after graduating from the Master of Management & Professional Accounting (MMPA) program at the University of Toronto, I sat to write the September Common Final Exam (CFE) in pursuit of the Chartered Professional Accountant (CPA) designation. If this was not enough studying, I thought I’d be a hero and I signed up for CFA Level I in November.

Back to back to back.

As the CFE preparation got underway, I realized that the last thing I wanted to do after writing this behemoth was write another one. Thus, I considered deferring the CFA Level I exam.

Weighing the options, I contemplated why I was even pursuing the CFA in the first place. After graduating with a degree in Life Science from Queen’s University, I had started on this learning journey to gain technical knowledge in business (more on this later once I confer my CPA). 

Did everything have to happen all at once???

From past cramming experiences, I understood the importance of giving the learning process the time it needs to fully grasp complex concepts. With this in mind, I deferred the CFA Level I Exam by one year. Deferring turned out to be a great decision as I felt short term memory loss after writing and thankfully passing the September 2022 CFE.

On to the next one.

The CFA Institute reports that successful candidates study over 300 hours for the CFA Level I Exam, so I created a study plan to achieve this threshold. It was the first time in a long time I’d work and study, and it showed. At the time I was a Senior Accountant, and “trying” to study on the weekends was difficult. 

For some reason, there was an awful lot of laundry that I HAD to do, rather than open my textbooks.  

Seriously though, things never go exactly according to plan. I attribute some of my exam success to the ability to pivot and do what is necessary. In this case, I had the privilege of taking time off to study which made all the difference. 

During this time off, I failed past exams early and often, uncovering my weak spots and leading to more adjustments. I found my ideal study spot, showed up every day, and tracked my time (see below for a screen grab of my tracking sheet). 

A key success factor in my learning journey has been using a stopwatch as an objective measure of my focus. I’d pause the timer every time I got distracted or took a break. At the end of the day, I’d have my splits listed on the screen which I’d input into the spreadsheet. The benefit of this simple habit is severely understated in this post.

In total, I studied 203 hours for CFA Level I. Most importantly, I learned more about Financial Statement analysis, among other fascinating business concepts.

NERD ALERT.

As I reflect on this experience, the takeaways from running the Toronto Waterfront Marathon directly applied to my preparation for CFA Level I. Turns out I ended up tackling two behemoths at once. To expand on that list and keep in mind as I continue my learning journey:

• Examine your intentions at every turn: Are you doing this to facilitate growth or to add a few letters after your name?
• Plan, execute, reflect, adjust, and execute: Consuming a large body of knowledge takes small incremental progression and changes. Passing an exam takes strategy and frequent adjustments.
• Be patient: It takes as long as it takes. Don’t rush the process. Make a quick first pass, highlight relevant info, write chapter problems, and continue to the next section. After completing, come back and make notes from notes. Write problems again while adding to notes. Use practice exams early and often. Go back and attempt difficult questions. 
• Be mindful: Don’t chase your mind and be careful of task switching. Sit for 1 hour at a time and just start the timer. Every minute matters.
• Find your ideal study spot: Water bottle station and food nearby, large working tables, people who are also studying around you, open till 9pm, and close to home.

With care,

Daniel Nazareth