Author: Nicholas Blain

Summer holidays: To Study or Not To Study on the Beach

Whenever I start mentoring a new CFA candidate, one of my first questions is invariably: “Did you used to have a social life?” Approaching the summer I sometimes tentatively add: “You’re not going away over the summer, are you?”

Anyone who has studied for the CFA Program knows full well the level of commitment. You’re learning a vast amount, creating a huge skillset that can benefit your clients, your employer and, of course, your own career for decades to come.

But this doesn’t happen without effort. For most candidates, passing one of the levels will require 300 to 400 hours of studying, usually spread out over many months.

To be successful, the learning process needs to be systematic and effective: a couple of hours each day, much of the weekend, working step by step through each topic using on-demand classes, huge question banks and the curriculum. Add to this a regular review of completed topics, so that these banked subjects continue to tick over and new knowledge accumulates steadily over the studying journey (avoiding the unfortunate FIFO memory system – IYKYK).

In many countries there is a convention of taking the whole of August off. Is this compatible with a good CFA exam result?

This depends on your approach.

The regular review mentioned above doesn’t need to take long, but helps cement the newly-gained knowledge into a deeper and longer-term understanding.

Of course, time spent up a mountain, kayaking down the rapids or lazing on the beach will do your spirit a world of good. But it won’t help you to remember those regression acronyms or bond valuation techniques. A full month away from the books will inevitably set your studies back a bit and need you to do some catching up when you get back.

There is a compromise, however, that should not disrupt your break (much). Just five minutes a day is enough to keep your CFA knowledge fresh: you know there will be times loitering in an airport or station, waiting for the kids to put their shoes on, even standing in line for an ice-cream. That’s your opportunity!

We’re not suggesting filling your suitcase with books. Far from it. But if you have downloaded on your phone some summary notes, such as Quartic’s Q Sheet, then even the ice-cream queue will give you a chance to remind yourself of some key points.

You’ll be surprised at the benefits created by just a few minutes each day. And in any case, what else are you going to do while waiting for that ice-cream?