For the 11th consecutive year, signaling the start of another exam preparation season, CFA Chicago and the Candidate Services Advisory Group, along with Kaplan Schweser hosted a Study Group & Exam Preparation Party at the Standard Club on Dec. 11.
The reception gave chance for approximately 60 candidates comprising all three exam levels to mingle over light refreshments. Patrick Hager, CFA, began the formal agenda with a description of how the Study Group program works, timeline for formation of groups and application for exam scholarship. He emphasized the importance and benefits of the CFA Charter and becoming a candidate member in the Chicago Society. Benefits of membership include the chance to participate in mock exams as well as two scholarship opportunities offered by offered by CFA Chicago.
An important exam reminder shared was to bring a passport to the exam, because a driver’s license is not accepted as a form of identification.
Dr. Tim Smaby, CFA, FRM, who heads the CFA exam section for Kaplan Schweser, gave an informative overview of the CFA Level 1 exam, while also acknowledging the nuances of Levels 2 and 3. He believes it is important for candidates to support one’s preparation by emphasizing practice and performance. In his opinion, too many candidates over-prepare yet under-practice answering questions. Smaby’s advice is to take advantage of the volume of practice questions available once the core readings are completed and to simulate game day conditions in taking practice exams.
Following Smaby’s talk, a Q&A session was held. CFA Chicago members and charterholders Jim Meixner, CFA; Rebecca Smith, CFA; and myself fielded questions from the candidates. After an introduction and each panelist giving their key tip for success, questions were asked regarding exam and study strategies including how to best approach structured response questions on the Level 3 exam.