The Program, offered by CFA Institute, is a professional certification program recognized worldwide which provides competencies and skills required in the financial industry. This is one of the most coveted certifications if you wish to mark your name in top-notch banks, private equity firms and investment banks.
There are three levels of exam series conducted by CFA Institute, and level three requires more study hours as compared to level one. On average, it takes more than 900 hours of study for all three levels. Again, this may vary depending on the candidate’s aptitude.
In this story, we’re going to share a few fun facts about the CFA® Program in India exam, and we bet you don’t know them!
#1 All Eyes On Time, Please
1 in 20 candidates will miss the start of the exam; though he is already present at the test centre.
The funniest thing is candidates misjudge or are unaware about the closing time. The doors close 30 minutes before the exam time. These 30 minutes are utilized for candidate’s verification of calculators or belongings etc.
“So be sure to arrive early to avoid this mistake.”
#2 Calculators, Thankfully Allowed Now
Calculators were not allowed earlier (until 1975). Yes, this may seem shocking now considering how paralyzed we feel without them while solving complex calculations. But, calculators were not allowed in CFA® Program exams in India exams up to 1975.
Candidates had to use a slide rule for calculations. Later, the candidates were permitted to carry electric calculator which needed to be plugged into a wall outlet.
Now calculators are allowed, but still few people develop paranoia of calculators running out of batteries, which never happened as of now.
Research says the most common problem faced by a candidate is forgetting to carry the calculator at the exam centre.
“Make sure you don’t repeat the same mistake.”
#3 No Smoking Rule
Smoking was allowed before 1970. As the CFA® Program exam in India is a difficult one, candidates used to smoke within the exam hall to beat the nervousness and anxiety while appearing for the exams.
#4 The Use Of Restrooms In Earlier Days
Many years ago, candidates were not allowed to use the bathroom during the exam. This rule was changed when a pregnant candidate was ready to call their bluff. Afterwards, this rule was changed and candidates were allowed to use the bathroom.
#5 Past Paper Reference for CFA® Program
Usually, we refer a few past papers while preparing for an exam. But the exam itself is unusual; there is no use to refer past papers for level I and level II exams. But for level III – essay paper, we can refer past papers for practice. There are also sample model answers available for the same.
“Make sure you refer this before your actual exams.”
#6 What’s There With The ‘Tuesday’, Anyway?
CFA Institute results are always announced on Tuesday. The rationale given by CFA Institute is: Tuesday is an ideal day and it provides sufficient time to answer weekend queries allocated to their contact centre and client services.
#7 Asia Is In The Lead
Around 1.6 lac candidates appear for the CFA® Program exam in a year and there are more than 200 test centres in the world. The Asia Pacific region has the highest number of candidates. Unfortunately, the passing rate from CFA Institute decreased from 94% to 46 % from 1963 to date.
#8 Mock Tests
More than 50 % of candidates use third-party study material and notes to prepare for the exams. Most of the candidates are unaware of the fact that there is a free mock test by CFA Institute as well.
Having said all this, no doubt CFA® Program in India is one of the most covetous and sought after certification in the finance domain. So study well and break a leg!
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