Burnout

This has been an unbelievably busy summer. Of course today was Halloween and the temp was 88 so summer is present tense here in central FL. Anyway, less than a month after I took level 2 I started preparing for the GMAT exam. That exam isn't as difficult as any CFA exam, but it does require preparation and study. I took that exam roughly the same time as the level 2 results came out, and I was so jazzed up by the level 2 results, I ordered the 2009 texts and started studying for level 3 before labor day.

My plan was very simple. Go through the curriculum (other than ethics) once before Xmas. Take two weeks off for the holidays. Go through the entire curriculum a second time and then use the month of May for review. However, my plans had a problem. I studied for level 2 until this past June. Within a few weeks after that I started studying for another exam. Within a few weeks after that I started studying for the level 3 exam. By the middle of September I had actually gotten through 3 study sessions, but mentally I felt like it was April. I could have pushed through the material if I needed to, but the learning center of my brain was clearly burned out. For the first time since I started as a CFA candidate I decided to change my plan of attack.

The plan now is for me to still spend May for review and to spend 10 days on each study session rather than the standard week. If you check your calendar that means 180 days ending on April 30. Those 180 days begin tomorrow. I haven't studied in the last month and a half even though there were time I could have and wanted to.

I did learn several things about level 3 when I studied before though. First, this is largely a conceptual course. No formulas to memorize just concepts to demonstrate and apply. Second, everything is related to portfolio management. There is material on trusts, institutional investors, and a myriad other things that essentially reduce to modern portfolio theory. Not more difficult than the level 2 exam, but in no way could it be called easy. It's pretty clear that for right now I just need to work had and not focus about strategy until the spring. No shortcuts. No tricks. Just a treat next August.