The Impact of Background on CFA Exam Success

The relevance of one’s background in successfully navigating the CFA exams is a topic that my experience
as an educator for CFA candidates at all levels has brought to light. Notably, individuals with an
accounting background, such as graduates in accounting or chartered accountants familiar with either
IFRS or US GAAP, may initially approach the exams with a sense of ease. Conversely, candidates from
non-accounting backgrounds, including those with engineering or art backgrounds, often exhibit a more
serious and diligent attitude towards exam preparation.

From my convenience sampling method, it appears that chartered accountants may sometimes
underestimate the preparation required, assuming the exam aligns with their prior accounting study
experiences. This misconception occasionally leads to challenges, particularly in the financial statement
analysis course, as accountants may commence their preparation later than necessary.

However, as candidates progress to Level III, the playing field levels, and the background advantage
established in Level I becomes less prominent. While a background in finance and accounting can provide
an advantage, dedication and persistence emerge as critical attributes for success at all levels of the CFA
exams.

Moreover, practical experience in the finance and investment domain is often considered beneficial.
Nonetheless, candidates may find that their expertise is concentrated in specific areas, such as corporate
issuers for investment bankers, leading to potential challenges in other areas like fixed income or
derivatives.

In summary, while one’s academic and professional background may influence their initial approach, the
ultimate keys to success in the CFA exams lie in persistence, dedication, and self-awareness. Recognizing
the need for extensive preparation, regardless of background, and adapting study techniques to
individual learning styles, along with the guidance of an effective tutor, can significantly contribute to
success in the challenging CFA examination process.