"The most important thing that any learner can do is put in the requisite time."
Passing the CFA program instructor Michael Hlinka reflects on what it takes to succeed in his class, and why the Chartered Financial Analyst designation is so in demand.
Success in Passing the CFA is a matter of time and commitment
To drive success in the CFA Exam preparation program, the most important thing that any learner can do is put in the requisite time. My estimate is that most students require between fifteen to twenty hours a week each and every week up until the examination day. Now I focus the students’ efforts. On a weekly basis I provide a very detailed study schedule that is telling each student what they should be doing and where they should be at each point along the way. So there’s definitely guidance, but guidance without time just doesn’t do it. You simply have to put in the time. You have got to make the commitment. And if you do, there’s a very high chance for success.
Open channels of communication with instructors help learners master material quickly
I believe that my accessibility contributes a great deal to student success. I make a real commitment, during working hours, to get back to student questions, whether by email or telephone, within hours if not minutes. What this allows a student to do is to get the questions that they need answered immediately so that they can move on and start mastering the difficult material.
Hundreds of short video modules support learning process
The course methodology goes something like this: I don’t want students to read the notes before they come to class. Rather, I want them to listen to an audio pre-lesson, which is about one hour in length. Then, if they are attending class, they’ll attend class. If they’re using the online option, they will review the notes.
What I’ve done in support of the most difficult concepts is prepared literally hundreds of short video modules that students can use to review the difficult content themselves. Then there’s always the opportunity to reach out for extra help if it’s needed.
Challenging content part of what makes the CFA a coveted designation
The CFA is a coveted designation because in a world where educational institutions are selling diplomas and selling degrees, the CFA is a pure merit-based system. The pass rates for each level are generally under 50%, which means that if you get through the CFA, you have demonstrated that you are an elite person, you are an elite candidate and that’s why CFA charter-holders are so much in demand in the marketplace.
Michael Hlinka received his MBA from the University of Toronto in 1986, became a CFA Charterholder in 2004 and is a tenured professor at George Brown. Michael specializes in industry licensing courses such as Canadian Securities, Derivatives Fundamentals and Portfolio Management. In addition to his teaching duties, Michael is a regular commentator on CBC Radio's Metro Morning is a nationally syndicated radio columnist, and writes a regular weekly column for Outreach Magazine, marketed by Toronto's homeless and unemployed.