Mind the Gap
The CFA exams will not be held in many cities in India in May 2021, and November 2021 seems like the next chance.
Hence candidates may suddenly have a lot of spare time on their hands. They may also fret that this delay will be a waste of time. Some may even start studying for another certification ( eg FRM).
Firstly the focus shouldn’t be narrowly on qualifications alone. There’s a lot more that drives success in career and life.
Secondly, if you’re in your 20s you’re also probably naive, unskilled & inexperienced and I bet there are a thousand things you need to work on.
Thirdly the earlier you start working on yourself the better because although most important things take time, you’ll benefit immensely from the magic of compounding.
Mind the gap is a sign you see in tube stations in the UK that warns you of the gap between the train and the platform. In the context of this piece, it means two things- the gap between what you know (theory) & practice ( what the world is really like) and the 6 months (?) gap you’ve between now & the next exam.
So here are 20 things you can do to bridge the gap. They are not in any particular order but I’ve bunched related activities next to each other.
Read books. My website has reviews of many good nonfiction books I’ve read.
Track a few listed companies.
Develop interest in few sectors based on 2 above.
Review (& learn to write) equity research reports. This is key because most people can’t write properly and communication is a highly valued skill.
Start investing. You can’t talk credibly at an interview unless you have practice. Start by paper trading and then invest small amounts directly in your fave stocks.
Join a local CFA society & attend events & webinars. You network and learn at the same time. CFA Society India is very active society with so many relevant webinars each month.
Begin a blog. Perhaps on investing.
Update your LinkedIn profile. You know it’s your online resume and you know it’s not up to to the mark so...
Get expert resume review. Yes it’ll cost you but it’s an investment that can result in the recruiter picking your resume out of thousands.
More LinkedIn activity. It’s not enough to update your profile- you must start liking, commenting and posting. Not just once but regularly. Visibility and consistency are the names of this game.
Sharpen interview skills. Your resume may open doors for you but what do you do once you enter? People hire people not resumes.
Follow credible influencers and mentors on social media
Commence fitness routine. The pandemic has had the unfortunate effect of closed gyms, indoor isolation and expanded waistlines. Get moving to boost your mental and physical health.
Grasp financial modeling. One of the first things that you’ll be asked if you interview for an advisory/research/IB job is to prepare a model from scratch. In the CA and CFA programs, you learn the theory but rarely the application or the practice. Google and select among many good online training providers based on your target role, time, budget and specific requirement.
Learn coding eg Python. If you have a tech background or analytical mindset then leverage that and learn a new language.
Know yourself (psychometric tests). Extremely important. Much of the misery people go through in their working lives is mainly because they don’t know themselves and hence land up with a profession they aren’t crazy about or in the wrong company or the wrong job.
Listen to podcasts & TED talks
Reconnect with college mates & professors & ex-colleagues. Your network is invaluable, not just for work or jobs but for inspiration and guidance. Don’t take a short-term/transactional approach but build and nurture relationships.
Sign up for a cause. For example, volunteer at your local CFA society. It’s another effective way of networking and connecting with mentors.
Improve mental health. None of the above matters if you’re unhappy. Then again you shouldn’t be unhappy if you implement the above!
Actually, you don’t need a 6-month gap to do the above. These are so important you should be working on these regardless.
In summary, the essence is to take the long view and to think and act beyond mere exams as these are just one tiny part of the journey.
Bridge the gap.