Back in January of 2020, which feels like years ago, I wrote an article pointing out that credit markets were setting themselves up for a potentially dangerous outcome. In no way could I or anyone else have predicted that a global pandemic and worldwide shutdown of entire economies would be the catalyst, but the conditions were ripe for any spark to start the fire.
It is difficult to offer advice to aspiring charterholders that is applicable to all three levels of the CFA® exam series. As you may have already discovered, each level is fairly unique. Level I and Level II are far apart in difficulty while Level II and Level III differ greatly in format.
The complete time horizon for most investors follows a common path; initially, there’s an “accumulation” phase in which positive cash flows are added periodically to their portfolio’s balance, and later, a multiyear “distribution” phase in which cash flows turn negative and withdrawals are made to support the investor’s income needs in retirement.
If you’re reading this, you may be thinking about the CFA® designation and what it can do for your career. Or you might already be a candidate pursuing the charter.
I am passionate about behavioral economics (behavioral finance is behavioral economics applied to finance problems; it is thus a subset of behavioral economics). I teach it in my classes and have written a book about it.
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