As mentioned in a recent post, I have gotten started in the CFA Institute Investment Foundations(R) Program in an effort to deepen my knowledge and understanding of the financial markets. From here I plan to enroll in and begin the CFA(R) Program, which thought to be the most challenging and respected curriculum in the investment industry. Before we worry too much about the CFA(R) Program, however, let’s just take a look at how I scored on the Baseline Assessment that is part of the Investment Foundations(s) Program study plan.
The categories within this 30 question exam were the following:
- Inputs and Tools
- Industry Structure
- Investment Instruments
- Industry Controls
- Ethics and Regulation
- Serving Client Needs
- Industry Overview
My exam score was an embarrassing 67%. I have been giving a lot of thought lately to the idea of maintaining a sense of personal humility and a “beginner’s mind”. It doesn’t look like I have much of a choice in this particular endeavor.
All joking aside, the reality is that I have been active in the industry for over 10 years now and consider myself to have a reasonable level of knowledge and competence in the investment arena…or at least I did. I think this is just a case in point example of people not knowing what they don’t know. Do I think that this means that I have not done good work for my clients or that the investment advice that I have given them is all wrong? No, not necessarily. What it does mean is that I have some work to do and moments of humility like this one should not be viewed through the lens of discouragement, but rather serve as a motivator to continue to pursue progress in areas that are interesting and meaningful to me. I will have more to share with you soon.
Next I will be digging into the first module of study, focused on providing an providing an overview of the financial services industry.