Summary of "54% in Graduation to Cracking CFA L2-Journey of AMBUJ SAXENA |SUCCESS STORY CFA@thewallstreetschool"
Summary of Finance-Specific Content
Key Assets, Sectors, and Instruments Mentioned
- CFA (Chartered Financial Analyst) Levels 1 and 2 exams
- Front-end investment banking roles
- Boutique investment banks vs. bulge bracket banks (e.g., Goldman Sachs)
- Financial modeling and valuation skills
- Derivatives team exposure: Interest Rate Swaps (IRS), Credit Default Swaps (CDS)
- Equity side interest
- Portfolio management (Level 3 CFA focus)
- Equity research and trading (in context of skills acquisition)
- Financial instruments: derivatives, options, futures (within CFA curriculum)
- CFA curriculum and question banks (Schweser - “Swer”)
Methodology / Framework for CFA Preparation and Career Development
1. Study Planning and Effort
- Consistent daily study of 4-5 hours on weekdays alongside a full-time job.
- Weekend live classes of 6-7 hours plus self-study, totaling roughly 35-40 hours per week.
- Preparation duration: approximately 9 months for Level 1, about 1 year for Level 2.
- Emphasis on resilience and hard work over innate brilliance.
2. Revision Strategy: Rolling Revision
- Avoid studying all topics first and then revising at the end.
- After completing a topic, revise it within 15-20 days.
- Keep revising each subject every 20-25 days.
- Aim to complete the entire syllabus and at least one revision per subject before the exam.
- Difficult subjects should be revised twice.
3. Study Materials and Question Practice
- Watch video lessons first, then read the CFA curriculum books.
- Focus on “blue box” examples in the CFA curriculum as they contain key learning points.
- Create an error log to track mistakes and concepts needing review.
- Use CFA Institute’s question portal extensively.
- Use Schweser (Swer) question bank for practice tests only after multiple revisions.
- Perform “small mocks”: practice test papers subject-wise rather than full mocks initially.
- Target scoring above 70% per subject before moving on.
4. Ethics Preparation
- Read the entire Ethics book word-by-word; no shortcuts.
- Study Ethics gradually (15-30 minutes daily), highlighting important vs. less important parts.
- Use CFA curriculum as the primary source; reference books or notes only if needed.
- Ethics questions are nuanced and require deep understanding, not just intelligence.
- Practice all Ethics questions from the CFA portal.
5. Career and Skill Development Advice
- CFA knowledge alone is insufficient; practical skills like financial modeling and valuation are critical.
- Acquire these skills through credible courses, not quick online tutorials.
- It is advisable to gain a good job or internship after Level 2 before attempting Level 3.
- Level 3 focuses on portfolio management, relevant if aiming for portfolio manager roles.
- Front-end investment banking jobs are often found in boutique investment banks (smaller firms with higher exposure and learning opportunities).
- Avoid quitting jobs before securing the next role; maintain your job while studying and skill-building.
- Use professional connections and networking to find relevant roles.
- Demonstrated skills (e.g., Excel modeling tests) are key to landing front-end roles.
Key Numbers and Timelines
- Ambuj’s study hours: 4-5 hours daily on weekdays + 6-8 hours on weekends.
- Preparation time: ~9 months for Level 1, ~1 year for Level 2.
- Ethics study: 15-30 minutes daily recommended.
- CFA exam results: Level 2 exam in May 2023, results in July 2023.
- Ambuj left job in December 2023, got new front-end investment banking job in February 2024.
- Ambuj’s academic background:
- 88.8% in 10th grade
- 83.6% in 12th grade (no math in 12th)
- B.Com incomplete
- Work experience:
- 3 years in boutique investment firm doing valuation
- 2 years at BlackRock derivatives team (IRS, CDS)
- 1.5 years at SNP Austra (SNP enterprise)
Explicit Recommendations and Cautions
- Hard work and resilience trump innate brilliance in CFA success.
- Do not rely on crash courses or minimal hours (300 hours insufficient).
- Rolling revision strategy is essential; last-minute cramming is ineffective.
- Ethics requires dedicated, repeated reading and practice.
- Financial modeling and valuation skills must be acquired from credible sources.
- Do not quit your job before securing the next role; studying CFA alongside work is optimal.
- Boutique investment banks offer greater exposure and learning than bulge bracket banks.
- After Level 2, focus on skills acquisition before attempting Level 3.
- Use official CFA materials and Schweser question banks; avoid unnecessary third-party materials.
- Networking and timing are crucial for job placement.
Disclaimers
The discussion is based on personal experience and guidance, not formal financial advice. Results depend on individual effort and circumstances. No special “settings” or unfair advantages were involved in job placement.
Presenters / Sources
- Karan Singh — Lead Faculty at The Wall Street School for Finance Education
- Ambuj Saxena — CFA Level 1 & 2 cleared candidate, front-end investment banking professional at UV Capital
Summary
This video presents the inspiring journey of Ambuj Saxena, who cleared CFA Level 1 and 2 with no math background and a non-linear academic path. It emphasizes the importance of consistent hard work, resilience, and skill acquisition (financial modeling and valuation) alongside CFA knowledge.
The discussion covers detailed CFA study strategies including rolling revision, ethics preparation, and question bank usage. It highlights the career path through boutique investment banks offering high exposure roles in valuation and front-end investment banking.
Key takeaway: CFA success and career advancement require a balanced approach of rigorous study, practical skill development, and strategic career moves, rather than shortcuts or minimal effort.
Category
Finance
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