Analyst Mastermind

This is episode #10 in my series on CFA preparation. We discuss why it's so critical to incorporate rapid and constant testing in the study process.  Topics covered:  Why testing is a stacking function and why it matters Why feedback loops are important  Why failure is good on how to switch your mindset to embrace failure Why you can't let mistakes compound  How Navy Seals utilize testing to maintain their skills. 

Today's episode explores the distinction between active and passive studying. Active studying is the key to a successful study program yet is neglected and unknown by most candidates. All work is not created equal. The study process must be an intensive drive to push beyond your current knowledge level. Active study activities include testing/drilling hard problems and teaching others. Passive study activities include watching videos, listening to lectures, underwriting/highlighting notes.  There is certainly a role for passive study that I discuss in the episode. But most of the learning will be driven by the active study process. This process is a demanding and exhaustive approach of continually pushing past your current knowledge base.  Topics covered:   - Why your brain does not process information like a hard drive  - Why it's easy to slip into a passive mindset  - Why lack of knowledge is not your problem  - Why discomfort and stress are good indicators of active study  - My personal experience and recommendations for incorporating active study 

Today we discuss the importance of setting up a detailed and systematic study program for CFA candidates.  Topics Covered: - How stress and anxiety arise from not having a proper plan - Why candidates need to fight the status quo bias  - How ambiguity leads to candidate frustration and a terrible study experience - The importance of routines and systems over hard work and willpower - How those who do great work with less ability gain more than those with great skill but just dabble - Why you need certainty of process throughout the program - How to implement automatic systems - Why every day should be explicitly mapped out.   Find more at adamdschwab.com

In today's episode we talk with Matt Westra, who works for Goldman Sachs. Matt has passed CFA Level I and took Level II this past June. We covered a wide range of topics, including CFA preparation, the role of the MBA and CFA in investment banking, and the process he used to land his role at Goldman Sachs Topics discussed: -How he got to Goldman Sachs -Advice for how students from small colleges can get into the top-tier firms -Level I study preparation -His keys to success for Level I -How he has adjusted for Level II -CFA vs. MBA for investment banking -Day in the life at Goldman Sachs

In the 7th episode of the CFA exam prep series, we explore the important of following a rigorous, data-driven approach to passing the CFA exam. A majority of candidates simply follow an unstructured, ad-hoc approach to the exam. They often lack a long-term plan, a formal process of testing, and an inadequate system of review and tracking. We focus on 2 key areas: 1. Why candidates need a plan for every single study day from start to finish. This includes the exact section(s) covered, any questions to be done, the process to record success/failure, and any scheduled review of prior lessons. Every day is mapped out from the beginning. There can be absolutely no ambiguity on the exact next step for the candidate. A lack of focus/systematic approach drives candidates to easy and vague tasks, which do nothing for long-term skill development.  2. How and why to create a testing system to build long-term knowledge. Candidates need to keep a detailed record of test scores and build a database of incorrect answers. Every practice test score and question set needs to be recorded and tracked. Because of the tracking, candidates can see clear progress by section and rather than relying on gut feelings. By following a strict approach to wrong answers, candidates can quickly correct mistaken beliefs. Once the candidate tracks performance, they will see a rapid improvement in confidence and ability to pass the CFA exam. 

In today’s episode, we dive into the 6th lesson for CFA candidates. This episode is all about grit. Grit is a critical trait present in successful athletes, musicians, and entrepreneurs. We explore the work of Angela Duckworth, a professor at the University of Pennsylvania, who has driven “Grit” into mainstream media. We cover the 5 foundations that enable a “gritty” mindset and explore why it’s critical for CFA candidates. Topics covered: How purpose and meaning drive grit Why confidence and humility need to co-exist Importance of preparation Constant daily improvement The role of resiliency

In today's episode, we discuss the "Mastery" mindset and how CFA candidates can implement strategies to act like a master, not an amateur. All work and effort is not created equal. Do not mistake activity for achievement! The mastery mindset is prevalent in athletics, music, chess, and other elite activities. However, most candidates never consider that they need to shift their mindset and work like a true professional.  We cover several topics: - The power of no and why candidates have to be ruthless in choosing their core activities.  - Wisdom vs. Facts/Information - The "Rage to Master" - Shallow vs. Deep Work - Deliberate Practice - Knowing what you don't know - Resiliency - Solo Study   Key Books: Mastery, Robert Greene Essentialism, George McKeown So Good They Can't Ignore You, Cal Newport Turning Pro, Steven Pressfield

In today's episode, I interview Mike Bonander and discuss CFA exam preparation, helpful tips, and big mistakes candidates make. We also discuss the role of the CFA for career advancement and how an MBA can help candidates. Direct Link: http://bit.ly/1rmkd57 iTunes: http://apple.co/1USMeMu Topics covered:   -Why he doesn't recommend CFA exam books   -Why the smart investors fail the CFA exams   -The role of testing in passing the exam   -Differences between the CFA levels   -What the CFA charter can/can't do for career progression   -CFA vs. MBA    

In today's episode, we dig into the reason why failure is so misunderstood and why its a critical part to achieving expertise and mastery in the CFA program. Most people are raised to avoid failure and avoid any situation that involves the chance of failing. Most candidates have never failed a test and the CFA process/exam will often be the first real test in their life. Candidates often begin the program with the same routines and habits they had in college, which will not be enough to pass. Other candidates will devote their entire life to passing the exam, but have no enjoyable life outside the studying. There is a better way to approach the CFA exam and one of the first steps is embracing failure. By pushing yourself outside your comfort zone, you will rapidly increase your candidate knowledge by consistently tackling tough problems and challenging materials. Topics covered: *Candidates painful attitude and fear towards failure *Why "comfort is the killer of will" *Overnight successes are a myth *What a logical approach to failure looks like *How to engage in activities that create failure and learning *Why errors are not the problem, the problem is the silence that conceals it *Why a systematic approach with failure reduces stress and anxiety

In today's episode we talk with David Seifert, CFA, a principal at Velocis. David is a good friend from Chicago Booth who has a ton of useful knowledge on the CFA exam, MBA, and career advice. We get into a lot of detail on all three topics, so this episode should benefit all listeners. Topics Covered: *Early career and how he made the switch to real estate *How he studied for the CFA exam *Very detailed discussion of study structure and routine *Study guides he used *Thoughts on difficulty of each level *Thoughts on a Kaplan class he took for level 3 *How CFA has/has not helped in real estate

In today's episode, we dive into the third lesson for CFA candidates. The importance of recognizing a flexible vs. fixed mindset is critical for lasting success. Most candidates have never considered how their mental approach and beliefs have limited their ability to grow their skillset. We dive into the science behind the flexible vs. fixed mindset. Carol Dweck is a well-known proponent of developing a flexible mindset, and we dig into how candidates can cultivate this mindset and how it benefits long-term learning. Topics Covered: *why innate talent has nothing to do with candidate success *why you should embrace failure *how to put yourself into situation outside your comfort zone *how experts cultivate a flexible mindset *how the desire for security limits candidates chance of passing  

In today's episode, I describe why candidates need to radically rethink how they approach their CFA study plan. Old habits and methods will not work for the CFA exam. Most candidates jump into the program without ever thinking about creating a valuable structure to get them through the finish line. Most just use haphazard guesses to figure out what they should study and when. I talk about a new way to approach the exam. A way based on the best lessons from skill acquisition and the big mistakes candidates make. The information seems obvious, but candidates rarely implement what needs to be done. Key Topics: *How predictability is key to lowering stress for the candidates *Why candidates continue to think they can cram their way through the test *Lessons from survival and military training to apply to the exam *Why more information doesn't lead to better studying *Why you need to script the critical moves I encourage all listeners to follow me on LinkedIn as well as Twitter, @adamdschwab As always, email any feedback to analystmastermind@gmail.com and as I personally read every response from listeners.      

Today I interview one of my good friends from Chicago Booth, Susie Qu. Susie has a great and diverse background which brings a lot of insight for candidates. She has experience coming from a corporate background as well as her experience from Chicago Booth. We cover useful strategies for managing her career, the MBA, and CFA studying all at the same time. So any listeners who are thinking about taking on some or all of these commitments should listen to the show. This is episode covers 3 big topics: the CFA exam, the MBA, and her career transition into investing. We cover: *Career background and transitions *CFA vs MBA on difficulty *Study habits while in the MBA program *Family and career balance   I encourage all listeners to follow me on LinkedIn as well as Twitter, @adamdschwab As always, email any feedback to analystmastermind@gmail.com and as I personally read every response from listeners.

In today’s episode, I begin with the first lesson out of 25 for CFA candidates. My goal is to build up into a complete program for CFA candidates. I cover the foundations of my program and how it’s different than every other study program out there. This lesson sets the groundwork for future episodes. I cover some big mistakes candidates make and describe how I would approach them. I also talk a lot of the concepts of skill acquisition and how these lessons can be applied to any area of life. There is a ton of great knowledge out there, and it’s my job to bring it to you.

Welcome to Episode 1 of the Analyst Mastermind Podcast. I'm excited to launch the podcast because there is a wealth of information out there for CFA candidates and financial professionals that is currently neglected. My goal is to curate and combine the best knowledge from multiple disciplines to give candidates and investors the best possible edge in any area. The episodes will have two formats. One format will be interviews with current CFA candidates or charterholders. These interviews will dive into the details behind the success and failures involving the CFA exam, careers, MBA experience, networking, etc. The second format will be teaching the science of skill acquisition. This will certainly be useful for CFA candidates, but also for financial professionals looking to improve their career capital and skill base. The skills and principles I teach can be used across all areas of life. This first episode will talk about my background and my career experience. We will also talk about the top 5 ways candidates fail on the CFA exam. These are high level ideas and future podcasts will dive into more detail to provide actionable advice for candidates. Please send any comments and questions to analystmastermind@gmail.com. I welcome any feedback and suggestions.

In today's episode we talk with Brett Peterson, who is a CFA charterholder and current investment banker. We get into how the CFA program has helped in the investment banking world, his career path and how the CFA has helped his progression. This episode will be useful for listeners who are debating the value of the CFA charter in the investment banking industry.

On this episode, we talk with Jason Bednar, a current sell-side analyst and good friend from Chicago Booth. We discuss CFA preparation tips, his experience, how he managed the workload of a full career while studying for the CFA exam. We also get into career advice for those looking to break into an analyst role. There are several surprising tips from Jason on how to make the best impression and stand out from the hundreds of other applicants.