No Finance Experience - FRM Aspirant

[Finaspirant]

Dear David,

I have read that before launching bionic turtle you invested many hours to learn the technology of e-learning. This is the reason I feel you will be able to advise me.

I am a senior software engineer with over 10 years of experience. I primarily work for banking and card services domain. "Somehow" I have been bitten by FRM bug. I want to do it (you can call it for hobby or self attainment). Now, you need to frankly tell me in what waters I am trading in. I will start with Level 1 only first.

0. I am not sure if I can do all core reading. I would be refreshing my probability and statisctics for Level 1.
1. I plan to share schweser notes for doing readings.
2. Of course I will be doing your classes as I will need that valuable interaction to grasp topics.

Now, I need your help in letting me know if I can survive with either of #0 or #1 above. Or before that whether I should live this dream or not ?

Regards,
Shail

 

[David Harper CFA FRM]

Hi Shail,

You did not mention timing (upcoming Nov? May 2011 I assume?). The way I view this is simply, of course it can be done, it is just a matter of how much time it will require; isn't that true of almost anything. Thanks for noticing I learned the technology. In truth, I self-learned the finance, too. I was first bitten, maybe like you, by the risk/FRM bug, while a management (strategy) consultant. I sat for the CFA and FRM purely out of learning interest, they were not valued in my previous career. As I learned that, I realized I needed some technology if I wanted to pursue the elearning "dream." So, in my case, I was bitten by two bugs, the finance, then the elearning. So, if you are asking me if you should pursue your dream, I must say yes because a universe that does not allow for this frightens me. (I also want to believe that neither a lack of finance background, nor crappy economy, nor personal history, nor circumstance, should stop you in the pursuit of something, as long as it is worthwhile to you. Seek inspiring role models. Don't ask permission. Brick walls are there for reason. Be prepared to pay a steep price in proportion to the importance of the dream; big dreams should have steep prices, small dreams only require spare change. Upon meeting resistance, and rejection and more rejection again, be grateful for the chance to define and spend yourself in such a worthwhile pursuit.).

You are software engineer, absolutely you can pass the FRM. It's just a matter of a plan and then execution, I think.

0. I recommend the source for candidates who start early. But it is not necessary to read all the source to pass. IMO, the source readings are more useful and valuable in proportion to the total study time you have available; e.g., if you are cramming, they must be to some extent sacrificed; if you are savoring a long FRM learning journey, then different story.

I think I have long held two keys to passing: 1. multi-modal repeated exposure (i.e., I think it helps to learn things by seeing them repeatedly [repetition is the mother of learning], and ideally, in various modes and contexts. Also, to draw linkages and applications); 2. Working practice questions (!!).

1. I don't have the Schweser notes, but I wish you would pay for your own copy (unless this a proper use). A change of subject, eh? (self-interested preaching....)

In summary, 0 or 1 is fine: I think it's good to get one "text-based exposure." Then decide if you want/need to supplement. And absolutely have a plan for working practice questions.

Hope that helps, David

 

[Finaspirant]

Thanks David for your encouraging words. It can only come from someone who has traversed that path earlier.

I will soon start collecting paraphernalia for this journey. Plus you assumed right May 2011 is my target for Level 1.

I will try to give it a best shot. This time (for the first time) not for the academics but for the very fact of learning something. In this journey I want to drive away all the horrors of college maths, stats and economics (they were always burdened with grads and securing future - the journey thus became too stressful). I want to just become a better person who can comprehend economics plus understand and comment on whatever is said in finacial newspapers and media with my point of view.

Thanks for your support. I will soon bother you in a formal way for this journey.

Regards,
Shailendra