Let’s begin with a story.
Once upon a time, in a quaint village nestled between rolling hills and a dense forest, there lived two travelers, Aaron and Benjamin.
Both were eager to reach the renowned City of Gold, a place known for its vast wealth and treasures.
One morning, they set off together.
Each was carrying an identical map provided by the wise man of the village.
The map showed two paths. A direct but rugged trail cutting through the dense forest, and a winding road that looped around the hills, passing through several small villages.
Aaron chose the direct path through the forest, aiming for the quickest result possible. “This is the short route,” he declared. “I’ll be in the City of Gold in no time!”
Benjamin, on the other hand, studied the wise man’s map carefully. “The forest path may be shorter, but it looks treacherous and uncharted. The winding road is longer, but it passes through villages where I can rest and gather supplies. I think I’ll take the long road,” he said.
And so it was that each man set off on his separate path. Aaron hurried into the forest with a confident stride, while Benjamin set off on the winding road with a steady, deliberate pace.
Their journeys
The forest trail, as Aaron soon discovered, was filled with obstacles. Thorny bushes tore at his clothes, and hidden roots tripped him up. He struggled to find his way as the path was often overgrown and unclear.
Though he made some progress, the journey was slow and exhausting. Every time he thought he was close to his goal, he encountered yet another hurdle, sapping his strength and morale.
Benjamin’s journey on the winding road was different.
Though the road was long, it was well-marked and clear.
He passed through villages where he rested and spoke with the locals, gaining valuable advice and learning new skills. He found fresh water and food, and each village offered him a place to sleep and rejuvenate.
As he walked, he reflected on his experiences and the wisdom shared by the villagers, which enriched his journey.
Days turned into weeks. Aaron, exhausted and frustrated, found himself repeatedly lost in the dense forest, making little progress. The once-promising short path had turned into a seemingly endless ordeal.
Meanwhile, Benjamin steadily made his way along the winding road, each step bringing him closer to the City of Gold. His journey, though longer, was filled with learning and growth. The experiences along the way fortified his spirit and prepared him for the challenges ahead.
The results
Finally, Benjamin arrived at the gates of the city.
He entered with a mind full of wisdom and a body full of strength, ready to embrace the treasures of the city.
Aaron, however, was still struggling somewhere in the forest, realizing that the shortcut he had chosen was fraught with unforeseen difficulties.
Aaron’s journey is known as the “short long-route”. It seemed quicker at first, but the unanticipated obstacles turned it into a prolonged and grueling endeavor.
Benjamin’s journey was the “long short-route”. It took more time, but the steady progress and valuable experiences made it a true and lasting path to his goal.
Now back to the CFA Exams
Imagine two identical CFA candidates, Aaron and Benjamin. Both are paired identically in terms of skills, background and education. Both are preparing for the upcoming CFA Program Exam.
Now, imagine that objectively they each require 400 hours of study time to pass. However, neither one knows this exact number in advance.
Aaron decides to cut corners, his effort falling 20% short on his goal, with a total study time of only 320 hours.
Benjamin, on the other hand, dedicates himself fully. He studies for 480 hours, using an extra 20% of time to review his notes, practice past papers, and work on his exam technique.
Exam results are released, and we all know what comes next. Benjamin passes on his first attempt, while.
Aaron decides to retake the exam.
Imagine this time he only needs to study for 300 hours, as much of his foundation knowledge was already built during his first attempt. He passes on this second attempt
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The maths
Aaron’s Total Study Time: 620 hours (320 + 300)
Benjamin’s Total Study Time: 480 hours
After all was said and done, Aaron actually studied 140 hours (30%) longer than Benjamin. Not to mention the additional time, stress, cost and risk.
A poor initial choice by Aaron.
His ‘shortcut’ cost him dearly.
The lesson
Aaron, akin to the traveler who chose the “short long-route,” faced greater obstacles and delays, resulting in a longer, more arduous journey.
Benjamin, like the traveler who chose the “long short-route”, invested more time upfront but ultimately saved time and avoided the additional stress, costs, and risk.
This choice stands before each of us.
We can choose to be Aarons. In fact, many of us do.
We can try to get by with the minimum required effort and hope to pass. We can be slack on following a study plan, not hold ourselves accountable to be consistent, and distract ourselves with the hundreds of other things vying for our attention.
Or we can choose to go ‘all in’. We can apply ourselves to the material and show up to each study session switched on. We can follow a disciplined approach, monitor our progress rigorously, and implement best study practices.
It really is that simple. It all begins with a single choice, a fork in the road.
