I love the CFA Program and truly value the skills and ethics that are imparted to make me a better finance professional. I managed to pass my Level II and Level III exams consecutively with considerably less effort and stress than when I did my level I. Instead of reserving huge segments of time to study, I carved out pockets of time to learn and practise – accommodating to my full-time job. Being a visual learner, I took notes and summaries in pictorial form. Based on the Pareto 80/20 principle, I learnt to extract the most essential bits from the curriculum enough to give me that 80% result to pass. Tweaking the approachįor the Level II exam, I endeavoured not to repeat the mistakes I made. It was an experience I would not want to revisit though. By God’s grace, I did pass my Level I exam in June 2014. That was basically my attitude as I burrowed through my exam prep with toil and stress. No matter how bleak it seems, at least sit for the exam and treat it as a learning experience. My mind simply could not keep up after a hard day at work.ĭoes all these sound familiar to you? Well, take heart. I can still recall the number of times I dozed off while studying, or just going back and forth trying to understand even the simplest concept. Having no background in finance at all, I tried very hard to read the curriculum from cover to cover, but eventually that fell flat. To compound my problems, I basically did not have a preparation strategy. It was not until the middle of March 2014 that I realized I only had a little more than 2 months to the exam. I naturally neglected the preparation for my Level I exam in June 2014. Was it tough? You bet!Īdjusting to the drastic career change was tough. Having developed a keen interest in finance, I decided on a career switch to the finance field and enrolled into the CFA program at the same time. I am a Computer Engineering graduate and have been working as an engineer all my life. Intuit accepts no responsibility for the accuracy, legality, or content on these sites.Are you a CFA Level I candidate, or someone who is exploring taking the CFA exam? Four years ago, I was in your shoes. Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. We provide third-party links as a convenience and for informational purposes only. Readers should verify statements before relying on them. does not warrant that the material contained herein will continue to be accurate nor that it is completely free of errors when published. Accordingly, the information provided should not be relied upon as a substitute for independent research. does not have any responsibility for updating or revising any information presented herein. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Applicable laws may vary by state or locality. Additional information and exceptions may apply. This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. High demand, without the proper warehousing and shipping workflows in place, could lead to delays in replenishment and in deliveries all of which keep stocks on your shelves for longer. Having high demand may seem like the most obvious way to reduce your weeks on hand but without proper inventory management, it could actually have the opposite effect. This also reduces the chances of over-ordering. Establishing inventory PARs allows you to set-and-forget your inventory ordering, with orders placed once a certain threshold for each item is reached. This measure can help determine the PAR (Periodic Automatic Replenishment) inventory level that an organization should have at all times. Weeks on hand refers to the amount of time it takes to sell the inventory on hold. Once you have this measurement, the next step is to find ways to have fewer weeks on hand and increase efficiency. So there you have it, the weeks (and days) on hand metric for your inventory. Assuming you have COGS of $5 million and your average inventory is $500,000 Īlternatively, for businesses with high, recurring demand, calculate your days of inventory on hand, simply by taking your accounting period in days (356 days) and dividing it by your inventory turnover rate:
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