GRADERS SPEAK

We talked to a few of our graders and asked them why they got their CFA charter, their perspectives on the CFA® Program
grading process, and what advice they would give candidates. Check out their responses here!

Ryan McVicker, CFA

When Ryan McVicker was getting his undergraduate degree, he was given some advice.
“There are two ways to make yourself better—you can get an MBA from Harvard,
Wharton, or Chicago. Or you can get your CFA charter.”

Ryan got his MBA from Pepperdine, and it was there that he heard again how
challenging and rewarding the CFA Program is. He sat for his Level I and II exams
while working full-time, and then moved to San Francisco while he studied for Level III.
Fortunately for him, his soon-to-be wife was studying too, allowing study time to form
a sort of power date.

Ryan was so taken with the process behind the CFA exam that he actually applied to
be a grader before he got his charter. Of course, he was told he would have to wait, but
soon after he had his charter, he became a grader. His wife joined him as a grader a
year later.

What advice would Ryan give Level I candidates today?

“Do it. Go ahead and jump in. It’s a grueling process that will take 3-4 years
of your life, but it is definitely worth the effort.”

Kampoleak Pal, CFA

Kampoleak Pal’s MBA from Wharton gave him a broad range of knowledge, he says.
But it was his CFA charter that brought him the real world knowledge that gave him
the solid background he needed to practice as an investment professional.

Born in Cambodia and raised in France, Kampo comes from a family of bankers. He
initially went another direction, choosing a degree in computer science. When he
started applying his skills to forecast modeling, he realized that he liked working with
markets and portfolios. While completing his degree at Wharton, the CFA Program was
suggested to him.

After achieving his CFA charter, Kampo found that he was curious about the exam
process and how CFA Institute worked internally to achieve its mission of promoting
the highest standards of ethics for the investment industry. He wanted to experience
the process for himself.

Kampo works as a Senior Director of Investments at Guardian Life, and serves as a

mentor for students in the New York metropolitan area.

His advice to Level II candidates?

“Trust the process. The reason we have dedicated graders is to make the
process rigorous, fair, and consistent across the globe. CFA Institute has
earned its great reputation with its integrity and fair-minded approach.”

David Stevens, CFA

In college, a speaker visiting one of David’s classes talked about the value of the CFA
charter. This piqued his interest, but it was while attending a portfolio management
class that the idea came together for him. He knew that the CFA charter would be the
thing that would differentiate him, especially given that his degree was from a small
Midwestern school. The CFA charter gave him the edge, he says. His degree is not the
focus of his resume. It’s his CFA charter that sets him apart.

In 1989 David sat for the Level I exam. He had just gotten married, so when he started
studying, his wife had to have a lot of patience for his long hours. His work paid off, and
he went through the three exams without a hitch.

A year after earning his charter, David expressed interest in becoming a grader. “I did
feel some awe when I first got there. It was a little overwhelming.” David said that there
he was, just a humble Midwestern kid from a small college, so he was a little doubtful at
first about fitting in.

But fit in he did, and 24 years later, he still makes the annual pilgrimage to Charlottesville
for the summer ritual of grading candidates. He has been a team captain for nineteen of
those years. Being a team captain takes him back to the days when he agonized over
every point he gave to each candidate. Now when he leads teams through the process
of assigning points, it is with a very practiced and nuanced eye.

What advice does David have for Level III candidates?

“Be succinct. Good logic is always good logic. Answer in bullets if

you want. Sometimes five words are more powerful than a page full
of beating around the bush.”

Lee Smales, CFA

At the time Lee Smales started on the CFA Program, he was working as a trader (on the
sell-side). He felt that achieving the CFA designation might enable him to transition to
another role (perhaps on the buy-side). The high esteem with which the CFA charter is
held played a big part in this. In addition, the intellectual stimulation and challenge of
sitting the exams appealed to him.

Lee really enjoyed the experience of studying during the CFA Program. He said, “While
preparing for Level I, my wife and I were actually on a 3-month trip, travelling around
New Zealand and then South East Asia—this was an amazing experience—but I still
managed to find the time to pull out my CFA Program textbooks. I remember one lengthy
train journey from the Thai/Malay border in which I read almost the entirety of volume 2!
Like many, I found Level II to be the most challenging in terms of the quantity of content
to be covered.”

Lee had volunteered on a number of occasions with various CFA Institute activities, and
became involved with CFA Program development (Item Set Team) prior to the 2016 exam.
This provided insight into how the exam was created and Lee realized that taking part in
grading would “complete the circle” for him in terms of understanding how the exam
cycle works. This ties in well with his role as an academic—which involves writing and
grading assessments—and allows him to see what “best practice” really looks like.

What advice does Lee have for Level III candidates?

“When writing the Level III exam, I wish more candidates realized the
importance of relating their answers to the information given within
the case. This is clearly stated in the CFA Program materials but is
perhaps missed in the ”heat of the exam room”.”

Santosh Pokharel, CFA

Santosh knew that the CFA charter was the premiere charter/designation in the field of
investment management. Most of the people who work in finance or related field aspire
to get a CFA charter, and he was motivated to get one.

“It was a very enriching experience,” he says. “However, at the same time, it was also
quite stressful because I was working full-time. Managing time both for work and CFA
Program study required me to cut down on my social obligations.”

Santosh became a grader for a few reasons: It gave him an opportunity to meet with
other charterholders and investment professionals from all over the world, and it
allowed him to be up-to-date with the CFA Program curriculum, which evolves every
year. He also felt it was important to give back to the CFA Institute community. 

“I heard about the whole experience of grading from one of my graduate school
professors who was a regular grader. His description of the whole grading process and
environment, and the idea of meeting investment professionals from all over the word
sounded quite fascinating. In fact, that influenced me to become a grader.”

What would he like Level III candidates to know?

“When I was a Level III candidate, I always used to wonder how the Level
III exams were graded. I had all these different ideas but when I graded
for the first time, I was like wow—this is so different from what I had
imagined. I think every candidate should know that CFA Institute puts in a
lot of time, effort, and resources to ensure that each exam is graded in a
systematic and rigorous manner—this is the key.”

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