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While many learning outcome statements are very narrowly focused, their sharp focus can be misleading. The CFA curriculum is not like any other academic curriculum. It draws from several areas and synthesizes that knowledge. Very few university and college programs do that. The reason for an attempt at this synthesis is how the real world functions. There are no boundaries and clear cut boxes to categorize knowledge in the real world. Decisions often need to be made on incomplete information under split second timing (specially for portfolio managers, traders and arbitrageurs). Success in the real world often depends on one's ability to take seemingly unconnected things and find a common cause or an underlying relationship. Some people call it intuition, some call it knowledge, and others may call it experience. Whatever be the nomenclature, while the CFA Institute (CFAI) wants you to know what is inside the box (hence the emphasis on LOSs), it wants you to think outside the box, to borrow from a common cliche. While this approach is more readily apparent at Levels 2 and 3, it is also prevalent as an undercurrent at Level 1. So, when you study for the Level 1 exam, keep this in mind - the CFA exam is a real world exam where things are not very well defined and you have to pull in all (knowledge) resources to prove that you have attained a level of proficiency that the CFAI wants you to achieve!
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