Finance major Will Fruge ’28 dedicated 500 hours of his summer to prepare for the CFA Program Level I exam.
Will Fruge ’28 | Minneapolis
Majors: Finance, Mathematical Finance
What first sparked your interest in pursuing the CFA (Chartered Financial Analyst) designation?
I’m a sophomore at Concordia double majoring in finance and mathematical finance. I’m also involved with the Scheel Fund, where I serve as president, and I’m part of the men’s soccer team at Concordia. I came into college with a fascination for the stock market, which initially sparked my interest in finance. My interest in the CFA Program originally came from participating in the CFA Institute Research Challenge the previous year, where my team advanced to the local finals. I also approached Professor Gholson about reading some of the CFA curriculum simply because I was interested in learning more about it. I started without much of a financial background, so it was an opportunity to challenge myself and learn something new.
What did your preparation for the CFA Program Level I exam look like?
I started studying on May 2, the day after school ended. For the first two months, I followed a pretty strict schedule. I would go to bed around 10 p.m., wake up at 6 a.m., and study from 7 to 11 a.m. After lunch, I would study again from noon to 4 p.m. In the evenings, I had soccer practice.
My first mock exam went well, so after that I focused on maintaining what I had learned while continuing to review. Overall, I estimate that I put in around 500 hours of studying over the summer. There wasn’t always much balance, but I made time to spend with friends and family and watch the World Cup.
According to the CFA Institute, the CFA Level I exam has a historical average pass rate of 41%. What was the most challenging part of the process?
The hardest part was dealing with the uncertainty of whether all the time and effort I put in would pay off. There was always the fear that I could work extremely hard and still not pass. I had to learn to detach myself from the final result and focus more on the process. I couldn’t control the outcome, but I could control how much effort I put into preparing.
Dr. Robert Gholson, CFA, (left) and Will Fruge
Who were you most excited to share the news with?
When I found out I passed, I was really happy to share the news with my professors. I had a lot of support throughout the process from Dean Mason and Professor Gholson, who encouraged me to pursue the exam. Professor Gholson would joke almost every day, “So when are we going to register for Level I?” I also had support from CFA mentors in the Twin Cities, along with my friends and family. It felt good to know that all the hard work I put in over the summer paid off and that the people close to me were proud of what I had accomplished.
How has this experience helped you grow academically or personally?
I think it helped me grow in both my technical knowledge and my soft skills. The CFA curriculum covers topics that I will continue to learn about in my classes, so it has given me a stronger foundation. I would say one of the most valuable skills I gained was learning how to approach new topics and work through problems. One of the biggest challenges was learning the 213 formulas included in the Kaplan Schweser materials and official CFA curriculum. However, I learned that it is more important to understand why a formula works rather than simply memorize it. There is a difference between knowing what the answer is and understanding why it is the answer.
You gain a lot from challenging yourself.
What advice would you give to other students interested in pursuing the CFA designation or the CPA or CFP certification?
I would say that you should have a genuine interest in what you are pursuing. Don’t do it just because you think it will lead to a high-paying job. You must want to learn and be willing to put in the time and effort. I would also say not to be afraid of failing. At the end of the day, the learning process is what matters, and you gain a lot from challenging yourself.
What’s next for you?
I hope to achieve the CFA charter by passing all three levels. For the rest of the year, I also want to enjoy the time I have with my teammates on the soccer team and the classes I get to take with my friends.
Photos and interview by Kelsi Martini ’27
Published November 2026