Subject: CFA Ethics package, L3 essay masterclass, CAIA Sep 2026

Why voluntarily issue debt at a 7% interest to buy back at 3% dividend? ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  

8 articles • 22d to Aug'26 • 107d to Nov'26 • 210d to Feb'27

  • CFA Ethics tips & cheat sheet: Ethics is tested across all 3 levels at 10-20% weight - and a strong Ethics score can be the deciding factor for borderline candidates. Our top 10 tips and a handy cheat sheet cover everything you need to nail this section.

  • CFA L3 essay masterclass: The constructed response section trips up over 93% of L3 candidates. We share how to structure and answer essay questions effectively, and how to accurately self-grade your practice answers so you're not flying blind.

  • CAIA Sep 2026: Registration closes for Sep exams on 3rd Aug. We cover the best study materials available, how the Stackable Program lets CFA charterholders skip Level 1, and what real 2026 job posting data actually reveals about CAIA salaries.

Read, and remember to comment!
Zee Tan, 300Hours

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Quick Question: In Corporate Issuers, why would a perfectly profitable company voluntarily issue debt at a 7% interest rate just to buy back its own shares that yield a 3% dividend?

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Answers at the end of this email!
CFA Level 1 Ethics: Our Cheat Sheet

CFA Level 1 Ethics: Our Cheat Sheet

Sophie Macon • CFA

Ethics is a crucial part of the CFA exam. We offer a handy cheat sheet, summarizing the key ethical principles and standards, to help you master this important topic. This can help you feel confident on exam day.

Master Ethics ➔
CFA Ethics: Top 10 Tips To Nail This [All Levels]

CFA Ethics: Top 10 Tips To Nail This [All Levels]

Sophie Macon • CFA

Ethics offers good return on investment for your study efforts. It's in all CFA levels, with significant weighting, and can make the difference between borderline passes and fails. Here's 10 tips to get you answering Ethics questions like a veteran!

10 key Ethics tips ➔
Your Best Chance to Pass the CFA Exam Starts with Schweser

AdYour Best Chance to Pass the CFA Exam Starts with Schweser

Kaplan Schweser • Prep Providers

CFA candidates who use Schweser are more likely to pass because our study packages include quality study tools, expert guidance, and PassProtection.

Choose Your Study Package ➔
Use Data to Guide Your Study Plan

Ad Use Data to Guide Your Study Plan

UWorld CFA • Prep Providers

Advanced performance tracking helps you identify trends in your results and prioritize the topics that need improvement.

Start for Free ➔
4 Solid Ways How Exercising Improves Exam Performance

4 Solid Ways How Exercising Improves Exam Performance

Zee Tan • Study Motivation

How do you answer CFA L3 structured response questions as quickly as possible, while getting as many points as possible? We show you the way.

L3 essay-answering primer ➔
CFA Level 3 Essay Questions: How To Self-Grade Accurately

CFA Level 3 Essay Questions: How To Self-Grade Accurately

Zee Tan • CFA

CFA Level 3's essay questions are a major hurdle for candidates. Accurate self-assessment is key to improving your performance. Learn how to effectively evaluate your own essay responses and identify areas where you need to focus your studies.

Level up your essay game ➔
Fixed Income Instrument Features for the 2026 CFA L1 Exam

AdFixed Income Instrument Features for the 2026 CFA L1 Exam

Let Me Explain • Prep Providers

One of the most popular videos on Let Me Explain, covering Lesson 2, Learning Module 1 of CFA L1 Fixed Income 2026: describe the features of a fixed-income security. This includes the fundamental parameters of all debt securities: issuer type, maturity, principal or par/face value, seniority, and, contingency provisions.

Fixed Income Instrument Features ➔
Credit analyst training with the CBCA certification

AdCredit analyst training with the CBCA certification

Corporate Finance Institute • Other Qualifications

Full access to 18 courses and certificates. Gain a competitive edge in commercial banking with advanced knowledge, real-world analysis skills, and career confidence.

Special rate for 300Hours readers ➔
CAIA Exam Dates: Key Deadlines You Need To Know

CAIA Exam Dates: Key Deadlines You Need To Know

Sophie Macon • CAIA

Planning your CAIA exam journey? Knowing the key dates is essential. We provide a comprehensive list of CAIA exam dates, including registration deadlines, exam windows, helping you stay on track.

All CAIA exam dates ➔
Best CAIA Study Materials: Reviewed & Compared

Best CAIA Study Materials: Reviewed & Compared

Sophie Macon • CAIA

Looking for CAIA salary data? We look at live CAIA job postings, split by experience and sector.

Live CAIA job analysis ➔
CAIA Stackable Program: Level 1 Exemption For CFA Charterholders

CAIA Stackable Program: Level 1 Exemption For CFA Charterholders

Zee Tan • CAIA

Are you eligible for any exemptions in the CAIA Stackable Program? We explain the criteria for potential exemptions, which could save you time and effort on your CAIA journey. This could be useful if you already have some relevant qualifications.

How to skip CAIA L1 ➔
Best CAIA Study Materials: Reviewed & Compared

Best CAIA Study Materials: Reviewed & Compared

Sophie Macon • CAIA

Choosing CAIA study materials matters more than most candidates expect. Get it right and you save real time, get it wrong and you may be looking at lost study time and retake fees.

Best CAIA study materials ➔

More guides, tips and stories ➔

Answer to Quick Question: Financial Leverage. It sounds like paying $7 to save $3 - a terrible trade at a car boot sale. But because interest expense is tax-deductible (creating a "tax shield") while dividend payments are not, it artificially boosts Earnings Per Share (EPS). It works brilliantly to make management look like geniuses right up until operating income dips, at which point leverage turns into a financial wrecking ball.

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