5 Tips
5 tips for passing the upcoming CFA exam
Obtaining the CFA charter is not only an essential step toward a successful career, but it also shows companies how dedicated and disciplined you are. You will need to invest more than 300 hours to studying for the program, as the knowledge you gain throughout exam preparation is critical for making sound financial decisions.
While some applicants may find the tests easier than others, there is no way to predict whether or not a candidate will pass the CFA exam. Although you can utilize a variety of strategies to improve your exam knowledge, there are a few that can help you succeed in particular. Here are a few examples of these techniques:
1. Utilize your educational resources to the fullest extent possible.
After you've thoroughly reviewed the CFA Program curriculum, it's time to put your knowledge to the test by taking a mock exam. Mock exams will not only help you determine your level of comprehension, but they will also help you discover your weak points. Knowing the format and sorts of questions ahead of time will assist you in properly preparing and practicing. Mock tests are highly recommended by the CFA Institute since they assist you mentally prepare for the exam day.
One method that has been proven to be beneficial is to prepare > practice > perform. In the preparation phase, you study the knowledge by reading and attending training sessions, and in the practice phase, you practice by recollecting the material and finding learning gaps so that you may do well on your mock examinations. Make sure to devote 30–40 percent of your time to preparation, 40–50 percent to practice, and 20% to performance.
2. Study on a regular basis
The CFA Institute emphasizes the need of preparing for the next exam at least six months in advance. As a result, candidates must study for an average of 300 to 400 hours per exam. You should begin studying in January and be ready for the December exam by early June if you wish to take the June exam. In the month leading up to the exam, candidates are prone to being confused, therefore the longer your preparation period, the better.
3. Make the CFA Program a high priority in your daily tasks.
Because most CFA applicants are working professionals or university students, the ability to balance and prioritize your duties is essential. You may avoid feeling overwhelmed by planning ahead of time. Make a daily, weekly, and monthly reading schedule, and make sure that if your goal is to read 5 hours per day but you can't study one day, you still have 35 hours for the week.
It's also important to schedule time for relaxation, as overworking your brain can be harmful. To minimize burnout, schedule a few leisure weekends and enjoyable activities in between.
4. Make sure to refresh the website on a frequent basis.
One chapter studied and excelled at in the beginning does not guarantee that it will be remembered well before the exam. You should study the CFA Program curriculum at least once a month if you have previously studied it. Spend a few hours each week reviewing and learning the CFA curriculum until you're completely comfortable with it. Do some training questions and, if you make any errors, go over those topics again until you're pleased with the clarity of the content.
5. Go over as much of the material as you can.
Don't make educated guesses about which topics aren't relevant and won't appear on the CFA test. At the very least, you might find yourself skipping the chapter and not being able to effectively prepare for it because of it. In the worst-case scenario, it could lead to a complete lack of comprehension of the CFA topic. Predictability and trends are impossible to rely on because each CFA issue serves a purpose and this is a fair game.