study notes

How You Can Prepare For Your CFA Exams

Preparing for your CFA exams is important because these are very hard and come with a pass rate that is below 50%. If you want to be one of the people who pass the exams, you need to start preparing early and take the right steps in your preparation. Fortunately, there are some steps that everyone can follow which will help your chances of passing.

Start Early

The CFA Institute states that you should study for at least 250 hours independently in order to pass each exam. However, a study conducted in 2016 found that candidates are actually studying for 322 hours per exam. This means that you should start preparing for each exam around 6 months in advance.

During these 6 months, you should be spending around 13 hours per week studying. Most of your time should be spent reviewing the curriculum and any mock exams. You should also include independent exam preparation materials in your studying.

Develop A Plan

6 months is a long time to spend preparing for an exam. A lot of people can get sidetracked and wobble in their studying during this time. That is why you need to have a plan for your studying that you stick to.

You should look at your calendar and determine what you need to review by when. You should plan to finish reviewing all of the material at least a month before the exam. You can then spend that last month revising the work at a slower pace.

Study All Of The LOS

The LOS or Learning Outcome Statements are defined by the CFA Institute as the knowledge, abilities, and skills you should be able to employ after completing all of the reading and exercises for a unit. It is important that you read through these LOS and that you master them. When you have this knowledge and the skills mastered, you will be able to take on the exams.

In order to master each of these statements, you should create an outline and write down all of the important items. When you do this, you are more likely to remember the information later on.

cfa exam

Use A Study Method That You Are Comfortable With

There are some people who study best with flash cards while there are other people who use different memory techniques. The study methods that work for you might not work for someone else because the way you retain information is unique. This is why you need to find a study method that you are comfortable with and stick with it.

If you are constantly changing your study methods, you are not going to be able to pass your exams. This is due to the fact that the information will become confused in your mind. You will also take longer to get through all of the material when you have to change study methods.

Work On Problems Offline

Each unit of the curriculum will have problems and questions at the end that you need to work through. When you do this, you should work on the problems offline. It is important that you tackle these problems in the same way that you would the exam.

When you study and practice with the exam in mind, you will be better prepared. When working on problems, you should avoid using Excel and tackle them with your approved calculator and some paper. This will ensure that you are comfortable in the exam when you have to solve these problems in this manner.

There are a number of steps that you should take to ensure that you pass your CFA exams. Studying well in advance is important, but you also need to ensure that you use a study method you are comfortable with.