The CFA is a serious exam. Ideally, it takes 300 hours of preparation, but it can take longer too. Here are some tips to help you on the way.
1. Start at least 6 months before the exam
It is important to set aside time and commit to staying on track, regardless of the duration of your study plan. Spreading your studying over six months allows you to establish a solid routine, digest the material, and reschedule study sessions if needed. This approach can help you stay on track and avoid falling behind in your preparations for the exam.
2. Minimize Distractions
Make sure you minimize distractions and maximize your study time. If you are working, consider taking a week off from work if you are behind on your study schedule. Use an auto-response for emails and texts, and plan to anticipate your internal needs such as hunger, boredom, stress, and sleep deprivation. Keep snacks nearby and vary your study plan to keep your brain engaged. This can help you focus and make the most of your remaining study time.
3. Use the 50/10 Rule
This is a popular study method which can help you increase your productivity. Use a timer to set the time to 50 minutes. You do not get to take any breaks or distractions for these 50 minutes. If you have completed 50 mins, take a 10-minute break. This is a very effective way to increase your output. It is better to study hard for 50 minutes than half-study with frequent distractions.
4. Utilize Every Spare Minute
It could seem a little extreme, but for the focused learner, rest is impossible until the goal is achieved. Use every spare minute to learn something. Engage with your resources whenever you get the chance. Keep flashcards and small notes handy so that you can keep your brain active.
5. Practice For Time Management
CFA exams are quite long, taking a minimum of four and a half hours for each level. Managing your time well is very important. It's not just about learning the material; you also need to practice using that knowledge. This helps you remember things quickly and understand the questions better. The CFA institute gives you many practice questions and mock exams in their books. So, begin with those.
Identify the topics you're not good at and focus on studying them. About two months before the exam, start taking mock exams. Keep an eye on the clock so that you do not rush towards the end. Optimal time management makes your performance all the more better.
6. Do Not be Overwhelmed, Take Breaks
Keep going and stay determined, but also allow yourself to take breaks. When you're dealing with a lot of information, like the overwhelming CFA exam materials, your brain sometimes needs a short break. If you feel overwhelmed, take 30-minute or 1-hour breaks during your study time.
To put things into perspective, individual CFA exam topics aren't incredibly hard. What makes it tough is the sheer amount. That's why starting six months before the exam is important. With some determination, energy, and a logical mind, you'll do great in the end.
7. Master Your Financial Calculator
Familiarize yourself thoroughly with your financial calculator, a pivotal tool for the exam. You can bring one of two designated calculator models. Practice with your chosen device to grasp its functions. Proficiency here can help you save time – especially in areas like Time Value of Money questions. As you become better with the device, you will get a head start. This skill provides an edge, enhancing your efficiency and confidence during the test.
Tips for a Successful Exam Day
1. Dress Comfortably
Wear comfy clothes on exam day. CFA Institute suggests layering for comfort and choosing quiet shoes. Since the exam is quite long, it's smart to avoid uncomfortable attire.
2. Stay Hydrated
Drink plenty of water. Your body and brain need water to work well. The exam takes a while, so remember to keep hydrated.
3. Get a Good Night's Sleep
Sleeping well is really important for your health and thinking clearly. Before the exam day, rest up. You'll be awake for the whole test, so feeling refreshed helps a lot.
4. Relax Before the Big Day
You've been preparing for months, so take it easy. Avoid stressing or talking about the exam. Get everything ready for tomorrow, and give your mind a break. Your study plan has you ready, and confidence matters.
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Passing the CFA exams requires a combination of intelligence, stamina, and the right tools and strategies. With the help of coaching, focusing on concepts, using the best study material, attending mock tests, and strategically selecting topics to focus on, you can increase your chances of success.
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