5 Tips you need to know before writing your CFA exam

CFA is all about ‘Analysis’.

As you start your CFA exam prep, it is important to do a self-analysis. Assess your strengths and weaknesses, study approach, concentration levels, and commitments. Create a study plan based on your analysis, follow it, monitor yourself and take guidance from experts.

To help you get started, here are some quick tips from an experienced CFA Charterholder and a trainer based on his analysis of CFA students, study patterns and best practices for acing the exam.

1. Planning makes perfect

You can’t cover the syllabus in 15 days before the exam – no matter how motivated you are. Be realistic on the time it will take you to study, keeping in mind your attention and retention levels. CFA Institute recommends an average of 322* hours per level. Understand the curriculum by LoS, and then create a study plan for yourself. Break it down in terms of months, weeks and even hours. And then stick to it! Pace yourself and set aside the last month for revision.

2. Practice makes permanent

There are no shortcuts. Target a minimum of 300 questions per topic. Maintain a log of your mistakes, review and re-attempt them. Don’t wait to practice questions in last 15-20 days. You should be doing questions from the beginning. Use CFA Curriculum and PwC questions wisely. Monitor your performance, improvement and weak areas.

3. Study-wise

You can’t practice what you don’t understand.

Use the CFA Curriculum books, PwC study notes, revision aids and lecture videos in combination. Spend time understanding the concepts in each LoS and its key points. The revision aids and study notes are designed for exam purposes. Use them as reference to highlight the critical topics and distribute your efforts accordingly. Don’t just study hard, study smart!

4. Prioritise

The aim of the exam is to pass – not to get a 100% score. Don’t waste your time learning formulae you will not be tested on. Emphasize on the formulas you know you will need, especially the key functions of the CFA Official Calculator. Pay attention to the ‘verbs’ in the LoS like ‘explain’, ‘analyse’, ‘evaluate’ and ‘define’.

5. Keep calm and carry on

Pace yourself, follow your study plan, and practice, practice, practice. But remember, on the final day, it’s too late to cram anymore. Set yourself a list of ‘to-revise’ items, go over some difficult questions and then give your mind a break to be fresh for the exam.