Studying hard can only get you so far, but to ace the rigorous CFA examinations on your first attempt, you need to be able to do much more than that. You need to be focused, determined and most importantly have a game plan ready.
To help you out, here are some brilliant tips from fellow aspirants to help you get through the examinations without a hitch-
1. Start studying early
If you want to pass your CFA examination with flying colors, it is always best to start preparing early. According to the CFA Institute, you need at least 250 hours of study to ace the exam. So start brushing up on the study materials at least six months before the exam and dedicate not less than ten to twelve hours of study every day.
2. Prepare a study plan/ Plan your hours
Get your calendar out and chalk up your study schedule beforehand. Allocate every day of the week for a different topic and determine the number of hours you will be spending on each section. Don’t forget to schedule in revision days to keep all the materials you have studied fresh in your mind.
3. Study the “Learning Outcome Statements” diligently, together with their Command words
Learning Outcome Statements or LOS is defined by the CFA Institute as “knowledge, skills and abilities that you should be able to apply after completing a reading and all associated exercises and problems." Each LOS can be mastered by writing down all important formulas, terms and definitions instead of just reading them.
LOS Command Words specify what is required from a student at the CFA examination. For e.g. when an LOS starts with a word “Calculate”, students will be expected to calculate the value of something on the exam, and not answer theory questions related to the topic. Similarly, when an LOS starts with a word “Discuss” or “Explain”, then students will be asked theory questions in the exam for that topic.
4. Use study techniques and practice functioning the Financial Calculator
From using a flash card to trying out memory techniques, you can make your study sessions interesting and enriching with some innovative study methods. Also, don’t forget to maintain regular practice with the calculator to solve questions quickly during the examination.
5. Participate in online discussion forums
Online discussion programs can give you a new perspective on your method of study and provide new insights to the curriculum. Here you can discuss concepts and strategies, clear out your doubts and derive motivation from the fellow candidates.
6. Take mock tests online
Taking regular practice tests is a great way of getting ready for the exams. Mock tests hammer the material into your brain and get you mentally prepared for the examination. You can choose from several practice tests that are available online and enroll yourself for daily or weekly evaluations.
7. Increase your speed
A big reason why candidates fail to pass the CFA examinations is their lack of speed. So practice hard to increase your speed and use a timer to keep track of time.
8. Go through the CFA Institute readings
Don’t just rely on study notes, you need to study the CFA Institute readings very carefully as it contains a lot of valuable information which will be helpful in the examination.
9. Selective Study Approach for CFA Examinations is not recommended
Unlike other examinations where selective study might just get you passed, CFA examinations require a lot of studying on your part and that includes not leaving out anything from your coursework. In case of CFA, every topic is equally important.
10. Achieve a balance
Taking good care of yourself especially before the exam is crucial if you want to succeed. Give yourself regular breaks between your study sessions and sleep for at least eight hours daily. Stay on a nutritious diet, exercise regularly and keep yourself physically and mentally synergized. This will help you stay focused and balanced during the examinations.
So, what are you waiting for? Take out your books and start putting these tips to good use!
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