We know that passing all three stages of the CFA test is no easy feat. Obtaining the CFA charter requires a great deal of perseverance and effort, as it is an extraordinary achievement that most fail to achieve. However, despite the low passing rates and extremely tricky tests, being a CFA charter holder is not unachievable. The CFA certification is difficult, especially if you are attempting this while being employed.
Only 42% of CFA Level I candidates pass the exam on average, and success rates in 2021 have been significantly lower.
Even though people have heard about the CFA test’s tough stages, many people are unaware of it until they have taken it. Chartered accountants should obtain at least the required pass percentage, which is determined following each examination by the Institute’s Governing Board. The people preparing for the CFA exam are intelligent, motivated, and aspire to succeed as much as you do. That is why it is imperative to make and follow a thorough study plan if you want to pass your CFA exams.
Tips To Ace Your CFA
As we have mentioned before, passing CFA exams requires more than just studying for them. So, to help you develop a full-fledged preparation plan, we’ll share some handy tips with you.
Make A Time Table For Yourself & Stick To It
Various CFA exam slots are available throughout the year; pick the one that fits best for you. The first stage of your Level 1 CFA Exam study should start seven to eight months before the examination and end three months before it. At this stage, choosing the right mentor is crucial. Platforms such as the Wiley CFA prep are quite effective as they provide regular mentoring and access to preparation materials for the candidates. Most of the accomplished holders of CFA charters attribute their success in passing the CFA exams to their preparation regimen. You must be capable enough to use what you have studied to solve problems from the exam situations and study the subject.
It requires a while for comprehension and actual application to reach this point.
The CFA Association advises at least 285-323 hours of preparation time. However, based on your academic qualifications, time management abilities, and preparation program, you can maximize each hour and greatly reduce the unnecessary time for study. It is best if you can put aside distractions and finish your Stage 1 CFA exam study in 120 hours. You must establish and maintain a regular study schedule as a result.
Determine Your Interests To Stay Motivated
Being sincere means asking yourself why you should be studying for CFA. Although it could seem like a straightforward inquiry, it is critical to comprehend your motive. You probably act correctly if your interest in financial information and the exchanges is your motivation. However, you should rethink your decision if you signed up for CFA because most of your coworkers are. Without innate curiosity and a passion for stock markets, you will have to put in more effort to accomplish the course.
It takes perseverance to clear the CFA exam, and you might have to make some compromises. You should consider designating 250-270 hours to study if you’re working full-time. It would help to decide what you are willing to sacrifice to accomplish your objectives. You might need to cancel many time-wasting plans to have enough time for studying. It would be better to consider what you can give up without ignoring your obligations or social duties. Understanding why you should be studying CFA can assist you in having a specific objective. Therefore, setting a solid strategy will help you stay focused and motivated when studying gets difficult.
Prepare With An Introductory Course
You could set your phone down for hours without being distracted, as CFA exams require a lot of studying, and even Zen masters can have difficulty tackling the amount of material by themselves, resulting in missed deadlines, wasted time, forgotten details, and inadequate preparation. When you take a prep course, you won’t have to do it alone; you’ll stay on top of important topics for the exams and manage your time more efficiently.
Practice Is The Actual Key To Evaluate Yourself
The first-time applicants frequently read the syllabus and reference materials in detail. Unfortunately, it is typical for Level 1 applicants to schedule their note-reading completion for the day of the exam. This is a terrible blunder. Study guides provide the framework, but taking practice examinations is the primary key to firmly inserting everything into your mind. After reading each topic of the notes, prepare to answer a few relevant questions.
Plan to complete going over your material early and start working on full practice exams four weeks before the exam. It is one thing to take in material. However, to improve your memory and ensure you comprehend the topics as well as your ability to recall them quickly, you must also put it into practice. You can start with the CFA Institute’s books because they contain many question papers and mock tests. Find your weaker areas, and then concentrate on examining those. Taking a genuine timed practice exam will show you if you should be concerned about time and will serve as a guide for your actual standing.
Do Not Overburden & Take Care Of Yourself
Candidates are tempted to squeeze in as much study time as possible in the final hours. But avoid sacrificing time that would otherwise be spent exercising, consuming healthfully, or getting a good rest for study, particularly in the days leading up to the exam. Instead, consider requesting a special leave of absence from your job the day before the exam so that you can study and rest.
Maintaining your physical health and mental readiness is essential if you want to execute at your best. Countless hours of preparation are useless if your mind is not prepared. Because the CFA program is demanding, you can experience burnout at a certain moment. Similarly, to avoid burnout, it is crucial to arrange breaks from studying. Taking pauses will help you relax and improve your concentration. In addition, enthusiasm about the curriculum will inspire you to continue studying.
To assist you in clearing the CFA test, we hope the tips mentioned above will help you make the most effective study methods you can employ. Using the tips above has proven beneficial in preparing for the CFA exams. However, for better efficiency, you must make up your mind and plan before you begin the preparation. Stay focused, and you’ll be able to ace your CFA exam in no time!