How to ace your CFA exams

Top Tips to Ace the CFA Exam

1. Practice Consistently

Practice is the foundation of success in the CFA exams. The best way to solidify your knowledge is by consistently solving questions, formulas, and calculations.

After completing a chapter, test yourself with practice questions to gauge your understanding. If you’re using Kaplan Schweser notes, make sure to attempt the questions at the end of each chapter. Aim for at least a 70% accuracy rate before moving on to the next topic.

2. Strengthen Your Conceptual Understanding

Memorization alone won’t help you pass the CFA exam. The exam is designed to test your understanding of financial concepts rather than rote learning. While some elements, like formulas and key facts, may require memorization, your primary focus should be on grasping the logic and application behind each topic.

3. Maintain Discipline and Consistency

The CFA curriculum is extensive, making discipline and consistency essential for success. Allocate a specific time each day to study and stick to your plan. Even if you have a full-time job, it’s crucial to dedicate a portion of your day to CFA preparation.

4. Create a Study Schedule

A well-structured study schedule ensures you cover all topics systematically.

• Ideally, study for 2-3 hours daily over a 6-month preparation period.
• Set aside dedicated study hours and stick to them rigorously.
• Divide your study time between reading, practice questions, and revisions.

If you are a working professional, adjusting your schedule to fit in consistent study sessions is vital.

5. Devote Enough Study Hours

The CFA Institute recommends at least 300 hours of study per level. This translates to around 1.5 hours per day over six months. If you are a student, managing study time may be easier, but working professionals need to plan their schedules efficiently to balance work and exam preparation.

6. Prioritize Revision

With such a vast syllabus, it’s easy to forget earlier topics as you progress. That’s why revision is key to long-term retention.

• Highlight key concepts in each chapter for quick reference.
• Make concise notes to review later instead of revisiting entire chapters.
• Revise periodically to reinforce your understanding.

7. Focus on Key Learning Outcomes

Each CFA subject is divided into Learning Outcome Statements (LOS) that highlight the key takeaways from each topic.

Understanding these LOS can help you prioritize important concepts and focus on areas that are most likely to be tested in the exam.

8. Take Regular Breaks

Studying continuously without breaks can lead to burnout. Take short, refreshing breaks to stay mentally sharp.

Effective break activities include:

• Going for a short walk
• Listening to music
• Engaging in a quick hobby

The key is to limit breaks to short intervals so they don’t disrupt your study flow.

9. Master Your Financial Calculator

The CFA exam allows only two calculator models:

• Texas Instruments BA II Plus (including BA II Plus Professional)
• Hewlett Packard 12C (including variations like the HP 12C Platinum)

Since no other calculators are permitted, it’s essential to practice with one of these models throughout your preparation. Familiarity with your calculator will save valuable time during the exam.

Final Thoughts

Acing the CFA exam requires dedication, smart study techniques, and consistent practice. Stay calm, believe in yourself, and trust your preparation.

If you found this guide helpful, check out our other blogs for more CFA study tips and resources at CharterBuddyy!