The CFA examination cover lots of material, and to be prosperous, you need to have an efficient to master the concepts and be as prepared as you could be for the exam. Following are several significant guides as you make your individual study strategy.
1. Start early and be consistent.
CFA Institute recommends 300 hour of study, and our experience is that 300 hours is the least that most people need to pass the CFA level 1 exam. To put in that numerous hours in 6 to 9 months, you are required to be placing in the time and effort each week. Don’t try to cram your whole study in the last few months; starting late and cramming is a formula for failure.
2. Stick to your schedule and don’t fall behind pace.
When you make your plan, be orderly and stick to it! To offer the incentive to stay on track, take a CFA course and organize for it like a college course: read the pertinent material on of time, get a big picture of the subjects to be covered, and write down any questions you want to ask. Another way to stick to your plan is to form a reading group that meets on a steady basis. Studying through others who are facing the similar challenge you face offers motivation and support. In addition, being capable to ask questions or explain an idea to somebody else helps develop your own mastery of the subjects. Construct the class times and study group meeting times into your schedule, and, once over, stick to it!
3. Preparation, Practice, Perform.
A valuable organizing construction for you strategy is founded on the three main phases of learning: CFA Prep, Practice, and Perform. The path to achievement is to emphasis on the LOS provided by the CFA Institute. These are objectives that offer detail on precisely what you are anticipated to be capable to DO on examination day. For instance, one LOS may be “Calculate and interpret Net Current Value (NPV).” The command verses “calculate” and “interpret” are whatever you must be able to do properly.
Make certain you plan to expend 30% to 40% of your time reading, 40% to 50% practicing, and 20% performing.
The materials you study in January would not stay through you untill June if you don’t go back and revisit it every so often. Plan to expend a few hour every week going back and reviewing material you consider you’ve by now mastered. Do several practice questions in addition to, if you make any errors, dig into those ideas again until you distinguish the concepts.
Cover all the material.
Don’t play the forecast game by predicting on which LOS will not be tested and then overlooking that material. Each LOS is reasonable for the examination, and you have to be prepared for anything to be tested.
Start and end with ethics.
Generally, we recommend you take all of subjects in the order offered in the CFA curriculum. Though, expend just a slight time on principles at the start to acquire a big picture view, and then hit the subject hard in the last week beforehand the examination.
Preserve the last month for accomplish.
Throughout the last month before the examination, start to take practice and mock examinations in genuine settings. The key is to use the examinations to recognize how CFA prep materials you help you recognize your regions of weakness. Keep track of your score and look for ascending trends. You must be scoring over 70% reliably to pass the CFA level 1 exam.
And lastly, reward yourself
Make a strategy to do somewhat fun on the daytime after the exam. This could be playing videos games or going out for drinks with friends or other candidates. But don’t talk about the exam! You’ll only know in a few months if you passed and there is nothing you can do before then.