Passing the CFA exam is not an easy task and only around 43% of those who take the exam will pass. To ensure that you are part of this group, you need to prepare for the exam correctly. Fortunately, there are many CFA exam prep tips that you can use to help you achieve this.
Focus On the CFA Institute’s Curriculum
The first CFA exam prep tip that you need to know about is to focus on the CFA curriculum. Everything that you see on the exam will come from this. This is why you need to spend time on the curriculum and not focus mostly on other sources of information.
The reason for this is to make the exam easier and fairer for those taking it. All of the questions are based on something covered in the official curriculum which places all candidates on the same footing. While you can look at other information, the curriculum needs to be your primary focus.
Understand The Format
Understanding the format of the exam before you take it will make life a bit easier as you know what to expect. The CFA Level I exam will take place over 2 sessions. The morning session will last for 3 hours and you have to complete 120 questions. There will be a 2-hour lunch break before another 3-hour session where you answer another 120 questions.
Level II will have Item Set questions, case-studies and then 6 questions based on the case. This will draw from the curriculum. The time structure is similar, but you only have to answer 60 questions because of the increased reading. Level III has a morning session devoted to short essay questions and the afternoon session will have Item Set questions.
Practice Your Penmanship
You have to write down all of your answers and if they are not legible, you will have a problem. In the age of computers, penmanship has taken a back seat which can be a major problem. To practice your penmanship, you will need to practice writing for prolonged periods of time.
This will also exercise your finger and hand muscles. This is important because you do not want your hand to cramp during the exam. This practice needs to start months before the exam to give the muscles time to build up.
Take Care Of Yourself
A lot of people focus on studying to the point where they no longer take care of themselves. This is a serious problem because not caring for yourself will undermine the CFA exam prep you complete. When taking care of yourself, you should also avoid cramming the night before the exam as you will not get enough sleep.
It is recommended that you put in for time off in the days leading up to the exam. This will give you some time to review before the exam and help you relax. In the months leading up to the exam, you need to keep your body in good condition as your physical well-being is important.
There are a lot of tips that you can use to prepare for the CFA exam. These tips including knowing what to expect from the exam and practicing your penmanship. You also need to ensure that you take care of yourself before the exam.