On your first try, how to prepare and pass the CFA exam
In June and December, CFA exams are issued twice a year. However, it is disheartening to know that the rate of failure reported in this analysis is very high. The rate of fail at the June 2015 Level 1 exam stood at 58 per cent, according to the results published, while among students who wrote the exam in December 2015, a lower failure rate of 57 per cent was reported. Many reasons have been attributed to this pattern, but inferior methods of analysis are one point that stands out among the reasons listed. We wrote an article a couple of weeks ago about why the CFA classification for your profession should be considered. This one is about how the purpose can be accomplished!
In your CFA tests, are you able to increase your chances of scoring high? Our experiences suggested the following steps with resource people, educators, and active students to pass CFA in the first attempt:
1. Engage in sessions of extended analysis
The CFA Institute has also emphasised the essence of long study sessions. According to them, before their tests, students are expected to study for six months. For each test, they are also required to perform 300 to 400 hours of research. In deciding strategy to pass CFA exams candidate can achieve, the time of training goes a long way. For example, preparations for the June exam in January should start, and preparations for the December exam in June should also begin. Therefore, the longer your research period, the higher your success rate will eventually become.
2. Carefully build your plans.
Studying early alone does not guarantee that your CFA exam will succeed. There are particular situations where people carefully prepare to learn, but circumstances disturb them. For example, one may intend to study 5 hours a day, but friends may create some form of diversion during these hours. By careful preparation, this issue can easily be solved.
Build a to-do list and try using applications like Freedom as much as possible to block distractions from cell phones and the Internet. Also, create a 12-hour regular reading timetable to ensure that you cover missed hours when emergencies occur during reading times. Also, build playing intervals that will help your mind relax. It is recommended that two to three weeks free for optimal activities should be included in your study periods.
3. Pick a research pattern appropriate for you
At different times and different paces, human beings are noted for learning. This creates the need for you to understand yourself and structure a style of reading that would fit you. Some people tend to read in the early hours, while others prefer to read all day long. Many individuals are dissatisfied with sunlight reading, so they tend to read at night.
Here, the trick is to know what works for you best. How do you read with full attention for prior examinations? It is recommended that you follow the pattern and also try to exploit the advantages you get during your peak hours.
4. Use Materials available
It is not necessary to overemphasise the importance of study materials for the CFA exam prep. The CFA Institute provides several of these resources. You can easily access resource materials with your password and username, which can direct your research and help you achieve your target. To supplement what the CFA Institute provides, students are also encouraged to obtain additional services like solving CFA question bank. This helps to have an all-round awareness of other candidates and gain an advantage. Analyst Prep contains plenty of extra materials, and once they graduate, applicants will retain their membership.
5. Practice Ongoingly
A standard proverb states that practise makes better. Via constant practise, the only way to completely appreciate the statements in your research materials is. Attempt to answer CFA test series, pose questions, and aim to uphold excellence. Continuous practise will undoubtedly open the door to your CFA examination success.
6. Study Differently Quantitative and Qualitative Content
Working on issues is essential when learning quantitative material. Study the idea first, then learn about these problems over and over again. Once you understand how to solve an issue, for more understanding, return to the material. Before working on any issues, read qualitative topics, such as ethics or behavioural finance. Like you were enjoying a good book, approach these readings.
7.Giving Yourself Time
Taking the week before the test off, if necessary. This will give time for your final analysis and before the test, minimise stress levels. Stay at home, review the content and do not allow interruptions.
The night before, take it easy. Study the material gently, brush up on weak points and enjoy a nice meal. During your two-hour break, pack your lunch to eat the next day. Remember to pack your calculator, pencils, erasers, prescriptions needed, test ticket, photo ID, and earplugs as well. At a reasonable time, get to bed.
9.The Exam Day
Wake up and have a healthy breakfast early. Go over a few broad notions. Begin with those that are basic for you, then focus on a few issues. Don't go cold for the test. In plenty of time, leave the house to get settled in once you arrive. Relax and give yourself a few deep breaths. Stop talking about the exam with others. Try not to talk about the exam if you see someone who you want to talk to. This is just going to stress you out and hurt your performance. Eat your lunch during the break between the first and second sessions, and go for a stroll. After being seated for too long, this will help circulate your blood and keep you relatively loose.
Follow these on the examination day:
- Check your ID, ink, pencil, and calculator.
- As everyone recommends, sleep properly.
- Get a light breakfast and leave early for home.
- Take your water bottle with you and a few chocolates.
- Study limited notions-overall
- Start with basic questions and hypotheses. As you get 1.5 minutes for each question, it'll save you time.
- As there is no negative labelling, all questions must be tried.
- Using methods such as Odd One Out and match the closest large responses.
- Do not communicate with others; your time will only be consumed.
- Do not lie because cameras are all over, and the results can be barred later on.
- When you finish with one topic and begin researching the next topic, then revisit the previous topic with questions. This will increase your confidence tremendously, and the principles will be forever registered in your mind.
- Start with Ethics from the original CFA material close to two months before the exam and report. If you read that well, you can understand issues that originate from the CFA material in the actual document.
- Note that this exam focuses first on information and later on implementation. So keep revising right until the end of all your ideas.
- The exam is meant to make you nervous, but the aim is to clear up the exam. Questions will arise that you will not know that's all right, move on to the next issue. But note that there is no negative marking, so come back and try to the best of your ability at the end of each of those questions.
- Keep your mind on learning from the beginning rather than clarifying the test. The advice which has just given you is to bear in mind that you are focusing on learning. Never try to memorise something, unless it's essential. In the investment industry, consider mixing learning with some real-life examples and real-life scenarios.
The tension to pass the prestigious CFA exam in one chance is a considerable pressure faced by almost all students, and this pressure is explained by all the time & money spent on it. The examination is also very costly compared to examinations in India, such as the examination performed by the Institute of Chartered Accountants, India, which charges examination fees in the range of Rs 2000-Rs 3000. Is the review fee, then, the only pressure? A simple no is an answer. The exam papers are also not revealed by the CFA Institute, which makes it difficult for the student to get to know how the exam feels in advance.
It would help if you prepared to excel whether you're a candidate in the CFA programme or are preparing to apply. To increase the chances of passing each level of the CFA on your first attempt, arrange your content, research effectively and review.