The trick to passing a CFA exam is to, well, be good at taking the CFA exam, whether you have taken every finance class or you are new to the subject.Proper preparation and assistance from a top supplier of prep will help you prepare more quickly and efficiently.
Here are tips to increase the chances of completing the Level I examination:
1. The Rely on the substance being tested more.
To pass the CFA tests, you don't need to know every inch of every subject. As are their Learning Result Statements (LOS), the new subject weights for each standard are readily available on the CFA's website. For example, "Technical Research," "Derivatives," and "Portfolio Management and Asset Planning" have the fewest Level I exam questions, so your time might be best spent working on a subject that occurs more commonly, such as "Legal and Professional Standards."
2. Only don't waste time.
The CFA Institute recommends around 285 research hours. But you will make the most of each hour based on your experience, time management ability, and prep course, thus dramatically minimizing unnecessary study time. For example, for The Princeton Examination, you should be able to put aside your distractions and finish your plans within 120 hours for the practice for CFA level 2 exams.
3. Six months before you take the test, develop a research schedule.
It's vital that you set aside that time and devote to keeping on track, whether you intend to research for 300 hours, 150 hours, or any other period. You not only create a solid routine that gives you time to process all the content by extending the requisite work over six months, but you also create enough breathing space to reschedule your studying sessions if you fell behind.
4. Take a lesson on prep.
For the hours at a time, are you able to put your phone down and tune out distractions? Even if you are a Zen master, it can be challenging to address the amount of research needed for the CFA exams on your own, resulting in missed deadlines, misplaced time, forgotten content, and under learned material. A successful prep course means that you don't have to go alone, keep you up-to-date with CFA study material for the tests, and let you handle your time more effectively. Find out more about how the well-designed self-paced curriculum from The Princeton Review will benefit.
5. Rely rather than arithmetic on principles.
The CFA tests, and especially the Level I test, are becoming more and more philosophical. That's why we concentrate on the most important formulas for the exam at The Princeton Review and include a formula sheet that illustrates common-sense implementations and how to get something extra that you can require. Ultimately, if they prove too time-consuming for you, you'll also want to find the formulas you may want to miss.
6. Practice a great deal!
Practice CFA level 1 exams are long (6 hours for each level), so it is vital to control time. One thing is to learn information, but you may want to bring the experience into effect to focus on a rapid recall and make sure you answer the questions. In their books, the CFA Institute can provide you with many mock examinations and practice questions, so start there. Then, find the subjects on which you are weakest, and work on analyzing them. Start doing the mock exams from there, at least two months before the test. Prep workshops will include even more questions about work. For instance, our self-paced software provides more than 1,500 high-quality practice questions and two complete Level I mock exams.
7. Research for breaks if you are stressed.
Never give up, but permit to take a breather for yourself. Often the brain only needs a momentary refresh while processing large quantities of information, as with the very daunting CFA exam materials. Put 30-minute or 1-hour breaks into your research sessions when you feel overwhelmed. Note that the CFA's particular subjects seem not to be incredibly difficult. What many find difficult is how much there is. That is why starting six months before the exam is necessary. Ultimately, you can be fine if you have the correct prep course, a sound understanding of simple algebra, and an intellectual mind.
8. You know your financial calculator well.
You'll be able to bring one of two unique calculator versions with you during the tests. Train on your preferred computer in advance so that you know precisely how to use it. You should be able to snag some relatively quick points straight off the bat after you've got the feel of it (we're looking at you, Time Value of Money questions!).
9. Don't disqualify yourself by doing something dumb on the big day.
There is considerable detail about the documents you may carry into the exam on the CFA website-read it carefully. Ensure that your passport details conform to what you have written on the CFA registration forms. Recharge the battery for your calculator. Offer yourself ample travel time; note that there will be quite a few people converging on the examination hall.
10.Improving your expertise in banking and economics
Passing the CFA examinations requires an enormous volume of knowledge to be learned. As a result, before narrowing their concentration to pass each separate CFA test, many of the most successful applicants commit themselves to learn finance as a whole.
Do you find like before taking the CFA exam to launch your studies, you need to brush up on finance and economics fundamentals? For CFA applicants, the training company provides a wide variety of excellent finance courses available, including: A comprehensive description of the investment banking sector, from banks' organization to underwriting and acquisitions and mergers. Enroll in Investment Banking: Business Overview to cover the essentials of the financial industry.
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11. Developing a course of research for success
The CFA certification is one of the hardest to obtain in the field of banking, and it's easy to see why. With an estimated 800 research hours required, even the most committed students are tested by the three tests.
Because of this, to help you adhere to your timetable and learn the material of the CFA Level I, II, and III exams well in advance of your exam dates, it is vital to have a dedicated study plan. Productivity Mastery & Time Management, our course, is an excellent tool for CFA applicants to find a simple, healthy, and reliable structure to handle their time and ensure that they absorb all the knowledge needed for CFA's success.
Finally, sitting down and communicating with current CFA charterholders is another critical part of planning the CFA tests. They have already been through the process, and they will be able to give you actionable guidance and techniques for learning.
Summary: The CFA assessments are incredibly complex, and there's an explanation for the famously low pass rates. However, you can pass the CFA tests and become a Chartered Financial Analyst with the proper combination of emphasis, strategy, and CFA research content.