Getting your CFA charter is not only vital for a successful career path, but it also shows your level of commitment to getting things done. Facing the challenging journey to your CFA charter can be immense but know that you are not alone. We are here to guide you on preparing for the exam to increase your chances of success. These seven tips should help you get prepared to study for your CFA.
The good thing about the CFA exam is that the CFA institute discloses the exam dates months before they occur. It’s important to know your exam date allows prepare a proper schedule for you to follow. The exam dates also follow a predefined pattern, so it is easier to know when to give your exam. Now that you know exactly when your exam is and how much time you have, you can plan better. If you are working, book your leaves as soon as possible to match your exam schedule before someone else at your workplace takes your leave slot. It would help if you also considered getting your family and friends up to speed with your recent commitment to avoid any conflicts.
The Right Study Material
Deciding on the right study material for your exam preparation is a key step towards your CFA charter. You need to focus on the course suitable to your learning and strengthen the segments where you are struggling. Wiley CFA exam prep material provides you with a personalized course platform geared towards your learning requirement, helping you study and retain more in a shorter time. Wiley’s program also helps you identify the areas you need to study the most and gain your confidence for exam day with a reliable predictive score range.
Focus On Concepts Before Practice
The popular belief is that CFA is a purely mathematical and statistics-based examination, and you need to be extremely well-versed in math to be successful. Though this may be the case, the significance of getting the concepts right should not be ignored. Any number-crunching required will be based on a conceptual background. Therefore, you need to clarify the core concepts before bringing out the math skills.
Designate Time to Study
Studying for the CFA will require a lot of designated time, and if you’re working, the going will get tougher. Consider designating a few hours daily to study and past practice papers, as there will be days, you’ll be completely out of it.
Familiarize With The Financial Calculator
A financial calculator can be a tricky instrument, and you’ll need some practice to set your pace. Spend time practicing on your calculator, so you get the hang of it. Once you do, you should be able to instantly calculate problems for discounted cash flows, internal rates of returns, loan formulas, net present value, and many others.
CFA exams are quite lengthy (6 hours for each stage) yet very action-packed. You have very limited time to allocate to each question if you complete your paper on time. Your focus needs to be razor-sharp, as you will be expected to review, analyze and solve the exam in a time-constrained environment. This time constraint can best be dealt with by regularly practicing mock exams and practice questions to hone yourself. Go even a step further and take part in a real-life mock exam that will take place in a similar exam room setting as your actual exam.
Study With Breaks
It would be best to allow yourself to take a break now and then. The mind sometimes needs a quick reset when digesting large information, such as the CFA curriculum. Add small 20, 30-minute breaks to your study sessions if you’re feeling overwhelmed. Remember that CFA’s topics aren’t particularly difficult; what most of you may find challenging is the sheer volume of content. That is why it is advised to begin studying six months before the exam. Finally, if you have the correct preparation course, a fundamental understanding of mathematics, and an analytical mind, you should do well.
You will need the discipline to commit to your preparation routine.