5 pointers for acing the forthcoming CFA exam

Obtaining the CFA charter is not only a necessary step toward a successful career, but it also demonstrates to employers your degree of devotion and mental discipline. You must devote over 300 hours to studying for the program, as the knowledge you obtain throughout exam preparation is essential for making effective financial decisions.

While some candidates may find the tests to be simpler than others, there is no way to guarantee a candidate's success on the CFA exam. Although there are a variety of tactics you can use to improve your exam knowledge, several methods in particular can help you succeed. The following are a few of these methods:

1. Make the most of your educational resources.

It's time to put your knowledge to the test by taking a mock exam once you've gone over the CFA Program curriculum completely. Mock examinations will not only assist you in determining your level of understanding, but they will also assist you in identifying your weak points. Knowing the structure and types of questions ahead of time will help you prepare and practice effectively. The CFA Institute highly recommends mock tests since they help you mentally prepare for the exam day.

Prepare > Practice > Perform is one way that has been demonstrated to be effective. You learn the information in the preparation phase by reading and attending training sessions, and you practice in the practice phase by recollecting the material and identifying gaps in your learning so that you may score well on your mock examinations. Make sure you spend 30–40 percent of your time on preparation, 40–50 percent on practice, and 20 percent on performing.

2. Study at regular intervals

The CFA Institute highlights the need of studying for the next exam at least six months ahead of time. As a result, candidates must study for 300 to 400 hours on average per exam. If you want to take the June exam, you should start studying in January and be ready for the December exam by early June. Candidates are prone to being confused in the month leading up to the exam, which is why the longer your preparation period, the better.

3. Make the CFA Program a top priority in your daily responsibilities.

Because the majority of CFA applicants are working professionals or university students, being able to balance and prioritize your responsibilities is critical. Careful planning can help you avoid becoming overwhelmed. Create a daily, weekly, and monthly reading schedule, and make sure that if your objective is to read for 5 hours a day but you can't study one day, you still finish the week with 35 hours.

It's also critical to set aside time for relaxation, as overworking your brain can cause more harm than good. Include a few of free weekends and recreational activities in between to avoid burnout.

4. Refresh the page regularly.

One chapter that was carefully studied and excelled at in the beginning does not guarantee that it would be remembered well before the exam. If you have previously studied the CFA Program curriculum, you should review it at least once a month. Spend a few hours each week reviewing and learning the CFA content until you've mastered it. Do some training questions and, if you make any mistakes, go over those topics again until you're satisfied with the information clarity.

5. Cover as much of the content as possible.

Don't play the guessing game about which topics aren't important and won't feature on the CFA exam. At the very least, this may result in you leaving the chapter till the end and not being able to adequately prepare for it. At worst, it could result in a complete lack of understanding of the CFA topic. Because each CFA topic has a purpose and this is a fair game, predictability and trends cannot be relied upon.