Passing CFA on the first attempt – What it takes

You’re counted lucky if you’ve discovered the value embedded in the CFA qualification. The CFA credential has been in existence for more than 60 years. With hundreds of aspiring charterholders enrolling for the exam each year, it’s not a mistake to consider it. No doubt a CFA credential will increase your chances of getting a lucrative job in the investment industry. Even better, it could earn you a salary raise in your current position. However, it calls for serious investment when it comes to exam fees and preparation required. That’s why passing CFA on the first attempt should be the goal for every candidate.

Here’s how to increase your chances of passing CFA exams if you’re planning to get the credential.

Good Time Management

How you spend your time determines your performance in the CFA exams. There’s a standard duration given to each CFA candidate to prepare and take the test. The recommended study time for CFA is about 300 hours. Nevertheless, some candidates still put in more hours than what’s recommended and end up with a fail. But why? Well, it’s not about how many hours you put in but how well you manage your study time. First, it’s essential to work with a study schedule and maximize every single moment of your study time. 

When it comes to the 300 hours of CFA study, it’s essential to prioritize quality over quantity. At the end of every study session, take note of the concepts you’ve mastered. Highlight what’s still not clear and the milestones you’ve achieved so far. If it’s seemingly taking longer to understand a given concept, don’t waste time trying to figure it out. Instead, seek help from a tutor or get follow a video tutorial on the same. It’s all about maximizing the gains within the slotted study time.

Know What’s Examinable

Passing CFA exams does not necessarily mean you know each and every content of a topic. It’s always prudent to highlight the most examinable sections and major on them. Most people fail because they approach the CFA exam without bothering to know what’s going to be tested in the exam.  It’s essential to test your understanding with lots of exam-grade practice questions to boost your confidence and perfect your answering skills. 

The moment you decide to sit for the CFA exams, it’s advisable to enroll with a prep course provider to start studying effectively. A prep course provider like AnalystPrep offers thousands of exam-grade questions that will help you sharpen and perfect your skills for the coming exam. In addition to this, you’ll get access to study notes and video lessons all designed to give you real exam experience. As you meet new challenges during your practice, you’ve got an opportunity to interact directly with tutors to seek clarification on complex concepts. 

Lastly, don’t forget to stick to your study plan. Passing the CFA exams depends on how well you plan. Since it’s going to take six months to prepare for the real exam, it’s advisable to work with a six-month study plan. 

Avoiding Last-Minute Rush

If you’re determined to pass CFA exams on the first attempt, avoid last-minute rush studies as much as possible. While 6 months of study seems to be such a long time, getting serious at the last minute will only ruin your chances of passing CFA. Don’t wait until the exam is just a month away so that you start going through your study materials in the hope that you’ll grasp all the content at once. Last-minute study causes panic and without confidence, it’s impossible to do well in the CFA exam. Therefore, ensure you make use of the recommended 300 hours to study exhaustively. Take some time to go through your study notes, do lots of practice questions, and take at least five mock exams before taking the actual test. 

During this time, it’s also advisable to walk closely with your tutor to help you identify study strategies that are more personalized to you. In that way, you’ll ensure every bit of the recommended study hours count. 

Substantive Priority Planning in Life

The biggest impediment to performing well in the CFA exam is the limited priority you give to your academic life. Most, CFA aspirants either have a family or are in a relationship. This can affect your concentration in a big way. It’s not easy to concentrate fully on your studies if you have several other things that require your attention. Therefore, at a time like this, it’s advisable to minimize your engagements in order to focus on the upcoming exam. Set your priorities right as your level of preparation determines how well you score in the CFA exam. If you have a family you can inform your spouse and children about your commitments in the coming months. In that way, they’ll give you the space you need during this time to prepare for the exams. Similarly, those working can create time and strike a proper balance between work and studying. 

Identifying a Study Method that Works Best for you

Different study methods work for different people. While some can grasp lots of content during a live interaction with a tutor, for others it takes some extra time of personal study to understand concepts. That said, you need to identify what works best for you. If you understand best when studying alone, take time to read the CFA study notes provided by your prep provider. However, if you understand better through one-on-one explanation, be sure to maximize live interaction with your tutor. If you’re around those planning to take the same exam, you can organize group discussions to go through challenging topics as well as revise the practice problems covered so far.

The earlier you start studying for your CFA exams the better. Therefore, put the necessary study strategies in place and get started. 

Self-discipline is key when preparing for the CFA exams. Remember, you’re parting with quite some amount to get the CFA credential. Therefore, you want to do everything possible to increase your chances of passing on the first attempt. Since most of the time you’re going to enroll for CFA while having other commitments, it’s essential to be as organized as possible. Get to work on your study schedule months before you start preparing for the exam and free up your calendar as much as you can to allow you the 300 hours of study you need before taking this exam. Additionally, you may also get in touch with past CFA candidates to be enlighted on what you’re supposed to do at this time.