The CFA test is divided into three parts, each of which covers a large amount of content. To be successful, you should have a well-thought-out strategy for mastering the topics and being as prepared as possible on exam day. These pointers can assist you in creating your personal study schedule.

Begin early and be consistent.

The CFA Institute suggests 300 hours of study, which is usually the bare minimum most people require to be successful. You’ll need to put in the time and effort every week to devote that many hours over the course of six to nine months. It’s crucial not to jam everything into the final months leading up to the exam. Starting late and cramming for an exam is a surefire way to fail.

Make sure you stick to your timetable and don’t get behind.

Be disciplined and stick to your study plan once you’ve created it. Take a CFA test review course and prepare for it like you would for a university or online school to get the motivation you need to stay on track. This may entail reading relevant literature ahead of time to obtain a better grasp of the topics to be presented and jotting down any questions you have. Forming a study group and meeting on a regular basis is another fantastic approach to keep to your goal. Studying alongside others who are going through the same difficulties as you are a great way to stay motivated and get support. Furthermore, being able to ask questions and explain concepts to others aids in the development of your own mastery of the topics. Build meeting times for class and study groups into your schedule and stick to them!

Prepare, practice, and deliver

The three essential stages of learning provide a very beneficial organizing structure for your plan: Prepare > Practice > Perform® is a phrase that means “prepare, practice, perform.” The key to success is to concentrate on the CFA Institute’s Learning Outcome Statements (LOS). These are performance-based objectives that spell out exactly what you should be able to execute on exam day. One LOS might be, for example, ‘calculate and understand Net Present Value (NPV).’ You should be able to appropriately use the command phrases “calculate” and “interpret.”

1. The Prepare stage is where you start learning the fundamentals. This can be performed via reading, listening to lectures, or attending them. This level consists of passively absorbing information and examples of language, theory concepts, and LOS principles. In a nutshell, the preparation stage prepares you for the next critical stage. Before you can learn how to calculate NPV, you must first understand what it is and what tools you will need to do so.
2. Practice is the next level. This is where you put what you learned in the Prepare stage to use by solving practice problems. If you need to calculate NPV, the best approach to learn how to do so is to complete ten practice problems that need you to do so. Candidates frequently devote too much time to preparation and not enough time to practice.

Perform is the third stage. This is when you take a mock exam, evaluate your performance, identify your strengths and weaknesses, and return to conduct more practice where you believe you need it.

It’s recommended that you intend to spend 30-40% of your time preparing, 40-50% practicing, and 20% performing as you create your calendar.

Review on a regular basis

The material you learn when you first start studying for the CFA exam will not stick with you until exam day. It’s a good idea to go over this information again and again. Plan to revisit material you believe you’ve already mastered for a few hours each week. Complete some practice questions, and if you make any errors, go over them again until you understand them.

All of the materials should be covered.

Don’t play the guessing game by assuming which LOS won’t be tested and then failing to study the material. Every LOS is fair game for the exam, so be prepared to be put to the test.

Ethics are at the heart of all we do.

In general, you should study all topics in the CFA curriculum in the order they are offered. Spend some time on ethics at the beginning to gain a big picture overview, then focus on it heavily in the weeks going up to the exam.

Use the last month to put on a show.

Start taking practice and mock tests in authentic situations a month before the exam. To mimic one session, take the exam on your own with no notes and set aside at least two hours and 15 minutes. The objective is to use these assessments to determine how prepared you are by identifying and resolving your areas of weakness. If you get a question wrong, consider whether the problem was a lack of grasp of the topic or an application of your knowledge to the question. Keep note of your results and keep an eye out for a positive trend. You should be consistently scoring above 70% by exam day.