Tag: cfaexam

How to prepare a successful CFA study plan

The CFA program requires candidates to pass three separate exams. Each CFA level requires candidates to prepare a lot of material. To be successful, you need to prepare an effective CFA study plan that includes a detailed prep schedule.

Having a study schedule can help you organize your study planner around the topics on which you will be tested. To master these curriculum topics and utilize the time you have we have outlined our recommendations for the CFA Charter and provided you with tips for creating an effective CFA study plan.

Tips For Creating an Effective CFA Study Plan

1. Stick to your CFA study schedule and don’t fall behind.

Once you create your study schedule, be disciplined and stick to it! To provide the motivation to stay on task, take a CFA Program review course and prepare for it like a university course; read the relevant material ahead of time, get at least a big picture of the topics to be covered, and write down any questions you want to ask.

Another great way to stick to your study plan is to form a study group that meets on a regular basis. Studying with others who are facing the same challenge you face provides motivation and support. In addition, being able to ask questions or explain a concept to someone else helps develop your own mastery of the topics. Build the class times and study group meeting times into your schedule, and, once again, stick to it!

2. Prepare, Practice, Perform.

A very useful organizing structure for your plan is based on the three key stages of learning: Prepare, Practice, and Perform. The path to success is to focus on the Learning Outcome Statements (LOS) provided by CFA Institute.

These are performance-based objectives that provide detail on exactly what you are expected to be able to DO on exam day. For example, one LOS might be “Calculate and interpret Net Present Value (NPV).” The command words “calculate” and “interpret” are what you should be able to do correctly.

3. Review regularly.

The material you learn when you begin will not stay with you until exam day if you don’t go back and revisit it once in a while. Plan to spend a few hours each week going back and reviewing material you think you’ve already mastered. Do some CFA practice questions and, if you make any mistakes, dig into those concepts again until you know them.

4. Cover all of the material.

Don’t play the prediction game by guessing which Learning Outcome Statements from the CFA Institute won’t be tested and then ignoring that material. Every LOS is fair game for the exam, and you have to be ready for anything to be tested.

5. Study Ethics and Professional Standards last.

We recommend studying Ethics and Professional Standards after you are comfortable with other CFA topics because preparing for these questions mainly relies on using the ROTE learning method, which is the process of memorizing information based on repetition.

6. Reserve the last month for CFA Mock Exams.

During the last month or so before the exam, begin to take practice and CFA mock exams in realistic settings. Take the exam on your own with no notes, and be sure to block off at least 3 hours to simulate one session. The key is to use the exams to identify how prepared you are by assessing your areas of weakness and addressing them. If you get a question wrong, note whether the issue was the application of your knowledge to the question, or a fundamental lack of understanding of the concept. Keep track of your scores and look for an upward trend…by exam day, you should be scoring above 70% consistently.

7. And finally, reward yourself.

Make a plan to do something fun and relaxing on the day after the exam…golf, hiking, time with family, video games, or simply sleeping. You’ve earned it!

 

If you are interested in joining hands with a leading CFA tuition provider to help make your CFA journey easier, then Kaplan Professional Middle East is here to offer you the expertise of having helped students to successfully ace their CFA exams for several years with the industry’s leading trainers. If you are looking for CFA training, join us as a student to kickstart your CFA exam preparation.

Failed the CFA exam? Plan your next steps

Each year, roughly 250,000 candidates appear for the CFA exams around the world in an attempt to claim what is widely considered the “gold standard” within the investment community, the CFA charter.

It is no surprise that the intense difficulty of the CFA exams leads to the majority of the candidates failing at least once. It is, without a doubt, a highly disappointing and disheartening place to be in. However, it is important to see the bigger picture and not lose perspective when attempting to gain a qualification as coveted as the CFA. On the brighter side, candidates gain experience and can appear for their next attempt with a higher level of confidence.

The recently held CFA exams in November 2021 have shown a consistent trend across all three levels, alarmingly low pass rates. While the Covid-19 pandemic may be considered as a contributing factor to this phenomenon, it is important to focus on what are the ideal next steps one must take to ensure that they achieve success in the next attempt.

 

Better prepared for next attempt

The average CFA candidate spends about four years before gaining the charter, which shows that most fail at least one exam on their journey. While it may lead one to believe that 300 hours of study have been wasted, it is important to remember that a significant part of the preparation for the next attempt has already been completed leading the thought of “wastage” to turn into “investment”.

Can you attempt again?

Candidates are allowed to appear for each level of the CMA exam a maximum of six times, a policy that was instituted in 2021. Also beginning with the 2021 exams, candidates can take an exam up to two times per calendar year but cannot take the exam in windows that are consecutive or less than 6 months apart.

Plan your next attempt

The first step to deciding when to retake the exam is to assess your previous exam preparation experience. How many hours did you spend preparing? Did you consistently stick to a structured study plan? Are there other study materials that could help you pass your next exam? Examine how you will approach exam prep differently going forward, reflect on your own personal/professional goals, and consider the various exam window options offered by CFA Institute to determine when to retake the CFA exam.

In general, we recommend retaking the exam as soon as possible, especially if you can do so in the same calendar year. Registering for the next possible exam is best for the following reasons:

  • Momentum is on your side. Even if you have been taking a break since your last exam, all of the effort you put into preparing for it is relatively fresh.
  • The longer you wait to retake the exam, the higher the likelihood that you will forget the material that you have already learned.

It is particularly important to retake the exam in the same calendar year, if at all possible, since CFA Institute changes the CFA curriculum on an annual basis. Retaking the exam before these annual updates will give you a higher probability of passing because you will be more familiar with the curriculum being tested.

Studying for the next attempt

Regardless of which exam you decide to sign up for, we have some recommendations for approaching the next exam attempt:

  • Carefully review your exam results and use them as a diagnostic tool to help guide your studies on the next attempt.
  • Organize your study plan to focus on weak areas first. Your study plan should be weighted heavily toward practicing the material using the SchweserPro QBank and end-of-chapter questions in the CFA curriculum.
  • After doing additional practice, if you are still performing poorly, revisit the CFA SchweserNotes and OnDemand class videos to relearn the concepts with which you are struggling.

Continue this process until one month prior to the exam and then focus on a well-structured final review process.

For final review, focus heavily on practicing what you have learned, but with the CFA Schweser Mock Exams rather than the SchweserPro QBank. After completing a mock exam, thoroughly review the answer explanations for the questions you answered incorrectly. Make certain you understand the logic behind the correct answer. Also, be sure to use the OnDemand Review videos to sharpen your exam strategy and ensure you retain information for the exam.

Finally, get help through our InstructorLink tool if you are still struggling with the material. We want you to succeed on the CFA exams and are always ready to help. If you are looking to enroll in CFA course in Dubai, Abu Dhabi or anywhere in the Middle East, contact Kaplan Professional to know how we can help you!