So, you’ve decided to take on the CFA® exams—congratulations! It’s a significant step toward earning the prestigious CFA® designation and boosting your career in finance. But let’s be real: the CFA® exams are no walk in the park. They’re tough, time-consuming, and require a serious commitment. That’s why having the right study strategy can make all the difference.
As a finance professional myself, I’ve been through the exam struggle, and I’m excited to share some of my best tips with you so you can pass yours on your first try.
In fact, they’re the tips I wish someone had shown me when I was studying.
In this guide, I’ll give you the playbook for how to study for the CFA®, including building a study plan, using the right materials, and making the most of mock exams. Let’s dive in and get you on the path to a passing score.
Key Takeaways
- Build A Solid Study Plan: Breaking the CFA® curriculum into manageable chunks and setting clear weekly goals will keep you on track.
- Practice Makes Perfect: Regularly work through practice questions and exams to master the material and exam format.
- Choose The Right Prep Course: A high-quality CFA® prep course saves time and provides essential tools like practice exams and formula sheets.
- Focus On Weak Areas: Use practice tests to identify and strengthen your weakest topics, especially high-weight sections like ethics and fixed income.
- Take Care Of Yourself: Don’t neglect rest, breaks, and mental health—especially in the final days before exam day.
Start with a Solid Study Plan
The CFA® exams aren’t something you can wing. Each level covers a massive amount of material, and without a clear plan, it’s easy to get overwhelmed. The CFA Institute recommends at least 300 hours of study per exam level, but how you spend that time matters.
📶 Steps to Build Your Study Plan
- Assess Your Timeline:
- Count how many months you have until test day.
- Dedicate at least 10-15 hours per week.
- Use an actual calendar, either digital or hard copy, and schedule your study sessions.
- Divide the Curriculum:
- Split the CFA® curriculum into manageable chunks. A review course will help you do this more easily.
- Focus on high-weight topics like ethical and professional standards, fixed income, and equity investments.
- Set Weekly Goals:
- Aim to complete 1-2 study sessions per week, with clear objectives like finishing a section or mastering certain questions.
- Complete a goal? Reward yourself! Figure out what motivates you and celebrate every small achievement and tiny step forward.
- Include Review Time:
- Reserve the last month to review, practice, and take mock exams. You shouldn’t be learning anything new; focus on mastering what you already know.
- Prevent Burnout:
- Burnout is real, so pace yourself. Pay attention to how you’re feeling and know when to cut back. When you’re trying to put in another hour of study time, but the brain fog is brutal, realize that studying has diminishing returns and take a break or quit for the day.
- Self-care is crucial. Get good sleep, drink water, eat healthy. Yes, seriously—it’ll help your body handle the stress, and you’ll perform better on exam day.
📅 Sample Study Timeline
Here’s a rough idea of how to structure your study plan:
- Months 1-2: Build Your Foundation
Read the CFA® curriculum, take notes, and work through end-of-chapter questions. Focus on understanding key concepts and building a solid foundation. - Months 3-4: Practice and Reinforce
Dive deeper into practice problems and create a formula sheet with relevant formulas for quick reference. Pay special attention to learning outcome statements and topics with higher weight, like ethics and fixed income. - Month 5: Master Exam Techniques
Shift your focus to mock exams and timed practice tests. Identify weak areas, review incorrect answers, and fine-tune your strategy. - Month 6: Take the Exam
In the final days, rest, review your formula sheet, and avoid cramming. Arrive early on exam day, stay calm, and apply everything you’ve practiced.
Choose the Right CFA® Prep Course
While it’s technically possible to pass the CFA® exams using only CFAI materials, let’s be honest—it’s not the most efficient way. A high-quality prep course can save you time, help you focus, and improve your chances of success on the first attempt.
Why a Prep Course is Worth It
- Structured Learning: Prep providers like Kaplan-Schweser or AnalystPrep streamline the material so you don’t waste time on less relevant concepts.
- Practice Questions: Access to thousands of exam-style questions ensures you’re ready for the real thing.
- Mock Exams: Many prep courses offer full-length practice exams to simulate the actual experience.
- Expert Guidance: Clear explanations and support help demystify tricky topics like technical analysis or alternative investments.
I’ve reviewed CFA® prep courses to make it easy for you.
Maximize Your Study Sessions
Making the most of your study time is key. Whether you’re juggling a full-time job, a family, or just limited free time, these tips will help you stay on track:
💡 Study Tips
- Active Learning: Don’t just passively read the material. Highlight key points, summarize them in your own words, and work through practice problems.
- Leverage Practice Exams: The more practice tests you take, the better. They’re not just for testing your knowledge—they help you get comfortable with the exam format and time management.
- Focus on Weak Areas: Struggling with derivatives or risk management? Spend extra time on those topics while still reviewing everything else.
- Take Breaks: Long study sessions are exhausting. Use the Pomodoro Technique (25 minutes of study, 5 minutes of break) to keep your brain fresh.
- Create a Formula Sheet: Write down relevant formulas and keep reviewing them. You’ll save time on test day when you don’t have to rack your brain for the basics.
- Identify Topic Weights: When it comes to topics, some are worth more than others. For example, in the CFA® Level I exam, the topic “Ethical and Professional Standards” has the highest weight at 15-20% (as of November 2024).
Practice, Practice, Practice
You’ve probably heard this a million times, but it’s worth repeating: practice questions are your best friend. They’re the bridge between theory and application, and they help you catch incorrect answers before the real exam begins.
How to Use Practice Questions Effectively
- Start Early: Don’t wait until the last month to dive into practice problems or identify which CFA® exam topics need your time and attention.
- Mix It Up: Alternate between chapter questions, practice tests, and mock exams.
- Track Your Progress: Keep a log of topics where you score low so you can revisit them later.
- Simulate Exam Conditions: Take at least two timed mock exams to get used to the pressure of the real thing. A mock exam can help familiarize you with the exam questions, timing, and format.
- Choose a Prep Course with Adaptive Learning: Identifying your strengths and weaknesses on your own is tough. Adaptive learning helps! AnalystPrep and Kaplan-Schweser both have this tech.
On CFA® Exam Day
After months of preparation, it all comes down to test day. Here’s how to stay calm, focused, and ready to ace it:
✍️ Exam Day Tips
- Get a Good Night’s Sleep: Your brain needs rest to perform its best.
- Arrive Early: Give yourself plenty of time to check in and get settled.
- Use the Optional Break: Between the two exam sessions, take a break to relax and recharge.
- Read Questions Carefully: Watch out for tricky wording or questions that require multiple steps.
- Stick to Your Strategy: If a question stumps you, move on and come back to it later.
Other Tips to Keep in Mind
- Don’t Cram: Desperate measures like last-minute cramming rarely work. Stick to your study routine.
- Use Free Time Wisely: Review your notes or go over formulas during your commute or lunch breaks.
- Avoid Burnout: It’s a marathon, not a sprint. Take care of your mental and physical health.
Conclusion
Studying for the CFA® exams is challenging, but it’s absolutely doable with proper planning, the right materials, and consistent effort. Start with a solid study plan, choose a prep course that fits your needs, and practice as much as possible. Remember, every hour you spend now is an investment in your future career.
Ready to take the next step? Check out my guide to the best CFA® prep courses and save with CFA® course discounts and AnalystPrep coupons. They’ll help you save time, focus on what matters, and get closer to earning your CFA® designation. You’ve got this!
FAQs
The CFA Institute recommends studying for at least 300 hours per exam level. This typically means about 4-6 months of preparation, depending on how many hours you can dedicate each week.
The CFA® exams are challenging, with pass rates often below 50%. Success requires consistent effort, proper planning, and a strong focus on practice and review.
Yes, you can self-study using CFA Institute materials, but many candidates find a prep course helpful for organizing their study time and tackling difficult topics efficiently.
Start with a detailed study plan, break down the curriculum into smaller topics, and focus on mastering practice questions and mock exams. Review weak areas and consistently revisit key formulas and concepts.
Yes, memorizing formulas is essential for success, especially in areas like fixed income and technical analysis. Creating a personalized formula sheet can make this process more manageable.
