7 Tips for CFA Success

Your chances of passing the CFA Level 1 exam on the first attempt are about one-in-three. That number is even less if you are not a native English speaker or if you are taking the exam outside of the US or Western Europe. Here are seven simple steps to follow to give yourself the extra boost you need on test day.

1)Pace yourself. Study at your own pace and don’t be rushed. One of the big drawbacks of CFA preparation classes is that you have to proceed at the pace of the group and this may be too fast or too slow for you. Far better is to be able to use reference materials and online learning and study at your own pace, free from distractions.

2) Use available free tools. There are lots of free test questions, background guides and other resources available that can help you prepare. Many providers of online courses (such as Vast Talent and KESDEE) will give you a free preview so you can try their products before you buy.

3) Take practice exams. The best way to get familiar with the test (and the pressures of test day) are to practice, practice, practice. That means doing exam questions all the time (before bed, on the bus, during a break at work) so you become familiar with the wording and style of the questions and you are able to work more efficiently on test day. Even better is to take one or two full length, timed tests in the month before the exam to give you a feel for the pacing and time pressure on the exam.

4) Keep up-to-date. Read the newspaper and financial journals (like the Financial Times, Economist, Business Week, Wall Street Journal, CFO Magazine, etc) to stay abreast of trends in the marketplace. Not only will you learn a lot about what’s going on in the world of finance, you will also come across handy references pieces to help you with the exam.

5) Get a good night’s sleep. Far better than cramming on your last night is to make sure you are well-rested. Your brain will function better on a good night’s sleep and you will appreciate it during the (long) day. You are going to need lots of stamina to finish both sections of the test, so get your beauty sleep.

6) Arrive early. There is nothing worse than being stressed during the test, to make sure to arrive at the exam site early (most open several hours before the exam begins and will let you in up to an hour before start time), scope out the room and get comfortable. There are restrictions on what you can bring into the test site with you, but arriving early will allow you to mentally prepare yourself.

7) Skip questions. Don’t get caught up on a question you know you can’t answer or that will take you too much time. Since you have to answer lots of questions in a specified period of time, you are better off skipping questions you struggle with and going back to them at the end (time permitting).

Good luck! Read more about our CFA Prep course.