Serious commitment to a predetermined study program is necessary for all three Chartered Financial Analyst (CFA) exam levels. According to the CFA Institute, the average annual pass rate for CFA Level I over the previous ten years has been 41%. Be prepared to make the necessary sacrifices and put in the necessary effort because this statistic indicates that only determined candidates have a possibility of passing the test.

CFA Exam Tips/Study Plan for Effective Preparation

Time management during the CFA exam and comprehension of the CFA course details can be facilitated by careful preparation and assistance from a premier prep company such as NorthStar Academy (NSA). The following pointers can help you efficiently manage your time while preparing for the exam:

#1 Master time management

Start by making a thorough study plan that specifies what you will study and for how long. Don't limit yourself to study sessions. Don't forget to include your other weekly obligations and activities, along with breaks.

According to Walter Buchanan, a reputed CFA and co-founder of SaveNest, one should have a strict plan while including the time for rest, personal space, and family/friends. With a rested mind, your performance is bound to improve.

#2 Start early

One can only be too careful with an exam prep timeline. The best way to go is to start early. Professional exams demand more concentration, structured planning and time, lots of time. A CFA aspirant should start preparing for the exam as early as six to seven months. The more time one takes for preparation, the better their performance will be.

Starting early means you can go through all the learning material at your disposal and practice the same. Practicing the mock exams and other materials over the course of six to seven months will also make you more confident.

#3 Optimize your study environment

It goes without saying that where you choose to work/study greatly impacts ability to perform or retain information perfectly. Hence, ‘optimizing’ your study environment is also an important tip for CFA exam training.

Here’s what you can do to make your learning environment more impactful and helpful:

1. Desk and Seating arrangement: Placing your desk and seat in a direct source of light (be it sunlight or the house light) can help you stay active and concentrate better. Apart from that, it is important to choose a good seat too. Too much of a comfortable chair can make you procrastinate and laze around. Get a seat that is comfortable but firm; the desk and seat set at a certain height can prevent you from slouching.
2. Monitor arrangement: If you use your desktop a lot, you understand how important it is to keep the screen at eye level and prevent neck damage in turn.

#4 Balance Life

Preparing for a tough professional exam can be extremely stressful. But, one should never compromise on the importance of having a good balance of work and leisure time. Keeping some time to yourself and your family/friends helps refresh your mind, and in turn, makes concentration easier.

Exercising is also beneficial during exam preparations. Staying in one seat for longer periods can cause severe health issues. Keeping yourself active is important as well. Hence, one should always include some leisure time in their prep regimen.

#Practice

CFA practice exams are quite essential during the preparation. It will help you understand the exam structure and meet the deadline efficiently. The practice exams also help you identify the areas you are lacking in and the ones you excel in. Hence, you can concentrate more on the areas where you need improvement. The more you practice, the better your chances are to ace the exam in one go with a good percentile.

Conclusion

CFA Exam preparation is very crucial for aspirants. It may come with its own challenges but with proper CFA Training, you can ace the exam at first try. By making a study plan that includes both hard work and rest, can be extremely beneficial. For better outcomes, aspirants should join a reputed CFA training for a well-structured learning plan. It will also help in focusing on important topics for the exam. You will also become a part of a network of aspirants and share knowledge/tips among them.