CFA^® Exam Study Tips: Which Techniques and Methods Really Work?

CFA exams are more difficult and longer than most exams the candidates have taken thus far, even though most candidates have undergraduate and graduate degrees in finance or accounting. On average, candidates study for about 300 hours, over six months or more, for each level of the exam.

Given the fact that candidates typically have full-time jobs, in addition to family and other responsibilities that limit their available study time, it is very important that their study is efficient in terms of time spent. With the amount of material that candidates are responsible for, it’s also very important that they retain what they learn and can draw on it across the many topic areas on exam day.

TABLE OF CONTENTS

• Study Techniques That Work
  
• Pro/Cons of CFA Study Methods
• Study Guide Essentials

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CFA Exam Study Techniques That Work

Below are seven expert tips and techniques for studying for the CFA exam.

Study Technique 1: Practice Testing

The fact that taking practice tests improves recall and retention, compared to simply restudying the material, has been documented for decades. The current thinking is that completing practice questions improves learning and retention because this activity creates information linkages that facilitate later recall; it is also believed that this practice helps students to better mentally organize the material. Repeated practice tests continue to increase learning and retention, especially when practice tests are spread out over time.

Study Technique 2: Scheduling Practice Sessions Further Apart

When practice sessions are further apart in time (by as little as one day), performance on a test 30 days after study sessions conclude are significantly better. Although students forget more from their previous practice session between sessions with longer intervening intervals, improvement in final performance is actually better when the interval between practice sessions is extended to 30 days.

Study Technique 3: Asking Why

When studying, asking why a particular fact is true and then developing the answer has proven to be moderately effective. This technique has been shown to increase scores on tests of factual material, for example.

Study Technique 4: Mixing Problems

Mixing problems of different types that require different techniques, such as multiple-choice versus problem-solving, across the material to be learned is believed to lead to dramatically higher scores on an exam, but a number of studies have not found this result except in mathematics. There is little evidence that it improves retention.

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Study Technique 5: Highlighting and Underlining

It’s difficult to find a used college textbook without significant underlining and/or highlighting, sometimes in multiple colors; it is a very frequently used study technique. Several studies have failed to find any difference in test performance among groups that highlighted text on their own, groups given previously highlighted text, and groups that did not highlight or underline text at all.

Study Technique 6: Summarizing

Writing or speaking (to someone) a summary of what has been studied did not raise test scores in classroom research. There is a consistent finding that students who write better summaries do better on tests, but perhaps students who don’t understand and learn the material well just write poor summaries.

Study Technique 7: Rereading

Rereading is a very popular study technique. While there is evidence that it can improve test results, especially on memory-based tests and for the broad ideas of a text (rather than details), it is relatively less effective than other techniques that take the same amount of time.

This refers to the technique of mentally imagining the content of text paragraphs using simple, clear mental images. This technique has been shown to improve test scores on memory-based tests.

Final CFA Exam Study Technique Tips

In conclusion, study in shorter sessions over a longer period of time. Complete more CFA practice questions and space those question sessions over time. Add topics to your practice questions as you move through the material. As you study, ask why and provide yourself with explanations of why things are true or why relationships must hold, linking new topics to your previous knowledge for better recall and retention. These are proven methods that will work.

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Pros and Cons of CFA Study Methods

While there are several different ways to study for the CFA exam, it's important to choose a path that is "tried and true". Otherwise, it'll probably end up costing you more time & money in the long run (registration fees and prep materials for retakes). The old adage of "You get what you pay for" is true in most cases, and CFA exam prep is no different.

Below we try to help you figure out which CFA study methods might work best for you and some issues to look out for when studying on your own or piecing together a study package from various prep providers.

CFA Study Method 1: Using Only- CFA Institute (CFAI) Materials

Pros:

• Cost Savings: Study materials (Official CFAI curriculum available only in the CFAI Learning Ecosystem, a Study Planner, Practice Questions, and 2 Mock Exams are included when you register for a CFA exam.
• Comprehensive Coverage: All candidates receive a copy of the entire CFA Curriculum, which covers all concepts covered on the exam.
• Free Practice Exam: Study materials include an official mock exam for practice.

Cons:

• Lack of Focus: Study materials may include more information than what’s included in the actual exam.
• Length: Some candidates may find the curriculum to be overwhelmingly long and detailed.
• Engagement: Study materials may lack interactive elements or varied formats to keep you engaged. For example, exam registration only includes the curriculum available in CFAI's Learning Ecosystem. Printed books or PDFs are available but for an additional fee
• No Instructor Support: CFA subject matter experts are not available to answer content questions and help candidates with study plans.

CFA Study Method 2: Attending Live Classes

Pros:

• Structured Learning: Live classes provide structure with predetermined study times and classes.
• Real-time Interaction: Live classes allow for real-time interaction with instructors and candidates via live video or in person.
• Peer Support: Live classes offer students the opportunity to be a part of a cohort of candidates who study for the same exam and attend the same classes together.

Cons:

• Lack of Flexibility: Live classes don't provide the flexibility or convenience of OnDemand or pre recorded classes.
• Insufficient Alone: Live classes are not enough to fully prepare for and pass the exam; additional resources like practice questions, mock exams, and review materials are needed.

CFA Study Method 3: Using a QBank to Personalize Question Difficulty/Topics

Pros:

• Essential Practice: QBanks, i.e., practice questions, are a fundamental part of any candidate's study plan.
• Concept Reinforcement: Practice questions are excellent for practicing concepts learned through other instructional materials like OnDemand videos and live classes.
• Personalization: QBanks typically allow for personalization of question difficulty and topics to focus on areas of need.

Cons:

• Insufficient Alone: QBanks are not enough on their own to prepare for and pass the exam. Additional resources such as instructor guidance, mock exams, and review materials are still needed to be fully equipped.

CFA Study Method 4: Watching OnDemand Classes

Pros:

• CFA Expert Instruction: OnDemand classes provide expert-led instruction.
• Flexibility: OnDemand classes offer the convenience and flexibility of on-demand videos which can be utilized according to the candidate’s schedule and reviewed as needed.

Cons:

• Preference for Structure: Some candidates may prefer the structure and cadence of live classes.
• Insufficient Alone: OnDemand classes alone aren't enough to fully prepare for the exam; additional resources such as practice questions, mock exams, and review materials are needed.

CFA Study Method 5: Doing a Final Review

Pros:

• Comprehensive Review: Final reviews allow candidates to review concepts learned throughout their study time.
• Reinforcement: Final reviews help reinforce areas of weakness and identify where more preparation is needed before exam day.
• Exam Strategies: Final reviews provide tips and strategies for managing the time constraints of the real exam.

Cons:

• Additional Resources Needed: While most providers and CFAI offer one mock exam, taking additional mock exams is recommended as well as using more review materials (e.g., review workshops or seminars).
• Time Constraints: Candidates who start their prep late may not have time for a thorough final review.

CFA Study Method 6: Studying on Your Own

Pros:

• Preference for Independence: Ideal for candidates who prefer to study independently and without guidance from any instructors, especially those with prior expertise or knowledge of CFA concepts.
• Cost Savings: Potential for cost savings by not purchasing class options, though many providers bundle classes with self-study materials and tools.

Cons:

• CFA Expert Guidance: "You don't know what you don't know" – lack of guidance from CFA experts may leave gaps in your understanding of the curriculum.
• High Retake Costs: The high cost of retaking the exam means it can be more cost-effective to invest in comprehensive resources upfront to increase the chances of passing on the first attempt.
• Pass Protection: Many providers offer some form of pass protection, providing added assurance and potential cost savings in case of failure.

CFA Study Method 7: Learning with 3rd Party Prep Providers

Pros:

• Established Reputation: Choosing a reputable 3rd party prep provider can be highly rewarding, especially if they have a track record of helping candidates succeed.
• Translation of Curriculum: Providers translate the CFA curriculum into digestible, intuitive formats which are exam-focused, making it easier for candidates to learn and pass.
• Recommended Supplement: Using a third-party provider in addition to CFAI-provided materials is highly recommended for comprehensive preparation.

Cons:

• Taking a Chance: Choosing a provider without an established reputation can be risky, potentially leading to wasted time and money.
• Quality Assurance: There's a chance of choosing a provider with subpar materials, so it's important to select one with a proven track record of success.

CFA Study Method 8: Using Flashcards to Review CFA Learning Outcome Statements

Pros:

• On-the-Go Practice: Flashcards provide a convenient way to practice questions and concepts anytime, anywhere.
• Conventional Method: Flashcards are a familiar and widely used study tool for many candidates.

Cons:

• Additional Review Materials Recommended: While flashcards are helpful, additional review materials such as mock exams and workshops are recommended for comprehensive preparation.
• Time Constraints: Some candidates may not have time for a proper final review/revision stage, especially if they started their prep late.

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CFA Study Method 9: Using Various CFA Prep Providers' Tools to Create Your Own Study Plan

Pros:

• Preference Flexibility: Allows candidates to choose specific tools from different providers based on personal preferences.
• Customization: Enables the creation of a highly customized and personalized study plan tailored to individual learning styles and needs.

Cons:

• Decreased Efficiency: Prep providers design materials to work together so piecing together products from multiple sources will mean a loss of efficiency for the candidate. 
• Loss of Pass Protection: Purchasing individual tools may result in losing out on pass protection offers typically included with bundled packages.
• Higher Cost: Individual tool purchases across providers can be more expensive compared to bundled packages, which often offer steep discounts.
• Lack of Progress Tracking: Without a singular study package, automated progress tracking across tools and classes may not be available, leading to a lack of comprehensive progress monitoring.

CFA Level I Study Guide Essentials

These comprehensive exam prep materials include some of our most popular free CFA Level I resources to help prepare you for the CFA exam.

CFA Level I QBank

Kaplan Schweser’s Level I QBank provides you with thousands of multiple choice practice questions that reflect the actual exam so you don’t get surprised or overwhelmed on exam day.  

CFA Level I Notes

Kaplan SchweserNotes™ contains 5 volumes of bite-sized segments and examples that help you break down the CFA Program curriculum and learn every Learning Outcome Statement plus questions to check your understanding. Also included is our SchweserNotes™ Module Videos which provide 40+ hours of recorded videos to reinforce your understanding of the material. If you are an auditory learner, consider adding Level I SchweserNotes™ Audio to your CFA prep materials.  

CFA Level I OnDemand Classes

Learn from expert instructors on your own schedule with in-depth video lectures covering every topic in the Level I CFA® Program curriculum.

CFA Level I Exam Flashcards

Kaplan Schweser Level I flashcards help you memorize CFA exam-specific content so you can study with confidence.

CFA Level I Mock Exams

Kaplan Schweser Level I mock exams allow you to practice taking computer-based exams and get feedback on your performance.  Learn how to use a CFA mock exam to sharpen your testing skills and get familiarized with the actual interface you’ll use on the actual CFA exam.  

CFA Level I Exam Secret Sauce

Kaplan Schweser's Secret Sauce® is a book for (expert reviews) of the CFA Program curriculum that provides (you) candidates with insights and tips to prepare for exam day.  

CFA Level I Review Workshops

Kaplan Schweser CFA Program review workshops give you access to expert CFA instructors to help you practice exam-taking techniques and build speed during the final weeks of preparation. 

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