Getting the Most From Your 300 Hours of CFA^® Exam Preparation

By: Kaplan Schweser

December 30, 2024

How to get the most from 300 hours of CFA exam prep

Whether you’re sitting for Level I, Level II, or Level III of the CFA^® exam, CFA Institute recommends that you allot, at minimum, 300 hours for study for each level. However, if you try to cram all 300 hours into the last few months before the exam, it’s likely you will have wasted them, and your chances of passing are slim. In this article, we provide seven tips for how to use your 300 hours of study wisely to significantly increase your chances of passing.

Tip 1: Develop Your Study Plan 6 to 9 Months Before the CFA^® Exam.

Many successful CFA charterholders credit developing their study plan early for their success on the CFA exams. We recommend that you create your plan at least six months before the exam. The reason for this timing is that preparing for the exam encompasses more than simply studying the material—you have to practice applying what you learned to scenarios. This takes time to develop. However, if you can start nine months before the exam, that’s even better.

Benjamin Finley, CFA, is one of hundreds of CFA charterholders we talked to when we were developing our eBook about what it takes to be successful. He has some good advice for your plan. “The final test day is not the only deadline you need to worry about. By assigning several deadlines along the entire span of your studying period by different tasks, such as reading, note taking, flashcards, and testing, as well as topics, such as equity, fixed income, and portfolio management, you will allow yourself less chance of falling behind.” Adds Brady Raanes, CFA, CFP, another charterholder we interviewed, “Begin studying early and be willing to study longer than you anticipated.”

Want more advice like this from CFA Charterholders? Download this free eBook: Before You Decide to Sit for the CFA Exam.

Based on the results of a recent Kaplan Schweser CFA Survey, we see the number of hours spent preparing for exams increase after the CFA Level I exam. While 50% of those who most recently passed the CFA Level I exam spent 300 or more hours preparing, this increased to 73% for those who most recently passed CFA Level II and 62% for those who most recently passed the CFA Level III exam.

Hours spent studying for cfa exams

Tip 2: Allot 90 to 120 Hours to Prepare, 120 to 150 Hours to Practice, and 60 Hours to Perform.

For an effective study plan, we recommend following the Prepare > Practice > Perform^® method of studying, starting with the prepare stage.

Prepare

In the prepare stage, you should dedicate anywhere from 90 to 120 hours, or 30 to 40% of your study time, to reading and listening to lectures. This stage is meant for absorbing information and examples of vocabulary, theory, concepts, and principles, and it will get you ready for the next vital stage. Before you learn how to do a calculation, you need to know what it is and what tools are required. You should also spread a little of your prepare activities throughout the 300 hours. The material you learn in your first weeks of study will stay with you better if you revisit it occasionally.

Practice

Next, you should spend 120 to 150 hours, or 40 to 50% of your time, in the practice stage, working through actual problems. Basically, you take concepts you learned in the prepare stage and do practice problems related to them. It’s important that you spend more of your time practicing than preparing because how you apply what you’ve learned is what matters most. You’ll want to allot some review time for the practice stage, too. You should do the same practice questions several times to build confidence and ensure you really understand the concepts.

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Perform

In the perform stage, you allot 60 hours, or 20%, to simulating exam conditions to assess your level of readiness. This stage also enables you to identify your strengths and weaknesses so you can go back and practice where you think you need it. Generally, spend the last month of studying in this stage and plan to do more than one mock exam. For example, the Schweser Mock Exam, not only mimics the actual exam, but it also offers a mode that simulates the computer-based testing for all levels of the exam.

Can I Take a CFA Level I Mock Exam In-Person?

Yes, through Kaplan Schweser you can visit a Prometric exam center near you and take a practice test just like you will on exam day. Your in-person mock exam appointment can be scheduled for any day; there are no predetermined dates for “Mock Exam Windows”.

Tip 3: Use CFA Exam Prep Courses and Study Groups to Stick to Your Plan.

To provide the motivation to stay on task, take a CFA exam review course and treat it like a university class. Read the relevant material beforehand, get rudimentary ideas of the topics to be covered, and compile any questions you want to ask.

Another great way to stick to your plan is to join an online study group that meets regularly. You can find them on Facebook and Analyst Forum. Connecting with others who are facing the same challenges as you provides support and encouragement. In addition, being able to ask questions or explain a concept to someone else helps develop your own mastery of the topics.

Tip 4: Make All Learning Outcome Statements Part of Your Plan.

The Learning Outcome Statements (LOS) and core concepts from CFA Institute are part of the Candidate Body of Knowledge. Along with CFA Institute study sessions, each LOS helps you determine what you can gain from each reading and what you should concentrate on when studying. They also help you focus on the right topics for the exam. A word of warning: you might be tempted to guess which LOS won’t be tested. Don’t do this! Every LOS is fair game for the exam, and thinking you have a crystal ball could negatively affect your performance.

Tip 5: Know the Exam Weights.

Having a solid understanding of the CFA Program curriculum and how each topic is weighted for the exam will give you a boost on exam day. The curriculum is updated every exam cycle, and all three levels of the exam focus on the same 10 topic areas. However, exam weights vary by level and can change slightly from year to year, so it is good to be clear on what the weights are for the exam you are taking. By paying attention and staying up-to-date on exam weights, you have additional guidelines for focusing your study.

Assess your baseline knowledge of the Level I CFA Program curriculum with a free CFA diagnostic exam

Tip 6: For Each Concept You Learn, Ask Yourself How It Applies in the Real World.

To pass the CFA exam, you must take what you’ve learned and apply it to realistic situations. If you only memorize material, you will struggle to pass the exam. The purpose of the exam is to test your problem-solving skills and apply knowledge to situations you may encounter on the job. And this is why we recommend that you spend more time practicing than preparing.

Successful CFA charterholders agree. Sina Rezaei, CFA, says, “The information learned throughout the process must be executed in a real-life environment. Because of that, it is important to not only focus on the material, but to continue gaining professional experience so the two components—the CFA material and real-life cases—complement each other.”

Tip 7: As CFA Exam Day Approaches, Be Kind to Yourself.

In the last weeks before the exam, resist the tendency to panic or ramp up your study intensity due to anxiety that you might not pass. Cramming instead of reviewing and trying to do too many practice questions or exams will not improve your chances and can have adverse effects. Be kind to yourself instead.

One way to do this is to space your practice sessions further apart—this has the added benefit of helping your chances on the exam. Studies from psychological science show that when students add an extra day between study sessions, performance on a test improves significantly. Also, try to get into a good sleep routine a few weeks before the exam. Experts recommend avoiding electronics, alcohol, and late-night eating right before bed—they can all keep you from falling or staying asleep. A routine can help you sleep better the night before the exam too, when you’ll be understandably nervous.

Finally, use the day before the exam to reread some of the denser areas of the curriculum, including ethics. In the final few days of preparation, do not take mock exams, which can mentally drain you. The goal is not to exhaust your mind and body at the last minute. Resolve to go into the exam center as refreshed and rested as possible. A positive attitude also helps; tell yourself, “I can do this!”

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.

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.

Ready to Get Started on Your 300 hours?

As you map out your study plan for Level I, Level II, or Level III of the CFA exam, consider making a Kaplan Schweser exam prep package—complete with classes, practice exams, and mock exams—part of your 300 hours. Discover all the ways Kaplan Schweser can help with CFA exam prep.