How to Prepare an Effective CFA^® Exam Study Plan

The CFA program requires candidates to pass three separate exams. Each CFA level requires candidates to prepare for a lot of material. To be successful, you need to prepare an effective CFA study plan that includes a detailed prep schedule.

Having a study schedule can help you organize your study planner around the topics on which you will be tested. To master these curriculum topics and utilize the time you have we have outlined our recommendations for the CFA Charter and provided you with tips for creating an effective CFA study plan.

• How To Know When You’re Ready To Take The CFA Exam
• What Is The Best Order To Study For The CFA Exam?
• Tips For Creating an Effective CFA Study Plan
• CFA Level I Exam Quiz
• Pros and Cons of CFA Study Methods
• Start Creating Your CFA Study Plan

CFA Study Plan Schedules

When preparing a CFA study plan schedule, it’s important to account for your background and familiarity with the CFA curriculum.  Candidates with a financial degree and professional work experience may need less than 100 hours to study for a CFA exam.  However, candidates who don’t have a background in the CFA curriculum will likely need to study over 300 hours for a CFA exam. 

No matter what background a CFA exam candidate has, we recommend that candidates spend 6 to 9 months preparing for a CFA exam and create a study plan that spreads those hours out over the months to avoid cramming in too much within the last few. 

Before you choose your CFA exam date, download this free Before You Decide to Sit for the CFA Exam eBook.

How To Know When You’re Ready To Take The CFA Exam

A good measure by which to judge if a candidate is ready to take the CFA exam is by paying attention to mock practice exam results. If candidates are able to consistently score above 75% on each curriculum topic when taking a CFA mock practice exam, then we would suggest that they are ready for the exam regardless of the hours they have spent preparing.

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What Is The Best Order To Study For The CFA Exam?

The best order to study for the CFA exam depends on a number of factors including:

• The CFA level you’re preparing for
• You’re educational and professional background
• The amount of time you have available to study

Our recommendation for an average Level I CFA candidate is to begin preparing for the concepts covered in the Quantitative Methods topic if you don’t have a quantitative background because these concepts are present in multiple topic areas.

Consider preparing for the Fixed Income and Equity Investments topics before studying for Corporate Issuers because through that process you will familiarize yourself with the components of Weighted Average Cost of Capital (WACC), which is very important for Corporate Issuers.

Finally, in your study plan, end your CFA prep with the Ethical and Professional Standards topic.

Best CFALevel I Study Order >>

Tips For Creating an Effective CFA Study Plan

1. Stick to your CFA study schedule and don’t fall behind.

Once you create your study schedule, be disciplined and stick to it! To provide the motivation to stay on task, take a CFA Program review course and prepare for it like a university course; read the relevant material ahead of time, get at least a big picture of the topics to be covered, and write down any questions you want to ask. 

Another great way to stick to your study plan is to form a study group that meets on a regular basis. Studying with others who are facing the same challenge you face provides motivation and support. In addition, being able to ask questions or explain a concept to someone else helps develop your own mastery of the topics. Build the class times and study group meeting times into your schedule, and, once again, stick to it!

2. Prepare, Practice, Perform.

A very useful organizing structure for your plan is based on the three key stages of learning: Prepare, Practice, Perform. The path to success is to focus on the Learning Outcome Statements (LOS) provided by CFA Institute. 

These are performance-based objectives that provide detail on exactly what you are expected to be able to DO on exam day. For example, one LOS might be “Calculate and interpret Net Present Value (NPV).” The command words “calculate” and “interpret” are what you should be able to do correctly.

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

CFA Study Plan: The Prepare Stage

CFA Study Plan: The Practice Stage

The second stage is Practice. This is when you actually apply the knowledge from the prepare stage by working on practice problems. If you are supposed to calculate NPV, the best way to learn how to do that is by doing 10 practice problems that ask you to do just that. Our experience is that most candidates spend too much time preparing and not enough time practicing.

CFA Study Plan: The Perform Stage

3. Review regularly.

The material you learn when you begin will not stay with you until exam day if you don’t go back and revisit it once in a while. Plan to spend a few hours each week going back and reviewing material you think you’ve already mastered. Do some CFA practice questions and, if you make any mistakes, dig into those concepts again until you know them.

Review CFA Concepts with Free Flashcards

4. Cover all of the material.

Don’t play the prediction game by guessing at which Learning Outcome Statements from the CFA Institute won’t be tested and then ignoring that material. Every LOS is fair game for the exam, and you have to be ready for anything to be tested.

5. Study Ethics and Professional Standards last.

We recommend studying Ethics and Professional Standards after you are comfortable with other CFA topics because preparing for these questions mainly relies on using the ROTE learning method, which is the process of memorizing information based on repetition.

6. Reserve the last month for CFA Mock Exams.

During the last month or so before the exam, begin to take practice and CFA mock exams in realistic settings. Take the exam on your own with no notes, and be sure to block off at least 3 hours to simulate one session. The key is to use the exams to identify how prepared you are by assessing your areas of weakness and addressing them. If you get a question wrong, note whether the issue was the application of your knowledge to the question, or a fundamental lack of understanding of the concept. Keep track of your scores and look for an upward trend…by exam day, you should be scoring above 70% consistently.

7. And finally, reward yourself.

Make a plan to do something fun and relaxing on the day after the exam…golf, hiking, time with family, video games, or simply sleeping. You’ve earned it!

CFA Level I Exam Quiz

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.

Start Creating Your CFA Study Plan

As you get ready for your CFA exam, consider making Kaplan Schweser’s CFA study materials—complete with classes, study tools, and mock exams—the centerpiece of your mission to earn a passing grade.

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