To pass your CFA exam, you need to know your math 'cos 9 in 10 topics has formulas and requires that you do some calculation. To handle math problems, you need to get lots of practice. And to pass your CFA exam, you need to plan out your preparation.
We’ve been helping people to prepare for the CFA exam for many years now. While doing so, we found out there are 3 main reasons why candidates fail their exams. Before you get down to your CFA exam books, consider if you also struggle in these areas:
Problems With Math
First of all, though it may sound rather surprising, some people struggle with math.
It’s true not only of those who graduated from the university some time ago but also of students who currently attend their classes. This group constitutes even up to 30% of all exam candidates.
Math used in the exam is not complicated. It’s sufficient to know how to transform formulas and do fractions. Of course, those who can calculate and analyze things in their mind are better off when it comes to the real exam.
If you master your math, you'll be able to do even more than 50% of all calculations in your head, which will very often prove to be much quicker than if you used your calculator.
Not Enough Practice
Here’s the second reason for failure in the CFA exam. Most of the candidates practice too little.
They study their CFA Program Curriculum but they fail to test themselves on what they’ve actually learned. What you need to do is to solve countless exam-type questions all way through your exam prep. Over and over again. To see where you’re standing.
It’s best if you develop the right habit from the very beginning. It would be perfect if you tested yourself on a daily basis, after each reading and each topic. If you do tests regularly, you’ll see your progress and you’ll know which areas still need some improvement and which are fine.
Moreover, by doing different exam-type tests, you get accustomed to the form of the CFA exam, which should definitely make you feel more comfortable when the exam day comes.
If what you know about the exam is that it’s a test consisting of multiple choice questions, you will not feel much comfortable for sure.
To get the fact resonate better:
Imagine that you are to play a basketball match and all you know about basketball is that you need to throw a ball into a basket to score a point. Never in your life, however, have you tried to score one. You must agree that to win the match you’re gonna need a lot of luck...
No Proper Exam Planning
Here’s the third reason of many CFA exam fiascos. No due planning despite the voluminous study content required in the exam.
To cope with 10 level 1 CFA exam topics covered on over 3000 pages, you need to work systematically. This – as we know well – can often be a great challenge!
The first step to overcome this challenge is to have a good study plan which you can easily follow. It would be best if you had not only deadlines for topics but also weekly schedules to hold yourself accountable.
To put you in charge of your CFA exam prep, we launched a new and advanced CFA Exam Study Planner available to candidates of all levels.
You will find there the whole CFA Program Curriculum divided not only into topics but also into readings. Your topic readings are assigned to consecutive weeks and you get all sorts of means to control your weekly study progress such as:
- ability to mark your readings as done or partially done,
- benchmark study times for your study weeks and readings, which get reduced as you change your readings' status,
- easy drag&drop edition of your study week in case you want to add or take away some readings and move them to the next week.
That’s not all!
If you plan your CFA exam prep using our app:
you’ll surely find enough time to practice thanks to regular review sessions – and if you practice enough:
you’ll be able to improve your mathematical skills!
Here’s a sample CFA exam study schedule as displayed in our new Study Planner 4.0:
You will find your Study Plan in the PLAN tab View all the weeks of your CFA exam prep, see how much you’ve done and how much is still ahead of you, as well as customize your plan using both your Study Plan personalization options and the DRAG & DROP feature.
CFA Exam Study Planner: STUDY View You will be asked to focus on your current week of studying. You will know what to study (left-hand menu) and how much to study (benchmark study times). At the end of the week, your hard work will be evaluated (hit the SUM UP button). Note that study lessons with study materials are available for level 1 and level 2 candidates!
Analyze Your Weaknesses
While it’s all clear now how to best plan your CFA exam prep, one more piece of advice is due. As you go down the road, you need to get to know your weak points. Surely, you know some of your weak points already but mind that some may appear as your prep evolves. For example, you may be well aware of your unorganized nature or rather poor math skills. After reading this post – you can see you need to deal with it to succeed.
But as time passes, you may also discover your other weaknesses. For example, you may find out that you tend to put off studying too often. Regular procrastination can ruin your plans altogether. Not to let that happen, you’ll need to react and find the motivation to follow your study plan without delay.
So, stay observant. Best if you analyze every week of your CFA exam prep, then draw conclusions and seek solutions whenever you and your study schedule are in danger. Good luck!
Updated: Feb 25, 2021