10 months ago
CFA Exam is definitely one the most challenging exams in finance. The pass rate of this test is only 40%, which means than more than half of the students who take CFA fail to pass it. The failure rate is so huge (60%) basically because of the severity of this test.
It is a six-hour exam which consists of 240 questions. Just imagine how stressful it is to stay focused for six hours and to be concentrated on 240 extremely difficult questions!
This year CFA Exams (Levels I, II, and III) are scheduled on Saturday June 23. However, Level I exam is also being held in December. All the levels of CFA exams are offered in English only. CFA exam is available in over 170 US cities.
You will receive your test results within 60 days after the exam (Level I and II). Though, Level III test results are revealed within 90 days after the exam. Find out more about terms and conditions at CFA official website. So, how to prepare for this extremely brutal exam?
The Typical Student team has put together a list of tips and tricks which might help you successfully pass this exam.
1. TAKE PRACTICE TESTS
While some students preparing for a test try to re-study as much material as it is possible, others save their time and focus on a test itself. Indeed, taking practice tests helps students understand the nature and structure of the exam. Consequently knowing the structure of the test and its approximate questions gives you a huge advantage. So, you can challenge yourself and pass a free test at CFAInstitute web portal.
2. SCHEDULE PRACTICE SESSIONS FURTHER APART
After passing a practice test you need some time to think about the exam’s peculiarities, to identify your strengths and weaknesses, and to re-study the material which you failed.
You will need at least a couple of weeks to revise everything and eventually this will definitely influence your results.
3. CONCENTRATE ON HIGHER SCORES
Different parts of the test have different scores, thereby it is better to focus on re-studying more carefully the material from the sections that have higher scores.
Of course, you have to go over all the material, yet still have a look at the tables below and pay attention to the sections that give you more points.
4. USE RE-READING AND SUMMARIZING TECHNIQUES
Re-reading the material at least 2 or 3 times is really useful, because your brain cannot memorize all the material at once.
Besides, try to summarize the material you just have read and tell it to somebody or to yourself. That will help you to memorize the information better.
5. KEEP CALM
It is extremely hard to stay cool when you have to pass a savage exam with 60% failure rate.
However, it is important to calm down, since you cannot concentrate on the test while you are nervous. Do not panic and you will successfully pass the test.
6. BELIEVE IN YOURSELF
After studying and using all these previous tips and tricks you have to become self-assured and not afraid of CFA.
So, the last trick is believing in yourself, your knowledge, and your ability to pass this exam.
Self-motivation is not quite a preparing-for-the-exam trick, but it is definitely an exam-passing trick.
Believe in yourself and good luck passing CFA Exam!
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