So, you have finally registered for the Chartered Financial Analyst (CFA) as a candidate, Welcome!
In the beginning, facing the first challenge of your CFA journey can be overwhelming and exciting. A CFA exam is not only a test of aspirant’s intellect but also their creativity, patience, and will power.
Like any other standardized exam, the CFA exam is designed to test the candidate’s commitment to becoming a CFA charter holder. Candidate must understand that the commitment to the program is long and extreme which requires a lot of patience and hard work. All three exams within the CFA program are designed as a self-study curriculum, but it is completely your choice to do it by yourself or enroll in the best CFA coaching in India or study course. Before getting into the tips, one should encounter some challenges that come in the way to success, so these are some of the challenges CFA candidates face in the preparation process:-
- Lack of recall and retention.
- Skipping readings and topics can be a huge risk because in level 1 topic weight-ages are fixed but in level 2 topic weight-ages are variable.
- Practicing the test papers to develop speed and momentum.
- Some levels of CFA exam is conducted only once in a year, unlike other levels. So, you have to give the best in that attempt, or you have to wait for another whole year to attempt again.
There are many more challenges that CFA candidates face but these are the most common.
The key to success is to strategize properly, prepare mentally, and commit completely. Now we will discuss the top tips that will surely help you to stay on the right path and clear your exam –
1. Start early and most Important start right: Start preparing 6-7 months prior to the exam date, so you have plenty of time to study properly and follow the plan. Target 300 hours of study, minimum; that is 11.5 hours of study per week over 6 months. Even if you are working it’s still manageable. Having a study plan is having a huge advantage in your favor. Consider, enrolling for CFA online training for many other benefits.
2. Talk about your CFA plan with everyone who is important: As stated earlier, there is a strong commitment required to clear the exam. The preparation journey demands an abundant amount of time and energy, keeping your job and other work aside. And it is pretty obvious that you will get stressed as exam approaches, and then you’ll not be at your best behavior all the time with your surroundings. Communicate about all these challenges and your CFA online training timings beforehand with your loved ones, so when the time arrives they will be your strength.
3. Practice testing: Recall and retention is the one most common issue, candidates face. So, take practice tests to improve your ability to recall and retention, especially when practice tests are taken frequently with CFA online training. Practice makes you perfect.
4. Asking why: The most important question one can ask is ‘why’. Use this as a technique in your favor; while studying, asking why a particular fact is true, and developing the reasons behind it is very effective. This technique is tested and proven to work effectively.
5. Summarizing: Making a summary of study material is always helpful and works best in the last days of preparation. Try to summarize all the study material it will help in quick revisions too.
6. Take a study course: Consider enrolling in the best CFA coaching classes in Bangalore and don’t rely completely on self-study. Self-study is the most difficult approach. For preparation, there are many study courses available, from weekend courses to short term courses. The sure shot advantage of joining the best CFA coaching in India is, it develops discipline and creates a sense of focus towards the exam.
7. Befriend your calculator: in this CFA exam journey, the calculator is your friend. Get through the calculator’s guide on how to use a particular type of calculator.
These are some of the key points based on research, but here are a few more –
Study in short sessions, complete more practice papers, add and eliminate topic, accordingly, ask why frequently to get into the reasons, link the premium, and new topics to make a flow in your study material. These methods are tested and proven to work best for most candidates.
But here is the fact, one size doesn’t fit all hence, customize your leaning plan! With your commitment and the right approach will lead you to become a Chartered Financial Analyst.
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