It’s always around this time that I see an increase in questions from candidates. Six weeks to the exam and everyone is second-guessing their readiness to face that 6-hour marathon. I decided to use this post to review five of the most frequent questions I get and some previous posts to address them. Click through the text to be redirected to specific posts on the topics.
If you’ve been a regular follower of the blog, you might have seen some of the posts before but it might help to refresh on the ideas or suggestions. I’m always open to hearing your recommendations and thoughts so use the comment section below if you think I missed anything.
Five most common questions by candidates
Basic strategies for each of the exams is always a popular subject. The format for each exam varies a little and you need to go into the test knowing what to expect. Besides insight on the format, our basic strategies cover the relative point importance on the topic areas and strategies for studying.
Click on the links below for basic strategy on each exam. The posts were written ahead of the 2012 exam but the formats and strategy have not changed. There are a few changes to the actual curriculum but that won’t change how you approach the tests.
Level I CFA Program Basic Strategy
Level II CFA Program Basic Strategy
Level III CFA Program Basic Strategy
The intense quantity and complexity of formulas is always a sticking point for candidates, especially on the second exam. While the formulas on each exam vary, the way you study for them is consistent. One of the most popular posts on the blog explains the difference between active and passive learning. It may not be as easy as sitting back and reading through the material but actively working through problems and flashcards is the best way to learn the material.
Speaking of flashcards, a recent post on how (and why) to make your own flashcards offers good insight on remembering the formulas. Flashcards were a core resource when I was studying for the exams. They can be carried anywhere and you can use them when you’ve just got a couple of minutes free. Absolutely essential for learning the tough formulas and processes.
No matter what you are doing in life, there never seems to be enough time. Studying for the CFA exams is no different and time management is one of the top questions by candidates. Whether you are a full-time student or have a family and a 9-to-5 job, you’ll need to find ways to effectively use limited time.
Part of this comes from effective time management and moving your schedule around to find blocks of study time but another important idea is using your time responsibly and prioritizing.
The most exam specific question I get is how to approach the level 3 essay section. I loved the morning section when I took the third exam because it is the only group of questions where the Institute actually gives you the questions and answers to previous exams. The morning essays can be extremely easy points if you work through prior exams, or they can be a frustrating mess of lost confidence if you don’t.
We have worked through 14 prior essay questions going all the way back to the 2009 exam. The individual and institutional portfolio questions usually have similar formats across years so be sure to study those and how to approach them. The post linked here is our review of last year’s individual portfolio management question. Click on “Level III” at the top of the blog and scroll through to review the posts on the other essay questions.
Getting a job after earning the designation or even while you are studying is always a top concern for candidates. While I explain in one post that the designation will NOT get you a job by itself, it is an important step in your career as a professional. Instead of relying on the charter to get you a job, follow the advice in another post on how to stand out from the other applicants and get the job you really want.
Have a question about the exams? Send me an email or use the comment section below.
‘til next time, happy studyin’
Joseph Hogue, CFA