Two 10 week CFA study plans for candidates that haven’t started and for those with a head start
We’ve got 10 weeks left to the 2016 June CFA exams and this point always seems to be a milestone for candidates. Maybe it’s just that ten is such an easy, round number that cause people to reevaluate their CFA study plans or motivate others to finally get started.
I get emails from both types of candidates. Those that started months ago want to make sure they’re on the right track. They start thinking about what they can do to change up their study plan to avoid burnout and squeeze out those last points they need to pass the exams. The candidates that haven’t managed to get started yet finally get nervous enough to crack open the books but are worried they don’t have enough time to study.
I thought I would use this week’s blog post to share some ideas for 10 week CFA study plans, one for those that have been studying and one for those just getting started. You don’t necessarily need to change up your plans if you already have a good routine but take a look at some of the ideas below.
10 Week CFA Study Plan for Candidates with a Head Start
If you’re already well into your CFA studying then revising your plan now is all about constantly testing where you’re at and changing your study plan to fill in the gaps.
We reviewed the Finquiz CFA question bank a few weeks ago and how to use it to test your progress across study sessions. You should be doing practice problems when you finish every reading and then doing more a day or two afterwards to refresh what you learned. Consider taking a half test or at least 90 questions every weekend to test your retention across all 18 study sessions. This is going to help you see where you need more studying.
If you haven’t read through all the readings yet, finish the remaining material up first. After that, go back and spend some more time on the core topic areas (those with the most points on the exam like FSA) and those readings where you are not scoring as well on practice tests.
You don’t need to read the CFA curriculum as thoroughly as you did on your first pass. Scan the official readings for the key points while using study guide notes to reinforce the Learning Outcome Statements. For your review, try to get through at least two study sessions a week.
10 Week CFA Study Plan for Candidates Just Starting
If you haven’t started studying for the CFA exam yet, or only have a couple of weeks of studying done, you’ve got a lot of work ahead of you. That 300 hours studying that the average candidate spends ahead of the CFA exam is now like a full-time job spread over 10 weeks.
There is still a chance though if you devote yourself fully to the task. If you can make studying for the CFA your job, studying eight hours a day throughout the week, you can get the necessary studying in with no problem. If you have to do your studying after work or on the weekends, it is going to be more difficult but still doable.
The difference with this 10 week CFA study plan compared to the one above is that you don’t have as much time to read through the official curriculum. The CFA curriculum is the best resource for studying but it’s just way too long when you’re pressed for time.
If you are to save the last week for an intensive review, you’ll need to work through two study sessions each week just to finish all of them. Instead of reading through the curriculum then study notes, try reading through the study notes first. This will give you a good idea of the important points and will make the curriculum reading faster and you’ll pick out those key points more easily.
Split your week into two 3-day study sessions, each one to cover one of the 18 study sessions in the curriculum. Read through the study notes and the curriculum over the first two days then spend the third day doing practice problems and reviewing the study notes one more time. Three days isn’t much to cover each study session but you’ll get through the entire curriculum in nine weeks.
One of the most important ideas for this accelerated CFA study plan is to use your time efficiently. You absolutely must study in a place where there will be no distractions. Turn off your cell phone and disable the internet browsing on your computer. You need to study straight through and cannot afford to spend your time doing anything else. If you can reserve a private study room at the library, that’s usually your best option but any quiet and uninterrupted space will work.
Whichever study plan you follow, you’ll still want to take the last week off from work for studying if possible. I always loved my last week before the CFA exams, studying upwards of ten hours to get those last points before the exam. It’s a challenging week but well worth it when you go to the exam confident that you’ll pass.
‘til next time, happy studyin’
Joseph Hogue, CFA