There are just 13 weeks left to the CFA exam and candidates everywhere are getting frantic. Sometimes no matter how early you start or how well you plan out your studies, there just doesn’t seem to be enough time. How many times have you gotten to the end of the week and realized there was no way you were going to get through as much material as you hoped?
Now, another question, how many times have you checked the news, email or stock quotes while you were studying?
While the title of this post claims five reasons why you don’t seem to have enough study time, it really comes down to one – distractions. If you study like I did when I was a candidate, probably spend about half the time devoted to studying as you think you do. The rest of your ‘study schedule’ is filled with digressions and meaningless tasks as a way to procrastinate.
With that in mind, on to the four biggest problems to your study schedule and how you can solve them.
- Disable your internet connection and unplug the television
This was the biggest distraction for me. Most of my studying was through study notes and question banks, available on my computer. It was just too easy to click over to news, blog sites, email or a hundred other things whenever the inclination hit. You start off justifying this as, “Oh, I have studied for an hour and I need a short break,” but you end up spending way more time surfing the net than originally intended. Worse yet, you end up taking these ‘study breaks’ more frequently.
The television is just as bad. Do you study with the TV on? I did occasionally and rarely met my study goals when I did. The material in the CFA curriculum can be extremely complex and detailed. Do you really think you can master the curriculum and still follow what is happening on that episode of 24? Your eyes are drawn to movement, it is just how we are wired and any kind of peripheral movement is going to distract you.
- Turn off your cell phone
Unless you are on-call for your job or expecting to hear from the lottery commission that you won $10 million dollars, you really need to turn off the cell phone. With text messages, internet and phone calls (yes, phones are still actually used for talking as well) these things easily take the number two spot for biggest distraction. You can tell yourself that you won’t answer your texts and set it on silent all you want but the temptation is still going to be there. You’ll peak once and then will be drawn into 30 minutes of ridiculous emoticons and chatting.
- Do something nice for the family, and yourself
My respect goes out to all the candidates with kids. It’s tough and you’re probably just going to have to resolve not to sleep for the next three years. If you are studying at home, then you are not really studying. You are trying to study between tying shoe-laces, cooking lunch, kissing boo-boos and resolving fights over who is kicking whom.
Once a week, offer a fun day at the water park/mall/museum/fill-in-the-blank. It may cost a little more but your time is money and you are just wasting time if you think you can study while there are three other people demanding your attention. Juggling family and studying for the CFA is one of the most difficult problems for many. Put it in perspective, it is only 4-5 months a year for three years.
- Start a diet
This was another tough one for me. Not being on a diet but the constant temptation to break from studying to go get a snack. It doesn’t matter that you are not hungry and like other distractions, that small snack becomes a 30-minute or more digression and you don’t know where the time went.
The easiest answer to distractions is to go somewhere private to study. Most libraries usually have private study rooms though it may be difficult to reserve one for more than a couple of hours. Besides having to spend the travel time to get to the library, or another private location, is that it just isn’t always possible to go somewhere else to study.
When you can’t get out of the house to study, remember the major sources of distractions and do everything you can to avoid them.
‘til next time, happy studyin’
Joseph Hogue, CFA