This is it! January is upon us and I can hear the pencils sharpening in preparation for the 2014 CFA exams. Ok, probably not pencils but I hear the laptops whirring to life and we’ve just five short months left to test day.
We won’t be posting a weekly review of the study sessions like we did last year but most are still relevant for this year’s exam. The study session reviews covered each topic over 18 weeks starting in January and starting with the ethics material.
Make sure you check our post on changes to the Learning Outcome Statements (LOS) for each exam so you can focus on the material that could appear on this year’s exams. We posted the changes to the CFA Level I and Level III exam in August and the changes to the CFA Level II exam in September.
22 Weeks of Good Fun Studying
You might be tempted to give yourself another couple of weeks vacation and start studying with a nice round number like twenty weeks, but you’ll need every hour if you are going to pass one of the hardest professional exams out there. Spending about 300 hours over 22 weeks means you’ll still have to dedicate between 13 and 14 hours a week.
I get a lot of questions each year about how to study the curriculum to prepare for the exams. My best answer is…yes, study! It’s not quite the answer expected but the simplest answer could also be the best. We’ve gone through different methods of studying here on the blog, looked at the difference between active and passive studying and talked about the topic weights on the exams. The most overlooked tip though is that candidates need to worry less about how to study and get to studying. Studying the curriculum does not mean putting a plan together that gets you through the material once before exam day, you need to be prepared and that means committing the material to long-term memory.
Committing the material to long-term memory means reviewing it multiple times and in multiple forms. Since we still want to finish early enough to review the more important topics and focus on mock exams, you’ll need to start as soon as possible. The plan below isn’t complicated but it is intense. It’ll be tough but you’ll review the material enough times that it will be seared into your brain well after the test has come and gone.
The plan begins each week with reading the curriculum for the next study session (1-18) and completing all the blue-box and end-of-chapter questions.
The following week, you read the curriculum for a new study session and review the previous study session through the use of condensed study notes. Beyond reviewing the study guide for the previous session, you need to do some testbank practice problems to reinforce the material.
In the third week, review the individual LOS for the study session and write up flash cards for the concepts that you still haven’t mastered. After 20 weeks, you will have reviewed each study session three weeks each and done several rounds of practice problems. Reading the curriculum for a new study session each week will take the majority of your time but try to fit in the reviews and problems as well.
Starting in week 18, try to complete two full-size practice exams each week. Whether formal mock exams or just a 120 questions from test banks, try to do these in the approximate percentages for each topic area. This should give you a good idea of the topic areas in which you need more work.
By week 21, you are going to be tired of anything CFA-related and will deserve a break. You won’t have the luxury of completely relaxing but just review your flash cards for an hour each day.
Your final week is an intensive review. Take the week off from work if you can and treat studying like it was your full-time occupation. Eight hours a day should give you enough time to review two study sessions a day and work a full-length exam.
By now, the practice exams are only partially to clue you in on your weak points but also help to get you into the mental preparedness of handling a six-hour exam. Complete them as you would the actual exam, in two 3-hour segments and in a relatively quite setting.
Go over the curriculum that many times and I have no doubt you will go into the exam fully confident in your mastery of the material. Make sure you follow our last minute checklist for preparing for the exam, available by clicking here.
And good luck on the exam, it’ll be here before you know it.
‘til next time, happy studyin’
Joseph Hogue, CFA