Passing the CFA exam on your first try might seem daunting, but it’s entirely possible with the right approach.
This guide will give you 5 straightforward strategies to help you prepare effectively and boost your chances of success.
Let’s get started!
Can the CFA Exam be Cleared in One Go?
Absolutely, thousands have done it, if not lakhs.
The CFA Institute reports that pass rates for each level typically range between 40% to 50% (CFA Institute, 2023).
The CFA exams are undeniably challenging, but they’re not impossible to pass on the first attempt.
Balancing your study time with adequate rest is crucial to making the most of both worlds.
The key to conquering the CFA exams lies in your ability to manage your time effectively.
It’s not just about how many hours you study, but how well you balance your study schedule with rest.
Think of it as a marathon, not a sprint.
You wouldn’t run a marathon without hydrating, so don’t dive into CFA preparations without taking care of yourself.
Remember, the journey to becoming a CFA charter holder is a test of endurance as much as intellect.
Keep your eye on the prize, stay consistent, and don’t forget to give yourself a break now and then. After all, even superheroes need their downtime!
5 Surefire Strategies to Clear the CFA Exam in One Attempt
Here are 5 strategies that have worked 97% of the time and have helped thousands succeed, let’s learn:
1. The Importance of Practice Questions
You will find this written all over the internet and also, all your teachers will say the same – “Practice exams are the key.”
And well, it’s TRUE.
Don’t expect to pass the exams even if you have studied the whole CFA curriculum from the CFA Institute books, and have not worked on enough practice questions.
The structure of questions, the overall CFA exam, and the way they are graded are all such that you have to have hands-on experience solving CFA-type questions.
Here are some key sources for practice problems:
- In between chapters: Even those case study-type examples from CFA material.
- End of chapters: Essential for reinforcing the concepts.
- Mock exams: Provided by the CFA Institute, your CFA training institute, and other online resources.
→ Aim to solve at least five full exams.
Each exam is equivalent to a full-day CFA exam, including both the morning and afternoon sessions.
Sit for three hours at a stretch, with a timer, to simulate real exam conditions.
2. By Covering all LOS
To pass the CFA exam on your first attempt, it’s crucial to cover all the Learning Outcome Statements (LOS) provided by the CFA Institute.
Yes, every single one is important.
Some may require more study time, while others might be quicker and easier to master.
Regardless of their weight, all LOS are essential.
Here’s how to make the most of the LOS:
- Follow the instructions in each LOS precisely.
For instance, if an LOS says you should “calculate” something, make sure you can perform the calculations, not just understand the concept.
- Conversely, if a LOS says to “define” something, focus on understanding the concept thoroughly.
Don’t waste time on unnecessary calculations if it’s not required.
The questions on the CFA exam are designed according to these LOS instructions.
After completing a reading or a subject, revisit the LOS to check if you can do what it says.
- Can you calculate what needs to be calculated?
- Can you define what needs to be defined?
In short, treating each LOS with the importance it deserves and following its directives will significantly boost your chances of passing the CFA exam in one go.
3. By Getting Accustomed to Using the Calculator
You don’t want to press the wrong button on your calculator and get an answer wrong during the CFA exam.
Knowing how to use your financial calculator properly is crucial for your exam preparation.
Here are some important points for you to keep in mind:
- Know your calculator: Make sure you know which key does what. Familiarize yourself with all the functions and buttons.
- Practice regularly: Spend time practicing with your calculator. This will help you learn how to enter the correct inputs quickly and accurately.
- Speed and accuracy: CFA exams, especially Level 1, are time-sensitive. You need to punch the keys quickly without making mistakes.
Using your calculator efficiently can make a big difference.
According to the CFA Institute, candidates often struggle with time management during the exam.
→ Being proficient with your calculator can save you valuable time and reduce most of your stress.
In short, mastering your financial calculator is a small step that can have a big impact on your CFA exam performance.
So, practice, practice, practice!
4. By Studying from the Institute Books
A survey by Kaplan Schweser found that 88% of candidates who passed used CFA Institute materials as part of their study plan (Kaplan Schweser, 2022).
Studying from the CFA Institute books is one of the best strategies you can use to prepare for the exam.
However, the material is extensive, and you’ll need to dedicate a lot of time to it.
Here are 3 tips to help you:
- Time commitment: Plan to spend at least six months studying from the CFA Institute books. More time is even better, as you’ll need plenty of it for revision and practice questions.
- Review first: Before diving in, go through all the Learning Outcome Statements (LOS), readings, and other materials to understand what and how much you need to study. This will help you create a structured study plan.
- Materials: The CFA Institute provides six volumes of books, available in both ebook and hard copy formats.
For those looking for more concise study materials, many candidates use Schweser books.
These books cover the same concepts but with less content, saving time.
You can also prepare with CFI Education. In our CFA exam preparation course, we provide notes and study materials that imply complex concepts to help you accelerate your preparation process.
Regardless of which materials you choose, make sure you thoroughly understand the concepts.
→ The CFA exam tests not just your knowledge but your ability to apply that knowledge.
While studying from the CFA Institute books is a significant undertaking, using additional resources can be a game changer.
With dedication and the right strategy, you can conquer the CFA exams in one go.
5. By Starting Early and Planning Well
Studies show that consistent, spaced-out study sessions are more effective than last-minute cramming.
Starting your CFA exam preparation early can make all the difference.
From the very beginning, don’t assume you have plenty of time. The CFA curriculum is extensive, and you’ll need ample time to cover it all, thus effective planning is crucial.
Here are 6 tips for you to approach your study plan:
- The earlier you start, the more time you’ll have to understand complex concepts and review them thoroughly.
- Break down your study plan by days and hours dedicated to each subject. Make sure you allocate enough time to grasp the key concepts for each topic. Prioritize subjects based on their weight and importance, but avoid spending too much time on areas with minimal weight.
- Don’t jump from one subject to another too quickly. Focus on mastering one subject before moving on to the next. Consistency helps in retaining information better.
- Start your study sessions early each day. Avoid the temptation to procrastinate or cram at the last minute. Instead, build a routine that allows you to review regularly and stay on track.
- Set aside time each week to review what you’ve learned. This helps reinforce your understanding and identifies areas where you might need more focus.
Experiment with different study techniques to find what works best for you.
By starting early and following you’ll be in a stronger position to pass the CFA exam on your first attempt.
So, take it one step at a time, and don’t rush—successful preparation is all about steady progress and smart planning.
Conclusion
Passing the CFA exam on your first attempt is definitely achievable with the right approach.
It’s not just about putting in the hours but also about working smart.
Boost your chances, by:
- Consistent practice
- Disciplined study routine
- Understanding exam conditions
It’s important to understand that passing the CFA exam in one go is not impossible—it requires:
- Self-determination
- Perseverance
- Self-belief.
But does this mean you need to spend exactly 300 hours studying to pass?
Absolutely not!
The key is to find what study methods work best for you. For tips on how much time you might need, check out our blog where we delve into effective study strategies.
Remember, the goal isn’t just to pass the exam but to truly understand the content.
The CFA charter is a step towards building a successful career.
If your fundamentals aren’t solid, even holding a CFA charter won’t be of much help.
Make sure you grasp the concepts well so you can analyze and make informed decisions in the real world.
Good luck—you’ve got this!
