Earning a CFA is a matter of pride that reflects the hard work and dedication of the candidate. CFA is regarded as one of the toughest exams in the world and aspirants need to be completely committed to the preparation to make it through.
CFA makes for one of the most prospective career options for students with a finance background. Candidates who have a keen interest in finance and related field can opt for a CFA degree to experience career highs. CFA opens the doors to opportunities and prepares the aspirants to land any finance-based job. However, needless to say, the CFA level 1 prep course is what that one needs to concentrate on for enjoying the rise in the career graph.
Tips on CFA preparation:
The thumb rule for CFA preparation is that it generally requires an investment of around 300 hours of study. As it is widely known that succeeding in the CFA exam is not a cup of tea and requires hours of preparation. So what lies important is to prepare well and in a systematic way. The CFA level 1 prep course is concentrated on the introductory level of 10 different financial topics, which are further dealt with in detail in levels 2 and 3.
When preparing for CFA, one should know that completing the extensive course and going through the study material requires building a plan by allocating enough time to all the topics. Moreover, one can also divide the study time based on the weightage of the topics mentioned in the course. The 300-hour plan, however, is something that is common for everyone and no one can do without investing that many hours and cramming at the last minute.
Well, with that being said, the question might arise what can be the best strategy to complete the preparation and succeed in the CFA exam? Most importantly, these 6 months of preparation would require complete dedication. And throughout the way, one must need to make many sacrifices such as missing out on social commitments or some memorable trips. Since CFA is not easy so planning for it seriously and strategically can help overcome the toughest exams to enjoy the perks of a successful financial career.
Considering the preparation and the completion of the study material, what lies important is to base the overall study plan on three principles that could help in strategizing better:
As already mentioned, studying and studying hard is the key to preparing for CFA. If you are planning to appear for the CFA exams then books and other study materials are gonna be your best friends for the next few months. The more comfortable one gets with life between books the better. However, one important thing to remember is that once preparing for the exams, take care of consistency. Keeping the study pace helps in completing the CFA level 1 prep course on time and provides time for revision and practice. Try to plan out a study schedule based on the weightage topics and keep track of the overall progress of the syllabus.
Try incorporating periodic reviews of already completed topics for revision and to ensure that the completed topics are not forgotten. The revision can be done based on the concept of spaced repetition, where topics are revised after a certain point of time to help in recalling later. As for any examination both studying and revision are equally important, the same goes for CFA exam preparation. Reviewing the completed topics now and then can help to keep the preparation sound and productive. Since the CFA course is extensive, so it becomes all the more important to indulge in periodic reviews and not leave everything to revise at the end as they can be an inconvenient option.
Once the study materials are completed and the revision completed successfully, then comes the time to test oneself on practical grounds. And this could be done by practicing papers and trying to solve the questionnaire. The practice phase is the most effective part of the preparation process as this helps in measuring the overall preparation. Practicing papers can give an overview of the type of questions that can appear in the exams and prepare for different models of questions.
Things to remember while preparing for CFA
These three principles should be the mantra of any candidate appearing for the CFA exams as only then can one complete the course in time and be ready to appear for the exams. Appearing for the CFA means breaking the whole process into planning, progress, and performance. While planning, the key is to never fall behind. When progressing, always focus, and perform with predictions.
The preparation period for CFA is vital and one should always have enough time in hand to commit to the CFA course. If you have already started preparation then congrats you have started right and now all it needs is focus and dedication to complete the extensive course. If you are part of the CFA level 1 prep course, then know you have made the right decision, keep believing in yourself, and set your strategy to achieve the benchmark.