Top Tips for First-Time CFA Exam Takers

If you're preparing for the CFA exam for the first time, you’re likely feeling a mix of excitement and anxiety. The CFA is known for its difficulty, but with the right approach, you can significantly boost your chances of passing. At Salt Solutions, we’ve guided countless candidates through the challenges of this exam. Below are some insider tips that can help first-time takers navigate the CFA with confidence.

Master the Entire CFA Curriculum

One of the biggest mistakes first-time CFA candidates make is focusing only on key concepts or sections they feel comfortable with. While some areas like Ethics or Financial Reporting are weighted heavily, the CFA exam covers a broad range of topics. Ignoring certain areas could leave you vulnerable on exam day.

Start by understanding the CFA curriculum's Learning Outcome Statements (LOS). Each LOS breaks down exactly what you need to know, and it’s essential to cover every one of them thoroughly. Ensure you allocate enough time for weaker subjects, but also keep reviewing your stronger areas to maintain a balanced understanding.

Your first attempt at the CFA exam can feel overwhelming, but with a strategic approach, it's entirely possible to succeed.

Build a Personalized Study Schedule

You’ve likely heard that the CFA exam requires at least 300 hours of study time. While this is a solid benchmark, success depends on how you allocate those hours. A personalized study schedule is your greatest ally.

Begin by assessing how much time you can realistically devote to studying each week. Break the curriculum into manageable chunks, assigning topics to specific weeks. Starting early gives you the flexibility to adjust for any areas that require additional focus. Make sure to schedule periodic reviews, so you're not cramming in the final weeks.

Tracking your progress weekly and adjusting your schedule as needed ensures you’re staying on course. Consistency is the key to retention, so make sure your study habits remain steady.

Use the CFA Institute’s Resources

The CFA Institute provides valuable resources, including mock exams, topic quizzes, and practice questions. These should form the backbone of your study strategy. Using real CFA Institute questions is the best way to familiarize yourself with the exam’s format and difficulty level.
Incorporate practice exams into your schedule early on.

Don’t wait until the final month to start using mock exams. Early use allows you to identify gaps in your knowledge and adjust your study plan accordingly. Additionally, make use of a CFA question bank to broaden your practice and ensure coverage of all topics.

Passing the CFA exam is as much about endurance and preparation as it is about knowledge.

Practice Time Management for Exam Day

One of the most critical skills first-time candidates overlook is managing time during the exam. You have six hours to answer 240 questions, meaning you need to pace yourself at about 1.5 minutes per question.

Practicing under real exam conditions is essential. Take timed practice tests to simulate the pressure of exam day. By doing so, you’ll learn how to pace yourself, ensuring you don’t run out of time in the latter sections. It’s crucial to resist the temptation to dwell too long on tricky questions; use elimination tactics and move on when necessary.

Maintain Physical and Mental Health

Studying for the CFA is a marathon, not a sprint. It’s easy to burn out if you don’t take care of yourself physically and mentally. Regular exercise, healthy eating, and sufficient sleep can all improve your cognitive function and energy levels, making your study sessions more productive.
Don’t forget to take breaks, engage in activities that help you relax, and keep a healthy balance between study and personal life. Approaching exam day in peak mental and physical shape is as important as mastering the material.

Prepare for CFA Exam success by using a comprehensive CFA study guide and ensuring you’ve reviewed a CFA sample exam to familiarize yourself with the format.

Studying for the CFA is a marathon, not a sprint. It’s easy to burn out if you don’t take care of yourself physically and mentally.

Conclusion

Your first attempt at the CFA exam can feel overwhelming, but with a strategic approach, it's entirely possible to succeed. By mastering the full curriculum, personalizing your study schedule, leveraging CFA Institute resources, and staying physically and mentally prepared, you’ll set yourself up for success. Remember, passing the CFA exam is as much about endurance and preparation as it is about knowledge.

At Salt Solutions, we specialize in guiding CFA candidates through each level of the exam. Whether you’re just starting with Level 1, preparing for the challenges of Level 2, or working your way through Level 3, we offer tailored study plans and resources that fit your learning style. Plus, don’t forget to check out our referral program for added benefits as you embark on your CFA journey!