Tips for cracking CFA

Based on my experience of CFA Level 1 examination, I have compiled some tips which might be useful for aspiring candidates:-

1) Know your style-- Each person has its own style of learning. Some people learn by watching. Some people learn by reading and some people learn by both reading and writing. It is very important that you know your style and accordingly plan. Best way is the combination of reading, writing, watching and listening.

2) Start early-- Many of us have tendency to prepare close to examination. Some smart people might get away with that, but it has risk attached to it. In case if you come from Non financial background, then it is even more important for you to start early and build some basic financial skills. Starting early allows you go through each LOS at your own pace and no need to rush through any LOS.

3) Concepts not formulas-- CFA examination checks for concepts and big picture. Knowing your formulas are important, but not more important than knowing concepts. Knowing concepts also help you in remembering the formulas. Only 20-30% questions requires calculator.

4) Basic exam discipline-- Sleep early before exam, check the centre before the exam, don't spend too much time on one question.

5) Know weightages of each topic- Check the weightage of each subject and spend time accordingly. For example Ethics and FSA(Financial Statement Analysis) together constitue good proportion of level 1 exam, so ideally you should be spending more time and effort in these two topic. Another thing, Eitics is a must pass topic for both level 1 and level 2, so ensure that you have good hold of ethics. Having said that, it does not mean that other topics are less important.

6) Practice Questions-- make sure that you complete all the questions at the end of each study session. There are also plenty of questions available on the Internet.

7) Mock Exams-- attempt at least two mock exams one week in advance before the final exam. Pls do it as you would do in real exam situation. Post completion the exam, review and analyse the entire test and then spend time on weaker areas rest of the week. More Mock exams better it is.

CFA Program requires lot of effort, but it is worth it. It is very valuable program and prepares you well for high paid finance Jobs. I hope you would use some of these tips and crack the exam. Pls also provide comments and feedback.