Last Minute Exam Advice

I want to wish everyone good luck on the Level 1 exam Saturday.  Here are a few last minute exam tips that I think will help you perform well on the exam.

Relax, you do not need to get 80% or 90% to pass this exam.  As a matter of fact, I really doubt that you need over 70% to pass.

Do not be afraid to skip questions.  Time pressure is a major factor in this exam and running out of time before you answer all the questions is a sure fire way to fail this exam.

Get the “easy” marks first and then go back to tackle the difficult questions.

You have 1.5 minutes to complete each question, some will take you 10 seconds to answer and other will require more than 1.5 minutes.  I suggest you read the question as quickly as you can and ask yourself; “can I answer this question?”  if yes, do it, if no, ask yourself; “can I eliminate any of the choices?” if yes do it, and if that is it, MOVE on!  If no, you should have already moved on!

When answering the questions, make sure you are framing your thoughts within the CFA curriculum.  Ask yourself; “where does this fit in to the CFA curriculum and what is the broad principle?”  The answers are usually more straight forward than you think.

Do not over think the question or change it into something “you want it to ask”.  Answer the question ask and do not assume anything else applies, unless you are given specific information in the question.

Make sure you know how to use your calculator.  I know this sounds odd, but have seen students make simple mistakes because their calculators were set P/Y = 12 and DEC = 2 (if you don’t know what I am referring to, then you are the person I am talking about!)

Lastly, study at the lunch break!  Yes, do it!  The exam is symmetrical, so if you don’t see questions on a specific topic in the morning, you can expect to see some in the afternoon.

I recommend taking the CFA Curriculum bullet summaries and EOC questions to review. Just rip them out and make them into your own cram notes!  Believe me when I say you will never use the texts as reference, so don’t save them.  Next year, well actually in about one month, you will get a brand new set!

So, relax, you’ve study for this, you know more than you think you know.  Go for the easy marks, eliminate choices when you can, skip the difficult questions (of course go back and guess if you must) and you will be on to Level 2.

Please look for my exam tips and strategies coming out in January.