When I decided to enroll for the CFA exam in 2008, I had no clue what I was signing up for. Little did I know that I would be involved in a grueling study schedule for the next three years next to my job and the family. Coffee would become a food group, and pretty much all of my free time was spent on reading about ethics, financial analysis, portfolio management, fixed income, derivatives, alternatives, and equities.
The material is very interesting and highly relevant to anyone in the finance profession. There is a reason, why the CFA is called the "Gold Standard". We are not going to debate the validity of the CFA program here though, but I want to focus on study technique that will help you study easier and perform better at the exam. Let's get going!
First, I think you definitely need a sturdy study schedule. First when the CFA books arrive, you will marvel at the phone book-sized study text in front of you and wonder how you will ever get through it. It's important to have enough time on your hands (best would be six months) and to divide your time accordingly. You will want at least one month for review at the end, so make sure to factor that into your calculation. When you finalized your study plan, it's really all about sticking to it. Set aside a few hours each day to read the materials, and don't slack on this.
Next will be review. you have to practice and remember what you read, so best would be to take some notes during the reading sessions that you can later revisit. Along with the notes I also used a study tool called the "Financial Analyst Study Notes" for the CFA Exam. Each of the learning objectives (LOs) from the CFA curriculum is reformatted into a question and answer there, so it's quite handy to study and practice at the same time.
Two weeks before the exam you should start with practice exams. There are a few on the CFA website, but Schweser also has some good ones. It's very important that you emulate exam day, as exam strategy is a big part of a passing score.
Last but not least: Make sure you're in physical top shape on exam day. No over-nighters right before, and no stress if possible. Best would be to take a day off before the exam, that way your memory will be rested and able to fire fast during the exam.
I hope this helped you a little clarify what you're up against with the CFA preparation and how to best jump start the process. All the best for your CFA!
Check out the Financial Analyst Study notes here: CFA Notes for Chartered Financial Analysts
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