The CFA Institute says you need six months to prepare for each of its exams which are required to be used in an efficient way as it involves a lot of money, time and rigorous study. This all shouldn’t go as waste.
There have been many discussions about which materials are best to use while preparing for the CFA exams. Some people will refer to the study material provided by CFA Institute, some will go for third party publication such as Schweser and Stella or else they will look for question banks – a precise way to learn various topics. Rule of thumb is to start studying with easy topics which require less effort; after understanding the basics proceed with the advanced topics along with practicing questions available on CFAI textbooks and mock exams that are available on CFA website.
Here we are providing a set of questions from various sources which might help you while preparing for the exam however this is not all what one has to study. The sample questions below show only the formats used in CFA exams.
So our prediction about the CFA result has been right. The results are being announced today for CFA level 1 and 2. You can check your result on the CFA Institute’s website after 9 am ET (Eastern Time).
About the CFA exams
The CFA exam is obtainable at various locations across the globe. Candidates should complete the 3 levels of exams consecutive. Candidates could register for under one Exam at a time.Candidates who fail an exam are encouraged to repeat the level.
Each Exam is six hours long and is split between morning and afternoon sessions. there’s a two-hour lunch break at the top of the morning session.
Candidates should wait to receive their Exam results before registering for successive communication as a result of the results can confirm whether or not a candidate should repeat this level or advance to successive level.
Do discuss and share with us your results and experience that you had when preparing for CFA Level I or II and giving the examination. This will help the next batches who are preparing for next attempt.
Your CFA exams have gotten over. All that stress has been let out on paper and now you are free. You can do whatever you want. Those sleepless nights, the struggle to cram all the data in your head, along with those annoying formulae’s has come to an end. You own the world in your own way. Here are some ways in which you can celebrate.
“The bed loving”
As the exams have finally ended you can throw yourself on the bed and no one can question you. Just snooze off, no one to disturb this sleeping beauty. Sleep like that’s the only thing you have to do. Sleep as much as you want to; spend some time with your pillow. It’s been a while that the bed, quilt and the pillow got some attention from you.
“The pizza vision”
It’s time you eat the best of the world, and what’s better than PIZZA?! Nothing! Pizza, your favourite movie or sitcom, slouching on your couch munching and munching till your stomach has reached its limit. The television is calling you; you can pop your eyes out now in front of the idiot box.
“The party animal”
Call up all your friends, or maybe go for a night out. You can party all night. You have earned it. Just go out with your buddies and chill. Just be yourself. Dance the night away, go crazy (just don’t get into trouble). Dress up, it’s been long since you gave some importance to your body. Make yourself feel special and own the night.
“The family outing”
Spend some time with your family, order some food and everyone can gather around and just have some good family time. Remember the old times or create some new memories. Play some indoor games that gets everyone’s spirits up!
You can pack your bags and fly to any corner of the world. It is a well-deserved vacation. Find yourself a good place and just let go of yourself. You can let your guard down and ease out a little. Take a break and relax.
Lastly: “Your own way”
Do what you love most! Be as crazy as you want to!
If you are reading this article, it probably means that you are going to be giving your CFA level 3 exams soon. Congratulations, firstly on making it till here and hopefully you will make it to the CFA charter. It’s a good start. Let’s look at the number of CFA level 3 exam takers and the pass rates.
The number of candidates decreases drastically for CFA level 3 exams. That is mainly due to the difficulty of the exam. And only the candidates who have cleared the level 2 can appear for the level 3 exams. This limitation restricts candidates and thus it has a low student enrol in. But as you can see from the graph, the number of students taking up the CFA level 3 exams has only increased. It is following an upward trend indicating that more students are being able to clear the Level 2 exams. Last year’s number of 26,882 candidates is an excellent one.
The CFA level 3 pass rates have shown an upward trend too, showing an average of 50% i.e. almost half the candidates taking the exams clear it. 2014 has shown a pass rate of 54% which shows that there is scope for a higher pass rate. Looking at the trends followed in the past 5 years clearly depict that the pass rate is increasing every year. 2013 dwindled a little and fell to 49% but apart from that the pass rate has been constant or increasing.
You needn’t worry about the pass rates as long as you are working hard and preparing well. Know about some great CFA hacks. If you need help you can comment below or visit EduPristine. To know more about CFA and training visit our CFA page.
The CFA exams are so near and your preparations would have entered into the last leg now. It is now time to accelerate and revise & a widely used tool is a Mind Map.
What should a Mind Map do?
Provide you with a concise version of the topic at hand
Outline all the fundas at one place
Help you ‘revise’. Remember Mind Maps aid in ‘revision’ & are not a ‘replacement’ for understanding the topic
Great! I have so many Mind Maps available from different sources (Videos, Notes, Forums).
Let me download a few and I can save so much time!
Watch out for falling to this temptation. While it is definitely easy to download, it would be good make the Mind Maps for yourself. Here’s why:
It will be customised to your areas of weakness & strengths.
It will have a better recall value as you will be writing it instead of just reading.
It can be in the language of your choice
Here are a few tools & techniques that would help you in making your own FRA Mind Map
Treat the Income Statement and Cash Flow Statements as a Funnel. It will help you remember various measures of profit & associated ratios
The operations of a business can be looked at it as a wheel which needs to keep turning to keep generating cash (liquidity). This is a good way to recall the working capital linked formulae & the turnover ratios.
Cause & Effect Method
Once you link the impact of the Inventory valuation method on any one of the profit measures; rest can be derived automatically. This will greatly reduce the number of formulae you need to remember
You can similarly link the price of a bond as a comparison between what is the asking/discounting rate in the market versus what is the promised coupon on the Bond.
Use a simple hierarchy table to capture various factual data.
This can be effectively used to concise large volume readings.
Here’s another example of how you can concise a few paragraphs into a single line
Keep the following tips in mind while making a Mind Map of your own:
A visual representation helps faster recall of the topic.
Use a logical flow of points – Half the burden of remembering stuff will be gone if the underlying logic is presented properly.
Use multiple colors for better impact – eg. Incomes or Positive effect in Blue & Expenses or Negative effect in Red.
Keep it simple & neat – Clutter Confuses.
Go by the flow in which you have understood the topic so that revision will follow the same flow. If you remember a particular example while learning, use the same in your mindmap.
Shrink the material to 1/10th its size. For eg, if FRA reading is 300 pages try to restrict the mind map to ~25-30 pages. This will make the volume monster seem ‘tame’ able.
Highlight areas that you find difficulty in recalling while running through the mind map – It means there is a gap here in your understanding and needs further readings.
“Fingers crossed” “Touch wood” “A black cat crossed my path”. Well, all these superstitions may or may not be true but what you really need to be sure of is some of the superstitions that CFA exam takers are exposed to. There are a plenty of them and you need to get rid of them as soon as possible. Instead of bringing good and bad luck they might end up bringing nothing at all. It’s about time you gather yourself and let go of these myths:
“I need to revise at least 5 times to pass the CFA exams”
You are not a book and you needn’t become one. Revising is good but as long as it helps you sustain what you need to. Excess of anything is bad. Revising more than required can confuse things for you. You can be thorough with your course and it’s enough. Till the time you understand what you study and retain it, you needn’t go crazy studying. Make sure when you revise you ACTUALLY revise. You wouldn’t need to do it five times to pass.
“If I copy Kate’s schedule and study accordingly I will surely pass”.
Everyone has their own studying habits and own retention capacity. Imitating someone else’s study habits may or may not be beneficial. It’s best to stick to your own. You can try it out for a day or two, if it works for you well and good if not immediately change it. Kate is a different person and so are you. After all you need to maintain your originality. Be clear about the CFA exam dates and prepare your schedule accordingly. You can also use this CFA planner.
“If I study through the books and laptops and notes and charts and… blah blah blah I will do well”
Probably not! It’s best to create mind maps while studying and revising. When you create mind maps you automatically register it in your brains. It is more helpful than notes and visuals. Learn how to create a mind map.
“Secluding yourself from society and entertainment will help you study better”
Man is a social animal and if he/she isn’t able to express him/herself or interact with the likes, he/she can face depression. Secluding yourself from people will have a negative effect on your studies rather than a positive one. You require entertainment and socialism. So take out the time and don’t ignore it. You can also listen to music while studying.
“Referring to only the CFA Institute material will do, after all it’s given by the institute itself.”
If that was the case then there wouldn’t have been millions of books published on CFA. It’s best to go through different study materials and decide which is best rather than sticking to one or the one that your colleague’s are using. Most importantly never ever EVER use out-dated study material. The worst risk that you can take is refer to out-dated material. In order to save a few bucks you risk your exams. You can refer to this free CFA level 1 and CFA level 2 study material.
“CFA exams are so difficult that one can only clear it after so many attempts”
Nothing is difficult if you put your mind to it. Its better you concentrate on your present attempt rather than evaluating the future number of attempts. Set down to study and actually study! They are not so difficult. Put your heart and mind and in no time will you hold the CFA certification in your hands. Use these CFA hacksor these CFA tricks to do even better.
Now that you have let go of all these useless superstitions and myths you can finally sit down for actual work. Letting go of these small misconceptions can work out wonders. Its about time you pick yourself up and ignore these insignificant rumours. Study well and All the best!