We get a lot of great CFA® exam questions and want to provide you all with the best possible answers. To do so, we spoke to a true CFA® expert, one of the brilliant minds from AdaptPrep, a leader in the CFA® exam review space. Mike Carmody is a CFA® charterholder and Fellow in the Society of Actuaries. Over the past two decades, Mike has helped prepare thousands of candidates for actuarial and CFA® exams through study guides and live and online seminars.

Given how daunting the CFA® exam is, how can one plan ahead before they start studying?

With most major goals in life, you need to start with the end in mind. For candidates studying for a CFA® exam, the “end” is passing the exam. You need to make a detailed plan, starting with that end goal. To do so, I would:

• Build a plan that incorporates all the activities you need to pass, such as reading the material, watching video lessons, and working practice problems. It’s important you make a daily schedule, beginning with the first day you will start studying and ending on the exam date. Adjust it for known activities, like vacations or busy work weeks. [See our CFA® 시험 일정 to remember all the important dates]
• Be realistic in your plan. If you have a full time job, don’t assume you can study 8 hours every day. That just won’t happen. 또한, leave some cushion in the schedule for unexpected events. You don’t know when they will occur or what will be the cause, but you know something will come up that impedes your study process. You need the cushion in the schedule so you won’t fall too far behind.
• Then you need to stick to the schedule. You can’t allow yourself to skip days here and there. Eventually the days will turn into weeks, and you won’t be ready on the exam day.

Is it worth it to become a CFA®?

Before you start the process of taking the CFA® examinations, you need to do a thorough assessment of your career goals and whether or not passing the exam is essential to your future success. You will spend many hours studying, and there is a real chance of failure. You need to know the CFA® Charter is worth the effort.

In the past, a college degree helped differentiate you in the job market. Now those degrees are a dime a dozen. It’s difficult for employers to know how much you learned in college, because academic standards across colleges varies tremendously.

So you need something that is objective and recognized to set you apart. A CFA® designation meets that criteria. The exams have rigorous passing standards that are recognized around the world. The designation proves you have the ability to digest a massive amount of material on varied topics, which is critical in many financial roles.

The Charterholder designation won’t guarantee your dream job, but it will help separate you from other applicants. You need something to give you an edge in competitive job markets.

What is the ideal study schedule for someone who is working while preparing to take the CFA® exam?

The ideal study schedule is unique for each person. It depends on your familiarity with the topics tested and your ability to perform well on exams. You certainly don’t want to study too little, but you also don’t want to study too much.

It’s probably best to study over a three to six month period. If you study more than six months, then it’s hard to retain what you learned at the beginning. If you study less than three, then it’s really like cramming for a huge exam, which seldom turns out well. You should also spend more hours in the last month compared to the first month. That is when you are bringing everything together for the exam day.

Here are some other study tips:

• If you are not familiar with some of the topics, then you may want to pre-study those before the six month schedule begins. That will allow you to keep the pace when you read through the curriculum.
• You have more going on in your life than just studying for the exam. Many hours will be dedicated to work and family time. So you must somehow fit quality study time into the schedule.
• For most people, the best times to study are early in the morning, late in the evening, and on the weekends. That means you will likely have to give up some fun activities during those times, but at least it is for only a season.

What accounts for the low pass rates for Level 1 (when compared to Level 2 과 3)? Is there any trend upward or is it going to hover around the 43% rate?

Many people take the Level I exam just to try it out. 운수 나쁘게, that’s not an effective way to pass the Level I exam. There’s no real commitment to put in the time and effort necessary to prepare for the actual exam. Some candidates probably assume it will be as easy as their college exams—that’s just not the case.

The pass rate for Level II is not much different than Level I. Level II is a more difficult exam than Level I, and many of the candidates just aren’t prepared. Level III pass rates are higher, but still pretty close to 50%. But the competition for Level III is stiffer, so that more than offsets the higher pass rate.

The CFA® Institute wants to maintain the value in the designation. One way to do this is keeping the pass rates low. They’ve been pretty stable for the past decade, and I expect they will continue to stay in this range. [There are minor adjustments you may want to make when preparing for Level 1, Level 2 과 Level 3]

What is the typical career path for a CFA®?

I don’t think there is a “typical” career path for a Charterholder. The portion of the career spent studying for the exams is very small relative to the entire career. But, you don’t stop learning after you obtain the designation. The financial industry is constantly evolving, and you must keep pace to stay relevant.

As you progress through your career, you will likely migrate into various areas. That’s a big benefit of the CFA® Charterholder designation. It is valued in many financial functions, so it provides credibility for you as you move into different areas. [Learn how much CFA’s can make with our CFA® Salary Breakdown.

What are some unique study tips for CFA® exam candidates?

1. Many candidates spend too much time studying the material, and too little time studying the exam. You have to do both. Make sure you understand how they ask the questions on the exam. That will dictate how you need to learn the material.
2. Most of the exam questions test very specific concepts. They are not too involved, because you have time constraints (90 seconds per question on Level I). Don’t overcomplicate the questions.
3. Don’t try to master all the material. You will run out of time. You don’t have to know everything to pass the exam.

COMPARE THE BEST CFA® PREP COURSES

For some people, music is a hindrance to studying. For the rest of us, 하나, it’s the only thing that can make slogging through study guides bearable. The science on whether you should be listening to active noise while studying is far from settled, but if you want to make your sessions a little more enjoyable, here are some song ideas. You’ll be amazed at the difference a good playlist makes in your study productivity and your study consistency while you dig through all your study materials.

Note that you can create a playlist in this order—I’ve outlined these tunes in a particular arrangement, as this is how I approach studying.

You probably know this song. In fact, if you’ve seen a movie with a sappy part or a commercial with a family scene in the past 10 years, you’ve likely been exposed to this tune. While it’s been overplayed in certain instances, “Hallelujah” is a somber, constant (there’s not too much variation), and poignant song. This tone makes it great for studying, especially to start out. Sit down, open your book, and get in a mental state that will allow you to relax and focus.

Often, people struggle to just sit down and unwind, so this song is perfect in that regard. Just push play and let the soft sound of Buckley’s famous voice get you in the mood for some deep mental awakening and learning.

After such a somber first song, it’s nice to speed things up a bit, but not too much. This great jam crescendos into quite an interesting blend of electronic beats and natural noises. Like many of the songs on this list, it’s got a constant beat, and it’s easy to focus on your materials while still enjoying the music.

The vocals are perfect for me when studying—nothing is overpowering, but it’s got enough lyrical value to make this a perfect studying song. 이 재생되는 동안 당신은 당신의 자료를 통해 주춤 거리고있을거야, 재생 목록에서 두 번째 노래로, 그것은가는 어떤 추진력을 얻을 것이다.

처음 두 곡과 같은 맥락에서, 이 천천히 극적인에 일정한 비트에서 빌드 하나입니다, 결정적인, 강력한 크레센도. 공부하는 동안 그것은을들을 수있는 완벽한 일이, 그것은 압도 보컬 수가 아니다으로, 하지만 당신은 여전히 ​​동기를 밴드에 의해 생성 된 아름다운 소리에 감동받을.

It’s got the perfect balance of a constant beat and enough vocal presence to keep you focused and awake. You’re going to be bobbing your head while reading and writing, but you’ll be able to retain everything. In fact, I used to use this song as one of my running tunes, so you know it’s got enough life to keep you alert and on topic!

There’s not a more relaxing song than this one—it’s got a great balance of evocative tones and a soothing, melodic vocal presence and bassline. It’s the perfect song for when you hit your studying stride and don’t want to be disturbed. If you listen to this one, it’s so smooth that you may not even notice how much time has passed until it’s over.

To me, this is an ideal study tune. You’re bobbing your head slightly to this song, but you’re not really even consciously listening to it. It’s just enough to keep you going, but not to the point where you are singing along instead of focusing on the task at hand.

This song is… magical. It’s hard to say anything more than that about it. Hollywood and Madison Avenue have discovered the beauty of this tune, but no matter how many times I hear it, I still love it just as much as I did the first time. This is usually the song that makes me stop and smile while studying, then I hop right back in with a renewed sense of vigor and perspective.

The build-up in this song is one of the best of any, as it’s so gradual, and coupled with the great vocals, it leaves a powerful imprint on the listener. It picks up, slows down, and just reels you in for a truly amazing listening experience. Patrick Watson’s voice is indescribably beautiful. Okay, just listen to this one already!

There’s not much to say about this one… it’s just a beautiful song from one of history’s classical music giants. I actually heard this song being played outside of a bar in Paris, and the crowd that gathered for this simplistic rendition featured many people who were drying their eyes.

It’s calm, but will fill you with an effervescence that will make you get through that middle portion of your studying session. It’s the perfect song for when you’ve already started, but still have a bit to go.

It’s not often that you’re going to hear a song that’s sung in… Breton. Though that’s an “Insular Celtic language,” it is beautiful and deeply moving in this masterpiece. I find that songs in foreign languages are great for studying, as you can hear the words yet don’t have to pay attention to the content.

This is a motivational song, yet I have no idea what it’s about! That’s quite a gem, as usually you need to have some semblance of an understand of what the singer is speaking to in order to feel a deep connection. This song transcends language and will get you deep into a studying groove.

Sandwiched in the middle of one of the top-selling albums of all time, this instrumental gem is short but sweet. It’s a great up-and-down song, with a full orchestra bringing you to the peak of clarity. If you’re studying and listening to this lovely tune, you’ll be pleasantly focused for the duration of your learning session.

It’s one of the better, yet less know, “dad-rock” songs that you’re going to want to listen to while studying.

This is another instrumental jam, but it’s got way more energy than “Wasted Time.” With this gradually building hit—you may recognize it from sporting events—you’re going to be catapulted back into studying high gear. That’s what a good study song should do; there should be a constant progression of music so that you’re never too bored nor too excited.

This song really reaches a rapid point of climax, but it’s going to coincide with a dip in energy coming from the last song.

This is one of the classics, a powerful and poignant ballad from one of music’s greats. It’s a great studying song because it’s got a steady beat, a robust yet not intrusive vocal performance, and a solid progression.

You’ll probably notice some of the lyrics, but it’s not going to distract you. You’ll be gently bobbing your head to this one, but will be able to remain focused and motivated. The beautiful background singing will make you smile, too.

This is one of the more interesting songs on this list, as it’s tough to describe exactly what genre into which it would fit. I don’t know a lot about the song or the band, but I understand one thing: it keeps me going. It doesn’t overpower the senses, but it certainly gets the heart racing.

The beat is constant and full of life, and the sound will permeate your headphones or your sound system. This will give you the last final kick to get through the studying session.

This is a reward song for you as you get to the end of your study session. It’s letting you know that you are, in fact, the GREATEST. The chorus at the end of the song is the epitome of the word glorious; your spirit will be lifted to the clouds while you’re listening to this gem.

It’s really all about what you want to listen to while studying, but it’s tough for some people to find that great playlist. I prefer a mellower brand of music, with some exceptions, but you should be able to find, at the very least, some starting off points among these 12 songs! So get your playlist set up, and get after your CFA® exam preparation!

COMPARE THE BEST CFA EXAM PREP COURSES

당신은 CFA을 준비 할 때 추적 할 날짜 많이 있습니다^® 시험. 그 아래 인포 그래픽이 등록하고 시험을 지불에 대한 타임 라인을 자세히 설명했습니다.

CFA^® 시험은 세 가지 시험에 퍼져 세 가지 수준을 포함. 이 시험 일 12 월에서 올해 한 6 월의 다른에만있다. 12 월 시험 날짜는 레벨 I를 포함하는 동안 유월 시험 날짜는 3 단계의 모든 포함.

세 가지 다른 시간은 당신이 당신의 CFA에 등록 할 수 있습니다^® 시험 - 초기, 표준, 최종 (늦은). 유월을 위해 등록 7 월에 열립니다 반면, 12 월 시험 등록 월에 열립니다. 등록 이전, 싼 등록비가 될 것입니다. 예를 들면, 유월 조기 등록 2017 시험이었다 $650 늦게 등록하는 동안 $1,380. 또한, 당신은받을 것이다 주제 테스트 등록 번. 그래서 주제 테스트를 별도의 공부 시간을 활용하기 위해 가능한 빨리 등록.

CFA가있다^® Program Awareness Scholarships available, 한 마감일 전에 적용되는 (9 월 2 일 또는 2 월 3 중). 이 장학금은 미디어에 자격을 갖춘 개인에게 제공 역할 기반의 기회입니다, 학생, 금융 커뮤니티. There are even scholarships for women who are interested in earning their CFA^® charter.

마음에 다음 날짜를하는 동안 계속하여 CFA^® Exam preparation 당신은 어떤 놀라움으로 실행되지 않습니다. 행운을 빌어 요!

이미지 다운로드

그래서, 당신은 인포 그래픽을 읽고 지금 중요한 CFA 알고^® 시험 날짜. 그래서, 준비 되었나요? 당신은 공부를 시작했습니다? 모든 CFA에서보세요^® 아래 버튼을 클릭하여 과정 옵션을 검토 – 우리는 CFA 비교^® 당신이 당신의 요구에 가장 적합한 하나를 찾을 수 있도록 코스를 검토!

CFA 비교 START^® 리뷰 과정

Before deciding whether or not to become a licensed CFA^®, you must be willing to put in the hundreds of hours of work. Many of the benefits associated with becoming a CFA^® charterholder are financial. But, remember: people in the field know that passing the three levels of the CFA^® exam is an unparalleled achievement, so your dedicated efforts do not go unnoticed.

But, how long will it take you?

CFA^® Exam Structure Affects Timing

There are three levels to the CFA® exam. Level I is given in the late fall and late spring and Levels II and III are given only once a year in the late spring. You must pass each level before moving on to the next, and the passing statistics are daunting. 그래서, if you fail one exam, you’re going to have to wait a significant amount of time before trying again.

It’s about a 50/50 chance of passing for each level of the exam. This means that even with the most optimistic scenarios, less than 30% of those who began at Level I go on to pass Level III. If that isn’t enough to scare some people off, the amount of time and hard work required can be intimidating.

How Long Does It Actually Take?

Studying for the CFA^® exam requires sacrifices and hundreds of hours of work. On average, it takes about 300 hours of studying to pass each level, a total of 900 hours for the whole test. That comes down to about 15 hours per week, especially since you’re likely working full time while studying.

CFA^® Institute says that it takes the average candidate four years to finally become a licensed CFA^®. 하나, some people have said it took them up to seven years to finally pass all three levels. On the other hand, the most accomplished CFA ^®candidates have passed all three exams in 18 months. So the amount of time it takes to complete the process varies on how well you stick to your study schedule.

Given the low pass rate, CFA^® exam takers have to be prepared for the possibility of failure. This can be discouraging, especially since failing makes the process longer. That is why it is important to stick to the same rigorous study schedule for all three levels—if you power through, you’ll be rewarded!

CFA^® Exam Study Schedule

Making a study plan and sticking to it is the most important part of studying for the CFA^® 시험. This also will help keep the whole process shorter. Experiment with different studying styles and schedules (과 music!) until you find one that works best with your lifestyle and needs.

예를 들면, if you’re working full time, do the majority of your studying on the weekends with shorter study periods during the week. It’s also a good idea to finish all the reading material a good month before the exam so you have plenty of time for the practice exams. Many people who have passed the CFA^® exam say that the practice exams were a crucial part to their success since they were able to see the places on which they need to improve.

Tips to Get Your CFA^® Faster

There are a couple things you can do to shorten the amount of time it takes earn that CFA^® charter. It can be difficult to stay on the same weekly study schedule for 4+ months for each exam, but you will not be able pass unless you put in the study time. Discipline is an obvious requirement, but a lot of people try and skimp on their studying schedules and end up failing (see CFA^® pass rates).

There is a lot of reading material that each CFA^® exam covers, so make sure you do not skim. You might think some sections are unimportant or won’t be heavily weighted on the exams. You will realize that skimming was a mistake once you get your practice tests back. Again, make sure you begin studying at an earlier start date in order to have more time to complete your practice exams. Practice exams are the most beneficial part of the study process, in my opinion, so it is a good idea to ensure you have plenty of time to spend on these.

One of the biggest challenges to the whole process is the fact that you are doing it alone. There is no classroom or professor for you to ask questions to directly, which can make it difficult to stay motivated. That is why it is helpful to reach out to others who know what it’s like to study for the CFA^® exam for support and help on certain topics. Heck, just shoot me a message and I’ll send along some words of inspiration!

If you can stay on track with your study schedule and give it your all, you’ll be able to pass all three levels of the CFA^® and improve your career path. Your commitment and willingness to achieve something as difficult as the CFA exam will be greatly rewarded. If you’re ready to take that first step to success, take a look at the best CFA review courses today and find the perfect test prep for you!

Start Studying for the CFA^® Now!