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It's been a few years since I passed the last of the CFA exams, and the program has changed a bit since I was sitting for the exams. But the factors that allowed me to be successful in passing all the exams on the first try are still very relevant, and very underutilized by candidates today. So here are some of the major reasons why I was able to pass all the exams, and how you can too.
The number one factor to succeed in passing any CFA exam is time. You just have to put in the hours to give yourself a fighting chance. Your study schedule is more important than how you study, what CFA material you use to study, and even how smart you are. My study routine was 3 hours per day, every day, typically in the evenings. I would start studying around November 1st, and finish studying the day before the exam which used to be mid June. And during that "exam season" I never took a single day off. That means, Christmas, the super bowl, during a family vacation, get the hours in. Whatever excuses you have to not study, are only going to hurt your chances of passing the exams.
If you do that math on that schedule you will get something like 620 hours of prep. And I didn't pass the tests by a large margin, at least not levels 2 and 3 that is. Had I studied say 500 hours, I'm pretty confident I wouldn't have ever gotten past Level 1. So I feel that the commonly used metric of 300 hours of test prep, is also the very reason why 90% of people fail out of this program. 300 hours is just simply not enough for most people.
If you have an idea of something you want me to cover in depth, please let me know because I take your requests seriously. Will be back with more CFA Exam tips in a couple of weeks so please submit more questions you would like to hear answered. Love you all!
- AJ
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** The information in this video is not intended or implied to be a substitute for professional financial advice. All content, including text, graphics, images, and information, contained in this video is for general information purposes only and does not replace a consultation with your financial or tax professional**