For our prospective clients and non-clients alike, we have compiled below a list of tips for successful CFA^® preparation:

Maintain a structured study plan
In addition to decent math skills, discipline and hard work determine clients’ success on those exams more than anything else. Proactive Testing provides structured study plans to help you pace yourself while mastering the curriculum. We advice clients to start at least six months before the exam, stick with the plan, review the problems discussed during the tutoring sessions, read the lecture notes, and hone in the knowledge by practicing with additional problems.

Study in an environment that is conducive to learning
Rest well before studying and make sure the time you spent studying cannot be easily disrupted. Many clients find it helpful to study during weekends and holidays when their minds are fresh. Studying after a full day of work is inefficient for most people due to fatigue, and could lead to frustration and loss of confidence. It might also be helpful to study away from your family, turn off your cell phone, etc.

Try “reverse engineering” when learning the curriculum materials
Instead of doing practice problems after reading the lecture notes, trying doing them before. By reading a question and then looking for the answer in the notes, your mind may focus better. This method does not always come naturally, but try it. You may be surprised at how much faster you can learn the material by making this simple change.

Do not memorize formulas blindly
Make sure you understand what each formula means and why each variable is there. By understanding the underlying concepts behind the formulas, you will find it not only easier to remember formulas but also easier to apply them to various questions and contexts.

For Level III candidates: Practice with the prior years’ morning exams administered by the CFA Institute
Take as many old morning exams as possible. Those actual exams administered by the CFA Institute in prior years can easily be found on the Internet. The three most recent ones are available on the Institute’s website. Proactive Testing archives the old morning exams and guideline answers from 2002. If you have difficulty finding older exams on the internet, drop us a note and we will gladly e-mail them to you free of charge.

Although the level III curriculum has been evolving and some of the topics in the older exams are no longer being tested, it is still worthwhile to practice with old exam problems and review guideline answers, especially topics related to Individual Investors and Institutional Investors, which have changed little over the years.

The guideline answers for all old exams contain the Learning Outcome Statements that each exam question refers to. So when studying those old exams, check to see if the LOS are still in the current curriculum and you can determine whether the old questions are still relevant.