From the course: Cert Prep: CFA Exam Level 1

Test strategies for the CFA exams

From the course: Cert Prep: CFA Exam Level 1

Start my 1-month free trial Buy for my team

Test strategies for the CFA exams

“

- [Instructor] One thing every successful CFA candidate needs are smart testing strategies. Passing the CFA isn't just about knowing the material. It's also about managing time, maximizing your strengths, and avoiding common pitfalls on exam day. Let's talk about what that means in practical terms. Let's start with the basics. The Level I exam consists of 180 multiple choice questions split evenly over two two hour and 15 minute sessions. You'll be tested on 10 topic areas and every question carries the same weight. The good news? There's no penalty for wrong answers. That means guessing is always better than leaving a question blank. On average, though, you'll have 90 seconds per question. That's tight, so time management is critical. Here's a proven approach. First pass, answer the questions you're confident about. Second pass, revisit ones that are tricky or time consuming. And final pass, make educated guesses on anything you couldn't solve. This three-pass system helps you build momentum while making sure you don't get stuck. CFA Level I questions fall into two general categories, definition or formula-based questions, and scenario-based application questions. The key is to read carefully. CFA questions are designated to test both your memory and your judgment. Words like, "Most likely," or "Least appropriate," are there to trip you up. So, slow down and stay sharp. If you're unsure about a question, though, use process of elimination. Often, you can eliminate one or even two obviously wrong choices, and that greatly improves your odds of guessing correctly, if needed. For example, if a question asks about interest rate effects and one option clearly reverses the relationship, you can rule it out immediately. On exam day, preparation includes more than just content. Make sure you've mastered your CFA-approved calculator. Pace yourself. If a question is taking too long, flag it and move on. And remember, if time's running out, guess. There is no downside to guessing. Practice under test conditions as much as possible. Take timed mock exams not just to review content, but to build stamina and refine your pacing. Review your answers carefully to understand why you got questions right or wrong. Let's recap some key strategies. First, use a three-pass system to manage your time. Second, eliminate wrong answers when in doubt. Third, practice with real CFA-style questions. Fourth, know your calculator cold. And fifth, always guess, if needed. Never leave a question blank. If you follow these strategies, you'll be ready for success on the CFA once you know the topics. And that's what we're gonna get into next.

Contents