Study Strategy of CFA for the Last 40 days choice, cover, whether, suppose, already

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Study Strategy for the Last 40 days


1. Study Schedule for the last 40days

Last 40days till the exam - I suppose you've now already read the core topics (bk1-5 of Schweser) at least for one time. If you still not yet finish the materials, make your own choice of whether to cover the minor topics or not. At most, Use no more than 10 days to finish the areas that you still not yet cover.

Bottom line: you must have at least a month to do the past paper/sample paper and make a final review.

If I were you, I would have the following study schedule:

1. First 10 days - read the remaining uncovered sections. NO more than 10days!! Let it go if you can't finish all the sections.

2. The following 20 days - devoted to book 5 of Schweser, the old question review. Doing it like a real exam. Under the same time pressure and atmosphere. Find yourself a quiet place - library, a study room, whatever, to concentrate on doing the past exam questions. You only got one and half minute for mc question in the real exam, so try yourself doing the question as quickly as possible. Remember whether you can handle the time pressure, is critical to your success in the exam.

3. Last 10 days - devoted to book 6 of Schweser and a final review.

2. Time for Past Papers/Sample Papers

Remember from now on, the time is devoted to exercise the past paper/exam-type problems. It's the only goal in these 40days and nothing else.

CFA is an exam of analysts. There's no room for people study by memorizing formula or text book details. We have to:

1. Understand the Concepts

2. Internalize them, and

3. APPLY them in the exam.

So, "learning by doing" is best method of study. Do as many exam type questions as possible. It's the key to pass the exam.

3. Make notes on the past papers

You need to make some notes when reviewing each section of past papers:
- on What topics are frequently tested; you probably want to make a list
- on the question style or format; how to tackle them, etc..

- Create your own Check List of what you should target in your last 10 days of final review.

4. No time for hard topics

- don't try to tackle the hard topics at the last moment

5. Focus of your final review

Remember 2 points:

a) You must invest your study time and energy in the most effective and efficient way like investing your investment portfolio. Your effort should go to the areas that:

- have a greater chance to come up in the exam (I think those executive summary of Schweser could give some hints on this.)

- cost you both less time and effort to cover them (the portfolio mgt section in both L1 & L2 is an good example), and

- you can easily nail them in the real exam. For L1, Portfolio mgt and QM (but the QM curriculum is new for '02) are easy marks in past exam.

Core Topics
(Frequently tested topics)
Perpheral Topics

(Less Frequently tested areas)

Easy Topics I. FOCUS III.
Hard Topics II. IV.



b) In the final review, you can use your own guideline (your exam remark from 3) to focus on those areas that you needed to reinforce - on your weakness and those "all time favorites" topics.

6. Time Pressure

If you don't keep track of your time when taking practice exams......You will be in trouble on exam day. Make sure that you take "timed tests" when doing your TestBank.

7. Pass Scores

As of mid-May, you should be scoring 80-85% correct on your own practice exams. If your scores below that hurdle rate, reinforce your weakness by reviewing the notes & doing practice exam.

8. The Real Stuff

The sample papers of Schweser are more EASY than what you'll see on exam day.