‘Arrive early and arrive rested’ Top Tips for CFA Exam Writers

Writing the CFA exams can be stressful, but there are things you can do to minimize the stress and maximize your performance.

Arrive early and arrive rested. This can really help keep your stress level down. While organized, test centres can be crowded on exam day. Take the time to get set up and relax.

As difficult as it may be, it is important to get at least two good nights of sleep in before the exam. Few people have had to face the challenge of writing an all-day timed exam. Being well rested is a big plus and you should avoid pulling an all-nighter before exam day. Adrenaline wears off by the afternoon and fatigue often overcomes even those who are well-prepared. It is a good idea to bring your own watch or permitted timing device.  

Regardless of which level you are writing, focus on your areas of strength and leave to the end the topics that you tend to have more difficulty with. This approach has the benefit of putting you in a positive frame of mind which can influence your performance and result.

The importance of time-management cannot be overemphasized. In the morning, try to stop close to the one-hour mark and the two-hour mark to compare where you are versus how much you have left. Marks are reflected in minutes.  For Level I, at the one-hour mark, you should have completed at least 40 questions. At the two-hour mark, you should have completed at least 80 questions.

If you find that you are significantly behind at either point, focus on the remaining questions that you know how to deal with and go back to complete remaining questions if time permits. Do the same in the afternoon. Be certain to answer every question even if you have to guess on a few.

For Level II, there are a total of 20 item sets (10 per session) worth 18 marks each. One-hour into the morning or afternoon, you should have at least started the fourth item set. At the two-hour mark, you should be at least somewhere into the seventh item set. If you see that you are behind, be more selective in terms of which topics you decide to work on and go back near the end if time permits. This holds for Level III writers as well.

Level III writers also have to deal with open-ended questions. This is where time management is really critical. There are no points for long answers or good grammar. Point form is perfectly acceptable and decent penmanship can be a factor. Graders won’t spend time trying to decipher text that they have difficulty reading.

 

Ian Rakita, PhD, CFA

Director, Goodman Institute of Investment Management

John Molson School of Business, Concordia University