How Much Practice do I Need to Pass The CFA Exams?
Updated: Jul 13, 2022
Everything you need to know about the best practice materials to pass the CFA exams and how much practice you require to succeed on the exams.
A few of the questions I am often asked are: what are the best sources to practice for the CFA exams? Do I even need to practice? How much practice do I need?
Well today, I will be answering all your questions about this topic.
When it comes to the CFA programs, a lot of the time you will hear from former CFA candidates that in order to pass the exams, you need to PRACTICE. But the bigger questions are: How much do I need to practice? Is there a specific amount? How much time do I need?
Ever since I embarked on my journey with the CFA program, I can guarantee you that practicing is what you need to succeed.
Like when it comes to learning a language or solving a math problem, you will only succeed if you take the time to practice.
The same concept applies to the CFA program, whether it is finding the NVP of a project or learning a concept, it is only with revision and constant practice that you will pass.
What Are The Best Practice Sources for the CFA Exams?
How Much Time Should I Spend Practicing?
What Are Other Sources to Practice Mock Exams?
What Are The Best Practice Sources for the CFA Exams?
The clear-cut answer to this is to start with whatever the CFA program provides you with. When you first sign up for the CFA program, you will have access to the ecosystem. It is your best place to start practicing. it includes the mocks, the online problems, and the end of the chapter problems. In addition, if you are using the curriculum, it is highly recommended you do the Blue Boxes problems and the examples within each reading. Once you are done with that, move on with whatever practice problems the approved providers give you, whether it is their own mocks or their problems. It doesn't hurt to do more mocks or exercises. The more the better.
When it comes to mocks, the CFA program usually provides very few mocks, perhaps 1 or 2, so doing mocks from other providers is not a bad idea.
How Much Time Should I Spend Practicing?
There is no exact number to define the time required to practice. Just because you hit the benchmark, it doesn't mean that that's enough for you to pass the exams.
I always suggest that when it comes to practice, you want to be consistent with a daily habit of answering the problems. Whether you want to do one problem or ten, just sit down and practice. The goal is to be persistent and build a habit so that you keep your memory fresh.
You also want to make sure to revise your errors, but most importantly to re-do the same problems a couple of months later to see if you have internalized the topic.
Practicing the same problems 4-5 times has shown positive results.
What Are Other Sources to Practice Mock Exams?
It is true that when it comes to providing mock exams the CFA institute is pretty cheap. If you are lucky enough, you can have access to two mocks otherwise, you will for sure be left to practice only one exam. Needless to say, there are plenty of providers out there. There are those that are recommended and approved by the CFA Institute. Some that I liked a lot were: IFT, Fintree, and Mark Meldrum. I used some of these for various reasons: video lectures and problems. I know for a fact that Mark Meldrum is a reputable provider and you won't be disappointed.
All in all, there is no exact number of hours to practice. Even though the CFA Institute recommends roughly 350 hours of study, from my experience that was never enough.
If you can double that amount, it will boost your confidence and knowledge for when you sit on the exam day
Good luck!