How to Pass the CFA Exams

A Comprehensive Master Guide

Author

Joe Maule
January 11, 2025

This article distills the key takeaways from a series of YouTube videos I made a couple years ago. Bookmark this article to reference during your studies, and see my YouTube channel for the full videos.

Whether you’re tackling Level I for the first time or you’re on your final push for the Charter at Level III, the CFA Program is a true test of dedication, time management, and mastery of financial concepts. Having gone through the entire journey, and making plenty of mistakes along the way, I’ve distilled these key takeaways to help you maximize your chances of success. Think of this document as your one-stop reference for everything you need to keep in mind.

1. Big-Picture Strategy

1.1 Start Early, Finish Early

  • Recommended Timeline: Begin studying 5–6 months before your exam date.

  • Material Completion: Aim to finish reading and initial practice 5–6 weeks before the exam. This gives you enough time for thorough review and practice exams.

1.2 Set Milestones

  • Milestone Planning: Before you even crack a book, decide which study sessions or chapters you’ll complete by specific dates (e.g., “Finish Book 2 by March 15”).

  • Track Progress: Checking off these mini-deadlines helps you course-correct if you fall behind.

1.3 Consistency is King

  • Daily Study Routine: Study at the same time every day—whether it’s early morning, lunch break, or right after work. Consistency builds momentum.

  • Use Weekends and Vacations: As you get closer to exam day, ramp up your study time. Many candidates take the final week off work for focused review and practice.

2. Building the Right Study Habits

2.1 Embrace Practice Questions

“The number one factor in passing is how many problems you’ve worked through from start to finish - on your own.”

  • Active Problem-Solving: It’s not enough to just read solutions or watch someone else do them. Grapple with the problem by yourself, then check your process against the official solutions.

  • Check Answers in Small Batches: Attempt a few questions (1–3) and then immediately review solutions. This helps you correct mistakes while your thought process is still fresh.

2.2 Tackle Weaknesses First

  • Psychology of Practice: It’s tempting to keep doing problems you already know (it feels good to get them right!), but real score improvement comes from focusing on what confuses you.

  • Celebrate Mistakes: Every mistake is a chance to learn and plug a gap in your knowledge before exam day.

2.3 Skip the Impossible - Then Return

  • Don’t Get Stuck: If a question is so confusing that you’re burning too much time, skip it for now. You can circle back later, or you might relearn it in a different section if it’s really important.

2.4 Reviewing & Retention

  • Build in Spaced Review: Every couple of weeks, revisit previous chapters and do a handful of practice questions to keep older material fresh.

  • Formula Memorization: Spend 10–15 minutes daily in the final month writing out formulas from memory—this leverages active recall and spaced repetition.

3. Materials & Resources

3.1 CFA Institute Materials vs. Third-Party Providers

  • Why CFAI Material?

    • Every concept or formula on the exam is taught by CFA Institute’s official texts.

    • The CFAI end-of-chapter questions, blue boxes, and online question bank are directly aligned with what you’ll see on the real exam.

  • Third-Party Pros/Cons:

    • Pros: Clearer explanations; more “digestible” content.

    • Cons: They sometimes skip less common or “obscure” topics, which can still appear on the exam.

Best Practice: Use CFAI materials as your baseline. If you’re stuck, seek targeted help from third-party notes, blogs, or YouTube videos.

4. Study Tips by Level

4.1 Level I

  • Breadth Over Depth: It’s like a cumulative final exam of undergraduate finance.

  • Hours & Frequency: 300 hours is a guideline. If you have less finance background, you might need more.

  • Lots of Practice: Quantitative topics, Ethics, and Financial Reporting & Analysis are heavily tested. Hit as many practice questions as possible.

4.2 Level II

  • Volume Explosion: Same topics as Level I but in far greater detail. Prepare for complexity.

  • Vignette Format: You’ll get a chunk of information followed by multiple questions.

    • Tip: Read the questions first, then scan the vignette so you know what details to look for.

  • Time Management: Level II can feel especially tight on time if you get bogged down in tough vignettes. Skip and come back if you get stuck.

4.3 Level III

  • Essay (Constructed Response) Portion:

    • Not Real Essays: Write succinct bullet points. No introductions, no fluff.

    • Time is the Biggest Enemy: Many candidates leave entire questions blank because they run out of time.

    • Practice Old Exams: The CFA Institute provides actual previous essay questions and grading rubrics. Do them repeatedly until you can almost predict the question and respond in the official rubric’s terminology.

    • Show Calculations for Partial Credit: Even if you make a slip, partial credit can save you.

    • Multiple-Choice Section: Similar to previous levels. Focus on practice questions to iron out mistakes.

5. Final Month & Exam-Day Strategy

5.1 Final Month

  • Comprehensive Review: Revisit the entire syllabus. If you see something you’ve forgotten, work through the related problem(s) again.

  • Full-Length Practice Exams: While it’s fine to break them into smaller chunks for study, at least once try doing a time simulation.

  • Ethics Reread: The best way to master Ethics is to thoroughly read examples and rationales in the CFAI curriculum and question bank.

5.2 Day Before

  • Minimal Cramming: You won’t learn much new at this point, and being tired can hurt your performance more than an extra hour of studying will help.

  • Logistics & Organization:

    • Pack your passport/ID, calculator (plus backup batteries), pencils/pens, lunch, water, wristwatch, and any permitted items.

    • If it’s computer-based, make sure you’re comfortable with Prometric’s interface.

5.3 On Exam Day

  • Arrive Early (But Not Too Early): Get there with enough time to settle in, but you don’t need to be 3 hours early.

  • Skip & Return: If you’re stuck on a hard question, mark it and move on. Don’t sacrifice easier, later questions.

  • Stay Composed: Trust your preparation. Focus on reading carefully and accurately answering questions.

6. Mindset, Health, and Networking

6.1 Mindset & Well-Being

  • Avoid Burnout: Take breaks, exercise, and get at least 7–8 hours of sleep. Recovery is vital to retain information.

  • Bad Days Happen: You might bomb a practice exam right before test day, don’t panic. Reassess weaknesses, correct mistakes, and keep going.

6.2 If You Fail

  • It’s Not the End: Many successful Charterholders have failed at least once (myself included). You’ll have a stronger base for the next attempt.

  • Learn From Mistakes: Use your partial knowledge from the first attempt to crush the exam the second time.

6.3 It’s Not a “Golden Ticket”

  • Networking & Interviews: The CFA Charter enhances your resume but does not guarantee a job. Improve your interpersonal skills, build connections, and practice interviewing.

  • Join Your Local CFA Society: Attend social events, volunteer, or join sports teams. You can meet people who might open doors to job opportunities.

Conclusion

The CFA Program demands serious commitment, strategic studying, and disciplined time management. Embrace the grind, focus on consistent daily progress, and emphasize practice questions above all else. For Level III, be especially mindful of the essay (constructed response) portion—repeatedly drilling old exams and rubrics is crucial. On exam day, be organized, trust your preparation, and remember: skipping a hard question now to collect easy points later is smart strategy.

Above all, don’t forget to:

  1. Study smart (practice problems and structured review).

  2. Stay healthy (sleep well, exercise, and pace yourself).

  3. Network (use your local CFA society events to build relationships).

I genuinely believe that if you follow these guidelines—sticking to a schedule, reviewing actively, and keeping a clear head—you have every chance to pass. Good luck on your journey to becoming a CFA Charterholder!

If you enjoyed this article, remember to subscribe and connect with me at joemaule.com