Things to Keep in Mind About CFA Examinations

CFA exam preparation is not just about hard work—one should plan smartly and stay up to date on important details. Read this quick guide to the necessary things to keep in mind about CFA examinations.

Why CFA Exams Demand Strategic Preparation?  

The Chartered Financial Analyst (CFA) stands among the most highly respected credentials within the fields of finance and investing. Passing the CFA exam, however, is not an easy feat. The journey entails not just effort but good planning and discipline as well. Thousands take the exam annually, and just a percentage pass all three levels, which makes it very crucial to know precisely what is CFA exam, how the exam runs, and how to prepare best prior to the exam.

If you’re just starting or currently mid-stream on the CFA path, these 7 crucial things to keep in mind about CFA examinations should enhance your success possibilities.

1. Understand the CFA Exam Structure and Levels

The CFA Program consists of three levels—CFA Level 1, Level 2, and Level 3. The levels cover different skills and knowledge areas:

• Level 1 emphasises knowledge and comprehension of financial concepts.
• Level 2 focuses on applying financial tools and concepts in real scenarios.
• Level 3 tests portfolio management and decision-making skills.

Each level is harder, and you have to take them one by one successively. You should know this sequence prior to entering the CFA program.

Also, get acquainted with the format and structure of the CFA exam long before the CFA exam dates. This will help you prepare adequately for every level without any surprises on exam day.

2. Be Aware of Exam Registration Deadlines and Fees

One thing you should always recall about CFA exam is the registration timeline. The CFA Institute has very strict deadlines when registering for examinations, and missing them will cost you time and money.

Key Considerations:

• Early Registration: Offers the lowest fees and is the most budget-friendly option.
• Standard Registration: More expensive than early registration.
• Late Registration: Usually not available for computer-based testing but check with CFA Institute.

Missing the registration deadline translates to waiting until the subsequent cycle, which may take several months. And take note that there are fines to pay for missing or rescheduling a CFA exam. Although rescheduling is allowed on specific grounds, that again costs an additional amount.

Make sure to always verify CFA exam dates to avoid unnecessary complications.

3. Know the CFA Curriculum and Weightage for Each Topic

The details on each level of the CFA exam’s syllabus are given by the CFA Institute. Knowing about CFA syllabus and the weightage of each subject matter is going to help you narrow down your efforts to the value areas.

CFA Level 1 Topic Weightage:

• Ethics and Professional Standards: 15-20%
• Quantitative Methods: 8-12%
• Economics: 8-12%
• Financial Reporting and Analysis: 13-17%
• Corporate Finance: 8-12%
• Equity Investments: 10-12%
• Fixed Income: 10-12%
• Derivatives: 5-8%
• Alternative Investments: 5-8%
• Portfolio Management and Wealth Planning: 5-8%

Apparently, ethics and financial reporting are key parts, therefore crucial to understand well. If you wonder about which topics carry the most weight within CFA Level 1, the answer is to be found within this list.

Also, always download the latest syllabus, as the CFA Institute updates the curriculum every year. Being up to date about CFA exam syllabus offers you an advantage.

4. Master the CBT (Computer-Based Testing) Format

The CFA examinations have shifted from the traditional paper-based format to a Computer-Based Testing (CBT) format for every level test. This impacts your test experience, especially the timing and moving within the questions.

Key CBT Features:

• CFA Level 1: 180 questions, 2 sessions of 135 minutes each.
• CFA Level 2 and 3: Item set questions, more analysis-focused.
• On-screen calculator and highlight tools.
• Breaks between sessions.

Make sure to practice using the CBT interface so that you won’t feel caught off-guard on test day. Knowing the details about CFA exam format helps you manage time better and feel more at ease on test day.

Also, if you are querying, are CFA exams held in India? – Yes, and the CBT format is standardised internationally. Indian candidates may take up the exam from major cities like Mumbai, Delhi, Bangalore, and so on.

5. Plan Your Study Time and Stick to a Schedule

The CFA Institute recommends 300 hours of study by level. The quantity, though, varies from one person to the other. If you are asking yourself, How many hours should I study by level to pass the CFA exam?, then this may come in handy:

• Level 1: 300–350 hours (focus on broad concepts).
• Level 2: 325–375 hours (application-heavy).
• Level 3: 350–400 hours (essay format, portfolio management).

Break your study plan into:

• Reading the curriculum
• Watching video lectures
• Practicing questions
• Taking mock exams

Use time-blocking techniques or weekly schedules. Be regular and adjust the plan accordingly, based on how you are going.

6. Use the Right Study Resources and Practice Papers

While the CFA official curriculum is comprehensive, many candidates benefit from using other study resources. These guides summarise complex material and contain much practice.

Recommended Resources:

• CFA Institute’s Learning Ecosystem
• Schweser Notes (Kaplan)
• Wiley CFA Prep
• Bloomberg CFA Exam Prep
• Zell Education’s comprehensive CFA coaching programs

Practice papers are particularly crucial. The more practice papers you take, the better you are at time management and locating weak areas.

Ensure that you practice under timed conditions and emulate the format of CBT. This not only enhances stamina but also reduces exam nerves as well.

7. Stay Updated on Policy Changes by CFA Institute

The CFA Institute keeps on modifying its policies, test designs, and even test windows. The CFA exam has, in recent years, experienced significant changes such as moving to CBT, reduced test windows, and changes in curriculum.

Thus, one thing to always keep in mind when it comes to CFA examinations is staying current on updates. This means:

• Changes to CFA exam dates
• New policies around deferrals or rescheduling
• Modifications in exam centers (especially important if you’re asking “are CFA exams held in India?”)

You can opt to receive newsletters from CFA Institute, register on forums like Analyst Forum, or follow Zell Education to receive updates.

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Conclusion: Prepare Smart and Stay Consistent for CFA Success

Passing the CFA exams requires more than book knowledge. It requires strategy, time, and efficient use of resources. By recalling these 7 major things to keep in mind about CFA examinations, you can enhance preparation and improve your chances to pass each level.

Be self-disciplined, track your own progress, and do not feel shy about asking for help. Zell Education is ready to assist you throughout the journey, from discovering what is CFA exam​ to tackling the ultimate level.

If you are looking for expert-led CFA coaching, frequent practice, and one-on-one study guidance, look no further than Zell Education’s CFA course today. Get guidance tailored to your goals and pass the CFA process with confidence!

FAQs on Things to Keep in Mind About CFA Examinations

What is the format of the CFA exam and how has it changed recently?

The CFA exam was previously running on Computer-Based Testing (CBT) on all levels, and Level 1 currently consists of 180 multiple-choice items spread over two sessions, whilst item sets and essays are employed by Levels 2 and 3. The transition from using paper to using the computer was achieved in 2021, and this improved accessibility and created further test windows during the year.

How many hours should I study for each level of the CFA exam?

CFA Institute recommends about 300–400 hours per level:

• Level 1: 300–350 hours
• Level 2: 325–375 hours
• Level 3: 350–400 hours

The duration depends on background and experience with the material.

What topics carry the most weight in CFA Level 1?

The most highly weighted subject areas at Level 1 are

• Ethics and Professional Standards (15–20%)
• Financial Reporting and Analysis (13–17%)
• Equity and Fixed Income Investments (10–12% each)

You should focus on these areas while you prepare.

Are there penalties for rescheduling or missing a CFA exam?

Yes. The CFA Institute will impose a rescheduling fee on you if you reschedule your exam date within a specific time period. Non-appearance on the exam day without authorised extenuating circumstances automatically results in your fee being forfeited. Please always check policies before making changes.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.