CFA Exam: Study Tips for L1 & L2 @ZellEducation

Summary

This video offers seven essential tips for preparing for foreign exams like CFA. It emphasizes understanding exam formats, focusing on conceptual clarity over rote learning, practicing extensively, mastering calculator efficiency, time management, taking mock exams, and maintaining composure to avoid panic during the exam. The tips are applicable to various qualifications, not just CFA, and aim to enhance exam performance through strategic preparation.

Takeaways

• 📚 Understand the exam format: Know the structure of the exam, including the number of sections, duration, and types of questions.
• ⏱️ Manage your time wisely: Calculate the time per question and prioritize completing the exam over answering every question correctly.
• 🧠 Focus on conceptual clarity: Emphasize understanding concepts over memorizing definitions and facts for better recall during the exam.
• 📈 Practice, practice, practice: Regularly practice questions to familiarize yourself with the exam style and improve your problem-solving speed.
• 🧮 Be efficient with the calculator: Learn to use the calculator effectively to save time and reduce the need for double-checking calculations.
• 📊 Utilize the method of elimination: For multiple-choice questions, use elimination to narrow down the options and increase your chances of selecting the correct answer.
• 📝 Take mock exams: Attempt at least three mock exams to simulate the real exam environment, manage time, and identify areas for improvement.
• 💡 Prepare mentally for the exam: Develop strategies to handle initial questions that may cause panic, ensuring a calm and composed approach throughout the exam.
• 📈 Learn from practice and mock exams: Use the insights gained from practice and mock exams to refine your exam technique and boost your confidence.

Q & A

What is the first tip for preparing for foreign exams like the CFA?

The first tip is to understand the format and pattern of the exam, including the structure of the exam sections and the time duration.

How many sections and what is the duration of each section for CFA Level 1 exam?

The CFA Level 1 exam has two sections: a morning and an afternoon session, each lasting 2 hours and 15 minutes.

What is the significance of understanding the exam format before studying?

Understanding the exam format helps in preparing mentally for the intensity of the exam day, which is almost four and a half hours with a break in between.

What is the second tip mentioned for exam preparation?

The second tip is to focus on conceptual understanding rather than rote learning, which is crucial for exams like the CFA that require a deep comprehension of concepts.

Why is it important to practice questions from all types, including multiple choice and subjective, during exam preparation?

Practicing various types of questions helps in familiarizing with the exam format, improving time management, and enhancing the ability to apply concepts effectively.

What strategy is suggested for answering multiple choice questions in the CFA exam?

The strategy suggested is to use the method of elimination to narrow down the options and increase the chances of selecting the correct answer.

Why is being efficient with a calculator an important tip for exam preparation?

Being efficient with a calculator speeds up the process of answering quantitative questions and reduces the need for double-checking calculations, which saves time during the exam.

How does managing time per question help in completing the exam?

Managing time per question ensures that you can attempt all questions within the given time frame, which is crucial for increasing the chances of passing the exam.

What is the significance of taking mock exams before the actual exam?

Taking mock exams helps in understanding the exam environment, managing time effectively, and identifying areas of strength and weakness, thus improving the overall exam performance.

What is the seventh and final tip for preparing for exams like the CFA?

The seventh tip is to mentally prepare to avoid panic during the exam. This involves building confidence through thorough preparation and practice to maintain composure regardless of the difficulty of initial questions.

How do these tips apply to other professional qualifications beyond the CFA?

These tips are generally applicable to other professional qualifications like ACCA, CPA, and CMA, as they also require a similar level of preparation and exam strategy.

Outlines

00:00

📚 Understanding Exam Structure for Success

The first paragraph emphasizes the importance of understanding the exam format and paper pattern before starting to study. It introduces the structure of the CFA Level 1 exam, which consists of two sessions, each lasting two hours and 15 minutes, totaling approximately four and a half hours including a break. The speaker advises students to be aware of the number of questions and the time分配ation, suggesting that this clarity is essential for effective preparation. The paragraph also touches on the difference in exam preparation required for Level 1 versus Level 2, highlighting the need for conceptual understanding over rote learning and memorization.

05:01

💡 Mastering Exam Techniques and Time Management

The second paragraph offers advanced tips for exam preparation, focusing on the practical aspects of taking the exam. It discusses the necessity of practicing with a calculator to improve speed and accuracy, the importance of time management, and the strategy of attempting mock exams to simulate the real test environment. The speaker also shares a tip on how to handle the initial questions to avoid panic and maintain composure throughout the exam. The paragraph concludes with a reminder of the mental preparation required to stay calm and focused during the exam, suggesting that this mental readiness, combined with thorough mock exams and practice, can significantly increase the chances of success.

Keywords

💡Exam format

The structure or layout of an exam, including how it's divided and the types of questions asked. In the video, it is emphasized that understanding the format of exams like CFA is crucial before starting preparation. Knowing the format helps students allocate their time and resources efficiently.

💡Conceptual understanding

This refers to grasping the underlying principles and ideas behind topics rather than just memorizing facts. The video highlights the importance of conceptual clarity, especially for exams like CFA, where rote learning won't be effective. Students are encouraged to focus on understanding and rationalizing concepts.

💡Practice

The act of repeatedly performing tasks or exercises to improve performance. The speaker stresses the importance of consistent practice for mastering exam questions, especially through multiple choice and subjective answers. Practicing helps students develop strategies for different question types.

💡Method of elimination

A problem-solving technique where incorrect answers are systematically removed to narrow down the correct choice. In the video, this method is described as particularly useful for multiple-choice questions, where students can eliminate obviously wrong answers to improve their chances of selecting the right one.

💡Calculator efficiency

The skill of using a calculator effectively and quickly during exams. The speaker points out that being proficient with a calculator can save time and reduce errors, especially in exams like CFA, where quick calculations are necessary to solve problems accurately.

💡Time management

The ability to use one's time effectively, particularly during exams. The video emphasizes the importance of managing time, noting that students should calculate how much time they have per question and focus on completing the exam rather than answering every question perfectly.

💡Mock exams

Simulated exams taken before the actual test to practice and assess readiness. The speaker advocates taking at least three mock exams before sitting for the actual CFA exam. This helps students familiarize themselves with the exam environment and improve their performance under timed conditions.

💡Mental preparation

The process of getting oneself mentally ready for a task, in this case, an exam. The speaker talks about the importance of avoiding panic during the exam by being mentally prepared. Students are encouraged to practice enough so they are less likely to be thrown off by difficult questions.

💡Rote learning

A memorization technique based on repetition, often without understanding the underlying meaning. The video advises against relying on rote learning for exams like CFA, which require a deeper conceptual understanding. Instead, students should focus on understanding formulas and concepts.

💡Big knits (Level 2)

Refers to larger, more complex concepts or sections in the CFA Level 2 exam. The speaker highlights the need for students to be clear on how to approach these big sections, as they require focused preparation due to their weight and importance in the exam.

Highlights

Understanding the exam format is crucial before starting to study.

Level 1 exams consist of two sections, each lasting 2 hours and 15 minutes.

Be aware of the intense day of almost four and a half hours with a break in between.

Level 2 exams include 'Big knits' and require a clear understanding of the exam structure.

Focus on conceptual understanding rather than rote learning for exams like CFA.

Learn definitions for recall and to rationalize concepts.

Practice is key, especially for formula-based and theoretical questions.

Use the method of elimination for multiple-choice questions.

Efficiency with a calculator can speed up answering and reduce errors.

Time management is essential; calculate the time per question to ensure completion.

Completing the exam is more important than answering every question correctly.

Take mock exams to simulate the real test environment and manage time effectively.

Mock exams help identify mistakes and improve performance over time.

Mental preparation to avoid panic is as important as academic preparation.

The first few questions can significantly impact your composure during the exam.

Regular practice and mock exams can reduce the chances of exam-day panic.

These tips are applicable to various qualifications like CFA, ACCA, CPA, and CMA.

The video aims to provide tangible tips for exam preparation.

Transcripts

there are seven tips on how you can

prepare foreign

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number one you have to understand the

format the paper pattern of these exams

way before you even start studying for

it so one of the first things that we

teach students is to be aware about what

level one what level do and of course to

be comprised of uh primarily in this

video I want to

more or less

level one there are two sections that

you have to appear for the exam the

first is the morning and then the

afternoon session and each are two hours

15 minutes long so just with the

understanding of what are intense day is

going to be like you appear for the exam

it's going to be almost four and a half

hours with a break in the middle you

know how many questions you have to

answer and the rest of the tips will

depend a lot on you having Clarity on

this level 2 for example as we as most

of us should know have something called

Big knits and once again how do you

prepare how many of these come what is

the time that you have to appear for for

level two all of it must be crystal

clear in your head tip number two the

second tip is something which I think is

a default for all of us to know we know

that a lot of our exams have sort of

sort of in us to

uh wrote learn a lot of things which

will not fly when it comes to exams like

CFA there is much more of conceptual

understanding required while you need to

probably learn definitions for your own

benefit so that you can recall the

metabolism

we've been sort of studying in that

environment for so many years try and

keep it in mind that it's not going to

be healthy for a long time so focus on

conceptual Clarity focus on

deriving the meaning of things or

deriving the cat the formula for certain

topics and try and come up with

rationalizing the concepts rather than

Market goes up or Road learning course

tip number three again a very common tip

uh but I see by far the students

which is

practicing practicing practicing again

we are so used to learning from the book

and so used to just practicing the

formula based answers because that's

number driven that has a clear yes or no

answer which you can check but the real

answer is that you have

how to practice these questions in full

whether it's multiple choice whether

it's a number driven questions or their

theoretical subjective answers

for example in multiple choice questions

for CFA level one uh

there are some of us who can actually

bet

our ability to answer questions by

applying the method of elimination you

look at the multiple choice questions

you have and instead of finding the

right one you decide which are obviously

not applying and then if there's only

one left you tally it if there is more

than one lap after elimination you at

least have narrowed your range of option

that can help you get the right answer

Point number four a super simple hack is

being efficient with the calculator

now I know that for example me

personally I used to not be very

handsome with the calculator before I

started studying in my case of the ACC

exam uh but learning how to practice use

these these tools they're as powerful as

a phone you not only can speed in up

your your ability to answer these

questions but it's it's not those few

things that you have to less double

check because it's done by the

calculator

and that's what CFA wants us to prepare

for they don't want us to really uh

calculate formulas which are already

present but they want us to quickly come

to the right answer which is supposed to

be a no-brainer and use that answer to

solve the question most people get stuck

in the first one they keep trying to

solve it and double checking if it's

right or wrong instead do that in your

preparation rather than the actual exam

Point number five manage your time the

beauty of such exams is that they give

you exactly how much time per session

and how many questions per session with

this you can obviously derive how much

time you're going to take per question

so if level one has 180 mcqs and one

section is 135 minutes you can basically

calculate that okay per question you

have less than one minute now why is

this important because when you enter

the exam it is most important that you

complete the exam rather than get

everything right I still say in most of

our sessions that if you complete

hundred percent of these exam in the

exam itself you already have a 50 chance

of

so people lined up missing it

passing these exams by a small margin

when they've landed up missing four five

questions by the end of the exam if you

would rather land up giving the sofa

exam there's a higher chance that you

will tip towards actually clearing the

exam by that small margin so preparing

for that during your practice is going

to be the most important thing which

brings me neatly to my next point which

is tip number six appear for on mock

exams

I have said this a million times I think

I'll keep saying it because there is

it's one of those

no-brainer hacks

aim at giving a minute of three mock

exams before you appear for each level

let's say the first focus is difficult

right uh you blocked yourself in a room

it's difficult you know you know some of

the answers but you cannot skip them you

have to it tackle them as to the real

example you do get stuck in some

questions you'll have time management

problems you'll have casual data

problems but you get through the first

exam and let's say you fare too early

okay

you know what the mistakes are start

with uh Mark two maybe on a three four

days later a week later

you do better then comes knock three you

do much better and by the language the

fourth model which is the real exam you

have no problem with the environment

with the pressure with the seed with the

ability to know what you're good at what

not to do how to manage your time etc

etc giving you the highest chance to

prepare the person if there are two

students who study the same level but

one has given three mocks and the other

has just either not given any work or

just blank through marks the that is a

hundred percent chance that this student

has a higher probability of clearing in

spite of having the preparation at the

same level last but not least guys tip

number seven uh there is a mental

ability that you need to prepare for

which is lacking of panic so what I mean

by that is that of course when you read

certain questions it in the beginning of

the paper specifically it it can

jolt your entire composure I have seen

that if the first two three five

questions that you read you'll know the

whole paper goes smoothly because your

the first few seconds have such a

positive impact and vice versa when you

don't know the first few questions

you're gonna go through the paper with

this

incomplete or this slightly panicky mode

that

you you you sort of extrapolate the

first few questions to the rest of the

paper

it is a matter of just mental

preparation if you'll end up appearing

for it uh the mock exams the the and in

fact before marks the practice questions

and you can test yourself on this you go

through that grind again and again

before the final exam the chances of you

not panicking because of your

preparation rather than the fact that

you are lucky you know all the answers

changes the game if you'd like to

understand how

the child will definitely guide you but

besides the last Point guys all of the

other points whether you're selling

itself whether it's studying by yourself

it doesn't matter and whether it's not

even actually applying only to see if

it's some points are specific but

majority majority of the points uh sort

of overlap whether you give CFA any

other qualifications like Acca CPA CMA

it's all going to have the same level of

preparation

so with that guys uh I hope that these

tips are something you can use tangibly

if it does help you please leave a

comment down so that others understand

the value of it leave a like if there's

any value in this video and

let us know what else we can make for

your face

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