The SECRET to Passing the CFA Exams

Summary

This video emphasizes the critical role of memorizing formulas in the final week before the CFA Level 1 exam, which the speaker believes is the 'secret sauce' for success. The speaker shares a method passed down from Mark Meldrum, involving intensive handwriting of each formula multiple times to commit them to memory. The process is detailed, including creating a comprehensive formula list, practicing with chunks of 10 formulas, self-quizzing, and highlighting and re-memorizing those that are difficult. The speaker recommends taking two full days for this process and the day before the exam off to review, which they claim can significantly boost confidence and exam performance.

Takeaways

• 📅 The final week process is crucial for passing the CFA Level One exam.
• 🔑 Memorizing formulas is the secret to boosting exam preparation in the final days.
• 🧠 Formula memorization is particularly important for Level One due to its simpler mathematical nature.
• 📝 A comprehensive list of formulas is essential, which can be compiled from practice questions throughout the study period.
• ✍️ Handwriting formulas multiple times is an effective method for memorization.
• 🕒 Allocating 24 hours over 3 days for intensive formula memorization can significantly enhance exam readiness.
• 🚫 Avoiding over-reliance on formula derivations and focusing on memorization for quick recall is advised.
• 🔄 Re-testing oneself after memorizing each formula set helps reinforce learning.
• ⭐ Highlighting and re-memorizing formulas that were difficult during the first review is key for exam day.
• 🛑 Taking a break before the exam can help in mental preparation and reduce exam day anxiety.

Q & A

What is considered the secret to passing the CFA Level One exam according to the speaker?

The speaker believes that the secret to passing the CFA Level One exam is memorizing formulas, especially in the final week leading up to the exam.

Why are formulas so important for the CFA Level One exam?

Formulas are crucial for the CFA Level One exam because it has the most simplistic mathematics compared to other levels, and knowing the formulas can help quickly solve questions with provided information.

What is the speaker's recommendation for creating a list of formulas to memorize?

The speaker suggests creating a formula sheet by writing down every formula needed to answer questions correctly during study sessions, or purchasing formula sheets from test prep providers, but condensing them to the most relevant ones.

How does the speaker suggest memorizing the formulas effectively?

The speaker recommends handwriting each formula 10 times, then quizzing oneself to memorize them. If a formula is not remembered correctly, it should be written out additional times.

Why does the speaker suggest taking a day off before the exam?

The speaker suggests taking a day off before the exam to allow the brain to rest and to prevent burnout, which can be beneficial for exam performance.

What is the significance of the final 24 hours before the exam according to the speaker?

The speaker implies that the final 24 hours before the exam are crucial and should be spent reviewing, but does not detail this in the provided script, suggesting that it is covered in other videos.

How does the speaker suggest using the formula sheet on the day of the exam?

The speaker advises reviewing the formulas, especially the ones that were difficult to memorize, on the morning of the exam or during the commute to reinforce memory.

What is the role of memorizing formulas in boosting confidence during the exam?

Memorizing formulas can significantly boost confidence during the exam as it allows考生 to quickly recall and apply them to answer questions, which can lead to a higher score.

What is the speaker's personal experience with the formula memorization process?

The speaker personally followed the formula memorization process for all their CFA exams and believes it was instrumental in passing, especially the Level One exam.

Why does the speaker attribute the success of formula memorization to Mark Meldrum?

The speaker attributes the success of the formula memorization process to Mark Meldrum because he received the tip from a video by Meldrum and found it to be extremely effective.

Outlines

00:00

📚 The Secret to Passing CFA Level One: Memorizing Formulas

This paragraph introduces the 'secret' to passing the CFA Level One exam, which is the final week process of memorizing formulas. The speaker attributes this tip to Mark Meldrum and emphasizes its importance in the last few days before the exam. The speaker believes that this process is crucial for those who are time-crunched and have not done extensive mock exam practice. The paragraph highlights the significance of formulas in the Level One exam due to its simplistic math compared to higher levels, and the ease of answering questions once the formula is known. The speaker also suggests creating a comprehensive formula list throughout the study process and mentions the option of purchasing formula sheets, including their own on Patreon.

05:00

📝 The Formula Memorization Technique: Handwriting and Self-Quizzing

The speaker explains a detailed technique for memorizing formulas, which involves handwriting each formula 10 times to ingrain it into memory. After writing out a batch of 10 formulas, the speaker suggests self-quizzing by covering the formulas and trying to recall them from memory based on their titles. If a formula is not memorized, it is rewritten multiple times until it can be recited. The process is time-consuming and requires dedication, with the speaker allocating two full days for this task before the exam. The speaker also discusses the importance of reviewing the formulas that were difficult to memorize and highlights the benefits of this method for exam day confidence and performance.

10:00

🚀 Boosting Exam Confidence: Final Review and Exam Day Strategy

In the final paragraph, the speaker discusses the importance of the last review of formulas, especially those that were difficult to memorize, and the strategy for exam day. The speaker recommends taking the day before the exam off to rest but suggests reviewing the most challenging formulas on the morning of the exam. The paragraph concludes with a motivational note, emphasizing the impact of memorizing formulas on exam performance and confidence, and credits Mark Meldrum for the effective study strategy.

Keywords

💡CFA Exams

The CFA (Chartered Financial Analyst) Exams are a series of three rigorous tests administered by the CFA Institute to qualify individuals as financial analysts. In the video, the focus is on the Level One exam, which is considered the starting point for the CFA designation. The script emphasizes the importance of preparation and memorization of formulas for this exam.

💡Secret to Passing

The 'secret to passing' refers to a specific strategy or method that the speaker believes significantly contributes to success in the CFA exams. The video outlines a 'final week process' that the speaker claims is a differentiating factor between candidates who pass and those who do not.

💡Final Week Process

The 'final week process' is a memorization technique that the speaker advocates for in the last days leading up to the exam. It involves intensively memorizing formulas and is presented as a crucial step in the speaker's personal preparation for the CFA exams.

💡Memorizing Formulas

Memorizing formulas is highlighted as a key strategy for success on the Level One CFA exam. The script explains that knowing these formulas by heart can greatly facilitate answering questions quickly and accurately during the exam, especially since many questions involve algebraic calculations.

💡Level One Exam

The Level One exam is the initial stage of the CFA certification process. It is characterized by having the most straightforward mathematics among the three levels, which makes memorizing formulas particularly effective for this level. The script suggests that mastering formulas can be a significant advantage.

💡Mock Exams

Mock exams are practice tests that simulate the actual CFA exam experience. The script mentions that mock exams are a part of the preparation process where candidates can identify and practice using necessary formulas, which are then recorded for later memorization.

💡Formula Sheet

A formula sheet is a compilation of all the formulas that a candidate might need to know for the CFA exam. The script describes creating a personalized formula sheet as an essential part of the preparation process, either by noting down formulas used in practice or purchasing one from test prep providers.

💡Handwriting Formulas

Handwriting formulas is the method recommended in the script for memorizing them effectively. The speaker suggests writing each formula multiple times to ingrain it in memory, which is part of the 'final week process' described for exam preparation.

💡Quizzing

Quizzing oneself is a self-assessment technique mentioned in the script where candidates cover up the formulas they have written and attempt to recall them. This method helps in reinforcing memory and identifying areas that need more practice.

💡Exam Day Preparation

The script discusses the importance of the day before the exam, suggesting taking it off to rest and mentally prepare. It also mentions reviewing particularly challenging formulas the morning of the exam to solidify memory.

💡Confidence Building

Building confidence is an implicit goal of the memorization process described in the script. By mastering formulas and practicing them intensively, candidates are expected to feel more confident and prepared for the exam.

Highlights

The secret to passing any CFA exam, especially level one, is revealed to be a final week process.

Memorizing formulas is the key to boosting exam preparation in the final days before the exam.

Level one exam has the most simplistic math compared to level two or three.

Simple algebra equations are common in level one exams, making formula knowledge crucial.

Memorizing formulas is an easy way to pick up extra points just before the test.

A comprehensive formula list is essential for effective memorization.

Formula sheets from test prep providers may be too long and include unnecessary derivations.

The presenter's personal formula sheets are available on Patreon, updated as of 2021.

A methodical approach to memorizing formulas involves handwriting each one multiple times.

After writing, self-quizzing is crucial to ensure formula memorization.

Highlighting and re-writing difficult formulas is a strategy for reinforcing memory.

Taking a full day off before the exam aids in mental preparation.

Reviewing difficult formulas on the exam day morning boosts confidence.

Memorizing formulas can be the difference between passing and failing the exam.

The presenter attributes their CFA exam success partially to this memorization technique.

The memorization process is time-consuming but highly effective.

The presenter suggests allocating 24 hours over 3 days for this process.

The final review and re-testing of formulas is a critical step before the exam.

Transcripts

the next round of level one CFA exams is

coming up in just a couple of weeks as

of the release of this video which is

the perfect time to start talking about

what I've always called the secret to

passing any of the CFA exams especially

the level one exam this is the final

week process that I personally followed

for all of my exams I totally believe

this is the biggest differentiating

factor between those candidates who will

pass the exams and those who won't I

didn't come up with this myself this is

a tip that I received from a Mark

Meldrum video 7 or years ago right

before my first CFA exam I followed his

tips exactly in the 3 days 4 days

preceding that exam and I think it made

a world of a difference I know I

wouldn't have passed the level two or

level three exams without this but

especially if you've been on a time

crunch studying for your level one exam

the biggest Difference Maker that you

can make in the final few days is

memorizing formulas memorizing every

formula that you may need to know on any

of the questions that come up on the

test in this video we're going to talk

about the best way to memorize formulas

so that you can learn all the formulas

you're going to need to know as quickly

and as effectively as possible we'll

talk about why memorizing formulas is so

important why it's really the secret

sauce to boosting your level of

preparation in the final few days before

an exam and then basically why it's the

most important thing you can do with

your time in the last 3 days the reason

why memorizing formulas is so important

for the level one exam specifically is

because the level one exam actually has

the most simplistic mathematic in a lot

of the SE sections compared to the level

two or level three test so when you're

doing Simple algebra three or four

variable algebra equations come up all

the time on level one whether it be in

economics or Equity or other sections as

long as you know what the formula is

what the three or four variables are

it's not hard to pull the information

from the question that's being asked of

you in just you know literally 6 seconds

on a calculator to get the answer if

you're prepping for level one and you

haven't done a lot of mock exam style

practice questions yet then you may not

know this but there are a lot of simple

algebra type questions on these level

one tests so you have to know every

single formula that could potentially be

asked of you I think it's like the

easiest way to pick up extra points

again in the last few days before your

test it's a huge difference maker trust

me follow this process you will have no

regrets that you spent the last 48 to 72

hours doing this and at the end of the

day this could be the difference between

you ultimately like never even passing

level one or becoming a CFA Charter

holder I truly believe it was for me

props to mark melum let's get into it

before you start memorizing anywhere

from like 100 to 200 or more formulas

you have to first have the list of

formulas that you are going to memorize

from there are a few ways to do this I

think the best way to do this and it may

sort of be too late if you haven't been

writing formulas along the way the best

way to have a list of formulas is to

throughout your prep process you know

over the last four five six plus months

every time you had to use a formula to

solve an equation you're then taking

that formula and writing it on a

separate formula sheet that's what I did

well technically I kept it in the same

notebook and I put um stars and circles

around the formulas and then later

rewrote those all into a new formula

sheet but the point is any formula that

I ever needed to apply to answer a

question correctly whether that have

been an online CFA practice question a

Wy practice question I used Wy test prep

whether it were on a mock exam or um a

blue box an end of chapter question or a

blue box example which I know they are

now gray box examples but any of those

types of practice questions you've done

over the past 6 months if a formula was

needed to answer a question there's a

chance that that formula will be needed

on your real C fa exam so you need a

very comprehensive list you can purchase

formula sheets from the major test spr

providers I know Wy and Kaplan both have

them in my opinion those lists are too

long they include sometimes even like

ways to derive other formulas into the

shorter versions of those formulas that

are easier to remember but you really

don't need to know how to derive these

formulas especially when we're just

talking about trying to memorize as many

things as you can over a 3-day window

and then regurgitate them on exam day so

you can buy those formula sheet they're

helpful I think they're a little bit too

long you're going to want to sort of

condense them another wonderful way to

do that as a Shameless plug for myself

is to purchase the real formula sheets

that I personally wrote hand wrote

Consolidated hand wrote again ended up

typing them out and I have now listed

them on my patreon page I re-updated

them as recently as 2021 so they're not

going to include formulas for the most

recent additions to the CFA curriculum

but they will include formulas that

apply to the majority of what is still

the CFA especially level one exam

curriculum so those are available on my

patreon page if if you did not keep

track of every formula you used over the

last 6 months like I just described I

did do that during my exam process I

would recommend you actually do that

prepping for level two or level three if

you're know one level before those exams

but I do have the actual formula sheets

that I personally studied from and used

past all the exams on my patreon link is

in the description the regiment that was

uh explained to me by again Dr Mark mm

love him is very simple very very boring

and very effective at getting the human

brain to put into medium-term memor a

bunch of random algebra equations or

formulas so that is you start with your

formula sheet probably take it into

chunks of like 10 different formulas

start with formula number one hand write

it 10 times then go to formula number

two hand write it 10 times then go to

formula number three from your formula

sheet hand write it 10 times your wrist

is going to be killing you it's probably

especially in today's age probably going

to be the most handwriting you've done

in years but something about taking a

pen to a paper and continuing especially

because like fifth 6th 7th e8th you

handr write it out you're probably not

needing to look at the formula on the

line right above that you just

previously handw wrote out you're

starting to remember it and so literally

writing it out like that that many times

is effective at jamming that formula

into your brain so that you're going to

have the information you need after you

have Rewritten 10 different formulas 10

times each you pause you sort of cover

them up and you quiz yourself go back to

well actually I forgot to mention you

want a name for that formula so it might

be Gordon growth model and then Dash and

then the formula so when you go to

requiz yourself you'll cover up all of

the formulas that you Rehand wrote and

just just look at the title that golden

growth model can you recite it out loud

or in your head either way if you can

recite it move on you've probably

basically memorized that formula if you

can't and for me there were usually two

or three out of any group of 10 formulas

that I was not able to regurgitate in my

head or out loud right after handwriting

them all then you write rewrite those

probably five or eight times each so

that's another 15 to 20 formula lines

that you're handwriting out in a

notebook pad you're going to want a

fresh notebook to do all of this writing

but the point is then you practice on

those three that you might have gotten

wrong after the first review at the end

of that process you will basically have

memorized 10 Formula then do it again

for the next 10 this is timec consuming

I'll talk about how you structure the

timing of this in just a moment but

again very effective at uh at pounding

these formulas into your head it will

make a massive difference on exam day

trust me on this so if you're following

the process here you're going to be

handwriting maybe as many as 200

formulas at least 10 times each that's a

lot of handwriting right and certainly

more than that actually because you're

not always going to get every formula

right when you sort of mentally review

them so in in terms of the amount of

time that you need to allocate towards

this for me I took 3 days off of work

for each of my CFA exams I would spend

two full days usually 12 to 16 hours

each day just doing this handwriting and

retesting self um formula process I took

the final 24 hours for the exam

completely off I'm not going to talk

about why that is in this video I also

believe that is a very helpful aspect to

the last 3 days of CFA exam prep but I

talk about that in more depth in other

videos on my channel so if you want to

hear about that final 24 hours watch

those but basically we're allocating 24

total hours amongst those two days 12

and 12 maybe a little bit more towards

handwriting these formulas you will get

through handwriting even 200 formulas in

that period of time so once you've gone

through that entire process that I

described where you're kind of retesting

yourself for all 200 formulas then

you're going to pause maybe go eat a

steak dinner or something come back to

your formula sheet and then you're going

to go back and start retesting yourself

from formula number one top of the list

again because after you've been quizzing

yourself on formulas 160 to to 200

hypothetically maybe you have forgotten

back on formula number one so you're

going back to the start of the list

again this may be in the you know it was

always Wednesday Thursday that I was

doing this and then I'd take Friday off

an exam on Saturday so this may be like

Thursday afternoon Thursday evening when

you're finally in this process but it's

like the additional review but there's

an important step for this additional

review that you're going to want to note

down so when you go back to the top of

the list any of the formulas that you

don't get right you need to highlight

those put a big circle around those it's

going to be important for actually exam

day I'll talk about that in just a

moment but you highlight them Circle

them and then you're going to handr

write those formulas out again 10 times

now if I had to guess when I was

re-reviewing r PR reviewing those 200

formulas I probably didn't get 20 to 30

of them right um the final time around

so I was circling 20 or 30 formulas reh

handwriting 20 or 30 formulas either

five or 10 times each and then re

quizzing myself on those by the end of

Thursday the second day you're going to

be totally sick of this and really your

hand going to be exhausted your mind's

going to be exhausted but you will have

taken probably the single uh or the

greatest two-day leap in terms of your

CFA exam preparedness that you did

during the entire process many of the

formulas you're going to be familiar

with because you've done practice

questions hopefully over the past month

or two but some of them are just going

to require this level of memorization

which is why this is such a huge

difference maker so then you take Friday

off in my case it was a Friday but the

day before the exam totally off I

wouldn't look at formulas or anything

else but exam day that morning I'm

re-reviewing those 20 or 30 formulas

that I got wrong a second time around

during the final review and that's why

it was important to recircle those again

or reh highlight them uh in the final

afternoon or evening of this process

because those are the ones that you're

iffy on and you're going to want to

double down on again and then usually

like I would do this on the drive to the

exam Center I know it's a little bit

different now they're more accessible

with Prometric testing centers but I had

a 3-hour drive I would take those 3

hours and just practice all the formulas

again specifically the ones that I had

gotten wrong in the sort of final final

review in the evening of my last study

day you may want to go back over the

rest of them you're going to really

start to build a lot of confidence

during that two hours right before the

exam in my opinion because you'll

realize how many of these formulas you

actually know and man once you've done

that you're going to sit down at that

exam Center a question about about a GDP

calculation like the change in

population versus the change in

education I don't know I don't remember

any of them now or very few of them the

question will pop up and you'll go holy

smokes I just recited this formula and

handw wrote this formula like 40 times

over the last 3 days you're going to

instantly know which variables to plug

in and you're going to be able to answer

that question very quickly so this is

the secret I mean I literally believe

this is the a major major Difference

Maker it's probably the second single

most important factor the biggest factor

is just the time spent studying

memorizing formulas is not going to

outperform someone who studied three or

four months more than somebody else but

outside of just pure time spent studying

the biggest Difference Maker is if you

have formulas memorize versus if you

don't and this is my recommendation I

hope everyone watching this video can

allocate 24 hours in the in the 3 days

leading right up to the exam to do this

it will make uh I think you'll be

surprised at how much of a difference

it'll make and how much it's going to

boost your confidence going into that

exam Center best of luck studying props

to mark Meldrum for these ideas they

helped me a ton I hope they help

everyone else who good luck out there