The 7 BIGGEST Mistakes I Made While Studying for the CFA Exams

Summary

The speaker reflects on their CFA exam journey, highlighting seven key mistakes made during their study process. These include insufficient note-taking, avoiding difficult sections, feeding off fear, neglecting physical health, mishandling ethics preparation, lack of transparency with others, and the detrimental impact of phone distractions. The speaker emphasizes the importance of active learning, seeking alternative resources, maintaining a positive mindset, and prioritizing health and communication for a successful CFA exam experience.

Takeaways

• 📝 Take detailed notes while studying to enhance retention and recall of information.
• 🚫 Avoid completely skipping sections of the study material, as it may lead to gaps in understanding.
• 😨 Recognize that fear can be a motivator, but excitement for success can lead to a healthier study mindset.
• 💺 Pay attention to physical posture and ergonomics during long study sessions to maintain health.
• 📚 Treat ethics as you would other subjects, with a focus on practice questions rather than just reading.
• 🤔 Reflect on the approach to studying ethics, ensuring to understand the application of ethical standards through practice.
• 🤐 Consider the impact of not sharing your study goals with others, as it may affect support and personal accountability.
• 📱 Keep distractions like cell phones away during study sessions to maximize focus and efficiency.
• ⏰ Be aware of the time wasted on distractions and how it can significantly impact study outcomes.
• 🔄 Learn from the speaker's experience of balancing study with life, and the importance of transparency with loved ones.
• 🔑 Understand that the speaker's biggest mistake was keeping the phone nearby, which can be a significant hindrance to study effectiveness.

Q & A

What is the main topic of the video script?

The main topic of the video script is the seven biggest mistakes the speaker made while studying for the CFA exams and how to avoid them.

What was the speaker's first mistake regarding note-taking during the CFA exam preparation?

The speaker's first mistake was not handwriting enough notes while going through the content, which affected the retention of information.

Why is writing out the thought process important during video lessons according to the speaker?

Writing out the thought process is important because it helps replicate the brain's thought process when absorbing information, making it easier to recall and solve problems later on.

What does the speaker suggest about the quantity of notes one should take?

The speaker suggests that while taking notes is important, it should not be overdone to the point of transcribing entire lectures, which is inefficient.

What was the speaker's strategy for dealing with difficult sections like the derivative book in Level 2?

The speaker initially skipped the difficult section on valuing currency swaps in the derivative book, but later realized that seeking alternative resources or spending more time understanding the material would have been better.

How did the speaker's motivation to pass the CFA exams affect their study habits?

The speaker's motivation was largely driven by fear of failure, which led to intense study sessions, including late-night studying, rather than excitement about passing.

What impact did the speaker's physical posture have on their study experience?

The speaker's physical posture, which involved hunching over a non-ergonomic chair, led to neck and upper back pain, highlighting the importance of maintaining good posture during long study sessions.

Why did the speaker initially struggle with studying for the ethics section of the CFA exams?

The speaker struggled because they treated ethics as a separate entity, focusing more on reading content rather than practicing questions, which is less effective for understanding and applying the ethical concepts.

What was the speaker's approach to studying ethics in Level 3, and why was it effective?

In Level 3, the speaker started treating ethics like all other sections by doing a lot of practice questions, which helped in understanding the application of ethical concepts through trial and error.

Why did the speaker choose not to share their CFA exam preparation journey with many people?

The speaker chose not to share due to the statistical difficulty of passing the CFA exams and the fear of over-promising and under-delivering, which could lead to additional pressure and potential disappointment.

What was identified as the speaker's biggest mistake during CFA exam preparation, and why was it so detrimental?

The biggest mistake was keeping the phone by their side during study sessions, as it led to frequent distractions that wasted significant time and could potentially affect the outcome of the exams.