CFA preparation is not about cramming but refining what you already know. The CFA exam is just around the corner, and if your nerves are kicking in, you’re not alone. But instead of spiraling into panic mode, let’s take a deep breath and refocus.
In this guide, you’ll get actionable strategies on:
By the end, you’ll know exactly what to focus on so you can walk into the exam feeling confident, not crammed.
Let’s get into it.
How to Do Your Last-minute CFA Preparation?
If you’re feeling like you’ve already done all the heavy lifting and are now wondering what to zero in on, here’s the plan:
1. Mock exams, not question banks:
At this stage, it’s not about doing random practice questions. It’s about simulating the real exam.
Aim for 3 to 5 diversified mocks to get a realistic feel of the exam format.
2. Review your notes:
Go back to the notes you scribbled down during your prep.
Often, those little shortcuts or key takeaways can become game changers in the final hours.
3. Stay off social media:
The last thing you need is conflicting advice from Reddit or random forums.
Trust your prep, stick to what you know, and keep distractions at bay.
4. Prioritize high-weightage topics:
Focus on sections that carry more weight, like FRA, Ethics, and Quant.
If there are areas you’re strong in, just do a quick review. For weaker sections, allocate a bit more time.
5. Relax and recharge:
Take a breather. Go for a walk, talk to a friend, or watch something light.
Staying calm is just as important as staying focused.
Relax and rewind, you will get it done.
Why do you need a Cheat Sheet?
A cheatsheet is your go-to tool for quick revision.
Instead of sifting through heavy textbooks, you get all the essential formulas and concepts in one place.
It’s perfect for those final hours when you just need to reinforce key points and boost your confidence before the exam.
What can you add to your CFA cheatsheet?
- Important formulas for quantitative methods, financial reporting, and equity investments
- Key accounting ratios and financial statement analysis formulas
- Ethics principles and key guidelines
- Commonly tested definitions and terminologies
- Key concepts from Portfolio Management and Fixed Income.
You could download the Ultimate CFA Cheatsheet for free.
Your Revision Strategy For the Final Days
The last few days before the CFA exam are crucial for solidifying what you know and filling in any gaps.
Here’s a simple, easy-to-follow revision plan to help you make the most of this time.
1. Revise thoroughly, be strategic:
Yes, the exam is like a mock, but the questions can be entirely different.
Expect a lot of factual information and specifics from the curriculum.
Focus on covering as much detail as possible, especially high-weightage topics like FRA.
2. Practice questions over re-reading:
At this stage, reading won’t add much value. Instead, hammer out as many practice questions as possible.
Focus on identifying patterns and understanding how questions are structured. This is your best bet for retaining information.
3. Elimination is your friend:
For multiple-choice questions, elimination-based guessing is a powerful strategy.
Narrow down the options and go with the most logical answer.
4. Adjust as you go:
Your study plan might change every day, and that’s okay.
Keep adapting based on how much you’re covering and how confident you feel.
Stay flexible and adjust your priorities as needed.
5. Active recall and spaced repetition:
Active Recall: Don’t just read – quiz yourself.
Cover up formulas and try to write them from memory.
Spaced Repetition: Revisit tricky concepts multiple times over the last few days.
It’s better to do short, repeated reviews than long, crammed sessions.
6. Final week focus:
In the last few days, review the formulas again, run through a few ethics questions, and avoid cramming new content.
Stick to what you know, keep it simple, and stay calm.
This way, you’re hitting all key areas without overloading your brain.
All you need to know about Mock Tests
Mock tests are your best practice for the real deal.
But how many should you take, and when?
Let’s break it down.
1. How many mocks should you take?
Ideally, aim for 2-3 full-length mocks before the exam.
1st Mock- It helps you identify weak areas
2nd Mock- The second one tests how well you’ve addressed them
3rd Mock- This one fine-tunes your timing and strategy.
If you’re short on time, at least one full-length mock is a must.
2. When to take your last mock?
Take your final mock 3-4 days before the exam.
This way, you still have time to review mistakes and focus on areas where you stumbled.
Avoid doing a mock the day before the exam – instead, keep that day for light review and rest.
You see, make your mocks as real as possible.
Treat your mock like it’s the actual exam:
- Start at the same time as your real exam and stick to the exact time limits.
- Mimic the exam day routine: Wake up at the same time, eat the same breakfast, and set up a distraction-free space.
- Avoid distractions: No phone, no breaks outside the scheduled ones. This helps you mentally and physically prep for the big day.
Remember, the goal isn’t just to score high on the mocks – it’s to learn from them and adjust your strategy.
3. How to do mock analysis?
Taking a mock exam is only half the work, the real value comes from analyzing it.
Here’s how to do it effectively:
1. Break down your performance:
Start by looking at your overall score, but don’t stop there.
Go section by section – Ethics, Quant, FRA, etc.
Note down your percentage in each area.
- If you scored below 80% in any key section, that’s a red flag. Mark it for extra review.
- Pay attention to patterns- are you consistently missing similar types of questions? That’s a clue to what needs more work.
2. Review incorrect answers:
Go through every wrong answer carefully. Ask yourself:
- Was it a careless mistake or a genuine gap in understanding?
- Did you misread the question, or did you not know the concept?
- Write down key takeaways for each incorrect answer, especially if it’s a high-weightage topic.
3. Identify knowledge gaps:
Look for areas where you missed multiple questions.
Maybe you got a lot of Quant questions wrong – that’s a sign to revisit key formulas or concepts.
Create a quick checklist of weak areas and dedicate extra time to them over the next few days.
4. Adjust your revision plan:
Your mock analysis should directly shape your next few days of study.
If Ethics is a weak spot, spend an extra hour daily on practice questions.
If Quant formulas tripped you up, write them out repeatedly until they stick.
Mock analysis isn’t about finding out what you got wrong, it’s about using those insights to refine your revision strategy.
What to do after the mock exam: Post-mock routine
You’ve just finished a mock exam, now what?
Here’s how to make the most of this crucial time without burning yourself out.
1. Skip the cramming:
Resist the urge to dive straight back into heavy study mode.
Instead, focus on a light review.
- Flip through your notes
- Glance at key formulas
- Review tricky questions from the mock.
2. Take a break and recharge:
Your brain needs a breather.
Take a walk, grab a snack, or do something you enjoy.
A short break helps you reset and absorb what you just reviewed.
3. Stay calm and manage stress:
Feeling anxious? It’s normal.
Do a quick breathing exercise or a 5-minute stretch to keep your nerves in check.
Remind yourself – you’re better prepared than you think.
4. Last-minute dos and don’ts:
- Do: Review your cheatsheet, focus on formulas, and get a good night’s sleep.
- Don’t: Start new topics or do a full-length mock – it’s too late for that.
Keep it simple, stay calm, and trust your prep.
You’ve got this!
Conclusion
As the CFA exam day gets closer, don’t panic. It’s time to activate your relaxation mode.
These final days are all about fine-tuning what you’ve already prepared for.
Your last-minute CFA preparation can be summed up to:
- Focus on key areas
- Practice with mocks
- Keep your cheatsheet close for quick revisions
Trust in your preparation, stay calm, and walk into the exam room with confidence.
You’ve put in the effort – now it’s time to shine.
Best of luck!
