United States
Frequently Asked Questions - CFA Exam Preparation
- CFA (Chartered Financial Analyst)
- How many hours will I have to study to prepare for the CFA exam? What if I also have a full-time job?
- What kind of calculator should I purchase? What is the CFA Institute's calculator policy?
- I've heard rumors that the CFA Institute might be preparing exams to exactly stress those areas that are not covered in depth by preparation providers (and more in particular Kaplan Schweser).
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How many hours will I have to study to prepare for the CFA exam?
What if I also have a full-time job?
Many candidates study at least 250 hours for each level of the examination. In our opinion, this is the minimum amount of study that you should put in. Our products have been created with the needs of a diverse group of candidates in mind. The actual time allocation will depend on your job situation and your academic background. If you are weak in these areas, you may need more hours of study to be successful.
Our SchweserNotes, live seminars, videos, audios, flashcards, testing software, and online program are all meant to assist you in preparing for the exams and accommodate your study style. We, however, recommend that the sooner you start preparing for the exam, the better prepared you will be—resulting in a lower level of anxiety at the time of the exam. It is important that you do as many problems, progress and practice exams as possible. At Kaplan Schweser, we provide full support and a complete solution to candidates studying for all levels of the CFA Program.
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What kind of calculator should I purchase? What is the CFA Institute's calculator policy?
The following two calculator models are approved for use on the CFA examinations: These are the only models of calculators permitted for use on the CFA examinations; any other model of calculator will be confiscated when you enter the examination area. You are encouraged to select one of these models immediately and to practice with it throughout your period of study. If you wish to bring an extra calculator with you to the examination room, the extra calculator must be one of these two permitted models. Both models are available for purchase internationally. For more information, visit the following Web sites: www.ti.com or www.hp.com.
Kaplan Schweser recommends the TI BAII Plus for the CFA examination. If you do purchase a TI BAII Plus, please note that it comes preset from the factory with P/Y (payments per year) set to 12. To avoid a tremendous headache, please change P/Y to 1.
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I've heard rumors that the CFA Institute might be preparing exams as to exactly
stress on those areas that are not covered in depth by preparation providers
(and more in particular Kaplan Schweser).
Fairness is a key ideal that the CFA Institute lives by. During the past 8-10 years, the CFA Institute has put into place systems and procedures that ensure fair treatment of CFA candidates and study providers. Hence, it is highly unlikely that the CFA Institute would single out one or two study providers and try to punish their clients (and CFA candidates) by writing the exam specifically away from the Learning Outcome Statements that they (The CFA Institute) authored. Moreover, one needs only think briefly about the Herculean task that this would represent - it is unlikely that the CFA Institute would devote the massive resources it would take to cull through the materials of numerous of study providers. In addition, study providers are required to submit their materials to the CFA Institute after initial publication. This is done at about the same time that the CFA Institute is finalizing each examination. For the "conspiracy theory" to be correct, the CFA Institute would have to review all materials and then set the exam - a process that would take well into March or April - far too close to the actual exam date to employ all the rigorous quality control that we know goes into the creation of each exam.