In the 7th episode of the CFA exam prep series, we explore the important of following a rigorous, data-driven approach to passing the CFA exam.

A majority of candidates simply follow an unstructured, ad-hoc approach to the exam. They often lack a long-term plan, a formal process of testing, and an inadequate system of review and tracking.

We focus on 2 key areas:

1. Why candidates need a plan for every single study day from start to finish. This includes the exact section(s) covered, any questions to be done, the process to record success/failure, and any scheduled review of prior lessons. Every day is mapped out from the beginning. There can be absolutely no ambiguity on the exact next step for the candidate. A lack of focus/systematic approach drives candidates to easy and vague tasks, which do nothing for long-term skill development. 

2. How and why to create a testing system to build long-term knowledge. Candidates need to keep a detailed record of test scores and build a database of incorrect answers. Every practice test score and question set needs to be recorded and tracked. Because of the tracking, candidates can see clear progress by section and rather than relying on gut feelings. By following a strict approach to wrong answers, candidates can quickly correct mistaken beliefs. Once the candidate tracks performance, they will see a rapid improvement in confidence and ability to pass the CFA exam.