The CFA Society of Seattle offers courses and study groups to help CFA Candidates prepare for the CFA exam.

• Comprehensive information about the CFA program is found at the CFA Institute website.
• Order the books; there is no substitute for the actual readings. Commercial study materials are great aids, but they are summaries only and should be considered supplemental material. They also make good resources after you receive your charter.
• Consider taking the CFA Review Course that the CFA Society of Seattle sponsors in conjunction with Seattle University
• Seattle University will be offering a CFA Level I class beginning in September. For further information or to sign up, please email Peggy Allende at Seattle University at allende@seattleu.edu.
• A full six-hour Practice Exam and detailed solution set created by the Boston chapter (written by CFA charter holders and professional consultant) is available for purchase for all three levels from the CFA Society of Seattle the month or two prior to the exam. The cost is $50.

• Anticipate 250-300 study hours prior to the exam. That works out to about 12 hours per week for 22 weeks. Think of your CFA studies as a part-time job; it ramps slowly in January and peaks in May.
• Take it seriously. There is a reason the pass rates are relatively low: the exams at all levels are difficult.
• Map out a study schedule with a check list of all of the readings so you can keep on track. Plan on a week per Study Session (usually 100-200 pages of reading each).
• Make sure you have either the HP-12C or TI-BAII CFA Institute-approved calculator. Buy one early, put any other calculators away and learn it. It's really important that you are comfortable with it for exam day!
• Put all practice exams aside for the month of review before the exam. It's better if the questions are fresh and taken under exam-like conditions.
• Pay attention to the exam weights and changes that may have occurred from the prior year.
• Do all of the CFA Institute-assigned readings listed in the Study Guide. Preliminary readings are for background information only and designed for candidates who have a weak background in certain areas.
• Pay attention to command words, such as "calculate," "define," "list" defined in the Study Guide. These will tell you how in depth you need to know a subject. If it's not in a Learning Outcome Statement, you don't need to know it.
• If the Study Guide lists practice questions, know them cold as they are likely to be similar to exam questions.
• Finish all reading with four or more weeks left before the exam (by the end of April or October), to leave lots of review time.
• Read the Candidate Bulletins that CFA Institute sends periodically, particularly for any errata.
• The CFA program is not just about passing the exams, but about really learning the material. Each level builds on the prior one(s). Think of it like a house: Level I is the foundation, Level II is the structure, and Level III is the roof. If you just cram for the test without good comprehension of the material, you will be in poor stead in future years.
• When in doubt, call your CFA Liaison from the CFA Society of Seattle to ask questions about study materials and strategies! Contact Jay Schembs at jschembs@zacharyscott.com.

• Keep your calendar as clear as possible, do not make any additional commitments, and make studying a priority. Try to study at least a little bit every day, but make sure you also give yourself a bit of time off when you really need it. (Tell your friends and family you'll see them in June!)
• Take a few days off if you can. Turning weekends into 3-4 days is better than a week-long study marathon.
• You should be done reading by now. Go on to practice exams. Repetition is the key.
• Compare last year's readings and LOSs to this year's. Focus on the new ones, as they're likely to be tested.
• Pay attention to command words, such as "calculate," "define," "list." These will tell you how in depth you need to know a subject. If it's not in a LOS, you don't need to know it.
• Ask yourself, "how could this be tested?" Some material does not lend itself well to testing, some does.
• Do as many practice questions as you can to determine your weak areas, bolster your confidence, learn how exam questions may be structured, and to make sure you can do them quickly.
• Take practice exams under exam-like conditions - do not correct any questions until you are done. This is good to get your hand used to writing for 3 hours straight!
• When correcting the practice exams, know why answers are wrong, not just focusing on the correct answer.
• Keep a list of topic areas that you still need work on so that you stay focused and don't waste valuable study time on other areas.
• Make notecards of key formulas, lists, and definitions, especially the ones you are struggling with. Keep them with you and flip through them during any "dead time."
• Aim to finish practice exams in less than 3 hours, you will take longer on exam-day. Time management is critical to exam success, you may know the material, but if you can't answer the questions in the allotted time, you may not pass. Many candidates do not complete the exam.
• Try for 75% or better - if you get 2/3 of the points on exam day, you win! (Get all the partial credit you can, Level II & III candidates.)
• Read the Candidate Bulletins sent by CFA Institute and note any additions or changes made.
• Be sure you are really comfortable with your CFA Institute-approved calculator. If you are not, keep using it, refer to the manual, or ask a study buddy for help until you are comfortable.
• Ethics is important! If your exam is borderline, this section will determine whether you pass or fail.
• This is a sampling exam - some areas will be tested heavily, some moderately, and a lot not at all. You do not know what CFA Institute will test on, so it is impossible to "game" - hence the reason you need to really know the material!
• It is practically impossible to over study for the exam. Do not get complacent, fight the burn out.
• On the flip-side, realize that even after all that hard work studying, you won't likely feel completely "ready" on exam day. Being nervous is a good thing!
• Realize that you will run into questions on the exam that you cannot answer. Do not l panic! You can blow a 30 point question and still pass. Just come back to it later and take your best shot at it.

• Make sure you have your exam ticket with you on exam day. Go on the CFA Institute website if you need yours. No ticket, no exam!
• Know where the exam location is. If you are worried about it, go find it the week before.
• Stop studying earlier in the evening prior to the exam. If you don't know it by then, you ain't gonna learn it by the next morning! Go catch a movie or do something else! Relax!
• Get a good night's sleep. Studies show that proper rest is critical to exam performance.
• Don't plan to study the morning of the exam. It's okay to flip through a few notecards to get those last formulas or definitions in your head.
• Leave plenty of time to get to the exam site and have a back-up plan to get there in case something goes wrong.
• Have everything you will need ready to go the night before. You don't want to scramble at the last minute.
• Bring more pens and pencils than you think you will possibly need. Make sure they all have plenty of ink and sharp tips.
• Put fresh batteries in your calculator the night before - that's the last thing you need on exam day.
• Make sure you eat breakfast. Even if you usually don't, have a piece of toast or fruit - it is a long exam and you need to keep your energy up. Don't over-caffeinate.
• Bring your lunch - there may not be a lot of places to buy it at the exam site and there will be long lines. Even if you don't feel hungry, you need to eat.
• Go to the bathroom and get a drink of water before you enter the exam room. You will not be able to leave again before the exam starts (usually 30-60 minutes).

• No matter what, do not panic. The world will not end if you do not pass this exam and if you panic during the exam, you likely will not pass anyway, so keep calm. (Easier said than done!)
• Get up and take a short break if you need it. Sometimes, it's a good idea to just take five minutes to breathe and clear your head.
• Read questions carefully. Make sure you know what they are asking for and answer it.
• Pace yourself as you go through the exam. Keep track of time to make sure you are not falling behind.
• The time it takes to read the question is included in the time allotted for the question. So if you have a 20-point question with a problem that takes 4 minutes to read, you have 16 minutes to answer it. If you finish a question in less time than allowed, "bank" it for later.
• Sometimes the answers seem very similar - select the best one. Think it through.
• Questions are not designed to trick you, so don't try to read more into it than is presented.
• Make sure your writing is legible. Do not make the grader work hard to read your exam!
• You will not be graded on grammar, spelling, or punctuation.
• Complete sentences are not required - just the ideas. Bullet points are a great way to list several points.
• Only answer what the question asks for, nothing more. (If they ask for three items, don't give them four!!)
• Write down any assumptions you make on essay questions.
• Don't tell the grader what you don't know, tell them what you do know! (If all you know is the formula, write it down.)
• When you run into a difficult question or do not know what CFA Institute is asking, skip it. (But mark it really well and make sure you come back to it!) Get the easy stuff first. Those points are equally valuable.
• Do not skip any questions. There is no penalty for guessing. When the proctor warns that there is 10 minutes left, figure out what you haven't answered yet and go do it. At 2 minutes, start filling in remaining bubbles on the scantron.
• Answer on the Scantron form as you go. You do not want to get your answers off or run out of time at the end to transfer them over.
• If you finish with time left over, carefully go through and check that you answered every question. Make sure the answer on the Scantron matches what you intended to put down for each number.
• Do not second-guess yourself, your first reaction is usually the correct one. Only change an answer if you realize you misread the question or miscalculated something. If you were guessing the first time, you won't guess any better the second time around. Don't over-analyze!
• Every year, candidates feel that either the morning or afternoon session is MUCH more difficult than the other. It varies by year, by level, and by candidate. What's important is not to despair if you feel like you blew it in the morning session. Stick it out and finish the exam. Alternately, do not get cocky at lunchtime, feeling you did really well!