Top 10 Common Mistakes CFA Candidates Make (And How to Avoid Them)

The CFA exam is one of the most challenging financial certifications globally. It requires dedication, strategy, and careful planning to succeed. Yet, every year, countless candidates fall into common traps that derail their preparation. If you’re preparing for the CFA exam, knowing these pitfalls can make the difference between passing and retaking the test. Let’s dive into the top 10 mistakes CFA candidates make and how to avoid them.

Why Avoiding Mistakes Is Crucial for CFA Success

The CFA exam’s low pass rates highlight the importance of effective preparation. In 2023, the Level I pass rate was just 37%. Avoiding common errors can:

• Save you time and effort.

• Increase your chances of passing on the first attempt.

• Reduce stress and burnout.

Whether you’re a first-time candidate or retaking an exam, recognizing these mistakes is your first step to success.

Mistake #1: Starting Too Late

Why It’s a Problem:

The CFA curriculum is vast, requiring 300+ hours of study per level. Starting late forces you to cram, which hinders long-term retention.

How to Avoid It:

• Begin at least 6 months before the exam date.

• Create a detailed study plan with weekly goals.

• Allocate time for each topic based on its exam weight.

Example: Ethics and Financial Reporting & Analysis (FRA) carry significant weight. Starting early gives you ample time to master these areas.

Mistake #2: Ignoring Ethics

Why It’s a Problem:

Ethics plays a pivotal role in all three levels of the CFA exam. Many candidates underestimate its importance, only to find it heavily tested.

How to Avoid It:

• Dedicate consistent time to Ethics throughout your preparation.

• Practice real-world scenarios to understand ethical principles.

• Use the CFA Institute’s case studies for deeper insights.

Mistake #3: Neglecting Practice Questions

Why It’s a Problem:

Reading and understanding concepts is not enough. Without practicing exam-style questions, candidates struggle with application and timing.

How to Avoid It:

• Incorporate practice questions into your daily study routine.

• Start with topic-specific questions before moving to full-length mock exams.

• Simulate exam conditions to build endurance and time management skills.

Pro Tip: Use affordable CFA mock exams to familiarize yourself with the format and identify weak areas.

Mistake #4: Overlooking Weak Areas

Why It’s a Problem:

Focusing solely on strengths leaves knowledge gaps that can cost you valuable points.

How to Avoid It:

• Regularly assess your progress with quizzes and mock exams.

• Spend extra time on topics you find challenging, such as Derivatives or Fixed Income.

• Seek clarification for concepts you don’t understand.

Mistake #5: Not Using the Right Resources

Why It’s a Problem:

Relying solely on the CFA curriculum can be overwhelming due to its depth and complexity.

How to Avoid It:

• Supplement your studies with third-party resources like Kaplan Schweser or Wiley.

• Use summary notes for quick revisions.

• Leverage question banks for diverse practice questions.

Mistake #6: Poor Time Management During the Exam

Why It’s a Problem:

Many candidates run out of time, leaving questions unanswered or rushing through them.

How to Avoid It:

• Practice under timed conditions to improve pacing.

• Allocate a set amount of time per question and move on if you’re stuck.

• Use the flagging feature in computer-based exams to revisit challenging questions.

Mistake #7: Ignoring Exam Weightings

Why It’s a Problem:

Not all topics are equally weighted. Spending too much time on low-weight areas can reduce your overall score.

How to Avoid It:

• Focus on high-weight topics like Ethics, FRA, and Portfolio Management.

• Allocate study time proportionally to topic weightings.

Mistake #8: Skipping Mock Exams

Why It’s a Problem:

Mock exams are essential for understanding the exam’s structure, timing, and difficulty. Skipping them leaves candidates unprepared for real-world conditions.

How to Avoid It:

• Schedule at least 4–5 mock exams during the final months of preparation.

• Review your performance to identify and address weaknesses.

• Use mocks to refine your strategy and build confidence.

Mistake #9: Neglecting Physical and Mental Health

Why It’s a Problem:

Excessive studying without breaks can lead to burnout, reducing your ability to focus and retain information.

How to Avoid It:

• Incorporate regular exercise into your routine.

• Practice stress management techniques like meditation.

• Take short breaks every 90 minutes to recharge.

Example: A 20-minute walk or a quick workout can refresh your mind and improve study efficiency.

Mistake #10: Underestimating Exam Day Preparation

Why It’s a Problem:

Failing to prepare for exam day logistics can add unnecessary stress and hinder performance.

How to Avoid It:

• Familiarize yourself with the test center’s location and policies.

• Pack essentials, including your calculator, ID, and a snack.

• Arrive early to settle in and calm your nerves.

Actionable Tips for CFA Success

1. Stick to a Study Plan: Use a structured schedule to cover all topics and stay on track.

2. Leverage Mock Exams: Practice regularly to build confidence and identify gaps.

3. Focus on High-Weight Topics: Prioritize areas that carry the most marks.

4. Stay Healthy: Balance studying with exercise, proper nutrition, and adequate sleep.

5. Use the Right Tools: Invest in high-quality study resources and affordable mock exams.

Conclusion: Avoid Mistakes and Pass with Confidence

The CFA exam is a challenging journey, but avoiding these common mistakes can significantly enhance your chances of success. Start early, use effective resources, and practice consistently to master the curriculum.

Ready to take your preparation to the next level? Check out our affordable CFA mock exams—designed to simulate real exam conditions and boost your confidence. Don’t just study smarter—excel on exam day!