It has become a cliche to say you have to learn 300 hours to pass the CFA exam. In forums, CFA exam candidates say they have passed in the past because they have extended their study time. One candidate told us that he reached the C FA level by studying for 30 hours and spending the entire time on the exam.
Time and again it has been shown that last-minute exam preparations are nothing more than a light check after a good night’s sleep. And most of the time, failure to qualify for the CAIA exam is the result of study errors and inadequate preparation.
There are two ways to learn for an exam: hundreds of hours of stuffing or a strategic approach to studying to understand the CAIA Association Test. This is not to say that one method is better than the other, but I appreciate the effectiveness, volume and strategic elements that can be used to shorten the duration of the study and increase the chance of a passing score. I have spent the first half of 2018 working over a hundred hours for my CFA, and I intend to do the same for CAIA.
Even with the best technical knowledge, you will not pass the CFP (r) exam if you have difficulty applying this knowledge to the exam questions. It is important to understand the depth of knowledge required for the exam so that you do not overanalyze, overestimate, revise or do anything to memorize the curriculum. Apart from that, if the knowledge is too superficial, don’t waste time taking detailed notes and delving into the details of the subject, it’s unnecessary and you should spend your time asking practical questions.
The more you practice, the more familiar you become with the application of your knowledge. In addition, using questions with the same level of difficulty as the actual test will help you determine whether you are proficient in a particular domain.
The study manual should be concise and highlight the important information needed for the examination. The combination of TestBank questions shortly before the exam is one of the proven successful preparations for the CAIA exam.
I also found sample exam questions and explanations very helpful in measuring my progress. I sent a number of last minute questions to Uppermark, which I could not answer on my own, and received thoughtful answers within an hour of submitting. Answering these questions was more than just boosting my self-confidence and preparing for the exam, it was a big part of my success.
I found the UpperMark exam material a very helpful learning aid for the exam. The material was the best preparation I ever had for the CAIA exam. UpperMark Study Handbook was a great addition to my Level II exam preparation and a great contribution to my level II exam pass.
The CFA does not publish top marks for its exams, which vary, but in each case it is assumed that the top marks at the CFA level are around 70%. When you enter the examination hall, you will, as any CFA candidate will say, see about 40%.
The issues dealt with at each level of the CAIA audit change from year to year and the world of alternative investments is fluid. The most difficult subjects on the CFA curriculum, according to people who have sat the exam since June 2014, are fixed income, derivatives and portfolio management. Each exam level is computerized and the questions are served in topic blocks, so you don’t get questions on just one topic.
The CAIA Association recommends that candidates spend at least 200 hours figuring out what to do in the exam. The audits are held in March and September, and the Chartered Alternative Investment Analyst Association recommends no fewer than 200 hours of audits. You must commit yourself from the start to find out if you can register for your exam and make an appointment.
CFA candidates take the Level I exam in December, the Level II exam in June and the Level III exam a year later. It takes approximately two years to prepare for Level I exams in December.
While this is achievable for some people, it becomes more difficult with lower graduation rates and more demanding careers that give less study time to prepare for the exam.
In the previous section, we have listed the assumption that an average CFA candidate needs four exams to complete the three-stage CFA program. Since December 2003, the CFA examination has been carried out twice a year. If we assume that it will take four attempts to pass the test, then we can assume that the test will be completed in three years.
The CAIA A-Level Curriculum at CAIA is designed to provide financial professionals with a broad knowledge base on alternative investments. Once you pass the CAIA-R exam, this is the most important milestone on your way to becoming a Chartered Alternative Investment Analyst (SM).
A Chartered Alternative Investment Analyst (CAIA) (pronounced Kai- Knowledge) is a term of the CAIA and the Association of Fund Professionals, where a full course is completed before the two exams. This article answers some of the typical questions we receive from people who are preparing to take the following steps to change as CAIA charter owners. The curriculum serves as a map of what goes on throughout the curriculum, and includes notes on classwork, practical questions, mock exams, and final exams to strengthen the learning process.
In the last 4 weeks, you should concentrate on asking practical questions and, under these conditions, take 4-6 sets of mock exams simultaneously. Check your answers and check each paragraph if you are weak at answering practical questions on the subject before moving on to the next sham exam. Remember, you can get a free CFA Level 3 mock exam from us, which you can use to practice if needed.
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