1. Misreading the Exam: Not understanding the structure

Each topic in the CFA exam carries a different weight, meaning some subjects matter more in the final score than others. A smart way to manage the study time is to allocate hours according to the topic weight.There are ten subjects in the CFA curriculum – Equity, Fixed Income, Derivatives, Financial Reporting and analysis, Ethics, Portfolio Management, Alternative Investments, Quantitative Methods, Economics and Corporate Finance. Each subject has a weight.

For example, Financial Reporting and Analysis (FRA), Ethics and Quantitative Methods typically deserve more attention than smaller sections like Alternative Investments or Derivatives. 

2. Wasting time without a plan: Not having a proper schedule

Many candidates, especially those with a finance background, assume that their prior knowledge will suffice. However, the CFA exams are designed to test not just rote memorization but deep understanding and application of concepts. Planning one’s study timeline is just as important as understanding the contents itself. 

The CFA institute recommends dedicating three to four months of consistent study and an additional month of practice and mock exams. What really matters is not how many hours a candidate studies but how effectively they use that time to understand and practice the concepts.

There are ten subjects in the CFA curriculum – Equity, Fixed Income, Derivatives, Financial Reporting and analysis, Ethics, Portfolio Management, Alternative Investments, Quantitative Methods, Economics and Corporate Finance. Each

The waste in the CFA studying process includes wasted time, wasted effort, and overall wasted resources. 

Nuriva from IBA, DU, said, “When preparing, the first thing that really helps is having a proper study routine. Planning study materials based on how much time you’ve set aside and ideally giving yourself at least three months to prepare. The concepts themselves aren’t too difficult, but the syllabus is huge so managing time is crucial. One resource that helped me a lot was the website 300 hours.

They provide a CFA prep planner in Excel that makes it easy to track your progress and stay motivated. In terms of materials, studying directly from the CFA Institute books is not necessary. The Kaplan Schweser notes are concise and more than enough.”

Another candidate clearing the level shared his experience: “I initially ignored ethics, thinking I could focus on Quant and FRA. But Ethics are tricky, and I realized even a strong finance background won’t save you if you fail this section.” 

Ittesaf, a Level 3 candidate, said, “It’s always a good idea to start preparing early. The earlier you begin, the more time you will have for mocks and practice, and it’s very much needed.”

Key Takeaway: Don’t rely solely on what you already know. The CFA curriculum is designed to challenge assumptions and test real understanding. Every topic matters and ethics could be a make-or-break situation.

3. Cutting corners: Skipping sections

Applications in level 2 and 3 build heavily on concepts introduced in level 1. If you skip derivatives now, it will come back to haunt you in level 2 when the material gets stronger and more complex.

You Must Practice,Practice and Practice. The CFA syllabus is huge; it’s natural to forget. Keep revising and practicing. The preparation period can be very overwhelming. It’s very important to take breaks and keep yourself motivated. 

4. Ignoring exam stamina: Not taking a minimum of 3-4 mock exams 

The CFA is a 4.5-hour-long examination. It is arduous and grueling. By the third hour the brain stops working and you can’t seem to fathom how the security market line is actually the capital market line if markets were in equilibrium. Giving as many mocks as possible is crucial.

5. Overlooking the most valuable tool: Forgetting end-of-chapter questions

DO NOT FORGET the end-of-chapter questions, and always write down your results to track your progress. These questions basically give an overview of what areas are tested on the exam, so you can be more focused on those areas. Moreover, these questions will reveal the weaker areas that you must focus on to improve. 

Now let’s flip the coin and see what went wrong for those who couldn’t cross the line at their first attempt!

• Study but towards the end solve as many questions as you can; you’ll retain more when you make mistakes during practice.

• The attention span to sit for 4.5 hours on the exam day. You sit for two 2-hour-plus sessions with only a single 30-minute break in between. That means for nearly 5 hours straight, your brain has to stay locked in.

• Spaced repetition is a must; revisit tough concepts after 1 day, 3 days, 7 days, and 14 days. It’s amazing how this locks information into long-term memory.
• After each reading, I solve 20–30 MCQs. Explanations are often more valuable than the question itself.
• Start with easy subjects like Corp Issues and Alternate Inv, then aim for interesting topics like equity and Portfolio, and then move on to harder subjects like FRA and Quants. If you have less time, make sure to only focus on Schweser Notes, but do finish all end-of-chapter questions from Schweser and Institute material. Maintain summary notes for quick revision points.
• Every formula you memorize, every mock you fail, every late-night study session—it all builds something deeper:

The ability to stay calm when numbers stop making sense.

The courage to start over when your mock score hits 47%.

The focus is to choose study over distractions, again and again.

Here are a few insights: 

The transition phase

Here’s where average candidates make their biggest mistake. They treat Level 1 knowledge as disposable; the moment they pass a level, they archive everything and approach the next level as a fresh start.

But a right strategy suggested by charters is spending 2-4 weeks immediately after level 1 results conducting what some call a ‘knowledge audit.’ They review their Level 1 materials, specifically looking for concepts that will deepen in Level 2. They consolidate notes and build reference sheets they will expand throughout Level 2. 

Ishraq, Sharar a credit analyst who completed his charter in three consecutive years explained, “Level 1 teaches you the vocabulary, Level 2 teaches you the sentences and Level 3 teaches you to write essays. But if you forget the vocabulary between levels, you’re constantly relearning rather than advancing.”

The long game: Maintaining momentum

Statistics show that approximately 40% of candidates who start Level 1 never reach the charter. Of those who fail, the majority quit after failing a single level. The top 10% aren’t necessarily smarter; they’re more resilient and their resilience comes from superior pacing strategy. 

After two levels of multiple-voice dominance, suddenly half the exam requires constructive responses. 

Top performers begin adapting to this format months before the Level 3 study officially starts. Some start journaling their investment thoughts. Others practice explaining level 2 concepts in writing.

The goal is rehabilitating their writing muscles in a low-stakes environment. 

A wealth manager who completed his charter offers this insight: “Level 3 rewards clarity over cleverness. The graders are busy CFA charterholders who spent maybe 90 seconds on each essay answer. Make it easy for them to give you points. Label everything clearly, use bullet points even on essay responses and circle your final answer.”