Can i pass the CFA® exam without studying?
The quick answer to this question is no, probably not. There are very few caveats. The content and breadth of the exams is such that even if you have a strong academic foundation in finance and work in finance, you probably don't actively think about ALL of the disciplines represented on the CFA® exam (statistics, economics, etc.) to be able to pass the exam with little to no studying. A few exceptions:
1. You are a professor of finance, economics or statistics (and/or have a phD in those subjects)
As such, you may already have in-depth knowledge of most of the topics covered on the CFA® exam.
2. You have a very strong finance background and/or work experience and are taking Level I
Some candidates are able to pass CFA® Level I with minimal studying because they have a relatively strong finance foundation from school or work. However, just because you have an undergraduate degree in finance, economics or statistics does not mean that you know enough to do well on the entire exam. Although that will give you a great conceptual foundation you will still need to complete numerous sample problems in order to pass the exam.
Candidates who are able to pass level one with relative ease receive a HUGE wake-up call when taking the same approach in preparing for CFA® Level II. It largely does not work. In addition, level two builds off of the concept tested in level one so make sure that you get the basics down and don't cut too many corners. This is one of the reasons most candidates don't make it past level two.
How can I study more efficiently?
One way to reduce your total study time is to have a guide that summarizes the entire content and read the guide first. As you go through each reading, if you understand the concepts as laid out in the guide and can do the majority of the practice problems at the end of the chapters in the book, you can probably just skim through the material. However, if you read a chapter in the guide and can't follow most of the content or perform the majority of the practice problems, you will need to read the associated section in the CFA® Institute books. Also, having a summary guide can help you quickly review the entire content for that CFA® level periodically as you study so that the concepts stay fresh as you move from reading-to-reading.
Scroll to the top to review some of our summary guides, now available on Amazon.com.
Happy studying!
1. You are a professor of finance, economics or statistics (and/or have a phD in those subjects)
As such, you may already have in-depth knowledge of most of the topics covered on the CFA® exam.
2. You have a very strong finance background and/or work experience and are taking Level I
Some candidates are able to pass CFA® Level I with minimal studying because they have a relatively strong finance foundation from school or work. However, just because you have an undergraduate degree in finance, economics or statistics does not mean that you know enough to do well on the entire exam. Although that will give you a great conceptual foundation you will still need to complete numerous sample problems in order to pass the exam.
Candidates who are able to pass level one with relative ease receive a HUGE wake-up call when taking the same approach in preparing for CFA® Level II. It largely does not work. In addition, level two builds off of the concept tested in level one so make sure that you get the basics down and don't cut too many corners. This is one of the reasons most candidates don't make it past level two.
How can I study more efficiently?
One way to reduce your total study time is to have a guide that summarizes the entire content and read the guide first. As you go through each reading, if you understand the concepts as laid out in the guide and can do the majority of the practice problems at the end of the chapters in the book, you can probably just skim through the material. However, if you read a chapter in the guide and can't follow most of the content or perform the majority of the practice problems, you will need to read the associated section in the CFA® Institute books. Also, having a summary guide can help you quickly review the entire content for that CFA® level periodically as you study so that the concepts stay fresh as you move from reading-to-reading.
Scroll to the top to review some of our summary guides, now available on Amazon.com.
Happy studying!