The CFA Candidate's Study Time Illusion: Are We Really Studying as Much as We Think?

A recent poll asked CFA candidates about their time allocation for exam preparation, and the results were surprising. An overwhelming 74% of respondents claimed to dedicate 80% of their time to studying and only 20% to planning and tracking. At first glance, this seems like an admirable commitment to learning. But let's take a closer look at what "studying" might actually mean in this context.

In today's digital age, the line between studying and socializing has become increasingly blurred. Many candidates might consider scrolling through r/CFA over at Reddit or similar or engaging in discussions on finance forums as "studying." While these activities can provide valuable insights and peer support, they often fall short of focused, productive study time.

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Consider this scenario: You sit down to study, open your textbook, and simultaneously open Reddit on your phone. As you skim through the material, you find yourself drawn into a heated debate about the merits of different valuation methods or comparing how much progress you’ve made with peers or whether 70% on a mock exam will suffice. Before you know it, an hour or two or three has passed, and while you feel like you've been "studying," your actual engagement with the core material has been minimal.

This phenomenon of "social media studying" might explain why so many candidates report such high percentages of study time. But these activities, while potentially beneficial in moderation, are not a substitute for focused learning and practice.

The poll results show minimal time allocated to planning and tracking, with only 20% of time dedicated to these crucial activities. This raises red flags about the efficiency of candidates' study methods. Without proper planning and progress tracking, how can one ensure they're covering all necessary topics and making steady improvements?

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It's worth noting that some candidates might not recognize certain activities as planning or tracking. Creating flashcards, reviewing practice question results, or updating study schedules might all be lumped under the broad category of "studying." This misclassification could contribute to the skewed results we see in the poll.

The reality is that effective CFA exam preparation requires a balanced approach. While immersion in the material is crucial, so too are strategic planning and consistent progress tracking. These elements ensure that study time is used efficiently and that all topics receive adequate attention.

As CFA candidates, we need to be honest with ourselves about how we're spending our prep time. Are we truly engaged in focused study, or are we falling into the trap of "social media studying"? By recognizing the difference and allocating our time more strategically, we can improve our chances of success in these challenging exams.

Every minute spent on CFA prep is an investment in your future. Make sure you're investing wisely by balancing genuine study time with effective planning and tracking. Your future self will thank you when you're holding that coveted CFA charter.

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