Let me start by saying that, despite its title, this article is in no way trying to encourage you not to prepare adequately for the CFA exam. However, as with all exams, no matter how well prepared we are, there will be questions to which we won't know the correct answer.
Each candidate will then choose the technique that suits them best, such as answering them as they go along, or leaving them for last. Whatever your approach, even if you're struggling with several questions, it's better to guess the answer than not to answer at all. So here are 5 tips to help you "guess smart" or deduce the answer, giving you a chance to score some points.
1. Use deduction for multiple-choice questions
Eliminate the answers that are pertinently wrong, then use a process of deduction. If you can isolate two potentially correct answers, you now have a 50/50 chance of scoring points. Don't panic, and try to progress logically through the suggested answers.
2. The answer to one question can help answer another
On the Level II and Level III exams, there is a vignette format where 6 questions focus on the same passage of text. Sometimes, one or more answers to certain questions can help you deduce which part of the syllabus is being tested, as there is usually a theme within the vignette. Alas, all Level I questions are independent of each other, so this trick won't help you on this exam (sorry).
3. Stick to the course material
If you're feeling stuck, you might think that knowledge gained in another course could help. In our experience, this won't be the case. Although it may seem contrary to the educational spirit, it's important to stick to the definitions and content of the CFA program.
4. Don't argue
Perhaps you're having trouble answering a question because you think it's badly formulated or very difficult to interpret. Or the question doesn't make sense to you. Don't answer the question with your view of its shortcomings. It won't earn you any points or the favor of the experienced grader who will be evaluating your exam.
5. Use your common sense
When all else fails, use your common sense and intuition. Have confidence in yourself. By now, you should have written several practice exams, which will hopefully have given you a good idea of the structure of the exam and typical answers to typical questions.
In conclusion: No one said CFA exams would be easy. However, the key to success is to work calmly and methodically. It's unlikely that you'll know the answer to every question. So you need to accept that, and have some tips and tricks in mind for dealing with them.
Text provided by Morgan International
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