Bringing Down Exam Anxiety

Anxious is just one of the many words that describe how I felt in the final weeks and days leading up to the CFA® exam. Fortunately, I found having a general idea of what to expect on exam day relieved some of that anxiety. It’s my hope that by sharing my experience you’ll feel better prepared to dominate your exam!

My positive exam-day experience, specifically my mindset and how I felt, was largely established by doing two things a few days in advance: finalizing all logistical items and catching up on rest.

Pre-exam

Logistics

I sat for Level III a week after relocating for graduate school. The day before the exam, I decided to make the quick 10-minute drive to my test center. Construction and faulty GPS directions turned my “quick trip” into an hour-long headache. I can’t imagine what would’ve happened had I waited to drive to the test center for the first time Saturday morning, the day of the exam. In an effort to avoid unnecessary issues like the one I did, you may want to check out the CFA Candidate Checklist. It provides a list of items to finalize and issues that you may want to consider as you make your final preparations for the taking exam.

Rest

I know for some this will sound absolutely crazy, but I ended my studying the Wednesday before exam day. Why? I felt that I’d benefit much more from a mental break and additional rest than I would with a few more hours of reading and practice problems. (I hadn’t taken any time off from work to study.)

Exam Day

Morning/Pre-registration

Coffee and I became best buds during the CFA program. Despite our strong bond, I found reducing my intake Saturday morning helped ease my nerves. Adrenaline and the excitement generated from all the free time that I would soon have more than compensated for the smaller amount of coffee.

I sat for the exam in large convention centers. The large crowd of test takers made for interesting people watching. I’ll never forget an odd moment just before my Level III exam. As I walked past an escalator, there was a group of people who looked like they didn’t belong together packed tightly in a corner. I saw one gentleman leading a few others through pushups and other calisthenics, a couple napping, a young lady knitting, a few others singing Disney movie theme songs, an older man chugging two Monster energy drinks, and a young man buried in a stack of books that made it seem like he was sitting for levels I, II, and III all in the same day. I couldn’t help but laugh, but I can see how an unexpected distraction like this can throw off somebody’s focus.

Morning Session

Getting checked in and seated was a breeze for each Level.

I did, however, forget to bring pencils when I sat for Level II. This may seem odd, but it didn’t worry me. I’m not suggesting one rely on this, but I knew I’d have no problem borrowing a pencil from one kind soul amongst the many that showed up to the test with enough school supplies to compete with Office Depot.

Exam content aside, the actual taking of the exam was unmemorable. Despite taking the exams in massive convention center rooms with thousands of people, noise was never an issue. However, I did find the rooms to be rather cold.

Lunch

Each time I sat for an exam, leaving for lunch was a contact sport. I can’t say that I blame people for wanting to take advantage of the break, but I never felt pressed for time. I avoided the lines and mad dash for food by packing a cooler and jamming out to some music in my car. On a positive note, I never heard grumblings about not having enough time from those who bought lunch onsite.

Afternoon Session

After returning from lunch during my Level I exam, I was shocked by the amount of people who didn’t come back for the afternoon session. It was far from a massive number, but large enough to notice. Levels II and III were no different.

I made a point of taking a few bathroom breaks during this session. Getting up and moving about kept my mind limber and gave me some much needed energy.

For the most part, similar to the morning session, the actual taking of the exam was unmemorable as well. I did, however, feel more settled in and in rhythm during the afternoon session. I think reaching the halfway point and seeing the light at the end of the tunnel helped create that feeling.

Best of luck!

About the Author

Brian Fischer, CFA, CFP®, financial analyst at Evensky & Katz/Foldes Financial Wealth Management. Prior to joining Evensky & Katz/Foldes, Brian worked on the trading floor as a commodity options trader in both Chicago and New York. He is coauthor of Practicing Financial Planning for Professionals and CFP® Aspirants, 12th ed., and an associate of The Art of Practicing and the Art of Communication in Financial Planning. Brian has a bachelor of science in finance from the University of Illinois Urbana–Champaign and a master of science in financial planning from Texas Tech University