Websites and Apps to Help You Prepare for the CFA Exam

Preparing for the CFA exam is no small feat. It demands a significant investment of time, energy, and mental power. As an aspiring CFA candidate, it's essential to approach your exam preparation with utmost seriousness and dedication. 

Fortunately, numerous tools and apps are available to help streamline your study process and make your journey toward becoming a CFA holder more manageable. By familiarizing yourself with these invaluable resources and tools, you can equip yourself with the necessary arsenal to conquer this challenging endeavor efficiently and effectively. 

So let's delve into some of the top tools and apps that can help you on your path to becoming a Chartered Financial Analyst.

1. AI Tools

In the age of ChatGPT and Bard, using AI tools for education purposes is nothing new. You can use these tools for research, to find inspiration when your brain feels stuck, or to test your knowledge. 

Here are a few tools that may spark your curiosity:

MindMeister

MindMeister is an AI-powered mind-mapping tool that helps students organize and visualize complex information in a structured format. By creating interactive mind maps, you can connect related concepts, brainstorm ideas, and easily review and revise your study material. 

Anki

Anki is an AI-powered flashcard application that utilizes spaced repetition algorithms to optimize memory retention. You can create custom flashcards or download existing decks to reinforce important concepts and definitions regularly. 

2. Time Management Tools

The CFA Level I exam has a 40% pass rate, and successful candidates need 300+ hours to feel prepared. So you can see how a time management tool can be of help. 

Here are 2 of the most well-known tools that can help organize your study schedule:

Trello

Trello is a popular project management tool that uses boards, lists, and cards to help students organize their study tasks and track their progress. You can create a board for each subject or topic, and within each board, you can divide your tasks into actionable steps using lists and cards. 

This visual organization system helps you prioritize your study tasks, stay focused, and efficiently manage your time.

Forest

Forest uses gamification principles to keep students engaged and focused on their studies. The most convincing part of this app is the visual of a tree that grows while you’re focused on studying. However, if you leave the app or you use your phone for non-productive purposes before the set time is complete, the tree dies.

3. Study Materials & Resources

A quick Google search will provide millions of results on CFA exam study materials and resources. But which ones should you choose? And should you enlist in any online or offline courses?

The answer is never easy to find and differs from one student to another. However, it’s important to know how to find reliable materials and providers. Also, make sure you have access to the right materials for your level. For instance, the best CFA level 3 study materials can’t help you if you’re preparing to take the exam for level 1.

4. Note-Taking Apps

As a student, you must be aware of the importance of proper note-taking. Well, due to modern technologies, taking notes has become a lot easier and more pleasant. Here are a couple of apps that can make your life a lot easier:

Evernote

With features like tags, notebooks, and reminders, Evernote helps students stay organized, review information efficiently, and collaborate with others.

You can capture and organize your study materials in a variety of formats, including text, images, audio recordings, and web clippings. The app also has powerful search capabilities and syncs across devices, making it easy to access notes anytime, anywhere. 

OneNote

OneNote provides a digital notebook interface for students to capture ideas and information. 

The app allows you to create sections and pages within those sections for different subjects or topics. You can type or write by hand using a stylus or touch input devices, and you can search using keywords or tags.

The journey to becoming a CFA is undoubtedly challenging, but it is also incredibly rewarding. It takes meticulous preparation and dedicated study to be one of the successful exam takers, but you can make your life a bit easier by choosing the right tools and resources.

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