CFA® Level 1: How Spaced Repetition Improves Memory

When studying for CFA® Level 1, are you having trouble remembering the concepts you reviewed last month? Or worse, last week? Does it feel like there’s just too much information to remember for a single exam? Are you feeling burnt out from studying?

Many CFA® Level 1 candidates feel this way at one point or another, but there is a proven solution that may help them retain this information better: spaced repetition.

The theory behind spaced repetition is that you remember information better in the long-term (or in other words, over weeks or months) if you actively recall that information as soon as you start to forget it—or better yet, before you do. With the plethora of information you need to learn, this method could be vital for remembering all of the formulas and theories you’re required to not only know, but apply on the exam.

This is a completely different study strategy from cramming, which has been scientifically proven to be less effective. Cramming can also lead to burnout, which hinders studying time and ability even more.

Why Cramming Doesn’t Work

In the short term, cramming is a way to learn a lot of information in a short period of time, which is why many CFA® candidates fall back on this study method. However, the amount of information learned by cramming not only declines, but it declines exponentially.

After delving into this cramming phenomenon, researcher Hermann Ebbinghaus developed the Ebbinghaus Forgetting Curve in 1885. To test his theory, Ebbinghaus memorized a series of nonsense syllables and then tested his memory at different intervals ranging from 20 minutes to 31 days. His research techniques were simple, but his findings were the first to demonstrate the exponential loss of memory unless it is reinforced over time.

His conclusion? “…with any considerable number of repetitions, a suitable distribution of them over a space of time is decidedly more advantageous than the massing of them at a single time.”

Spaced repetition not only positively affects your level of memory of the CFA® Level 1 material, but it also prevents the burnout that often comes with too much cramming. Giving yourself enough time to put spaced repetition into practice (Remember: The average recommended amount is 300 hours) makes the method most effective, and you will be less stressed as you see how well you are remembering the material as a result.

Spaced Repetition + the Testing Effect

Going along with spaced repetition is the testing effect , which is a psychological principal stating that the simple act of testing your memory will strengthen it. This is where problem banks, practice tests and mock exams come in. Merely taking these tests is enough to begin strengthening your memory of the material.

But when combined with spaced repetition—in other words, taking several tests spaced out instead of taking too many in a short time period—your ability to recall the material later is solidified even further. Instead of only engaging in the passive learning of reading CFA® Institute book chapters and SchweserNotes, active learning, also known as active recall, is doing practice problems spaced out over time, wherein the benefits of both spaced repetition and the testing effect come into play. This is true for both math and theory material.

How to Use Spaced Repetition for the CFA® Level 1

One of the most popular ways to study formulas is to use flashcards, which are a perfect tool for practicing spaced repetition. Instead of reviewing flashcards over and over just a few weeks before the test, spreading out each time you flip through those flashcards over several weeks or even months before the exam will improve your recall of the information. This is especially important when it comes time to apply them to such problems as financial analysis and reporting or calculations for investments and portfolios.

But spaced repetition is also helpful for theory, and this particularly comes into play with practice problems and exams. Reading books full of notes just before the exam doesn’t ensure a good level of recall when it comes time to answering Ethics questions, for example, which make up a large portion of the exam and can be the most tricky to figure out. Solving Ethics test problems by taking a test every few days or once a week (depending on your study style) helps you to not only familiarize yourself with the material itself but also the format of the questions and answers, which are designed with certain nuances that aim to trick you up.

Spacing out your test-taking and problem-solving rather than taking too many all at once makes you more confident in your knowledge of the material and more comfortable with the exam itself.

The CFA® Level 1 requires the memorization of an enormous amount of material, so figuring out the best method for learning and remembering that information is crucial to getting a passing grade on the exam. Spaced repetition is a proven and effective method for remembering the types of material you need for CFA® Level 1, so start implementing this practice now and see what kind of results you can enjoy yourself.