Where are you going to start your CFA Exam and/or Series 7 license prep? The library? A coffee shop? Your parents’ basement? Your apartment?
Your study environment matters. That said, I hate to burst your bubble up front like this, but there is no perfect spot. It sounds cliche but it’s true. Each individual person will have a spot that works best for them. Personally, I prefer the library. Absolute quiet is the way to go for me. But, I know many that prefer to be surrounded by large groups.
In this post I’ll try and cover what works best for some people over others given the variety of students I’ve encountered over the years.
CFA Exam and Series 7 License Prep: Don’t Do This at Home
When I first started CFA tutoring and Series 7 tutoring, I initially met people at their homes. It became evident to me early on that a neutral spot is more ideal. A study environment should not be too comfortable. Ideally you don’t want to be able to go get food or a drink on a whim. It sounds petty, but these little things can amount to massive amounts of accumulated wasted time. Studies have shown that it can take up to 25 minutes to get back on track once you’ve already been distracted.
Coffee Shop…Or Not?
The most popular destination I find among my students in New York City is the local coffee shop. This can be a great alternative to a small apartment with lots of roommates.
Some pro tips here: 1) Try and find a corner of the coffee shop where is not a lot of traffic. The more people walk by, the more your eyes will avert toward the “moving objects”; 2) Find a coffee shop with a bathroom. You don’t want to start studying for an hour, only to find that you need to leave an hour later given the lack of “facilities”; 3) Stay away from your friends. I’m not trying to be mean here. Friends (especially friends not taking the exam) won’t be helpful to your studying. Neither will Instagram, Facebook, or Twitter, and; 4) Bring headphones! Some classical music will help drown out a loud neighbor at the table next to you. Expect this to happen.
The Library
The library is my personal favorite. I like to seclude myself entirely when I’m studying. When getting into your CFA exam studying, or Series 7 exam prep (or whatever else you might be studying for), focus is key. Most people don’t like the library because it’s so isolating. I completely understand it’s lack of social excitement…unfortunately that’s the point. Save your social stimulation for after you’re done studying. The more focus you have while you study, the faster you’ll finish, and the sooner you can get back to socializing. I have to say that the New York Public Library is also great, and so are many of the public spaces in and around the city. They stay rather quiet after hours.
Overall, the takeaway is probably clear. Your ideal study location is totally personal. You have to be absolutely honest with yourself. If you know you’ll keep looking around at everyone at a coffee shop, then don’t go. If you know that you need to feel surrounded by people, then avoid singular cubicles at the library. Ultimately, whether its studying for the CFA Level 1 exam (or Level 2, or Level 3), or for Series 7 license prep, find somewhere you can focus for at least an hour straight at a time. The CFA exam and Series 7 are hard enough. The less time you waste, the more time you’ll have to enjoy once you pass your exam!