I wanted to write this post as a way to help people improve their efficiency when studying for Level 3, but it really applies to studying anything. I will add that a lot of this will seem intuitive to people, but might make things *click* better, and improve their study habits and techniques.
There are two parts when it comes to memory: (1) memory retention, and (2) memory recall.
(1) Memory retention is the ability for your brain to actually store information. You read something over and over and over again and put it into “storage.”
(2) Memory recall is the ability for your brain to actually retrieve said information. Ever have ‘tip of the tongue’ syndrome? You know you know something, but you can’t quite remember it at this very minute? You are having trouble recalling information that has been retained. It’s in there! You just can’t access it at this moment. It also doesn’t help if you can’t recall said information when you need it.
Pretty straight-forward, not blowing anyone’s mind here.
Where it gets interesting is the concept of the “forgetting curve,” spaced repetition, and “block” learning (or cramming). Ever spend a ton of time studying for a test the night before when you should’ve been studying all week, and yet you still did well? Only to find out that a few days later, you couldn’t remember most of the material at all? You crammed. We’ve probably all done it. That’s where the “forgetting curve” comes in.
The concept of the “forgetting curve” is linked to your ability to recall information. Think of it this way: the very first time you study something, your ability to recall that information is limited. That is why “cramming” works only for short periods. These memories don’t actually disappear or fade away, but they become more difficult to recall as time passes. Again, pretty straight-forward.
The *key* is understanding the forgetting curve, which loosely states that our ability to recall information decreases at exponential levels-- however, each time that memory is strengthened, the curve gets less and less steep. In other words, the first time you learn something, you might only be able to recall it for two days. But if at the very last moment before the memory is forgotten (the end of day two), you recall it again, you might now be able to recall it for the next five days. Again, if you wait until the last moment the memory is forgotten (five days later), and practice it again, you may now be able to recall it for 30 days. And then 60 days. And then 180. And so on and so forth. It’s also crucial to understand that the closer you are to forgetting something, the more powerful the memory will be if you practice recalling it. In other words, you’re better off studying something one night and then waiting a few nights to recall it, rather than studying it one night and practicing recalling it the next day. It will better ‘cement’ the memory.
There are limits: nobody knows their own exact “forgetting curve,” and so perfecting the process is very difficult. But you don’t have to be perfect! You just need to have a general understanding, one you can get through practice. And assuming you’re getting close to the exam, if you’re at the point where you expect to remember something for the next e.g. 60 days, you’re good to go. There are also programs that can help with perfecting the process, but they involve a ton of up front work to make worthwhile, so I won’t recommend them.
So how do you apply this? Simple: give yourself time between studying the same topic, at ever longer intervals until you are firmly convinced that the memory is solidified in there, at least long enough for the exam. I started with the derivatives topic test, for example. I practiced questions until I was getting them right, and then moved on to other topics. A few days later, I would return to the topic tests and see how I was doing. If I couldn’t remember, I knew I waited too long. If I did remember, I spaced out the next test longer (maybe a week and a half). Rinse and repeat.
I’ll also add that recall involves actively retrieving information. The best way to do this is testing, period. This doesn’t mean practice tests, necessarily: flash cards, or even simply attempting to remember some notes you took on a topic would qualify. But the point is that simply reading something over and over again does very little to improve your ability to recall information. And to that end, it is why I recommend skipping out on reading the CFAI texts, and only skimming summarized versions (e.g. Schweser). Blue box questions, end of chapter questions, Q-bank questions, online topic tests, practicing flash cards… these are what cement memories and improve your ability to recall said information! If you are having trouble understanding a topic, then by all means, use the texts or the internet or whatever you need to understand it. But for God’s sakes, don’t spend 300 hours reading a text that you will literally only remember a small fraction of!
I hope this helps. With this in mind, I studied for about 150 hours for Level 3 (generous-- probably more like 120 in earnest studying), and passed. It was the least amount of time I studied for any level, and it was my best score for any level (approximately using 40/60/80). My biggest enemy was time in AM, and topics or questions that I simply wasn’t very familiar with; I saw them and knew I didn’t study them. But those that I did study, I felt very confident in, and the results showed.
Good luck.