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The CFA program requires candidates to pass three separate exams. Each CFA level requires candidates to prepare a lot of material. To be successful, you need to prepare an effective CFA study plan that includes a detailed prep schedule.

Having a study schedule can help you organize your study planner around the topics on which you will be tested. To master these curriculum topics and utilize the time you have we have outlined our recommendations for the CFA Charter and provided you with tips for creating an effective CFA study plan.

Tips For Creating an Effective CFA Study Plan

1. Stick to your CFA study schedule and don’t fall behind.

Once you create your study schedule, be disciplined and stick to it! To provide the motivation to stay on task, take a CFA Program review course and prepare for it like a university course; read the relevant material ahead of time, get at least a big picture of the topics to be covered, and write down any questions you want to ask.

Another great way to stick to your study plan is to form a study group that meets on a regular basis. Studying with others who are facing the same challenge you face provides motivation and support. In addition, being able to ask questions or explain a concept to someone else helps develop your own mastery of the topics. Build the class times and study group meeting times into your schedule, and, once again, stick to it!

2. Prepare, Practice, Perform.

A very useful organizing structure for your plan is based on the three key stages of learning: Prepare, Practice, and Perform. The path to success is to focus on the Learning Outcome Statements (LOS) provided by CFA Institute.

These are performance-based objectives that provide detail on exactly what you are expected to be able to DO on exam day. For example, one LOS might be “Calculate and interpret Net Present Value (NPV).” The command words “calculate” and “interpret” are what you should be able to do correctly.

3. Review regularly.

The material you learn when you begin will not stay with you until exam day if you don’t go back and revisit it once in a while. Plan to spend a few hours each week going back and reviewing material you think you’ve already mastered. Do some CFA practice questions and, if you make any mistakes, dig into those concepts again until you know them.

4. Cover all of the material.

Don’t play the prediction game by guessing which Learning Outcome Statements from the CFA Institute won’t be tested and then ignoring that material. Every LOS is fair game for the exam, and you have to be ready for anything to be tested.

5. Study Ethics and Professional Standards last.

We recommend studying Ethics and Professional Standards after you are comfortable with other CFA topics because preparing for these questions mainly relies on using the ROTE learning method, which is the process of memorizing information based on repetition.

6. Reserve the last month for CFA Mock Exams.

During the last month or so before the exam, begin to take practice and CFA mock exams in realistic settings. Take the exam on your own with no notes, and be sure to block off at least 3 hours to simulate one session. The key is to use the exams to identify how prepared you are by assessing your areas of weakness and addressing them. If you get a question wrong, note whether the issue was the application of your knowledge to the question, or a fundamental lack of understanding of the concept. Keep track of your scores and look for an upward trend…by exam day, you should be scoring above 70% consistently.

7. And finally, reward yourself.

Make a plan to do something fun and relaxing on the day after the exam…golf, hiking, time with family, video games, or simply sleeping. You’ve earned it!

If you are interested in joining hands with a leading CFA tuition provider to help make your CFA journey easier, then Kaplan Professional Middle East is here to offer you the expertise of having helped students to successfully ace their CFA exams for several years with the industry’s leading trainers. If you are looking for CFA training, join us as a student to kickstart your CFA exam preparation.

If you have considered sitting for CFA level Iexam, you probably have questions. You’re always welcome to reach out to our knowledgeable Student Support team with any questions you have about preparing for the exam. Here is a list of most frequently asked questions we receive from people preparing to take the first step toward becoming a CFA charterholder.

What is the CFA® charter?

Let’s start with the basics. The Chartered Financial Analyst® (CFA) charter is a professional designation administered by CFA Institute. According to CFA Institute, it’s the most respected and recognized investment management designation in the world.

How do I earn the CFA charter?

To earn the CFA charter, you must pass three levels of the exam in order: Level I, Level II, and Level III. Each exam builds on the mastery demonstrated by achieving a passing score on the previous exams.

Is the CFA charter a degree?

It is not a degree. It’s a professional credential that demonstrates mastery of advanced investment analysis and real-world portfolio management. Candidates often weigh the benefits of the CFA charter against those of an MBA, which may be a contributing factor in this common misunderstanding.

What To Expect on the CFA Level I Exam?

Candidates should expect the CFA Level I exam to be complicated. Candidates should take their prep seriously and anticipate using an approved CFA calculator when answering the 180 multiple-choice questions in 4 hours and 30 minutes.

What is the date for Level I of the CFA exam?

The Level I CFA exam is offered multiple times per year so find a CFA exam date that works for you.

Can I postpone my CFA exam after I’ve registered?

You can only postpone your CFA exam after you’ve registered in specific circumstances, mostly related to medical reasons. It’s easier to withdraw, but unless you withdraw within three days of registering, you will have to pay the registration fees again and re-register. There are many CFA exam postponement rules for candidates to be aware of, especially if you think you can’t take the exam on the scheduled date.

What are the requirements to sit for the CFA exam?

An individual wishing to enroll in the CFA Program and register for the Level I exam for the first time must possess an international travel passport. In addition, candidates must meet one of the following requirements:

• Have a bachelor’s degree (or equivalent) or two years remaining in your undergraduate studies
• Have accumulated 4,000 hours of applicable professional work experience (not required to be investment-related)

Candidates may also have a combination of full-time professional experience and education that totals a minimum of 4,000 hours. Those hours of experience/education must be accrued prior to enrollment in the program.

What is the format of Level I of the CFA exam?

The exam format is computer-based with 180 multiple-choice questions. There are two 2 hours and 15 minute session times.

What topics are tested on the Level I CFA exam, and what is their weightage?

The weights of the Level I exam topics are subject to change on a year-to-year basis, at the discretion of the CFA Institute. Currently the Level I CFA exam weights and topics are:

• Ethical and Professional Standards (15-20%)
• Quantitative Methods (6-9%)
• Economics (6-9%)
• Financial Statement Analysis (11-14%)
• Corporate Issuers (6-9%)
• Equity Investments (11-14%)
• Fixed Income (11-14%)
• Derivatives (5-8%)
• Alternative Investments (7-10%)
• Portfolio Management and Wealth Planning (8-12%)

How much time does it take to study for the exam?

The average candidate for Level I of the CFA exam should spend a minimum of 300 hours over the course of six months preparing for the exam.

Can I Take a CFA Level I Mock Exam In-Person?

Yes, through Kaplan Schweser you can visit a Prometric exam center near you and take a practice test just like you will on exam day. Your in-person mock exam appointment can be scheduled for any day; there are no predetermined dates for “Mock Exam Windows”.

Ready To Start Preparing for the CFA Exam?

Looking for more guidance on how to prepare for Level I of the CFA® exam? Enroll in our CFA Level I, program to receive expert instruction, CFA Program study materials, and more. Give yourself the best chance to prepare, practice, and perform on the CFA exam.

What is Corporate Income Tax in the UAE?

Corporate tax is a direct federal tax imposed on the profit of most businesses, corporations, and other entities operating with a commercial license in the UAE. The federal government has imposed a 9% tax effective from June 1st, 2023 on a taxable income of AED 375,000 or more.

When will the UAE CIT tax be effective?

For taxable persons, their financial year starting on of after 1st June 2023 will be subject to CIT.

 Therefore if businesses have their financial year starting on  1st July,  CIT will be effective from the financial year starting on 1st July 2023 on their taxable income.

However, for businesses that have their financial year starting on 1 January the first financial year subject to CIT will commence on 1st January 2024.

Do individuals who are freelancing have to pay CIT?

yes, freelancers that conduct a business or a business activity in the UAE will be subject to CIT. 

However freelances and the self employed in general do benefit from top line relief of AED 1 million amd bottom line relief of AED 375,000.

In addition, freelancers and indeed most businesses will also benefit the small business relief for tax periods up to and including 31st December 2026.

Are free zone companies exempt from the 2023 corporate tax?

A freezone company is not exempt from CIT, it however can benefit from a 0% CIT rate as long as it is a qualifying freezone entity. 

For a freezone entity to be a qualifying freezone entity is meest all the criteria as per article 18 of the decree law and the recently announced cabinet and ministerial decisions no 44 and 139 respectively.

Will the federal government provide UAE CIT relief to small businesses, and who would be eligible?

Yes, small businesses (except A Constituent Company of a Multinational Enterprises Group as defined in Cabinet Decision No. 44 and  Qualifying Free Zone Person) whose revenue in each tax period up to and including 31 December 2026 does not exceed AED 3 million.

Furthermore, A Taxable Person shall not be able to elect to apply the Small Business Relief if their Revenue in any relevant or previous Tax Period has exceeded the threshold of AED 3 million.

Who is exempt from UAE CT?

The following persons are exempt from UAE CT, either automatically or by way of application:

1. The UAE Federal and Emirate Governments and their departments, authorities and other public institutions;
2. Wholly Government-owned companies that carry out a mandated activity, and that are listed in a Cabinet Decision;
3. Businesses engaged in the extraction of UAE natural resources and related non-extractive activities that are subject to Emirate-level taxation after meeting certain condition
4. Businesses registered in Free Trade Zones are exempted given that they comply with all the regulatory requirements, and they don’t operate businesses with Mainland UAE
5. Public Benefit Entities that are listed in a Cabinet Decision;
6. Investment Funds that meet the prescribed conditions;
7. Public or private pension or social security funds that meet certain conditions; and
8. UAE juridical persons that are wholly-owned and controlled by certain exempted entities after meeting certain conditions
9. Individuals’ income, unless the employment income comes from business/commercial/professional engagement, freelancing, or any other economic activities that must have a permit or must be licensed
10. Individuals’ income from real estate investments, as long as these investments are done in a personal capacity and not as a business which requires a commercial license
11. Individuals’ income, capital gains and dividends earned from personal investments in shares and securities
12. Individuals’ income and interest gained from deposit and savings accounts

How is Corporate Income Tax Calculated?

CIT is payable on a taxable person’s taxable income.

The taxable income for a Tax Period is the accounting net profit (or loss) of the business, after making adjustments for certain items as defined in the Corporate Tax Law. 

For UAE CT purposes, the accounting net profit should be prepared in accordance with accounting standards accepted in the UAE. International Financial Reporting Standards (IFRS) is the most frequently used accounting standard in the UAE.

Will I have to pay UAE CT alongside VAT in the UAE?

If you are a registered business for VAT, you will have to pay VAT and CIT separately. If your business is not VAT registered, you may still have to pay CIT.

 What should I be doing to prepare for UAE CT?

To assess what the UAE CIT regime means for your business, as a starting point, you should:

Read the Corporate Tax Law and the supporting information available on the websites of the Ministry of Finance and the Federal Tax Authority.

Use the available information to determine whether your business will be subject to UAE CT and if so, from what date.

Understand the requirements for your business under the Corporate Tax Law, including, for example:

• • Whether your business needs to register for UAE CT.
  • What is the accounting / Tax Period for your business.
  • By when your business would need to file a UAE CT return.
  • What elections or applications can or should your business make for UAE CT purposes.
  • How UAE CT may impact your business’ obligations and liabilities under contracts with customers and suppliers.
  • What financial information and records your business will need to keep for UAE CT purposes.

Regularly check the websites of the Ministry of Finance and the Federal Tax Authority for further information and guidance on the UAE CT regime.

Invest in training your team with Kaplan’s corporate tax course UAE which will provide a deep understanding of the legislation and tips and strategies for compliance and maximizing profits.

What records should I keep for UAE CIT purposes?

Taxpayers are expected to prepare and maintain financial statements for the purposes of calculating their taxable income and should maintain all documents and records that support the information in the CIT return or in any other filing made with the Authority.

Exempt persons are required to maintain all records to support their exempt status.

How long must I keep my records for UAE CIT purposes?

Records and documents should be kept for at least seven years following the end of the relevant Tax Period.

Will I need to submit my financial statements to the Federal Tax Authority?

The Federal Tax Authority may request for the financial statements to be submitted alongside the CT tax return, or for the financial statements to be provided upon request.

Are there any consequences for non-compliance under the UAE CT regime?

Yes, as per the recently released cabinet decision no 75 of 2023, penalties and fines will be imposed on taxable persons. 

For example if a taxable person fails to submit a tax return within 9 months from the end of the tax period, the penalty will be

a.. 500 for each month, or part thereof, for the first twelve months afer the latest filing date. 

b.. 1,000 for each month, or part thereof, from the thirteenth month onwards.

If you are interested in learning more, Kaplan offers an internationally certified Diploma in Corporate Income Tax. This program is available in both classroom and online formats, and it is offered in English and Arabic. By enrolling in this corporate tax preparation course will have the opportunity to learn from experienced tax experts and benefit from valuable study materials and resources. Speak to our program advisers today! 

1. Determine VAT registration requirements: Assess whether your business meets the criteria for mandatory VAT registration. If your annual taxable supplies exceed the threshold set by the UAE Federal Tax Authority (currently AED 375,000), you must register for VAT.
2. Classify your supplies: Categorize your goods and services based on their VAT treatment. The main classifications are standard-rated supplies (5% VAT), zero-rated supplies (0% VAT), and exempt supplies (no VAT).
3. Calculate taxable value: Determine the value of goods or services on which VAT is applicable. This is typically the selling price or consideration received for the supply of goods or services.
4. Calculate VAT amount: Multiply the taxable value by the applicable VAT rate (5% for standard-rated supplies) to calculate the VAT amount. VAT amount = Taxable value * VAT rate
5. Determine the total invoice amount: Add the VAT amount to the taxable value to calculate the total amount payable by the customer. Total amount = Taxable value + VAT amount
6. Maintain proper records: Keep detailed records of all VAT-related transactions, including sales, purchases, and expenses. Ensure that you have invoices, receipts, and other supporting documents for VAT calculation and reporting purposes.
7. Issue VAT-compliant invoices: Ensure that your invoices meet the requirements set by the UAE Federal Tax Authority. Include all necessary details, such as VAT registration number, VAT amount, and a clear indication of the VAT treatment for each supply.
8. File VAT returns: Prepare and submit VAT returns to the UAE Federal Tax Authority within the specified deadlines. VAT returns typically cover a specific period (e.g., quarterly) and require reporting of VAT collected from customers and VAT paid on purchases.
9. Settle VAT liability: Pay the VAT liability to the UAE Federal Tax Authority within the designated time frame to avoid penalties or interest charges.
10. Conduct periodic VAT audits: Regularly review your VAT processes and documentation to ensure compliance with VAT regulations. Consider engaging tax professionals or consultants to perform VAT audits and provide guidance on adherence to VAT rules.

It’s important for businesses to understand and effectively manage the impact of VAT on their operations. Seeking guidance from experts in VAT regulations can help businesses navigate the complexities of VAT and ensure compliance while minimizing any adverse effects on their operations.

Kaplan offers an internationally certified VAT Diploma in UAE. This VAT course will provide you with a deep understanding of the regulation and provide strategies for tax computation. It is available in both classroom and online formats, and it is offered in English and Arabic. By enrolling in this VAT training, you will have the opportunity to learn from experienced tax experts and benefit from valuable study materials and resources. Speak to our program advisers to know more!