You forget formulas.
You mix up definitions.
You blank on concepts you knew just last week.
Sound familiar?
If you’re studying for the CFA exams, you’ve probably experienced all of the above. But here’s what most candidates get wrong:
They treat all memory problems the same.
They assume that forgetting a formula, confusing two terms, and blanking out during a mock exam all stem from the same issue.
They don’t.
Each of those failures comes from a different kind of memory breakdown—and each requires a different fix.
Let’s unpack this.
Problem #1: “I Can’t Remember the Formula”
Diagnosis: You haven’t retrieved it enough.
Recognition is not recall. Just seeing the CAPM formula 20 times won’t wire it into your long-term memory.
You need to pull it out of your head—on demand. Over and over.
Fix: Active Recall + Spaced Repetition
Cover the formula. Try writing it from memory.
Repeat it across increasing intervals (1 day, 3 days, 1 week…).
Use flashcards. But only if they force recall, not just review.
The goal isn’t to see it again. It’s to struggle with it—until it sticks.
Problem #2: “I Mix Up Definitions That Sound Similar”
Diagnosis: You haven’t encoded them distinctly.
The brain likes patterns. When two definitions are too close in wording or context, they blur.
This is a classic encoding problem. You never made the memory “sticky” or unique.
Fix: Contrast and Distortion
Compare them side by side. Literally list the two definitions and their differences.
Use exaggeration. Make up a ridiculous mental image for each one.
Teach it. If you can clearly explain the difference between the two to someone else, you’ve locked it in.
Don’t just reread. Rewire.
Problem #3: “I Know It… Until I’m Under Pressure”
Diagnosis: You trained under perfect conditions. The exam won’t be.
CFA exam day is not a quiet room with coffee and calm. It’s three hours of cognitive warfare.
If your brain has only ever retrieved the info under ideal circumstances, it will likely fail you under stress.
Fix: Stress Testing + Randomization
Take practice questions timed. No notes. No pausing.
Mix topics randomly—just like the real exam.
Simulate test-day discomfort. (Tired? Distracted? Perfect. Now quiz yourself.)
Performance under pressure is a skill. You have to train for it.
Problem #4: “It All Makes Sense When I Read It. But I Can’t Explain It.”
Diagnosis: You’re passively understanding—not actively synthesizing.
Reading gives you a false sense of comprehension. Until you try to explain a concept from memory, you don’t really own it.
Fix: Feynman Technique
Choose a concept (e.g., duration vs convexity).
Explain it out loud as if teaching a 12-year-old.
Identify gaps. Go back. Refine your explanation.
Repeat.
Teaching reveals understanding. Or lack thereof.
Problem #5: “I Forget Things I Knew Cold Last Month”
Diagnosis: You didn’t revisit them enough.
Forgetting is natural. Your brain prunes unused connections.
If you learned it once and never came back to it, you shouldn’t be surprised it vanished.
Fix: Memory Maintenance Schedule
Build a review loop into your study calendar.
Prioritize older material.
Use a spaced repetition tool—or at least a review log.
Don’t mistake “I learned this already” for “I’ve locked it in.”
Your memory is a garden. Tend to it, or it withers.
Final Thoughts
There’s no silver bullet for CFA memory problems. Because there isn’t just one memory problem.
Sometimes you never encoded the concept properly.
Sometimes you failed to retrieve it enough.
Sometimes you never tested it under pressure.
And sometimes… it’s just been too long since you last reviewed.
Different problems. Different fixes.
Once you identify the type of memory breakdown you’re facing, you can use the right technique to overcome it.
That’s how you build a real CFA “Memory Vault”—one that doesn’t just feel solid, but holds strong on exam day.
So next time your brain blanks, don’t just panic. Diagnose.
And treat the right issue, with the right cure.
