Time Management and Exam-Day Tactics

Introduction

Time management can feel like the secret sauce (or maybe the mysterious sauce) of exam success. I remember, during my own CFA Level II attempt, I’d sometimes reach the last five minutes of a morning session and still have two items flagged—and that dreaded sense of panic would set in. You absolutely don’t want that. So, let’s unpack some practical ways to handle the Corporate Issuers vignettes with a clear head and a steady clock.

The CFA® Level II exam typically presents item sets (vignettes) of around six questions each, and it’s recommended you spend roughly 18–20 minutes per set. That includes reading the scenario, extracting data, computing relevant figures, and answering all questions. Ready to figure out how to stay within that window? Let’s dive in.

Target Time Per Vignette

A good starting rule: spend about 18–20 minutes on each 6-question vignette. Stick to this schedule—like glue—during your mocks. If you finish a set with extra time left, congrats, you’re ahead of the game (possibly meaning you can review or catch your breath). If you notice you’re consistently pushing over 20 minutes, it’s a friendly signal to speed up or refine your approach.

• Why 18–20 minutes? Because that’s your fair share of the total exam clock.
• If you start hitting 25 minutes on a single item set, you might be depriving yourself of precious minutes to handle the rest.

The Two-Pass Strategy

The “two-pass approach” is a classic time-management hack. On your first pass, answer all questions that are quick wins—those that either require straightforward qualitative knowledge or short calculations. Then circle back on a second pass to handle heavier or more involved questions.

Here’s a quick peek at how it works:

    flowchart LR
	    A["Start Vignette <br/>and Skim Questions"] --> B["First Pass: <br/>Answer Quick Wins"]
	    B --> C["Mark Complex or <br/>Confusing Questions"]
	    C --> D["Second Pass: <br/>Return to Marked Items"]
	    D --> E["Final Answer Review? <br/>(If Time Allows)"]

This ensures you bag the easy points without getting bogged down in a single complicated question that becomes a “time sink.” If something is complex or starts pulling you into a deep drone of calculations, mark it and move on.

Reviewing Question Stems Before the Data

Before you start reading every detail in the vignette, read the question stems. That’s right—check out what’s being asked first. This approach helps you figure out which pieces of data in the vignette are crucial for your solutions. Think of it like rummaging for the puzzle box cover before you pour out the pieces.

• If you know one question involves the Weighted Average Cost of Capital (WACC), you can go on a “WACC hunt” in the vignette.
• If another question is about dividend policy signals, you’ll know to pay attention for references to announcements, payouts, or management’s comments on dividends.

This process saves time because you’re reading the vignette with a purpose—and trust me, purposeful reading is a life-saver in an exam environment.

Concise Scratch Work

Some folks love to write out every single calculation step on scrap paper, and while that’s thorough, it can also eat away at your clock. Sketch out only what you need—and keep it tidy. An organized mini-table or quick bullet points are easier to reference if you need to revisit your math. The last thing you want is to bury yourself in a sea of pencil scribbles.

Helpful Pro Tip

If you’re calculating something like an expected synergy in a corporate restructuring question, note down only the essential formula:
Synergy = (Value of Combined Firm) – (Sum of Separate Values)

Jot a quick partial calculation or two, but don’t go overboard. If you see that you’re turning the page into a novel of arithmetic, that’s your cue to tidy up and keep moving.

Recognizing When to Move On

I’ve personally experienced that sinking feeling where you cling to a single question, hoping for a magical number to emerge. That can be a huge trap—“time sink” city. The best tactic:

• If you’re stuck for more than a minute or two and can’t sense a breakthrough, mark the question.
• Move on to the next question rather than let panic set in.

You can always come back if time allows. The worst outcome is losing chunks of time on that single question while letting the other 59 or so slip by.

Maintaining Composure Under Pressure

Let’s say you turn to a question about share repurchases integrated with an ESG angle, and it’s not something you heavily prepared for. The immediate reaction might be, “Uh oh, I have no clue.” That’s normal. Take a breath, dissect the question systematically:

1. Identify any core formulas or theories (like the effect of buybacks on earnings per share).
2. Spot potential references to ESG frameworks in your materials.
3. Start bridging them together.

Even if it’s unfamiliar territory, rational breakdown is your friend. If you let anxiety take over, you’ll lose track of time. Instead, steady yourself and move forward. Sometimes you’ll realize that, ironically, these “unexpected combos” are just re-labeled versions of concepts you already know.

Effective Use of Your Standardized Calculator

The BA II Plus or HP 12C is your buddy for the CFA exam. If you have certain factor conversions or standard discount factors memorized, that can be an enormous time-saver. Some candidates even memorize partial discount rates or certain present value sums they use repeatedly in capital budgeting or bond valuation.

Quick Example:

Many candidates memorize that a 6% annual discount rate over 10 years has a factor of roughly 7.36 for an annuity (this is an approximation of the Present Value of $1 for 10 periods at 6%). Over time, that can shave off precious seconds when you’re pressed for speed. Just be sure your approximations remain within a sensible margin of error.

Plausibility Checks

Have you ever come up with a synergy or dividend growth rate so large that it would make your calculator spit out an “Error 5”? If your synergy figure is bigger than the entire existing market cap of the company, that might be a sign you made a slip somewhere—or that the question is testing whether you’ll second-guess an outlandish number.

• Always give yourself a mental “Does this number make sense?” check.
• If your interim result is impossible or leads to a negative payout ratio, you might need to revisit your last step.

This stops you from forging ahead down the wrong path. Sometimes a quick reality check prevents a disastrous chain of mistakes.

Planned Breaks and Clock Checks

The exam environment can feel suffocating, so do a quick clock check halfway through each session. If you set mental markers (like “I want to finish the first 5 vignettes in 90 minutes”), you’ll know whether you need to speed up or if you can proceed at a calm pace.

Short mental breaks—just a few seconds to close your eyes and exhale—can also do wonders for your concentration. Some candidates find it helps to do a quick mental reset after every couple of item sets.

Final Thoughts and Encouragement

Time management isn’t just about micro-optimizations. It’s also about staying calm, trusting your strategy, and letting your knowledge steer the ship. The two-pass approach, question-stem scanning, concise calculations, and periodic reality checks all help to safeguard your limited exam minutes. And if you find yourself flustered, remember you’ve practiced exactly how to handle that scenario—managing your time and your composure is as much a part of the exam as knowledge of cost of capital or payout policies.

May your exam day pacing mirror the calm confidence you’ve built in your study sessions!

References and Further Reading

• CFA Institute Exam Tips: Official guidance on pacing and time management strategies.
• Investopedia: “Time Management in Financial Certifications” – helpful overview of effective test-taking.
• Kaplan Schweser Blog: “Exam Day Strategies for CFA Level II” – includes real-life candidate stories and pacing advice.

Test Your Knowledge: Time Management & Exam-Day Tactics