I'm sitting for the CRA in about two months and I'm trying to figure out how to organize the prep without burning out. I work full-time in credit risk at a regional bank, so I can realistically commit about 90 minutes on weekday nights and a longer four-hour block on Sundays. That's probably 11 to 12 hours a week total if I stick to it.
The content domains are pretty spread out — risk identification, quantitative analysis, regulatory environment, risk governance, and operational risk. The quantitative section worries me most since my day job skews more toward credit policy than pure analytics. I know VaR and basic probability but some of the more advanced portfolio models in the study materials are things I haven't touched since my finance program four years ago.
My current plan is to spend weeks one and two on a full content pass just to identify gaps, then weeks three through six doing focused study on the weak areas with practice questions mixed in, and the final two weeks doing full mock exams and review. Has anyone actually followed something like that or does the content volume make it unrealistic?
Also wondering about the exam itself — I've seen 115 questions in some prep materials and 120 in others. If anyone has taken it recently, knowing the actual format would help me calibrate the timed practice sessions better.
The quantitative section is manageable if you focus on the concepts rather than trying to memorize formulas. Most questions test whether you understand what a metric is measuring, not whether you can derive it from scratch. That reframe helped me stop panicking about the math.
I took mine in late 2024 and it was 115 questions. Time limit felt comfortable — I finished with about 25 minutes left. The harder part is that some questions are genuinely ambiguous between two answers, and the governance questions especially require you to pick the "most correct" option, which is frustrating when both choices seem reasonable.
90 minutes a night is solid if you actually protect that time. I made the mistake of treating weeknight study as optional and then over-relying on weekend sessions. By week five I was exhausted on Sundays and retaining very little. Consistency beats volume every time.
That structure is pretty close to what worked for me. I'd just warn you that the regulatory environment section is heavier than it looks on paper — Basel III/IV frameworks alone took me about a week of focused review. Don't underestimate it just because it sounds like straightforward reading.
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