For investment professionals, the CFA (Chartered Financial Analyst) tag is one of the most sought-after designations. The CFA exam is not for the faint-hearted. Besides knowledge on the subjects, the exam will test your will, endurance, and diligence as well. The CFA program is divided into 3 exams: the CFA level 1, level 2 and level 3. As a CFA candidate, you have to pass all 3 exams and meet certain work requirements as set out by the Institute. The passing rate for Level 1 exam in December of 2020 was 49%.
In most cases, typically a candidate on an average has 4+ years to complete the whole program. For each level a candidate needs 300+ hours of studying. For each exam you have to prepare for 6 months. These 6 months are crucial and you need to stay focused to crack CFA Level 1. Here are some tips on how to prepare for the exam.
Tips on preparation for CFA Level 1
Managing time expectations
Based on the mentioned time needed to complete all subjects, you are required to imply a minimum of 11.5 hours of studying per week. You need to make use of this studying time well if you want a good result. Manage your time better to get the desired result.
Social expectations
You need to be upfront to your family and friends about social expectations. Let them know beforehand that you will not be available for future social outings and dinner plans for a period of time. Stay focused especially during the 4-5 months before the CFL Level 1 exam. When you have all out in the open, then there will be fewer temptations.
Customized study plan
Creating a study plan is recommended. You need to create a study plan based on your life/work commitments. Once you have all jotted down, sticking and following the study plan will become easier. It will ensure that there is less pressure on you. You can stay organized and focused with the help of a study plan. For more information you may check this site https://www.kaplan.com.sg/course/all/accounting-banking-finance/preparatory-course-for-chartered-financial-analyst-cfa/.
End of chapter questions
The CFA curriculum at the end of each chapter has some questions which the candidates can try. You should not avoid them. These questions are comparatively easier than the questions seen in the exam. However, they are useful as it will test your basic understanding of the material. Keep scores to determine which topics you are strong or relatively weak in.
scores to determine which topics you are strong or relatively weak in.” width=”572″ height=”382″ />
Practice exams and revision
Revising and doing practice exams are crucial to ensure you have prepared well for the CFA Level 1. Before you go ahead with the practice papers, make sure to cover the study material thoroughly. This will help you to achieve a sense of accomplishment and your results of the practice exam won’t discourage you. The last 8-4 weeks should be kept only for revision and practice exams. So, make sure that you have finished with studying before this time slot.
Take a little break
If you only focus all your time on studying, then chances are the studying session will not be effective. You will start to lose focus and end up crashing hard. Thus, it is important to take a little break from time to time. To be productive, you need to incorporate some exercise in your daily routine. Have enough sleep and more importantly eat well. These will help you to concentrate better in your study sessions.
These are some ways you can prepare for the CFA Level 1 exam. Use these tips and you will be able to utilize your studying time better. This will also help you to do better in the CFA program.
