The CFA level 1 examination covers lots of material, and to be efficient, you are required to have a study plan to master those concepts and be as prepared as you could be for the exam day. Following is important advice as you arrange your individual study plan.
Start early and be steady
CFA Institute recommends 300 hour of study, and our experience is that 300 hours is the least that most people need to pass the CFA level 1 exam. So as you put in those numerous hours over 6 to 9 months, you require to be putting in the time and effort each week. Don’t try to cram the whole thing into the previous few months; starting late is a formula for failure.
Stick to your schedule and don’t fall behind.
Once you generate your study plan, be well-ordered and stick to it! To offer you the incentive to stay on track, take a CFA course and make for it like a college course: read the pertinent material on of time and write down any CFA question that you did not answer correctly. A great method to stick to your plan is to form a study group that meets on a steady basis. Studying with others who are facing similar challenges you face offers motivation and support. In addition, being capable of asking question to others will clarify an idea for somebody else and will help the whole group own mastery of the concepts. Build the class times and study group meeting times into your schedule, and, once over, stick to it!
Prepare, Practice, and then Perform
An actual useful structure for you CFA level 1 study plan is founded on the three main stages of learning: Prepare, Practice, and Perform. The path to success is to put emphasis on the LOSs delivered by CFA Institution. These are performance-founded objectives that offer detail on precisely what you are anticipated to be capable to DO on exam day. For instance, one LOS may be “Calculate and interpret Net Current Value (NPV).” The words “compute” and “interpret” are whatever you must be able to do properly.
- a) The prepare phase is while you initiate to learn the elementary This can be accomplished over reading and listening to other attending lectures. This phase is mostly an exercise of retaining information, theory concepts, vocabulary, and principles connected to the LOS. In spirit, the prepare phase gets you prepared for the next dynamic stage. Before you learn how to compute NPV, you are required to know whatever it is and any tools you need to compute it.
- b) The second phase is practice. This is where you really apply the awareness from the prepare phase by using practice problems. If you are to analyze NPV, the best way to learn how to do that is through doing 10 practice problems from this concepts. Our understanding is that most candidates spend too much time organizing and not sufficient time practicing.
- c) The third phase is perform. This is where you simulate a real exam situations by taking a CFA mock exams, assessing your performance, recognizing your strengths and weaknesses, and going back to do additional practice wherever you consider you need it.
The material you learn in January would not stay with you till June if you do not go back and revisit it just every so often. Plan to expend a few hours every week going back and revising material you consider you’ve by now mastered. Do practice using CFA level 1 study aids and, if you make any mistakes, dig into those ideas again until you distinguish them.
Cover all of the material
Do not play the forecast game through guessing on which LOS will not be tested and then overlooking that material. Each LOS is fair game for the examination, and you have to be prepared for anything to be tested.
Create a plan to do somewhat fun and calming on the day after the examination: golf, hiking, time with family, video games, or simply sleeping. You have earned it!