Master the CFA Level 1 Exam in 2022

Table of Contents

1. Introduction
2. Put in the Hours
3. Study Schedule
4. Quality of Studying
5. Utilize Third-Party Test Prep Providers
6. Mock Exams
7. Formula Memorization Process
8. Final Week Preparation
9. Rest Before the Exam
10. Exam Day Strategies

Tips for Passing the CFA Exams

Are You preparing to take the CFA exams? Do you want to ensure that you have the best chances of passing? In this article, I will share with you some effective tips and strategies that will help you succeed in your CFA Journey.

1. Introduction

Passing the CFA exams is not an easy feat. It requires a significant amount of effort, discipline, and hard work. There are no shortcuts or quick hacks to success. However, by following these tips, you can significantly increase your chances of passing the exams.

2. Put in the Hours

One of the most important factors in passing the CFA exams is the number of hours you dedicate to studying. While the common recommendation is to study for at least 300 hours, I suggest studying even more than that. Personally, I invested around 470 hours in preparing for the level one exam. Tracking the hours spent studying can help you stay honest and motivated during your CFA journey.

3. Study Schedule

Creating a study schedule and sticking to it is crucial for success. Dedicate three hours every day to studying, starting from December 1st until the middle of June. Consistency is key. Avoid skipping study Sessions, as it can significantly impact your progress. Even missing a day or two can cost you valuable study time in the long run.

4. Quality of Studying

In addition to the number of hours, the quality of your studying is equally important. Avoid distractions during study sessions, such as checking social media or watching unrelated videos. Stay focused and make the most out of every study session. If you find yourself getting distracted, add extra time to the session to compensate for the lost study time.

5. Utilize Third-Party Test Prep Providers

Third-party test prep providers can be valuable resources in your journey towards passing the CFA exams. Companies like Kaplan, Wiley, Mark Meldrum, and Analyst Prep offer comprehensive study materials, video lessons, practice questions, and mock exams. Utilize these resources to enhance your understanding of the exam content and improve your chances of success.

6. Mock Exams

Taking mock exams is an essential part of your preparation. Ideally, start taking mock exams about six weeks before your scheduled exam date. Aim to complete 10 to 12 mock exams within this period. Review the questions you got wrong and reinforce your understanding of the topics. Mock exams provide valuable insights into the types of questions you'll face on the actual exam.

7. Formula Memorization Process

Memorizing formulas is crucial for success in the CFA exams, especially for the level one exam. Create a comprehensive list of all the formulas you need to know and dedicate time to memorize them. Handwrite each formula multiple times to reinforce your memory. Quiz yourself periodically to ensure that you have retained the formulas accurately.

8. Final Week Preparation

The final week before the exam is a critical period for last-minute preparations. Use this time to review all the questions you got wrong on mock exams and reinforce your understanding of the topics. Focus on memorizing the formulas you haven't fully mastered. Divide your study sessions into three-hour blocks and spend at least 12 hours each day on formula memorization.

9. Rest Before the Exam

Rest is essential before the exam day. Take the day off from work or any other commitments. Use this time to relax, engage in light physical activity, and do activities that make you feel accomplished. Avoid mentally exhausting activities like watching movies or TV shows for long periods. Ensure that you get ample sleep and wake up early on the exam day to feel refreshed and focused.

10. Exam Day Strategies

On the exam day, review a few formulas that you struggled with during your final formula memorization session. Avoid cramming new material or attempting to review too much content. Trust in your preparation and enter the exam center with confidence. Remember to manage your time effectively and stay calm during the exam.

By following these tips and strategies, you can enhance your chances of passing the CFA exams. Success requires dedication, hard work, and a proactive approach to your studies. Good luck on your CFA journey!

Highlights

• Put in the hours: Study more than the recommended 300 hours to maximize your chances of success.
• Quality of studying: Stay focused and avoid distractions during study sessions.
• Utilize third-party test prep providers: Take AdVantage of comprehensive study materials and practice questions.
• Mock exams: Use mock exams to assess your knowledge and gain insights into the exam format.
• Formula memorization process: Dedicate time to memorizing the formulas needed for the exams.
• Final week preparation: Review mock exam questions and reinforce your understanding of the topics.
• Rest before the exam: Take a day off to relax and recharge before the exam day.
• Exam day strategies: Stay calm, manage your time effectively, and trust in your preparation.

FAQ

Q: Should I study more than the recommended 300 hours for the level one CFA exam? A: Yes, studying more than the recommended hours can increase your chances of passing.

Q: Can third-party test prep providers help in my CFA exam preparation? A: Yes, companies like Kaplan, Wiley, Mark Meldrum, and Analyst Prep offer valuable resources and study materials.

Q: How many mock exams should I take? A: Aim to complete 10 to 12 mock exams before the actual exam date.

Q: Is formula memorization important for the CFA exams? A: Yes, memorizing the necessary formulas is crucial for success, especially in the level one exam.

Q: What should I do in the final week before the exam? A: Focus on reviewing mock exam questions, reinforcing your understanding, and dedicating time to formula memorization.