CFA Level 1 Preparation
CFA Level 1 Preparation:- Chartered Financial Analyst (CFA) certification is one of the most sought after professional credential in finance but is the credential worth it? CFA certification is offered to finance professionals who affirms their proficiency in finance and qualifies the CFA Exam by the CFA Institute. As per CFA Institute report, 49,380 candidates opted for the CFA Exam in the end of last year. This number establishes the growing demand of CFA as a credential.
CFA Program recognizes a wide range of study areas and thus earning it a professional can display his or her own expertise on the same. Scope of CFA covers various sectors and most prominently, banks, industries, finance markets and technology sector. All these industries value the finance sector within their business and consider CFA certification as a valid credential to demonstrate one’s skills on the same.
CFA as a professional degree is a perfect accumulation of money related exposures along with the total efficacy in every sort of money transaction going in the entire market of finance and the stock exchange world. A CFA can opt for the role of both a financial analyst and an independent financial investment.
CFA Level 1 Preparation
You need time, that’s the magic word. If you start with enough time (for me was at least 6 months), you have time to: read the curriculum, make practice exercises and exams, and re read the curriculum if needed.
A good preparation is a function of: time, knowledge, practice and commitment.
CFA Level 1 Preparation- Time
The earliest you start, the more time you’ll have to cover all the topics, from top to bottom. The more familiarized you are with the curriculum, the better, and for that you need time. Official statistics say that you need on average 300 hours for level I. If you take it in June, some people start studying in February. For me that’s not enough. I think that 6 months is ok. I would recommend you to take some time off, let’s say, two weeks before the exam (when possible). Try to finish the curriculum with one month in advance, so you can make exams and re-read some things. Don’t expect to remember everything only by reading. Do exercises!!
CFA Level 1 Preparation- Knowledge
It’s a long exam and they ask everything. Study well and know the curriculum, you’ll have 1,5 minutes in average to answer each question, you have to be quick. To be quick you will need practice and for that read the next point. Use Schweser’s study notes, and for some specific readings also read the official curriculum, they also offer video classes and online courses. Know the different topic weights for the exam, also know the exam format. Identify your strengths and weakness quickly, and improve/solve them.
CFA Level 1 Preparation- Practice
You are not going to pass the exam if you only read. The truth of the matter is that it is a practical exam. You will learn, remember and get the required exam rhythm by doing exercises. Of course that you have to memorize some theoretical concepts, but you don’t do that at the beginning (like ethics, and even in ethics you need to do a lot of exercises). You have to test yourself with exercises. The most important are the mock exam. If you get a package like Schweser you’ll have 6 mock exams. You should be able, at the end of your preparation, to do 3 mock exams with “real exam conditions”, that is: strictly by clock, two blocks of three hours, no materials, no google, no phone, with the approved calculator and pencils, no interruptions. The most similar to the real exam conditions. You should be getting more than 70% correct answers. If you need additional exercises, you could get also Schweser’s Qbank (but they are not as good as the mock exams).
CFA Level 1 Preparation- Commitment
Make a study plan and commit to it. Follow it and make the correct adjustments when necessary. Try to be honest on when you can study and for how many hours, be real on your estimates. It’s a long process and it is really easy to say once in a while “I’ll check that later”. And remember, don’t forget about your health, family and friends. Your social life will suffer, specially when the exam gets closer, but take care of it as well.
CFA Level 1 Preparation
- Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
- Exam questions referring to Financial Reporting and Analysis (FRA) are based on International Financial Reporting Standards (IFRS) unless otherwise specified. When a question is based on U.S. GAAP, it will be stated in the question.
- Answer all questions: There is no penalty for incorrect answers.
Best Recommended Read:- All About CFA Level 1 Exam
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