CFA stands for Chartered Financial Analyst and the CFA level 1 examination is an exam that many ambitious young professionals take to build up a career in a particular field. After all, the CFA Level 1 examination is the very first step to entering the elite CFA world. Prtofessionals working in the CFA world have to deal with finances. So, they need a clear knowledge and strong base in finance.
To be more specific, CFA covers areas like ethics, corporate finance, quant, FRA, economics, fixed income, equity, derivatives and portfolio management with a weightage of about 5%-15% spread all across these topics. If you are planning to appear for this particular exam, then you most probably are a fast learner and an ambitious person just like the rest of the candidates and to pass the CFA level 1 exam, you will need knowledge of different branches of finance.
However, you have to keep one thing in your mind and that is only around 45% of your study colleagues will succeed on the exam battlefield. So, if you want to be in that 45% of candidates, you need to prepare for the exam very well and try to win in the battle. For that, first of all, you have to stop thinking about how hard the CFA level 1 exam is and how you will pass. Instead of wondering how hard is CFA level 1, why don’t you start preparing for the exam so that things seem easier to you? Since you have already decided that you want to take the exam, you can just start with the preparation for the exam.
In this blog, we will talk about some tips that will help you score better or perform well in the exam. So, let’s get started
Tips to Pass the CFA Level 1 Examination:
Make a study plan
To prepare for the CFA Level 1 examination, the very first step is to create a study plan. You should try and do it no matter what. It helps to ensure less stress during the crunch hours right before the exam. Time management is one of the most important things while preparing for any examination.
According to the estimation of the CFA Institute, at least 250 hours of independent study is required to track each level of the examination. So, it goes without saying that if you intend to begin preparation six months before the exams, you need to study at least 10 hours per week.
Don’t forget about the test papers
Mock tests and solving test papers of previous years is one of the best ways to get used to solving questions and gain more confidence to solve the questions in the actual exam. Of course, it is imperative that you focus on solving more questions rather than your mock scores. Also, you should solve a variety of mock tests and previous year test papers to get sufficient exposure to the various kinds of questions that you might have to face during your examination.
Devise your own exam strategy
Actually, the CFA Level 1 examination consists of two sections – conceptual and numerical. It is advisable to devise your own strategy and find a way on how you will attempt the questions. This level has two papers and you need to clear both of them – the AM and the PM.
Practice to up your speed levels
To crack the CFA Level 1 exam in one attempt, you must be speedy. You must not waste too much time on one question. If you are unable to answer a question at the first instance, skip it and move on to the next question and come back to attempt it later if you have time later. Also, practice using your business calculator so that you get used to using it and easily use it fast in the examination.
The Bottom Line
Hopefully, you now have understood how hard is CFA level 1 and how you should do your preparation for the CFA Level 1 examination. If you want proper guidance, you can join a course to find some help to prepare for the exam and crack it fast.
