While everyone hears about the difficulty of Level I of the CFA® I exam, very few believe it until they experience it for themselves. To pass the exam, you will need to achieve at least the minimum passing score (MPS) set by the Board of Governors of CFA Institute after each exam. The all-time average CFA Level I pass rate is only 42%, and 2021 pass rates have been even lower. People who are studying for the CFA exam are smart, driven, and want to pass just as much as you do. That means it is crucial that you have a study plan and adhere to it.
Ideally, the preparation phase of your Level I CFA Exam prep should begin about six-to-nine months before your exam day, and be finished three months out from your exam date. Many successful CFA charterholders credit their study routine for their success in taking the CFA exams. Not only do you need to study the material, but you also need to be able to apply what you learned to scenarios on the exam. This level of understanding and practical application takes time to develop. Therefore, it is crucial that you get into a study routine early and stick to it.
Across the five-to-six months that you should spend studying for the Level I CFA Exam, you should plan to devote at least 300 total hours (the average study time) to your Level I prep. If that number seems daunting to you, then consider spreading your studies across nine months instead of five. That way, you would only need to devote roughly 1 hour and 10 minutes per day (on average) to your Level I prep (versus closer to 1 hour and 40 minutes per day). Prep for longer stretches of time on certain days to earn yourself an occasional day off from studying.
You should engage in 80-100 study sessions across your six-to-nine months preparing for the Level I CFA Exam. We arrived at this range because most CFA Candidates prefer to prep for a few hours, almost every day of the week. If your preference is to take more frequent days off from your prep, you can engage in fewer study sessions than that. However, keep in mind that if you were to only engage in 60 study sessions, then you will need to average 5 hours per study session in order to meet the minimum suggestion of 300 total hours studying. The more often you sit down for a study session, the less demanding each individual study session will be.
Your focus should be on the Learning Outcome Statements from CFA Institute because they detail exactly what you are expected to do on exam day.
The Learning Outcome Statements (LOS) and core concepts are built from the Candidate Body of Knowledge, developed by the CFA Institute. They have devised study sessions and LOS to help candidates figure what should be gained from each reading. Be sure to develop your prep plan around these, as they will help you focus on the right topics for the exam.
You should have a solid understanding of the CFA Program curriculum and how each topic is weighted for the Level I exam. The curriculum is updated every exam cycle, and all three levels of the exam focus on the same core topic areas. Exam weights vary by level and can change slightly from year to year, so it is good to be clear on what the weights are for the exam you are taking.
The curriculum for Level I of the CFA exam covers 10 topics, each of which is weighted. The topics and weights change regularly, but these are the most recent topics and weights shared by CFA Institute in 2022:
CFA Level I Ethical and Professional Standards: 15-20%
CFA Level I Quantitative methods: 8–12%
CFA Level I Economics: 8–12%
CFA Level I Financial statement analysis: 13–17%
CFA Level I Corporate issuers: 8–12%
CFA Level I Equity investments: 10–12%
CFA Level I Fixed income: 10–12%
CFA Level I Derivatives: 5–8%
CFA Level I Alternative investments: 5–8%
CFA Level I Portfolio management and Wealth planning: 5–8%
Although the weights are variable (which means they are subject to change), you can see that the one with the most weight is ethics, financial reporting and analysis, equity investments, and fixed income. Make sure you are really on top of those four topics. Otherwise, it will be more difficult to pass the exam.
When deciding how much time to allocate to the different topics, each candidate will have strong and weak areas. Dedicate time to each area accordingly, but don’t lose sight of the syllabus weightings. Two topics, Ethical and Professional Standards, and Financial Reporting and Analysis, are worth more marks on the day of the exam than Economics, Derivatives, and Alternative Investments combined. As interesting as the world of derivatives is, you can’t afford to wallow in it for weeks on end for only 6%.
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