Is CFA level 1 easy? The answer to this question is a Yes or No. Chartered Financial Analyst level 1 is easy for those with a strong finance background. If you’re new to finance, you’ve to commit yourself to excel in this course. To pass CFA level 1 on your first attempt, you must show serious commitment to adhering to a structured study plan. The CFA Institute’s latest report shows that the average yearly pass rate for the last decade for the CFA level 1 test stands at 41%. This statistic demonstrates that only passionate people are likely to do well in the exam, so be ready to devote yourself and follow a solid study plan.
Allotting adequate time to CFA level 1 and using it efficiently has seen many candidates triumph in their first attempt. The CFA institute reveals that successful examinees, on an average report they spend roughly 300 hours to prepare for the CFA test cumulatively.
The recommended preparation time can be more for those with little knowledge about the subject matter and less for those who are more insightful about disciplines the CFA curriculum covers.
According to the CFA Institute, a level 1 exam comprises ten subjects, 19 study classes, and 57 readings. Every topic takes a different percentage in the test. An effective way to oversee your study time is by allocating time in relation to the weight a subject carries in a test. If 300 hours is the allotted time, distribute proportionally to the topic’s weight.
End of Topic Questions
Keep in mind that at the end of every chapter, there are questions that follow. Work on those questions to evaluate your understanding of the chapter. Besides, these questions will give you an outline of the areas that never miss in an exam so that you will concentrate more on those areas. Furthermore, these questions will help identify areas of weakness that you must work on to improve.
Set Aside the Last Four Weeks for Revision Only
As the exam date nears, allocate more time to reviewing questions and practice sessions rather than general reading. During this period, consider doing more tests than before. Ask for mock exams from CFA to aid in your preparation for the final exam.
The Bottom Line
The key to readying yourself for the CFA level 1 exam is to adopt a structured method of study for a period of 300 or more hours. Upon doing so, you stand a better chance to excel in your CFA exam.