CFA Study Plan to Pass the Exam on Your First Attempt

The CFA certification has been known as a top-notch standard for investment analysts. But getting the charter is not an easy feat, much like anything valuable.

To be eligible for the charter, candidates must fulfill the professional hour requirements, pass three half-day exams, and provide references. The exams, in particular, are renowned for being extremely demanding and rigorous.

This blog post is to help you in how you should go about the CFA study plan to pass the exam on your first attempt. While we focus on the level 1 test, level 2 and level 3 candidates are also covered by all of the “how” suggestions.

How long should you prepare for the Level 1 CFA Exam?

Studying for the CFA exam takes about 300 hours. Recommendations for 300 hours have come from CFA exam passers. Furthermore, according to the CFA Institute, successful CFA candidates report putting in over 300 hours of study time in preparation.

Significantly, all three of your CFA exam levels follow this 300-hour recommendation. The question is, however, how you would schedule these 300 study hours for the CFA exam.

Remember that the 300 hours are only the suggested minimum and average amount of study time before the CFA exam. To ensure high-quality learning and knowledge retention, you should invest a few extra hours for frequent revision.

How many months should I study for the CFA Level 1 exam?

It is best to prepare for your level 1 CFA exam for at least six months. With six months of CFA test preparation, you can study for around 11 hours a week, or two days of five and a half hours a day, on the weekends. That makes sense and is satisfactory.
Additionally, adding extra revision hours on workdays will be simple for you.

The Best Advice to Qualify for the CFA Level 1 Exam in Your First Attempt

• Stick to your CFA study plan to avoid falling behind.

It is imperative that your total preparation time equal 300 hours or more, as advised by the CFA Institute. You can easily divide this study time into six months, which will give you twelve hours of study time every week or fifteen minutes of study time per day. This includes the time you spend studying the chapters on your own and working with a coaching partner. The level 1 CFA course is extensive and requires a great deal of preparation.

• Get set up, Practice, and Act.

It is usually advised to begin your CFA level 1 preparation with quantitative methods or corporate issuers. These are relatively simpler subjects that eventually help you prepare for the more difficult ones.

You get two routes here.

You can proceed to FSA and Economics now.
The market-oriented courses, such as equity, derivatives, fixed income, portfolio management, and alternative investments, are the next steps you can take.

• Go through the entire study materials.

You should finish each topic or subject by working through a practice paper or question bank. This can improve your ability to remember ideas and teach you how to use them to solve issues. You can practice with a variety of question banks and mock examinations available on the CFA Institute website.

• Study professional standards and ethics last.

Reading and editing to ethical and professional standards should be done regularly. To ensure that the material stays fresh in your memory, try reading one chapter of Ethics each day rather than investing a large amount of time in one sitting. To improve your ability to remember the material during your exam, it is best to leave ethics until last.

• Keep the final month for the CFA mock exam.

Over time, mock exams will be very beneficial to you. It will make you feel more secure on the day of the exam, and you will be able to pace yourself for the exam questions as well. To hone your time management abilities, keep taking practice examinations and mock exams. This will be especially useful for self-pacing, as answering the essay questions will inevitably take a lot of time.

• Be comfortable using the calculator.

The BA II Plus calculator and the HP 12C calculator are the only calculator types permitted for CFA. You must use your calculator quickly when studying subjects like quantitative methods and portfolio management to avoid spending time on pointless problems. To be proficient with your calculator throughout your CFA exams, practice using it as much as you can.

• Reward yourself.

Since finishing your CFA course is a marathon, not a sprint, it’s critical to pace yourself, establish reasonable goals, and create study schedules to get the best outcomes. If you choose to pursue CFA, it will be highly advantageous to include the above habits and advice in your CFA preparation regimen.

It’s also important to remember that working with a reputable CFA institute will significantly improve the overall caliber of your preparation. Mirchawalas Hub of Accountancy provides courses for all three CFA levels with complete learning guidance.

In the world of finance and investments, the Chartered Financial Analyst credential is widely accepted. You might be qualified to earn a CFA if you recently graduated or are enrolled in your last semester. To learn more about the course, contact us.
This is a complete CFA study plan to pass the exam on your first attempt. Hopefully, you have found it helpful and interesting.