10 Best Tips to Qualify the CFA Level 1 Exam in the First Attempt 

If you are a CFA aspirant, your ultimate objective is to qualify for the exam. Whether you want to appear for the CFA exam as a working professional or shortly after finishing your undergraduate study, you should follow a positive mindset, effective techniques, and study tools to perform at your best. Even though it can be tough to qualify for every level of the CFA Program exam, studying doesn’t have to be overwhelming! If you want to ensure your success in the CFA exam, check out the best tips to pass the CFA Level I exam on your first attempt: 

• Apply the 50/10 rule.

Set a timer and dedicate 50 minutes of every hour to studying without any interruptions or diversions. Restart the timer if you become sidetracked, and cease working within the allotted 50 minutes. After 50 minutes, take a 10-minute break before continuing your job!

This method of self-training will ensure that you study hard 80 percent of the time, which is more productive than half-studying while taking occasional breaks.

• Plan your study six months in advance.

Experts suggest that aspirants should begin their preparation at least six months before the CFA exam dates. The CFA course covers a lot of complicated material, so spreading out your study over six months will help you absorb it all quickly. Furthermore, even if you fall behind due to unforeseen circumstances, you will still be able to complete the course. 

• Use little windows of time to study.

Throughout the day, make sure you are utilizing every available moment to study. Do you commute to work by bus or train? While traveling, practice with QBank questions or flashcards. Examine your CFA Level I notes as you work out. Take time to study during your lunch breaks and brief intermissions between sessions. Always have your study materials close at hand, and make the most of your waking hours to squeeze in some valuable study time.

• Use summaries and shot notes.

You will need to commit several phrases, ideas, and formulas to memory for each of the four study areas: financial reporting and analysis, portfolio management, economics, and statistics. You need to arrange your notes and write structured summaries of important ideas and formulas so that you can easily recall these important terms and concepts. 

• Focus on the common topics.

You will learn which concepts are examined on the exam most frequently as you study. 

After that, you can focus on learning these most tested terms and concepts, using your notes and summaries to review other, less commonly used subjects.

• Practice with percentages and fractions.

 Fractions and percentages are some of the common concepts that are often asked in exams. It is suggested that you practice answering questions similar to these in your mock exams to get familiar with the ideas and determine how quickly you can solve problems without making stupid errors. 

• Choose your topics wisely. 

Every topic has a different weight in the CFA exam. Plan your last day of revision in the same light to boost your chances of success. For example, ethics is something you should always focus on, especially if you are supposed to receive a minimum passing score; it can elevate you above the rest.

• Get the CFA preparatory course.

Investing in a CFA prep course is advised if you want to improve your chances of passing the exam, even though the costs are a little high. The CFA exam is difficult and demands a lot of concentration and attention. As a result, you can find it challenging to manage its complexity, which could lead to missed deadlines, forgotten information, and unlearned material. An excellent test prep program such as NorthStar Academy functions as your study partner by helping you remain on top of crucial exam topics and manage your time effectively. 

• Understand the financial calculator.

On D-day, you must bring one of the two designated calculator models. Thus, it is recommended that you practice using your selected equipment well in advance. You can rapidly resolve some of these by getting the feel of them by practicing with your selected device. 

• Don’t waste time. 

You should dedicate at least 300 hours to your CFA exam preparation. The length of your CFA course preparation, however, is entirely dependent on your academic background, analytical abilities, time management skills, and CFA prep course. To start early and make the most of your available time, you need to avoid wasting time and assess yourself appropriately. 

While preparing for your upcoming CFA Level 1 exam, always take care of your health. To maintain your energy levels, make sure to have a good diet, exercise, and get enough sleep. To prevent burnout, always remember to emphasize self-care and take breaks when necessary. A strong study strategy, perseverance, and dedication are necessary to pass the CFA exam. You can improve your chances of success by using the CFA exam study tools and resources, engaging in active learning activities, and making connections with other industry professionals.