How to Prepare for CFA Level 1 Exam in First Attempt: Step-by-Step Guide[1]
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Note:
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Keywords:
- CFA Level 1 (5 times)
- CFA (4 times)
Meta Title: 6 Effective Tips to Crack CFA Level Exam in First Attempt
Meta Description: Determine exam structure, prioritize topics as per their weightage, practice mock tests, and adopt a disciplined approach to prepare for the CFA Level 1 exam effortlessly.
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Studying for the CFA Level 1 exam can be overwhelming, especially if you are just getting started! With a broad syllabus that includes critical topics such as quantitative methods, financial reporting, ethics and economics, it is critical to get a structured approach on the go from day 1 of studying. But if you apply the proper plan, concentrate on important concepts, and study consistently, then you can pass the exam the first time!
This detailed guide will help you break down your preparation journey into manageable stages. From determining exam structure, and creating an effective study plan to practising mock tests at the right time, we will equip you with accurate tips to complete the CFA Level 1 exam with confidence.
Understanding Syllabus CFA Level 1 Weightage
It is necessary to identify topics and their particular weightage before you begin to plan the CFA exam. This will help you prioritize each of the topics. Let’s explore each topic and its weightage for CFA (Level 1) exam.
| Topics | Subject Weightage | Question Allocation |
| Ethical and Professional Standards | 15 – 20% | 27 – 36 |
| Equity Investments | 11 – 14% | 19 – 25 |
| Financial Statement Analysis | 11 – 14% | 19 – 25 |
| Fixed Income | 11 – 14% | 19 – 25 |
| Portfolio Management | 8 – 12% | 14 – 21 |
| Alternative Investments | 7 – 10% | 9 – 14 |
| Quantitative Methods | 6 – 9% | 10 – 16 |
| Corporate Issuers | 6 – 9% | 10 – 16 |
| Economics | 6 – 9% | 10 – 16 |
| Derivatives | 5 – 8% | 9 – 14 |
6 Key Tips to Prepare for the CFA Level 1 Exam Effectively
Planning for the CFA exam (Level 1) usually necessitates a more planful approach, because it covers a much wider range of concepts and financial topics. Students should aim to create a solid study plan, master key concepts and commit to regular practice.
1. Determine CFA Level 1 Exam Structure
Before you begin preparation for CFA (Level 1) exams, familiarize yourself with CFA (Level 1) topics and exam format.
Moreover, this exam includes 180 Multiple Choice Questions (MCQs), which is split into 2 main sessions. The CFA duration consists of two hours and fifteen minutes per session. Having complete understanding of the exam structure will enable you to schedule preparation and prioritize topics effectively.
2. Develop an Effective Study Plan
Next, allocate your time based on the topic’s weight and your strengths/weaknesses. Seek for dedicating 300 hours for preparation, spread over a few months to ensure you get prepared for the exam and crack the paper within the CFA duration.
In addition, you can consider utilizing academic planners or study tracker to monitor your progress and adapt consistent revision for preparation. Adopting a disciplined approach will help you prepare for the exam effectively.
3. Excel at Ethics Section
The ethics section in the CFA course plays a vital role and serves as a game-changer in your final result. Further, practice applying these principles in real-world situations, as the exam will test your practical understanding rather than mere memorization.
4. Practice Question Banks and Mock Tests
Mock exams and question banks are must-have tools for clearing CFA (Level 1) exams in 1st attempt. Solving a variety of practice questions under exam-like situations boosts confidence and helps students to gain time management skills.
Then, evaluate incorrect answers to identify your weak areas and prioritize revisions effectively. Implementing CFA (Level 1) mock tests and question banks in your study plan can boost chances of cracking the final exam with optimal performance.
5. Prioritize Quantitative Method & Financial Reporting
Financial Reporting and Quantitative Method holds essential weightage, which requires students to have deeper understanding about formula, financial statements and calculations.
Next, break significant topics into smaller sections and prioritize acing key fundamentals before you dive into the advanced problems. Strengthen your ability of financial reporting to gain command over significant areas.
6. Utilize Prepare-Practice-Perform-Approach
Divide your preparation time into 3 main stages – Prepare (read and grasp concepts via key materials), Practice (work through key problems and questions), and Perform (simulate exam conditions with the mock tests).
Additionally, set aside 40–50% of your time for practice, 20% for performance and review, and 30–40% for preparation. This approach makes sure you are well-prepared for the exam.
Conclusion
Clearing the CFA exam on the first try requires a disciplined study strategy, grasp of important concepts, and constant effort. Start preparation early, leverage effective resources and practice mock exams on a regular basis to ensure building confidence and gaining knowledge for the exam. Get in touch with Zell Education counselors to learn more about CFA courses.
FAQs
1. Can I prepare for Level 1 of the CFA exam within 3 months?
Yes, with a consistent plan, well-structured approach, and effective resources, students can clear the CFA (Level 1) exam with 3 months of preparation. However, ensure focusing on topics as their weightage.
2. How many mock tests are recommended to take before the final CFA (Level 1) exam?
Students must focus on taking at least 5-6 full length mock tests before the final CFA (Level 1) exam. Evaluate your mistakes and weak areas after each mock test to ensure clearing the exam on the 1st attempt.
3. Which topics are most essential for the CFA (Level 1) exam?
Your major focus areas for CFA (Level 1) exam includes Economics, Quantitative Methods, Ethics, and Financial Reporting and Analysis. Since Ethics has greater weightage, prioritize preparation accordingly.
4. Is having a financial background important to pass the CFA (Level 1) exam?
Not compulsorily! While financial background helps, however, candidates from non-financial background can succeed with a disciplined approach and key understanding of core concepts.
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