May 10, 2023

By solving Practice Questions
You will find this written all over the internet and also, all your teachers will say the same – “Practice exams are the key”. And well, IT’S TRUE.

Don’t expect to pass the exams even if you have studied the whole CFA curriculum from the CFA institute books, and have not worked on enough practice questions. This is not your school or graduate college tests. The structure of questions, overall CFA exam and the way they are graded… is all such that you have to have hands on solving the CFA-type questions.

Solve problems from:

In-between chapters [even those case study type examples from CFA material],
End of chapters
Mock exams [by CFA Institute, your CFA training institute and others online]
Solve at least five full exams. 1 exam equals 1 day CFA exams; morning plus afternoon session. Sit for three hours at a stretch, with timer.

How to know the number of hours you need to put in for CFA Exam study?
The CFA Institute conducts a survey before and after every CFA exam. According to the latest survey results, attempted by CFA candidates, on an average 322 hours of study time is required to prepare for one CFA Exam; 304 hours for CFA Level 1. Moreover, you’ll see a bunch of web logs and study plans that entail you to study for 300 hours to pass your tests. It’s highly clichéd.

So, exactly how many hours should you put in? Are 300 hours enough, more or less?

There are people who have hit the books for less than 300 hours and passed their CFA exam.

Who are they?

…who have work experience (in the finance field), who hold majors or other certifications like an MBA or a CA, who are proficient in statistics and calculation (engineers, etc.); who are quick learners; and yes, who are fluent in US English.

On the contrary, there are chances of even such candidates failing in the CFA exam.

So you are no bad. Even last year graduate students have passed CFA Level 1 in their first attempt.

There can be no universal answer for How to Study For CFA Level I. Having said that, if you want to prepare for CFA Level 1 on the first attempt, you need three things: a study planner, a preparation calendar, and your dedication. Do you not have a study plan? Okay, go through the blog and you’ll know how to create one for yourself by the end of it.

While stepping into the field toward becoming a Chartered Financial Analyst (or CFA) isn’t an easy decision, the rewards you can reap ahead and immeasurable.

If you’ve heard from anybody so far who has been pursuing CFA, a few ground rules are already obvious to you – you’re going to lose sleep, you’re going to have to sacrifice your fun time, and you have to make a variety of other difficult decisions in your life.

And if you’re prepared to endure this kind of gruesome difficulty, you should also know that the future ahead can be very promising and fruitful.

With that out of the way let’s talk about CFA.