To succeed in the CFA Level 1 exam in just one month, rigorous discipline and extensive research are your allies. While the Level 1 exam can also be taken in December, the other three exams are available in June. You have the flexibility to take the exams as often as needed, but it's vital to prepare for over 300 hours for each one.

Unfortunately, many aspiring candidates tend to abandon their CFA journey after failing one of the levels due to the considerable time required for preparation.

For the Level 1 exam, a considerable effort is essential, and there are no shortcuts. It all comes down to hard work. The CFA Institute recommends dedicating at least 300 hours to prepare for the Level 1 exam. 

Prior Experience

Before enrolling in the CFA program, you should ideally hold a bachelor's degree or be in the final year of such a program. While the degree doesn't need to be in a specific field, a finance-based education can be particularly advantageous.

The CFA curriculum aims to enhance the financial education and investment experience of professionals. While you don't necessarily need a finance degree for the Level 1 exam, it may pose more significant challenges compared to those with a finance-based background.

Level 1 Curriculum

The Level 1 curriculum comprises ten subject areas, each evaluated using investment tools for analysis. These subjects cover a wide range of areas, including legal and technical standards, quantitative methods, economics, financial statements and evaluation, corporate finance, equity investments, fixed income, derivatives, alternative investments, portfolio management, and wealth planning.

Study Duration

The commonly held belief is that candidates should allocate an average of 300 hours for studying for each CFA program exam level. A 2019 survey revealed that Level 1 candidates spent an average of 303 hours preparing for the exam.

Learning Approach

Kaplan's "Prepare• Practice • Perform®" approach is a three-phase learning method that focuses on providing comprehensive study packages for the CFA Level 1 exam. This approach is designed to help candidates make the most of their study time.

The CFA Level 1 exam boasts an average annual pass rate of 41% over the last decade, according to the CFA Institute. This statistic underscores the notion that the exam is typically passed by dedicated candidates who put in the necessary effort and sacrifices.

Your most valuable investment in the CFA journey is your time, and using it effectively is crucial. On average, successful candidates have reported spending approximately 300 hours in total studying for the CFA exam.

Content Coverage

The CFA Level 1 test consists of ten subjects, nineteen study sessions, and 57 readings. The exam weights each subject differently. One useful method is to divide study time according to the importance of each subject. Typically, four months should be set aside for readings, with the final month dedicated to revision and practice.

If you read two hours each day on weekdays and eight hours on weekends, you'll need to study for roughly 17 weeks (four months).

The Final Four Weeks

CFA exams are being replaced by computer-based exams. The Level I exam will be offered in February, May, August, and November beginning in 2021. It's critical to ramp up your question review and practice sessions in the final four weeks before the exam.

Use the CFA Institute's practice tests and set aside a day to practice exam conditions at home.

Taking a two- to four-week study leave from work during the final phases of your preparation can be advantageous as well. A one-month study schedule for CFA Level 1 should concentrate on practice questions and final revisions.

Planning Your Study

A precise one-month study strategy for the Level 1 CFA exam is recommended. The CFA exams are held on Saturdays, so the study plan typically begins on a Thursday and concludes on a Friday. It's important to incorporate adequate relaxation days to allow your mind to recharge. This ensures that you return to your studies with a clear and focused mindset.

Success Strategies

The keys to success in CFA Level 1 involve structured study sessions spanning over 300 hours. This is essential to build a strong foundation for the exam, making it highly likely that you'll pass. To help you succeed, the study plan focuses on extensive practice questions, mock exams, and understanding the Ethics section.

The emphasis on "Financial Statements and Analysis" and "Quantitative Approaches" is particularly beneficial as they provide a solid understanding of the program.

In conclusion, a well-structured study approach of at least 300 hours is the secret to mastering CFA Level 1 in just one month. By planning your study time wisely and dedicating yourself to practice questions and revisions, you'll increase your chances of passing the exam successfully.

While the CFA journey can be challenging, the dedication and effort you put in will ultimately lead to success.


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