Cracking the Chartered Financial Analyst (CFA) Level 1 exam requires a significant amount of time, effort, and dedication. However, with the right approach and mindset, it is possible to achieve success and prosperity. Before understanding how one can crack this exam, let us understand the basics about it, that is, what type of examination it is and what it expects from the examinees. There are many CFA level 1 videos and CFA level 1 free courses that one can consider before taking this exam to pass with flying colors. Read on to understand what the CFA examination is, first.
Basics about CFA Level 1 Examination
The Chartered Financial Analyst (CFA) Level 1 exam is the first of three exams required to become a CFA charter holder. The CFA program is administered by the CFA Institute, and the exam is designed to assess the candidate’s knowledge of the concepts and skills necessary for investment decision-making.
Many CFA level 1 free courses are available that provide the examinees with various CFA Level 1 videos that can help one in passing the exam. Speaking of clearing the exam, it is necessary to know about all the topics and syllabus that is inculcated in this exam. The same is given down below, read on to have a better understanding of the same.
Topics Covered in this Examination
- Ethical and Professional Standards
- Quantitative Methods
- Financial Reporting and Analysis
- Corporate Finance
- Equity Investments
- Fixed Income
- Alternative Investments
The Pattern of the CFA Level 1 Examination
The exam is divided into two sessions, each three hours long, held on a single day, usually in June and December. Each session consists of multiple-choice questions, the total number of questions is 240 and the candidates have to answer them in 180 minutes.
The exam is designed to be challenging, and passing the CFA Level 1 exam is considered a significant accomplishment. To be eligible to take the CFA Level 1 exam, candidates must have a bachelor’s degree or equivalent or be in the final year of their undergraduate studies. Additionally, candidates must also become members of the CFA Institute and register for the exam.
Passing the CFA Level 1 exam is a requirement to be eligible to take the CFA Level 2 and Level 3 exams. Successfully passing all three levels of the exam is required to become a CFA charter holder. To know how one can crack it, there are certain tips that you can incorporate in your life to pass the exam. They are given down below.
Tips to Crack the CFA Level 1 Examination
- Start Early
The CFA exam is a rigorous test that requires a significant amount of time and effort to prepare for. Start preparing for the exam as early as possible, ideally at least six months to a year before the exam date.
- Create a Study Schedule
The CFA curriculum is vast and covers a wide range of topics, so it’s essential to create a study schedule that is both realistic and structured. Break down your study time into smaller, manageable chunks and stick to a consistent schedule.
- Understand the Exam Format
Familiarize yourself with the format and structure of the CFA exam, including the types of questions that will be asked, the time allowed for each section, and the overall weighting of each section.
- Use the Right Study Materials
The CFA Institute provides a wide range of study materials, including the CFA curriculum, practice exams, and study notes. Utilize these materials to the fullest to enhance your understanding of the concepts.
- Practice with Sample Questions
Practice with as many sample questions as possible. It will help you to get a sense of what the actual exam will be like, identify your weak areas, and improve your test-taking skills.
- Stay Motivated
The CFA exam is challenging and requires a significant amount of effort. It’s essential to stay motivated and remind yourself of your end goal. Find a study partner, join a study group, or set small goals for yourself to stay motivated.
- Seek Help
If you’re struggling with a particular topic or question, don’t be afraid to ask for help. Reach out to your peers, professors, or an experienced tutor for guidance.
- Take Care of yourself.
While studying for the CFA exam can be intense, it’s important to take care of yourself during the process. Make sure you are getting enough sleep, eating well, and incorporating exercise into your routine.
Remember, it’s not just about passing the exam. It is also about preparing yourself for your future as a financial analyst, but keep in mind that studying for and passing the CFA exam is a significant accomplishment and requires hard work and commitment.
If you wish to crack this exam, then make sure to follow up on some of the CFA Level 1 free courses that will also provide you with the best study material and training. Many CFA level 1 videos will be provided to help you in passing this exam!