How much time for CFA level 1 exam prep?
My school offers scholarships for the CFA exam. I finished all of the requirements for both of my majors and figured I would be a part-time student in my senior year and focus on possibly working to pass the CFA Level I exam. I have taken advanced finance, accounting, and investment classes at a highly ranked business school and performed well in all of them. How much time should I plan to allocate toward studying as a part-time student? I start classes in August and would attempt to take the exam in November, giving me roughly 90 days. Is this enough time?
Ah, diving into the CFA Level I exam while juggling the final year of your studies, that's quite the ambitious leap! But fear not, based on the highest ranked content on WSO, here's a breakdown to guide your study plan:
Given your background in advanced finance, accounting, and investment classes, you're starting with a solid foundation. This experience should make certain sections of the CFA Level I material more familiar to you, potentially reducing your study time for those areas. However, the CFA exam covers a broad range of topics, some of which might not have been covered in depth in your courses.
The general consensus among candidates, as per discussions on Wall Street Oasis, suggests aiming for around 300 hours of study time for the Level I exam. This is a benchmark; some candidates may need more time, and others less, especially considering your strong academic background in related subjects.
Given your 90-day timeline and assuming you can dedicate yourself to studying as a part-time student, here's a rough plan:
Daily Study Time: To hit the 300-hour mark over 90 days, you would need to study approximately 3.33 hours per day. This is a significant commitment, but as a part-time student, it might be feasible, especially if you can manage your time effectively and don't have a heavy workload from your part-time studies.
Weekend Review Sessions: In addition to daily study sessions, consider setting aside longer periods during the weekends for review sessions. This could be an opportunity to revisit difficult concepts or practice exam questions.
Practice Exams: Allocate the last two weeks leading up to the exam to take full-length practice exams. This will help you gauge your readiness and familiarize yourself with the exam format. Based on feedback from the WSO community, consistently scoring above 70% on these practice exams is a good indicator that you're on the right track.
Flashcards and Notes: Given your tight schedule, efficient study methods like flashcards for formulas and key concepts can be very helpful. They allow for quick review sessions whenever you have a spare moment.
Remember, quality over quantity. It's not just about the hours you put in but how effectively you use them. Focus on understanding the concepts rather than rote memorization, and don't hesitate to seek out resources or join study groups for areas you find challenging.
Lastly, keep your motivation high. The journey to CFA certification is a marathon, not a sprint. With your academic background and a disciplined study plan, 90 days can be enough to prepare for the Level I exam. Best of luck, and may your efforts bear fruit!
Sources: https://www.wallstreetoasis.com/forum/asset-management/how-long-did-you-all-study-for-the-cfa-level-one?customgpt=1, Am I screwed for the CFA?, https://www.wallstreetoasis.com/forum/investment-banking/how-to-fail-the-cfar-level-2-exam?customgpt=1, What Distinction is Better - CFA®, MBA, or CAIA?, Q&A - Analyst at $1.5B Endowment Fund
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