How Much Time is Needed to Study for CFA® Level 1 Exam?
Sorry for this rushed question but the deadline is tomorrow so I gotta make up my mind now. I have essentially 2 months to study for the CFA® Level 1 exam and I'm prepared to devote 3 hours to it everyday.
Just wondering if it's doable or am I wasting my time & money. Thanks so much!
Preparation Time for CFA® Exam
User @kblade" pointed out that the amount of time needed to prepare varies a great amount based on your educational background:
It really depends on your educational background. A significant portion of level 1 material is similar to what you would study in undergrad finance/economics/stats courses. All of my friends with an undergrad in finance passed level 1 with relative ease and definitely spent less than the "recommended study time" by CFA® .
At 3 hours per day 7 days a week, thats 250 hours. More than enough to pass. Especially if you have a strong finance/accounting backround academically or professionally, you should be able to pass with less than 250 hours, I think 150 to 200 hours is reasonable. It's a multiple choice exam with only 3 possible answers per question, it's really not that hard. If you're a strong test taker, you should be fine. Now if you majored in basket weaving and know nothing about finance and scored 1000 on your SAT's, you might be screwed.
@Frieds" explained that 2 months would not have been enough time:
Having taken the CFA® Level 1, 2 months is not enough to prep for it. I spent 3 months preparing for it in the middle of [the financial crisis] (I took it in December and had to enjoy watching everything go down between September and November, which made for a lot of stress on top of studying) and wasn't successful. That's 30 hrs a week you'll be studying minimum. There is potential burnout that you must consider as well. Mind you, this doesn't include your day to day workload and whatever may come up. You need more than 2 months. Good luck if you gun it, but if you ask me, take your time and do it in December.
For Level 1, absolutely.
I passed level one, and am taking level 2 in June, but unless you are are willing to study the whole day on Saturday and Sunday (which is impossible if you work) two months is not enough. Good luck anyway.
I disagree, 2 months is more than enough. Though I would agree that a few weekend CFA fests closer to the date (in the final month) will definitely help.
Having taken the CFA Level 1, 2 months is not enough to prep for it. I spent 3 months preparing for it in the middle of all this shit going down (I took it in December and had to enjoy watching everything go down between September and November, which made for a lot of stress on top of studying) and wasn't successful. That's 30 hrs a week you'll be studying minimum. There is potential burnout that you must consider as well. Mind you, this doesn't include your day to day workload and whatever may come up. You need more than 2 months. Good luck if you gun it, but if you ask me, take your time and do it in December.
Wow I am really surprised at how many people said "yes plenty of time" and "easy test". Unless you totally devote much of your time to it, you will undoubtably fail.
I comfortably passed LI with 150 hours of prep - at a max.
You have 75 days to log 150-240. That is not hard.
The kid said that he can devote 3 hours a day.
You have 12 weeks from yesterday until exam day, not 2 months. At 3 hours per day 7 days a week, thats 250 hours. More than enough to pass. Especially if you have a strong finance/accounting backround academically or professionally, you should be able to pass with less than 250 hours, I think 150 to 200 hours is reasonable It's a multiple choice exam with only 3 possible answers per question, it's really not that hard. If your a strong test taker, you should be fine. Now if you majored in basket weaving and know nothing about finance and scored 1000 on your SAT's, you might be screwed.
Why not wait til Dec?
well the passing rate is 30% shouldn't be taken lightly
It really depends on your educational background. A significant portion of level 1 material is similar to what you would study in undergrad finance/economics/stats courses. All of my friends with an undergrad in finance passed level 1 with relative ease and definitely spent less than the "recommended study time" by CFAI.
.
I realize this is a little late, but yes two months is totally possible. I actually had a little bit less time than that when I did lvl 1. Granted it was stressful and I don't recommend it to everyone.
But,,, if you're a good learner/test taker and have some finance background then lvl 1 is a bit of a cakewalk IMO. Level two on the other hand...
Now all of the bluster here aside, remember that the majority will fail, and most will have considerably more time that 2 mo to prepare.
I found AnalystExams.com to be helpful regarding the number of hours required to pass the different levels. It provides a quick overview of study hours from other candidates and charterholders.
I know this ones pretty outdated but im surprised to see people say its an easy test. Everyone I know was an honors student in econ, finance or accounting and they all devoted many months. However...MAYBE 2 months with no work / school to interrupt you and itd be doable. But if you have any other time obligations I really don't think most people could do it with 2 months of studying
I know this ones pretty outdated but im surprised to see people say its an easy test. Everyone I know was an honors student in econ, finance or accounting and they all devoted many months. However...MAYBE 2 months with no work / school to interrupt you and itd be doable. But if you have any other time obligations I really don't think most people could do it with 2 months of studying
As an example, I've only heard of one person (that I personally know) who's passed with less than 120hours of studying, and even now he's shocked he made it through. Check analystforum for a lot more discussions about timing. Some guy posted a spreadsheet about a year ago that mapped out for you how much time you'd spend per day based on weekends (y/n), total time willing to dedicate (y/n), how many weeks desired for just practice questions, etc. Might help inform your decision.
I am researching if I want to do the CFA Level 1, I studied Buisiness management (under grad), and will have nothing but a side job... How many months do I need to prepare? Im just wondering, not too sure if I want to do the CFA...
I remembered it was suggested to devote at least 240 hours to prepare the level 2. Yet my friend spent more than that amont of time to go through every detail of the notes, and later found himself over-prepared.
Best way to study for CFA level 1 (Originally Posted: 05/03/2014)
Slacked off and have one month left to go through all ten topics. Practice exams are pretty difficult for me. Any suggestions?
You can get a lot of mileage out of study on the ethics section if you haven't covered it yet. 20 hours on ethics is an easy ~10% boost to your exam score if you haven't covered it yet.
You can also get a lot of mileage out of Equity Investments and perhaps Financial Reporting and Analysis.
Remember, there are only three answers per question, and you need a 70%. So if you know 55% of the answers, you can pick randomly on the other 45% and pick up another 15% to get to 70%.
GLTA.
Fastest way to study for CFA Level 1? (Originally Posted: 10/29/2014)
Schweizer notes? Youtube readings? Crash course? CFA books?
analystforum discusses this. they will prob recommend schweser and tell you that youre hacksaw
CFA - Will be taking the CFA Level 1 (Originally Posted: 03/14/2009)
Before I get bashed, let me just say that I am well aware this is not the place to post this thread. But, I don't know which section is so.... I will be taking the CFA Level I exam in December those who have taken it would you recommend the Schweser Study Materials (best package, online class) or the Stalla Study Program (in person classroom lessons)?
Thanks!
Hey check out analystforum.com you'll find more than enough info
Good call on analystforum.
Haven't tried Stalla, but Schweser is more frequently used. I used Schweser for CFA I and I thought it was pretty good. I wouldn't suggest getting the most expensive 'best' package though, it's really not necessary for Level I. Standard books and practice exams is fine.
I recommend Schweser. Their study notes are concise and drill down into each LOS. Make sure to get Qbank.... you need to answer as many practice questions as possible and this is a terrific resource. Repetition is the key to truly learning the material.
Personally, I have been doing the following: First, I read a study session of notes taking the concept checker at the end of each reading. I then watch the videos for each SS and follow that up with Qbank. Give yourself plenty of time for review because the material is broad and no matter how comfortable you think you feel you are guaranteed to find an area that you need to spend some time on before the exam.
And yes, head over to analystforum.com. I have found it to be a terrific resource during my studies. If you have any questions feel free to hit me up... my handle over there is brianr and my email is [email protected].
Just get the study guides, they are sufficient for L1 since most questions are pretty straightforward.
and yea, Schweser is pretty good, I used it for my L1 last Dec and they were pretty useful
Passed all three using SChweser. Hands down better than the text.
I got their PassMaster software. Really helpful.
Thanks guys! I browsed through analystforum.com and the site seems great. I appreciate everyone's input and I think it's safe to say the general consensus leans towards "Schweser." Given that I will be taking the exam this December, I am going to order the material ASAP.
Thanks again.
good luck with your studies im not using any supplemental notes Its to expensive and im actually getting by alright with the CFAI texts.
how did that work out for you dipset?
Schweser notes is the way to go. Just the saved hours are worth the $$$
For those of you who used Schweser, did you get the Premium or Essential Solution? (http://www.schweser.com/cfa/products/solutions.php)
-
bhahaha
Yeah, but it would look lame. If you pass LI, then you can write LII candidate.
Of course, you can talk about your candidacy/studies during an interview. Simply registering for a test is meaningless.
CFA level test 1 (Originally Posted: 04/27/2017)
Hey guys, I am still a student studying finance and I have my CFA level 1 test in june. I still haven`t started studying actually for the test. However I was looking at the notes. There are a lot of things I studied at uni specially FRA, accouting, portfolio and quantitative. What do you guys think. I have 4 courses I need to study for and I work a 20 hrs job.
Can it be done ?
Unfortunately I think you're probably toast. 'Studied this at university' isn't the same thing as studying for the CFA. Paraphrasing Pulp Fiction, it's not the same ballpark, it's not even the same sport. You can't cheat the CFA, it will take its pound of flesh in the form of at least several hundred hours of study or you will not pass.
My main question would be why, if you're a 'student of finance' you waited this long to actually start studying for an important - and fairly expensive (esp. for a student) test.
I meant that it is the same material. I was always busy with exams at uni, assignment and work as well. So I don`t stand a chance at all ?
No chance at all? Of course not - there's always a chance the questions just happen to align up perfectly with your current body of knowledge. So there is a small, but non-zero, chance you could pass.
But it's unlikely. As I noted above, saying it's 'the same material' is like saying you should be able to hold your own in an F1 grand prix because you already know how to drive. The CFA is just a different animal from most academic study. You (and/or your university) may be the exception. But people already in finance using this stuff every day, that studied finance at school, still need to study extensively to pass. I was at a 60hr/week job - in finance - when I did my CFA. (I wish I had only been working 20 hours a week with school work!). Perhaps it's because you haven't studied for it yet, but I don't think you realize just how extensive the body of knowledge required is.
It is true that Level 1 is 'basic', and if everything you studied in university is still very fresh in your mind (may or may not be the case) I'd imagine there are parts of the LV 1 curriculum you wouldn't need to spend much time on. But how familiar are you with Econ? Fixed income? Ethics? Alternative investments and derivatives?
Obviously you've already paid for the test, so you should of course take it, there's no reason to not sit for the exam - hey, maybe you'll get lucky.
As a plan of attack: take a practice exam to get an idea of areas you think you might be OK. Focus your study time on areas that a) you're unfamiliar with and b) account for a major proportion of the exam. In your case that probably means Ethics, Econ, Fixed income for sure - 35% of the exam right there) then FRA (20%), Equity (10%) and corporate finance (I think 10%). That gets you to 70-75% of the core topics.
Worst case scenario, you're getting a head-start on studying for the December test!
so when I applied for the CFA exam, I also took a one day per week course to prepare for the CFA since january, so each monday I had a 3 hrs CFA like a review material. That is why I said that the material is not that different. I know it is extensive a lot to take. and they gave us summarised material. but yea you are right I should had started long time ago.
It's not really an exam you can just know the material and be fine. A lot of the exam is knowing how they ask questions, only about 30-40% of the questions actually require you to do any calculations. You can brute force calculate through a lot, but keep it mind 90 seconds per question. Like the other posters have said, and this is from someone who passed Level 1 but certainly not easily (also studied finance in ugrad) CFA is an animal in of itself.
CFA LEVEL1 (Originally Posted: 07/19/2010)
Hello All,
I am an MBA banking and finance student who is looking forward to take CFA level one in December. I was wondering if I could pass level one with three months time (considering I can start preparing only from September first week)? I have basic knowledge of finance and currently studying corporate finance, Bank Management and International Markets as my modules in MBA. Please help me deciding if I should give it a shot (I can afford to study 3 hours a day from September), or is it just a waste of time?
If you can put in 3 hours a day, you should be okay over three months time. Where did you find all this time??
Are you good at standardized tests?
Go for it, you will thank yourself. Seems like you have the dedication and interest. Just make sure to create a study plan before hand and stick to it (seems common sense but sometimes difficult to do). A lot of CFA I will be parallel material to what you already have covered in school.
Make sure you read ethics three times. If you don't get at least a 70% there, you will automatically fail.
completely false
Ethics, shmethics!
150 hrs is minimum study time, cfa says 200-300 thats overkill though for people who are familiar with things like TVM, NPV, basic port mgmt, different securities
I would have to agree that ~250 hours of study time could be overkill and just fry your brain. Concentrate on what you feel you need help with.
You'll be fine. When you register and get the books in the mail, you'll probably see that a lot of the material is familiar.
Thanks for your reply guys. I would also like to know what are the career prospectus for CFA. Considering my interest is in Asset management, Portfolio management and IBanking, is it possible for me to get an entry level job with CFA (level 2) with MBA in Banking and Finance? (I have no prior work experience what so ever!)
Quae numquam adipisci veniam non est placeat. Est dicta earum deserunt est et amet provident.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Non ut totam suscipit deleniti distinctio natus necessitatibus. Natus iste et officiis. Occaecati velit qui iusto asperiores libero earum.
Quis quasi asperiores voluptatem officiis optio maxime. Sunt occaecati aliquam ut qui neque laudantium aut. Quaerat velit omnis delectus.
Harum aut qui quia et sit molestiae repellat. Sint quaerat repudiandae illum est laborum suscipit.
Beatae voluptas debitis ut debitis. Quasi enim et voluptas et a. Quia doloremque corporis ut ea quo autem enim. Amet illo possimus quia molestiae accusantium quibusdam. Facere animi saepe nesciunt autem dolorum.
Quo odio labore quia ex. Aperiam rem aut dolor et est iste. Quis ad nesciunt unde est sapiente similique sequi. Voluptatem nihil nostrum quam iusto.
Illo enim ea officiis pariatur non. Quaerat beatae ut iste cum in doloribus sed. Recusandae ut et sint omnis dolores id.