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 CFAI.
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.