How long did you all study for the CFA level one?

If you didn't major in a discipline related to any of the topics, 300 hours is a reasonable ballpark. I would recommend breaking the 300 down by topic-divide the 300 by the % of points on the topic. If you don't have specific knowledge of the topic, give it full time, if you do, you can cut the time but be aware of the material and fill in any gaps in your knowledge. (i.e. don't be a CPA and accounting major who only knows GAAP, and skip the section and fail all the IFRS questions)

I put closer to 350/400 since I had time to before I went FT, and it was WAY overkill. I majored in econ and minored in finance so I could've gotten away with 300 or less easily. That said, the more time you put in for L1 the more it will set you up for L2. You also don't want to risk not passing a level the first time. Lastly, I don't think there's too much value in thinking in hour terms. Just put the time in that you feel you need since you're a finance major.

Just use the usual strategy thats repeated on here: get through the books at a solid pace, hammer the schweser q bank, and do at least 3 practice tests. I found flash cards very useful as well. Utilize any time between graduation and FT as well as you can.

PS: Focus on FR&A, Quant, and Ethics, they will carry you most of the way.

I don't want to jack this thread but maybe people could shed some light on the study materials they used?

I noticed Bloomberg had some prep but wasn't sure how good it was. I'll be studying in a few months for it.

taking level 1 in June. I don't know why you'd consider something other than CFAI or Schweser.

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I actually liked the CFAI materials. If your goal is just to pass a given level, then yes, they are overkill, but using them sets you up better for the next level than any of the others. Schwesser video reviews were rather helpful as well, although half the presenters sucked at presenting.

If you're a student then you should have no problem as long as you put in the time. Being full time and trying to study for Level II isn't going well so far

Don't read the institutional material. It was way too in depth. Schweser was enough for me. I took it during my last year of undergrad. I just read all the Schweser material once carefully and passed, might of not even finished the last book. I ran out of time to do bank and practice test but definitely do those. Studying finance in school helped. It is a lot easier than people think if you studied a related major.

EDIT As others have said above, it is a good idea to overstudy because it will help a lot in L2. I will have to put in a lot more hours in L2 because I did the bare minimum in L1.

I def overdid it for L1. Took kaplan class and probably put in about 250 solo hours. To me it was worth it because it helps for the next levels, it helps build the discipline/time management/study skills you need for these types of exams, and going over the top is still so inexpensive in the grand scheme of things. Granted I'm in S&T and always have been, so I was doing it with more "manageable" work hours than some people who sit for the exam. Bankers who take the exam obviously have a lot less time to commit

50-150h depending on level

Level 1 is quite easy if you have a decent background in finance, esp. if you are in school or just starting FT in decent (not 80 hour) job.

Level 2 on the other hand is downright hard. Do not underestimate it or you will fail miserably. I studied probably 400-500 hours (started in September) and barely passed.

Material-wise Schweser Notes are really good at removing the fluff from the CFAI books, but more important is hitting the practice tests, since CFA covers so much information that you really need practice to have a handle on all the topics.

Final note, concentrate on Ethics, once you get the hang of it you should hit >90% (huge ROI), which will help you if you are in a borderline case.

I put in about 175ish for Level 1 (more for L2, most for L3). I used Schweser for all levels, coming from a background as a finance major working in buyside equity research. The most important suggestion in my mind is Q-bank and mock exams, do as many as you can. overpaid_overworked and FRV gave some very good advice above

If you are a senior this coming semester, I think you should be fine studying 50-100 hours, assuming you are actually understanding what you are learning. I took level I around the same time as you and literally studied 2-3 weeks before the exam and passed. It is important to nore the CFA is a pass or fail exam. All that matters if you pass in the CFA. Doesn't matter if you get a 99% or 75%... a pass is a pass in their book.

Key is take the practice exams. Throughout my time of taking the CFA exams, I always found that taking practice exams the last 1-2 weeks was extremely helpful. Although, I took level I without taking any practice exams.

Best of luck on your journey buddy. Wait until you get to level 2. You are going to have a blast!

-XSX

I concur with the 100 hours timeline, especially if you're a strong test taker / pressure player. I was an econ major with a business minor and put in about 100 hours and passed.

The Q-banks were the god send for me and obviously getting through the material ASAP to get to the practice tests (more important if you are not a strong test taker).

Mark Meldrum videos, CFAI practice questions and tests did the trick for me

I will add another comment--ETHICS! Ethics is basically the same material on all three levels, so getting it down cold now will pay dividends for years. I've also heard people ask "how can ethics be difficult?" but CFAi makes it challenging with all sorts of grey area questions. Every other ethics exam I've seen is a joke, but the CFAi questions are hard.

I'll admit I can be kind of an @$$hole sometimes, so maybe ethics is more difficult for me. At a past job we had to do a "workplace violence" training, and we were told that committing suicide at work was workplace violence. Of course I had to ask what the standard disciplinary action for that was.

Thank you for clarifying that December is not June.

If you are majoring in finance, then it should not be difficult. Do not underestimate the exam, however, and put in solid effort into learning everything. Level 1 was very broad and so, although you have a finance background, there are plenty of topics that you may not remember well.

I know a number of people that thought their finance background would allow them them to get away with studying

I think it is poor form to take it in December senior year.

You should be focusing on GPA, interviews.

It could be 200 hours, it could be 400. You'll know when you take practice tests. You don't want to repeat a level, so over-study if needed. You need a strong FRA (accounting) framework in L1 to prepare yourself for L2.

Is there a cheaper alternative to the Q-bank for schweser? I am studying for L1 as well and heard mixed opinions. I remember when I took the series 7 (I know it's way different) I used the Kaplan Q-bank but the test itself was completely different except for first and last 25 questions. It seems like the CFA has a similar format (but much harder and a lot more concepts). I am a little strapped for cash and was wondering if there are other sources for practice questions.

I am wondering where I can get Schweser and Q-banks? Do I have to buy them from the CFA official website?

I would say to read through everything once, the CFAI books, not Kaplan or Schwesser. Then, take as many practice exams as humanly possible the last month and a half. If you even skim the readings but take like 10 practice exams I would be surprised if you don't pass.

I would disagree with anyone advising to read the actual CFA provided textbooks (unless you have 600 hours to blow). By the time you finish the material you will forget what you even read in the beginning.

From personal experience Shweser provided a great reduction in the amount of pages needed to be read. Q Bank was also a godsend and I recommend it to anyone.

Haven't take level 3 yet; however, if you are a finance major level 1 should take MAX 100 hours and level two should take MAX 350 hours. Anywhere over and you are doing something worng.

can someone explain to me how US students can pass the exam with 100hrs study time? 58% of test takers fail but you are telling me that it is “EXTREMELY EASY” for finance grads to pass Level I?

i go to a UK non target and passed Level I in my final year but I found it to cover things in much more depth than some of my courses. Only Equity Investments was similar, everything else was more complicated.

>Question: Can someone shed light if US undergrad covers more things and in more depth than UK in general? or am I just in a terrible uni and UK top-performing students can also pass easily?

In total, it took me about 9 weeks of all day every day studying and surely more than 300 hrs. I read Schweser once & did MCQs on online portal.