CFA Level I

My Level I Results

Following a wait of nearly 2 months, the CFAI published the December 2008 CFA Level I results on January 28th. After writing the exam, I felt fairly confident that I had done well, but until results are posted, its always just a guess. After trying for 15 minutes to get my results at the CFAI website (due to the overwhelming web traffic), I was relieved to see a PASS, and excited to have scored 70%+ (the highest band) in every topic area. Considering the pass rate was only 35%, this really proved to me that diligent study efforts pay off.

How to Pass CFA Level I

The CFA program is known to be very tough, and the pass rates are proof of this. Every candidate wants to know how to ensure they will pass each exam, so I thought it would be helpful to share my CFA exam study strategy that worked well for me on Level I. Here is a quick list of tips that helped me make it through Level I on my first attempt:

1. Start Early

The CFA body of knowlege is far too extensive for cramming to be effective. I was never one to start preparing early in university, but recognizing the amount of material at hand, I knew spending the time was the only way I would be able to retain it all.

2. Have a Plan

If you start early, but don’t have a plan you simply won’t be as efficient as possible in your studies. Worse, you may not make it though all of the readings, let alone have time to take practice exams. Create a plan that allows you to get through all of the material with a few weeks to spare for review and practice tests.

3. Apply the Knowledge as You Go

The best way to retain knowledge is to apply it (at least in my case). I recommend completing questions at the end of each reading to reinforce what you learn. If you leave all the problems for once you’ve finished reading, you may not get to them, and when you do, you may find you need to reread the material in order to complete the problems.

4. Talk to Other Candidates

As you study, you’ll surely get bored of staring at the books. One way to take "breaks" but keep learning is to talk with other candidates. One of my favorite ways to do this is to check www.analystforum.com when I start to fade in study sessions. Reading various threads will give you a break for the specific topic you’re working on, and might just learn a few things while you’re at it. Being able to talk with other candidates can help you keep your motivation when you start to get tired of the grind.

5. Practice, Practice, Practice

The most important tip I can give is to make sure you take as many practice exams as possible from either the CFAI or other providers. Try to take them in full 3 hour sections to simulate the real exam writing experience. It is important that you can focus for an extended period and pace yourself well on exam day. It is also important to experience questions in the exam format so you are not surprised on the actual test. Finally, after taking each test, make a list of your incorrect answers, and be sure to review and understand each question before moving on to your next sample. Using this method you will recognize and correct any weak areas, and your scores will consistently improve which provides you with lots of confidence for exam day.

I hope these tips are useful to fellow candidates, and wish you all the very best with your studies and exams.

If you have any other useful CFA exam study tips, please post them in the comments section.

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