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The Best Tips to Study for and Pass Level I CFA® Exam

The Best Tips to Study for and Pass Level I CFA® Exam

You have probably heard how difficult CFA® level I examination are, and you might be wondering if and how best to study for them. To move on to the next level, you need to attain the minimum passing score (MPS) for the first level. The Board of Governors of CFA Institute set the minimum passing score after every examination. The MPS varies from time to time; for example, the June 2019 Level I MPS was 41%, while the MPS for December was 42%.

CFA® students are brilliant and aim for the best just as you are. To achieve success, you need to be focused and have an innovative study plan.

Do not panic; we have the best tips from former CFA students who completed their examinations and are now charter holders. These are tested and proven ways to help you prepare for your Level I exam.

Start a study routine as early as possible

Our successful CFA charter holders’ most common success tip is their dedication to a study routine. To pass your Level I exams, you need to understand the material and have the skills to apply it. The exam will test how to apply what you learned to different scenarios.

It would help if you put in a lot of time and effort to attain such a high level of understanding and application skill, and starting a study routine as early as possible will go a long way in helping you achieve this.

You should set apart a time to study and develop a study strategy to ensure that you get the most out of each session. It will help if you prepare by reading or listening to lectures, understanding the information, and learning to apply the knowledge through practicing with examinations.

To prepare for your examinations, you should simulate examination conditions. Simulating exam conditions will help you assess how ready you are for your tests and identify areas for improvement. Ensure that you set apart time for studying, practicing, and mock testing.

Take note of the core topics

During your study sessions, it is essential to understand the topics that carry more weight in the exams versus those that do not. All the levels in the CFA program focus on the same core topics. Therefore, you should note the core topics that weigh more in the exams you are studying.

You should be aware of the specific learning outcomes

Specific learning outcomes refer to what you should be able to do by the end of your CFA curriculum. It is the actual knowledge, skills, and abilities that the lecturer or instructor intends for you to learn or develop. Specific learning outcomes are more in-depth than the set learning goals.

Specific learning outcomes are measurable and tested, for example, asking you to explain, identify or analyze a concept. Designed by the CFA Institute from the Candidate Body of Knowledge, the core knowledge, skills, and abilities are generally accepted and applied by investment professionals globally.

You should plan out your study sessions around the core topics and the specific learning outcomes. Planning study sessions around the core topics will help your study sessions be more focused and successful.

Relate your knowledge to real situations

The CFA exam tests not just your knowledge of the material but the skill to apply that knowledge to realistic situations. You need to apply what you have learned to solve problems rather than replicate memorized information.

Most of our successful CFA charter holders advise that you should study to have the skills to apply this knowledge to real situations. You should always keep in mind that you will need to use the material you learn to work in the real world. You can make your learning material simpler to remember by relating it to real-life situations.

Practice taking the exam

The last but equally important step in preparing for your CFA Level I examinations is to practice taking the exam as much as possible. You should simulate realistic exam conditions while practicing. You will be given a mock exam by the CFA Institute and buy additional resources from Analystprep.com. CFA societies in over 120 locations worldwide also offer a six-hour live mock exam, which includes a multimedia tutorial that helps you understand how to answer the questions.

Taking mock examinations will enable you to identify any knowledge gaps and adjust your study sessions. You will also understand the terms used during testing, the calculations required, and how to apply the knowledge to solve problems.

These tips from successful CFA charter holders will help you plan for your study sessions and make the most out of them. You will be prepared for your CFA Level I exams and will pass on the first try.

If you need additional resources to help you prepare for your CFA Level I exam, enroll in Analystprep.com study packages. We provide instruction from our experts and supplemental study materials including, online study notes and video lessons, question banks, mock examinations, and customizable quizzes. You will have the most reliable partner on your journey to becoming a successful CFA charter holder.



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2020-12-18
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