I finally passed the level 1 exam! Thought I would pass on my lessons learned.
First time around, June 2013. No supplemental materials, just the CFAI and I did every single blue box and EOC question there was. I didn’t put together a study plan,which is something I regret.
I took the exam 2 weeks to the day after graduating from college. Not great timing, and I knew I hadn’t put in as much study time and hours as they say you need to. I was tutoring economics, finance, and accounting part time, so a lot of the CFA curriculum I was doing a lot of indirect studying for. I thought the level 1 material was basically my undergrad all rolled up into one exam.
I failed a band 10. So close to passing!
Second time around, December 2013.
I added Schweser materials to the regimen, and had a much more organized approach with a timeline. It was going well until I simultaneously moved to a new city and started a new job in October. My study plan fell apart and I got really behind.
On test day I didn’t feel prepared at all, but I gave it my best. I failed band 10- AGAIN!!!
I was so angry. I would’ve rather done very poorly instead of being so close. I decided I’d give it one more go.
Third time, June 2014.
I added Elan guides to the mix, and did a lot of their practice questions and watched their lecture videos. I also joined a study group and took a 3 day intensive review course. The week of the exam I relaxed as much as I could and didn’t focus much on studying, because at that point if I didn’t know it I wasn’t going to learn it in time.
finally I passed!
Lessons learned:
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this is a marathon, pace yourself. Make a study plan, allow yourself time off, and stick to your plan as closely as life allows. I never studied on Fridays or Saturdays, and I’m glad I scheduled in that time off. The third time around, I also planned one fun night out with my fiancé per month
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do ALL of the examples and EOC questions in the curriculum, as well as several practice exams
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reading the curriculum might not be a good strategy for level 1 (I skimmed most of it). I personally got way more out of watching the Elan lecture videos, taking my own notes, and doing practice questions. Having a good set of reference study notes like Schweser’s is really nice for summarizing
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study groups are great but don’t join one that isn’t productive or doesn’t suit your learning style
-find a really good study spot where you can stay focused
- build a great support system. My boss was awesome in letting me work 7am-4pm so I could study from about 4:30 to 7 in the evenings, which let me feel like I still had a life outside of work and studying. My fiancé took on most of the housework and cooking (I owe him for years)
best of luck! To those contemplating retaking- dig deep and reflect on where you can change things to set yourself up for success.