Level I CFA Exam Study Advice: The Final 3 Months

Hello Level I December candidates.

With just less than 3 months left for the Level I CFA exam it is crunch time. Spend as much time as possible studying and make your study time as productive as possible.

Here are some do’s and don’ts:

With every reading focus on the main points; do not get hung up on the details. Some exam prep lectures help you do that. (If you try to understand the depth of every single point you will not have time to practice… which would be suicide!)

Understand the curriculum examples… especially the ones which are relatively short and focused. Some examples seem to go on and on. At this stage it does not make sense to spend much time on such examples. Identify the more important examples.

Practice problems at the end of every reading are very important. I suggest you do these at least three times before the exam. You might make the same mistake twice, perhaps three times… but hopefully never four times. Mostly the questions are in MCQ format. Needless to say, these are critical and the best indication of what you might see on the exam. Some candidates ignore the non-MCQ practice problems. If you don’t have much time, read the questions and jot down your answers. At the very least think about how the problem should be solved, then read the solution. In general the curriculum explanations are very good. They are short and to the point. You should carefully read these explanations even for questions that you get right.

In addition to the curriculum questions you should also do practice questions from other sources. Do as many questions as you can without falling behind schedule.

Make your own fact and formula sheet. During your final revision you’ll find this far more useful than someone else’s fact and formula sheet.

Lastly, make every effort to finish the course at least 4 weeks before the exam. The last few weeks are best spent reviewing, revising and doing lots of practice exams.

Best wishes,

Arif Irfanullah, CFA

Thanks.

Thanks for the tips. I had a bit of a late start and am just beginning the financial reporting and analysis (volume III) given my current schedule, which is one reading per day, two days if it’s a very long reading. (Full time job, Wife, first baby @ 9 months old… That’s the about most I can do and I’m hoping to keep it up (and still have a family that knows me) until I have completed the material.

my question; would you take the EOCQ’s just one time and then move on? What if you score poorly on it? Though if I retake right away I likely recall the answer from my short term memory. If I don’t understand something fully (maybe just the concept, but certainly would not be able find the answer without staring at the formula and maybe going through the book to that point again.) should I spend time right then and their to further my understanding even if it means I’ll be delaying the start a new reading and putting my self behind schedule?

lastly, I’ll just say that giving my current (somewhat agressive) study schedule, I only have about 10-12 days to review and take practice tests. Those who have experience, would it be wiser to just do my reading and note taking as I have been, accompanied with one go through of OECQ’s even if I feel like I need a better grasp on something, to allow more time in the end to practice questions and mock exams? (Side note: do the mock exams change, or will I take the same test two days in a row if I choose to take again?)

thought? Comments? Advice?

p.s. This is an entirely new field for me. Coming in from IT. Have basic business understand as business owners run in my family, and have some accounting knowledge - but that’s it. So is my time better in the books or in the questions?

Thanks!

I also have schweser notes, and often look through those as they are laid out LOS by LOS.