I am currently a freshman focus on economics and would like to hear some suggestions from anyone about preparation for CFA Level I Exam. After taking economics for a semester, I found that I have a strong interest in finance, so I decide to go deeper into this field. When I talk with my professor and express my interest working in financial industry, he recommends me to take CFA Exam in the future. Then I go to the CFA website and critically look through the information about potential job opportunity. I eventually figure out that is what I am looking for, and I make the life-changing decision that I will set this as a long term goal.
So here I would like to ask: How can I prepare for this exam step by step in a long run? I plan to take this exam in December 2019. Since I have three more years and I am very motivated to move toward this goal, what kind of book material or online courses is affordable and understandable for beginner to start to study for Level I Exam? I know somebody might think I am crazy…, but I really want to have a well-preparation and eager to learn more about this field.
Start following investment blogs and start reading about what’s happening in the financial markets. Learn about the basic asset classes and how they work. Make sure all of this is something you’re really interested in. A financial paper you subscribe too (your library probably already does) could go a long way–not just for the CFA but more importantly, preparing yourself for a career.
Take the accounting class(es) available. Continue to go deeper within economics. Statistics and econometrics will be mildly helpful. Find an internship in a related financial field–again this is more about making sure you want to work in finance than it is specific prep for the L1 exam.
Read the L1 curriculum. Was it boring? here are also shorter summaries and overviews available, just google around for some Level 1 Overviews.
Ultimately it’s exciting you have this early interest. Don’t focus or obsess about “studying” specifically for L1 now. Get the general background in economics and finance and make sure its something you’re interested in. And if you pick up some cornerstone financial concepts and apply them–maybe even saving some money and investing–and you think you want to pursue this career then do that.
Keep in mind that studying for the CFA exam has real opportunity costs–it will take hundreds of hours to get past all three exams, and you’ll need four years of relevant work experience to earn the charter. You have to want it, and its good to want it for the right reasons (there are plenty of finance jobs that earn a ton of money that don’t require the CFA designation).