o 2 sessions of 3 hrs each: 1st half begins at 9am and you get 120 questions, then 2 hrs break and then 2nd sessions begins at 2pm – 120 questions. Focus equally on both sessions.
o No Negative making: 240 multiple choice questions with 3 options, if you don’t know an answer eliminate the obviously incorrect answer and make a guess for remaining options. Don’t leave any question unmarked.
o Don’t spend too much time on one question, you should spend approx 1.5 min/question, if you are unable to solve it move ahead.
o Don’t leave any subject : The passing score is the weighted average score of all the subjects, so you have toprepare for all the subjects.
o Score high in Ethics, FSA, Fixed Income & Quants : These are high weighted subjects, and good score in these will increase your chances of clearing the exam. It’s compulsory to pass in Ethics to clear the exam.
You last point on Ethics is 100% false. From CFAI FAQ (my emphasis in italics below):
Do I have to pass each of the individual topic areas in order to pass an exam level?
No. As long as you achieve a total score above the minimum passing score (MPS) set by the CFA Institute Board of Governors, you would pass the exam regardless of your performance on any individual topic. However, we advise against any “test wise” strategy that recommends ignoring a topic in your study. Offsetting a zero score in a topic could be difficult. Also review the ethics adjustment FAQ for additional information.Most important, an objective of the CFA Program is to develop candidate knowledge and skills to a generalist level in all covered topics. Employers have found this is one of the competitive advantages of charterholders.
Also be sure that you have clearly stated your intended answers. Candidates who change an answer or copy material from a template to lined pages (or vice versa) should cross out any material they do not intend as part of their answer. Graders must consider all material you submit, and if there is confusion or contradictory information, you will not receive credit.
What is the “ethics adjustment”?
The Board of Governors instituted a policy to place particular emphasis on ethics. Starting with the 1996 exams, the performance on the ethics section became a factor in the pass/fail decision for candidates whose total scores bordered the minimum passing score. The ethics adjustment can have a positive or negative impact on these candidates’ final results.
CFA Institute has a policy of not releasing either the minimum passing score or individual candidate scores. Consequently, CFA Institute does not release specific information about the ethics adjustment or the candidates who were affected. The adjustment has had a net positive effect on candidate scores (and thus pass rates) in most exam sessions. The published pass rates always take into account the ethics adjustment for borderline candidates.
But it will be good if you think that you have to pass in all the subjects & then you will prepare according this & can create a good score instead of just passing…what you guys say ?
I registered late for the CFA level exam like in the last week of December? CFA study materials didn’t arrive until the eighth of January. I also recently purchased one of the Kaplan study courses. I am currently not working. But I am pursuing an MBA degree in Finance and Accounting. I am taking two courses in the second session, which starts on the 7th of march and ends in May. The courses are statistics and economics. SOme say MBA will complement the preparation or studies for CFA level one. Can I still successfully study and/or prepare for it? since I am starting it late?
