Hi guys! Congrats on passing L1 in June! I’m sure you guys worked real hard. I just started studying for L1 in December (first time taking it), and was wondering how many hours I realistically need to study (from here on out) to have a chance at passing the exam. If you could provide examples of your typical day/study schedule and how you allocated your time, that would be helpful. Thanks for you help, and again Congrats!
definitely NOT LESS than 300 - 400 hrs (if you’re ‘normal’ that is) Just the Schweser notes (including tests and concept checkers & Practice exams). i did just about 700 hrs (maybe too much but worth every bit) I passed >70 in all the ten.
There isn’t a set number of hours that you study and you will pass. Its not like if you stuyd 500 you will pass but if you study 499 you won’t. You need to study until you know the material and are scoring well on the practice exams in Qbank, Mock Exams, and practice tests sent to you by CFAI.
i put in about 450 hours, including: -reading all CFAI texts -doing all the problems at the end of CFAI chapters -reading some Schweser chapters (particularly SS9) -doing about 5,000 practice problems on the computer between Stalla passmaster and SchweserPRO -preparing a large review sheet with key formulas/concepts -taking all CFAI mock/sample exams passed with all sections >75% except for alt. inv (i decided to ditch it ahead of time because it’s only 3%) i have a minimal background in finance
Wow 700 hours?!? That had to be over a years time, correct? I don’t see how someone who works 9-5 can realistically put in that amount of time.
2-3 hrs every single day starting Feb 2008. passed with >70% on all sections…
jpliszka- i am also a first time Dec candindate too, have had a look at sample exams and practice questions for the areas have covered-and what comes across is that there is no substitute for understanding the concepts. The time will depend individually. Good luck.
It was a last minute decision for me …I registered at 11 PM an hour before the deadline on March 17th for June’08…I did that thinking that I should be able to put in 200 hrs in next 2.5 months …which is what CFA website says you need for L1 prep. I was in for a shock when I realised it’s going to take much more than that when I started reading the CFAI material … I switched to Schweser to save time…I guess I must have still put in 350-400 hrs… and with a full time job …those 2 months were real ugly… I am greatful that the misery ended on a positive note…I passed 
…but I would recommend do not waste any time and start as early as possible…I kept wishing for more time till the very end … Also Pls if you are using any study material …pls ensure that it is latest …I made a stupid mistake of actually read the 2007 schewer which I borrowed from my friend…I didn’t do due diligence in comparing the LOS and it cost me atleast 7-8 Q’n in the exam…!
Thanks for the help gang!
I just worked 20 days beore the exam and passed. However, I wouldn’t recommend this strategy. Study atleast 2 hours/ every alternate day that should be more than enough… Good luck!!! SVC
slow and steady wins the race I did 2-3 hrs M-Th and 5-6 on saturday and I passed with >70 in all but quant. The last couple of weeks I did do a lot though - prob 3-4 hrs a day and 5-8 hrs sat and sun. I started the last week in January
http://www.analystforum.com/phorums/read.php?11,800424 read it only if you are a first timer, from non-finance background. otherwise, it should be easier for you. I have no background in Finance, took me 600 hours to score over 70% in all sections. If you dont want to read the post, just remember 2 things. 1) Schweser 2) Schweser Question Bank.
i put in 150 - 200 hours and passed but i have a master’s in accounting (helped a lot on FSA) and good finance background if you do not have a strong finance background i would suggest studying for more than the 250 hours CFAI recommends
schweser study notes and qbank are a must i wouldn’t bother with CFAI books they are a waste of your valuable time
I found out I passed today… I started studying semi-lightly in February and by late April I got through half of the Stalla material. I took about 5 weeks off work (mostly unpaid) before the test and just studied 6-7 hours a day. In total I probably spent around 250 hours. I was diligently tracking my time in the beginning but after the first 75 hours I got too busy. I did pass though. I do have a strong background in accounting and fortunately I had taken intro classes in economics, statistics, and finance in my early college years (6 years ago). So I at least when I started studying I had some idea of what was going on. I think what helped is the 2000+ questions supplied by Stalla. I did every single one 3-4 times before exam day (primarily so I could get the free tuition guarantee in case I failed). I was only getting 68-72 in the mock exams so I really didn’t know if that was good enough. My opinion is you better start early if you don’t know the material. If you know some basics in the major areas, you can slack off a little but I wouldn’t recommend it. I know I can’t afford to take 4-5 weeks again without pay so I will start studying as soon as I can. Good luck to you guys…
jpliszka Wrote: ------------------------------------------------------- > Wow 700 hours?!? That had to be over a years time, > correct? I don’t see how someone who works 9-5 can > realistically put in that amount of time. yep im still a student, plus i have difficulty concetrating so 700 for me … i could say 500 or any other #… but to be precise: “read & understand the entire schweser notes , PROPERLY” “revise at least TWICE” in the last two months “solve schweser practice exams 2, 3 or more” you *will* stand a REALLY GOOD chance of clearing it. [of course subject to other variables and your attributes]
I spent ~10 - 15 hours each weekend starting in February. I took 2 days off work prior to the exam and studied ~12 hours per day and that’s it. I got over 70% in every section (except for ethics, which bores me to tears to be honest). 90% of my time was spent w/ CFAI books. The other 10% with Schweser.
I didn’t know the number of hours I spent studying and I didn’t manage to finish Economics, Quant, and FSA last chapters… but what definitely helped me was the Schweser Sample Questions… I think to pass you need to read all CFAI study guides … do lots of questions your hands can get on (Schweser, Stalla, whatever)… This is more like trial and error approach, for those who have short memory… You’ll remember by making mistakes on sample exams. All the best for your exam
I logged in about 600+ hours between December-exam day. I would go out on a limb and say if you just study Schweser well, and finish the full Qbank, and take Practice Exam 1 and Mock Exam(CFAI), you can consider to be fully prepared.