How to Pass the CFA Level 1 Exam *2023* (90th Percentile)

Tips for Passing the CFA Level 1 Exam

In this video, the speaker shares ten tips that helped them pass the CFA Level 1 exam with a good score. The tips cover study planning, timing your hours, using test prep environments, focusing on learning outcome statements, and more.

Create a Study Plan

• A study plan is essential to keep you organized and on track.

• Start slow by doing fewer readings per week at first.

• Limit yourself to three readings per week as more than that is not feasible.

• Plan for weeks when you know you won't be able to study.

Time Your Hours

• Timing your studying with a stopwatch will give you a measure of how much effort you're actually putting in.

• Aim for 16 to 20 hours of studying per week.

• Break down your studying into two-hour sessions during weekdays and three to five-hour sessions on weekends.

Use Test Prep Environments

• Use both the CFA environment and test prep environments like Kaplan Schweitzer for practice questions.

• Doing questions from both environments can help prepare you for the actual exam.

Focus on Learning Outcome Statements

• Learning outcome statements are guidelines of what you need to know about each topic.

• Focus on the wording of each learning outcome statement when reading or studying a topic.

Understand Key Concepts

• Understanding key concepts is crucial for passing the exam.

• Make sure you understand all formulas and calculations related to each concept.

Practice Questions Regularly

• Practicing questions regularly will help reinforce what you've learned and identify areas where you need improvement.

• Do practice exams under timed conditions to simulate real exam conditions.

Review Regularly

• Reviewing regularly will help you retain information and identify areas where you need improvement.

• Use flashcards or other review materials to help reinforce what you've learned.

Focus on Ethics

• Ethics is a significant part of the exam and can make a difference in your score.

• Make sure you understand the CFA Institute's Code of Ethics and Standards of Professional Conduct.

Stay Motivated

• Staying motivated throughout the studying process is crucial for success.

• Find ways to stay motivated, such as setting goals or finding study partners.

Take Care of Yourself

• Taking care of yourself physically and mentally is essential during the studying process.

• Get enough sleep, exercise regularly, and take breaks when needed.

Tips for Passing the CFA Level 1 Exam

In this video, the speaker provides tips on how to pass the CFA Level 1 exam. The tips include creating a study schedule, focusing on learning output statements, studying ethics last, becoming a formula master, subscribing to the CFA question of the day, and practicing with mock exams.

Creating a Study Schedule

• Create a study schedule that covers all material at least one month before the exam.

• Allocate more time for difficult topics such as Quantitative Methods and Financial Reporting and Analysis.

Focusing on Learning Output Statements

• Focus on learning output statements rather than memorizing formulas unless explicitly asked to calculate something.

• Memorize formulas if asked to calculate something.

Studying Ethics Last

• Study ethics last since it requires memorization and is best done closer to the exam date.

Becoming a Formula Master

• Become proficient in formulas since some questions are straightforward calculations that require only plugging in numbers into formulas.

• Learn how to become a formula master by watching next week's video from the same speaker who will provide insights on how he became proficient in formulas and scored well in his exams. Subscribe!

Subscribing to CFA Question of the Day

• Subscribe to Kaplan's CFA question of the day which sends you an email every morning with a question related to CFA material.

• Attempting these questions will keep you accountable and show your progress over time.

Practicing with Mock Exams

• Practice with mock exams but do not rely solely on them since they do not teach anything new but rather show where you stand.

• Allocate the last month before the exam to review and practice with mock exams.

Tips for Passing the CFA Exam

In this video, the speaker provides tips for passing the CFA exam. The tips include studying effectively, taking practice exams, and setting a target score.

Effective Studying

• Focus on understanding concepts rather than memorizing formulas.

• Use study materials from reputable sources such as the CFA Institute or third-party providers like Kaplan or Wiley.

• Create a study schedule that works for you and stick to it.

• Take breaks during your study sessions to avoid burnout.

Practice Exams

• Take practice exams to gauge your progress and identify areas where you need improvement.

• Review your practice exam results thoroughly to understand your mistakes and learn from them.

• Take mock exams under timed conditions to simulate the actual exam experience.

Target Score

• Set a target score of 70% or higher based on historical passing rates provided by the CFA Institute.

• Consistently scoring below 70% decreases your chances of passing, so consider rescheduling if necessary.

• Rescheduling is now easier with more opportunities available throughout the year and an option to pay $400 to reschedule.

Conclusion

• If you have any questions about the exam or want more videos about the CFA, leave a comment in the section below.