Clearing Level I of the CFA® Program exam at the first attempt

Written by a candidate who cleared all the iii exams in 18 months time
The first question a CFA student will ask me when he calls upward to ask for the  Level I training is, "volition I be able to clear the exam in the first attempt". My answer has always been "Of course, y'all volition, if you lot want to". And if you are a dedicated student, you volition not disagree once you have cleared your Level I in the get-go endeavor.

The pressure to clear the prestigious CFA® Program exam in the first effort is a big pressure that most all the students face and this pressure is justified with all the fourth dimension & coin spent on information technology. Compared to exams in India like the exam conducted by the Institute Of Chartered Accountants, India which accuse examination fees in the range of Rs 2000- Rs 3000, the examination is indeed quite expensive. So is the exam fee the only pressure? The answer is a articulate no. CFA Institute as well does not disclose the examination papers, which makes it fifty-fifty difficult for the student to go to know in advance, how the exam feels. Top that up with a vast curriculum & a freaking 6 Hours test to exist taken in one day, it is certain to scare the heck out of y'all.
Challenges for level I Exam
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  • Past now, you may be irritated too because of the negative showtime. But hey, I wanted your attention. So now that you know the challenges ahead nosotros tin can together tackle them and make this examination as polish every bit information technology actually is.
    Before we start, information technology is important that yous know that two out of 5 exam takers pass the examination. Yeah, you heard it right. The pass per centum is close to 40% which is quite high in comparing to most of our coveted Indian exams (recollect CAT, CA, IIT-JEE, etc.)
  1. Starting time EARLY: Start as early as possible, it is recommended that yous almost have half-dozen months in hand to prepare for the test. The reason for yous to starting time that early on is and then that y'all get adjusted with the curriculum and y'all get a view of what lies ahead of you in the first month. So if you are planning for the June effort then plan to beginning studying past Nov end. If you are planning for December endeavour and so start studying past may end.
  2. MAKE A MONTHLY SCHEDULE: Before you jump and starting time preparing a weekly schedule for the entire six months, work backwards and gear up objectives for each of the four months. First and the last month can exist left out because in the first month, you won't get too adjusted with the curriculum and the terminal month is to be spent mostly on solving exam papers or revision.

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3.  Ready WEEKLY GOALS:
Now that you lot have made your broad monthly goals, you need to dig in and make realistic weekly goals. If you lot take planned to complete loftier weight subjects in the second month, and then how do you programme to go nearly it? Example: If I Plan to consummate FRA in twenty Days, I need to cease maybe iii Readings a week.
iv.  FOCUS ON Agreement THE CONCEPTS
Close to 90% of the curriculum involves knowing and agreement concepts. Applications from the concepts are adequately simple one time yous are familiar with the concepts. For example, if you understand the philosophy behind Time Value of Coin and then treatment questions on "Annuity Due" volition exist straightforward.
five.  A LOT OF QUESTIONS:
When I was preparing for my CFA LEVEL ane exam, I had washed close to five thousand questions. Information technology'southward not difficult, trust me! Fifty-fifty if you do 30 questions per day, you lot would end up doing 5400 questions by the fourth dimension y'all sit down for the test. Some candidates don't clear the exam because they oasis't done enough practice so there is a high chance that you would thank me for this communication later on on. No prep provider tin give yous the exact material that will make you pass, and no thing what they say, ultimately information technology'southward all upon yous. So my communication is practice almost 5400 questions, leaving the mock papers.6.  REVISE WITH QUESTIONS FOR THE SUBJECT You COMPLETED:
Once you finish with one field of study and start studying the next discipline, then revise the previous subject area with questions. This will increase your confidence immensely and the concepts will get registered in your listen permanently.
For example: Let's say, you finished FRA and you kickoff with equity. You can offset doing at least v questions on FRA. When you lot finish Equity start doing 10 Questions on Equity & FRA both & then on.7.  Ideals:
Start with Ideals close to two months before the exam and written report from the original CFA material. If you read that well you lot volition really recognize questions in the actual newspaper that originate from the CFA fabric.8.  AIM TO SOLVE AT LEAST 10 FULL-LENGTH PAPERS Examination-CONDITION
You lot will attain this stage only if yous accept followed all the above 7 pieces of communication that I have given you. If you manage to practice this last step, I am giving you the guarantee that you will feel confident before you enter the examination hall, as well as when you lot leave.

9.  REVISE ALL CONCEPTS IN THE Final Calendar week
Call back this exam is focused on knowledge first and application later. So proceed revising all your concepts correct till the end.

x.  PLAN YOUR Test Mean solar day
Do some research on your examination venue. Are there practiced dining options nearby? Are in that location ENOUGH dining options? There volition exist numerous students besides you on that test day and you practise non want to be hungry or thirsty for your second paper. You may want to carry some sandwiches and h2o with you (besides your computer ;) ) for the examination.

11.  Exercise NOT SPEND Too MUCH TIME ON ANY QUESTION DURING THE EXAM
The examination is designed to keep y'all nervous, only the objective is to clear the examination. There will be questions that you won't know that'south fine, just movement onto the next question. But remember there is no negative mark and so practise come up back and endeavor each of those questions at the finish to the all-time of your ability.

12.  THE Wait

This is undoubtedly the toughest affair to do, but don't worry the difficult part is over.

Go along your focus from the beginning on learning rather than immigration the test. The advice that I only gave you is given keeping in mind that you continue your focus on learning. Do not ever effort to memorize annihilation, unless really required. Try to mix the learning with some real-life examples and real-life situations in the investment industry.

CFA Found does not endorse, promote, or warrant the accuracy or quality of the products or services offered by IMS Proschool . CFA® Program test  are trademarks endemic by CFA Institute.