How to Prepare for CFA Level 1 Exam 2022? - Preparation Tips & tricks
How to Prepare for CFA Level 1 Exam 2023- The Chartered Financial Analyst (CFA) programme includes exams in three levels : Level I, II and III. The CFA level 1 exams will be conducted from February 14 to 20, 2023. The CFA level 1 examination 2023 consists of 180 multiple choice questions that have been split in two 135 minute sessions. Candidates can take a break in between the sessions if required as the break is optional. Candidates will get exam results after appearing in both the sessions.
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The CFA exam preparation requires an intense level of dedication and a meticulous, effective study plan. Candidates should dedicate approximately 303 hours of study to the Level 1 CFA exam preparation to clear the exam. Time should be carefully divided so that all 10 topics of the core curriculum are covered appropriately before the CFA level 1 exam date.
Sample papers and mock tests are an effective way to practise finishing the exam within the time limit. These mock tests also give an idea of the exam difficulty and CFA level 1 exam pattern to the candidates. The article below will give you tips on preparing for the CFA level 1 exam in a structured manner.
CFA Level 1 Exam 2023 Preparation:
Tip 1: Understand the CFA Level 1 Exam pattern
CFA Institute has introduced the computer-based test for level 1 exams 2023. It is important to understand the exam structure to prepare well for the exam. The salient features of the exam structure under computer-based examination is as given below:
Exam pattern for CFA level 1 exam
Type of questions
Multiple choice question
Total number of questions
Number of sessions
Duration of the exam
Number of questions/session
Tip 2: Manage time to study
On average, a successful CFA candidate spends 303 hours in preparing for the CFA level 1 exam. If you take into consideration the total time duration of 4.5 hours, the candidate should spend approximately 90 seconds for each question. Candidates should prepare a study strategy such that they get enough time to prepare all the topics and practice well using mock tests before the Level 1 CFA exam date.
According to the 303 hours study time, if a candidate sets aside 1 year to prepare for the level 1 exam, they will have to study for 25 hours each month.
It is ideal to set aside at least 4 months to prepare well for the Level 1 CFA exam.
At least 4 weeks before the CFA Level 1 exam date, give mock tests by simulating the exam conditions at home.
Tip 3: Get Familiar with CFA level 1 topics
The CFA level 1 syllabus consists of 10 core curriculum topics, 19 study sessions and 57 readings. The candidate needs to prepare these topics before the exam date of CFA level 1. Each topic carries a different weightage in the exam. The two sessions of the CFA level 1 exam cover different topics of level 1. The sessions cover the following CFA level 1 subjects:
First session- Ethics & professional standards, quantitative methods, economics, and financial reporting and analysis
Second session- Corporate finance, Equity, Fixed income, Derivatives, Alternative investments and portfolio management
CFA® level 1 Topics weightage
Ethical and Professional Standards
Financial Reporting and Analysis
Portfolio management and Wealth planning
The study material provided by the CFA institute or any trusted third party resources consists of end of chapter questions. These questions give you an idea of the important aspects of the topic you cover. It is ideal to solve these questions after each chapter is finished.
Tip 4: Understand the multiple-choice question
Each multiple-choice question in the CFA level 1 exam has three answer choices (A, B and C). There is no negative marking for wrong answers in the exam. The answers have to be derived from assessing either a question, a statement or a table.
The formats of the questions are :
Tip 5: Practice using Sample papers
It is ideal to solve a sample or attempt mock exams for the CFA level 1 exam as it helps a great deal in the exam preparation for CFA level 1. The sample papers are prepared in the same manner as the actual exam and it gives the candidates a brief idea of what to expect in the examination.
Click here, to find 20 sample questions for the CFA level 1 exam.
What are the CFA level 1 exam 2023 day tips?
Prepare well using your calculator and practice as per the learning outcome statements
Know that the questions referring to Financial Reporting and Analysis (FRA) will be based on the International Financial Reporting Standards
The questions based on the U.S. GAAP will have it mentioned along with the question statement.
Try answering all the questions as there is no negative marking.
Dress in comfortable clothes for the exam as it is a long duration exam.
Other Related Links:
Frequently Asked Question (FAQs) - How to Prepare for CFA Level 1 Exam 2022? - Preparation Tips & tricks
Question: Does the CFAI provide mock tests to prepare for the CFA level 1 exam?
Yes, CFA institute provides dedicated mock tests to registered candidates to get an understanding of the actual exam.
Question: How can I prioritise the CFA level 1 topic to study for the CFA level 1 2022?
It is helpful to prioritise the topics which have more weightage in the main exam. So, more time should be given to topics with higher weightage in CFA level 1.
Question: I am preparing for the CFA level 1 exam in May and August 2022. Should I prepare using question banks?
Yes, it is helpful to solve the CFA level 1 questions from previous papers to get a better understanding of the actual exam.
Question: Has the changes in CFA level 1 format affected the exam preparation?
No, the changes did not affect the preparation for the level 1 exam as the topic-wise weightage remains the same. CFAI ensures not to compromise on the level of testing even though the number of questions is reduced.
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Questions related to CFA Exam
how to clear CFA exam in first attempt
Try preparing smartly and efficiently.
- Be very disciplined with your study schedule. The output is more when you give 2 hours daily for 7 days then 14 hours on only weekends (generally).
- Study with the sense of doing questions and clearing exams. It will help you to clear L1 but may prove harmful for L2 as it demands deep inter-topic clarity.
Just a tip, in case you have less time and you are good to grasp new concepts - try preparing from Schwezer Notes and Videos for Level 1. But for Level 2 and 3 you have to put in the required efforts.
It is not difficult to crack CFA Level 1 without coaching. You just go through the curriculum topics one by one and do practice a lot of questions. Also in case you do not have much time, you can go through Schwezer notes for Level 1 through and practice the papers on CFA website.
In case you do not understand any particular subject, there are coachings available for particular subjects. You can opt for that rather than going for all the subjects. Plus there are video lectures available which help a lot.
Hope this helps.
CFA exam curriculum book 2020 for level 1 is showing on the website of career360 but when I click on that its showing unavailable . Will you please send the link from which I could download the pdf version of CFA book for level 1 2020
Sorry to say but we now don't have that collection,you would be talking about this links given in this (https://finance.careers360.com/articles/cfa-level-1-study-material), you might now search fee materials on google,i am providing a name(soleadea.org) i am not sure whether it is a safe site or not,get on your own risk.
Thank you ,hope it might help you
what about CFA registration and fees payment , as CFA exam is an US exam. what will have to do ??
As you wanted to attempt cfa examination as it is a designation that certifies competence and integrity of financial analysts as the registration can be done from march 26 to August of 2nd week and registration fee is USD 650 with discount and it is fee for the level 1 and level two will be in December so work for it and get good certification and it can be done from online also for USD 450 so study well and work hard to get good marks and ALL THE BEST for your future and i think my suggestions and knowledge may be helpful to u.
I need to know about cfa part 1 exam details such as fees, registration date, syllabus,exam date, exam pattern,etc.
The Level1 CFA exam is conducted in two sessions each 3 hours long. It consists of 240 multiple choice questions in two sessions of 120 questions each.
When you register for the Level 1 CFA exam you will pay a one time enrollment fee of $450 USD.
Then you will have to pay an additional registration fee to sit for the exam at each of the three levels.
Depending on when you register, you can pay anywhere from $1950 to $4140 USD total to take all three levels assuming that you pass each exam the first time.
Add the $450 USD enrollment fee, and the total CFA exam fees range from $2440 to $4950 USD.
The CFA level 1 syllabus focuses on the basic knowledge of 10 topic areas and simple analysis using investment tools.
Based on the percentage of marks distributed there are 6 most important topics that you have to focus on.
- Financial reporting Analysis
- Ethics and professional standards.
- Quantative Analysis
- Equity Investment
Cfa exam centre name in pune and mumbai
CFA exam centres are only in 7 cities in India and Pune is not one of them, however, Mumbai has centre for this exam.
In Mumbai, the exam centre is Thakur college in Kandivali east.
Sometimes when the candidates are too many, the other centres may be Nesco Goregaon and also somewhere in Worli.
You can find these locations on the maps.
Hope this helps.