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.

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

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

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 :

• Sentence completion

• Questions

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:

CFA Level 1 Questions 2023

CFA Level 1 Eligibility Requirements 2023

CFA level 1 study material 2023