The horror of having less time for the CFA level 1 exam, is understandable. Even if you have 2 months before the dreaded exam, I have some good news! Yes its possible to clear, if you follow these simple principles that I will be suggesting.
Key Take Aways
- Dedicate atleast 6 Hrs till exam day
- Practice 45 Questions per day of mock papers only
- Read ethics everyday with curriculum questions
- Give interim mocks at 50% completion
- Complete atleast 1 mock before the exam
CFA level 1 2 months Study Plan
At this stage we must understand that we have very less time to use the traditional method of CFA level 1 exam preperation. Not Possible! Hence we have to first ascertain, the effort which is required and then work our way towards execution from there. For this purpose we must understand first, what is required?
- 400 Hrs total reading
- 2000 questions practiced
- 1 full length CFA Mock
Yes! That will be our goal, the reason for 400 Hrs is because although CFA institute recommends 300 Hrs minimum time to master the content.
You can infact check the June 2019 CFA exam survey to read this detailed report
So first things first,if I were you I would need to plan my professional and personal life for the next 8 weeks. You need to talk to your superiours at work, to get either some unpaid leaves, or may be get some studying time at office. Best case they give you the 2 months off, highly unlikely though!
Content To Refer
Under a normal day, I always recommend people to refer the CFA curriculum but this is not a normal day
Refer Kaplan Schewezer at any cost but nothing below Kaplan because the quality is not guranteed
Now since you might be thinking that, wait! Should I spend that much money on a reference material?
Hence find some second hand CFA level 1 books. or find some people who can help you find alternatives.
We know now that we need to practice atleast 2000 questions excluding mocks. Practice will be your saviour in this difficult situation, so don’t shy away from practicing even if you might get horrible scores intiatlly.
Why am i saying this?
Well from experience I can confidently say, that
Many would have spent the hours of preperation but only 50% of that lot would have practiced enough.
Hence practice is the place where we can beat anyone at this stage.
So How to practice?
The straregy is not to practice from any question bank, rather from mock papers itself. There are tons of free practice mocks availble. So as you read the content, open the mock papers and solve questions.
The reason why we need atleast 2 hrs per day for questions practice is to know the following
How many minutes per question do we get in the exam for cfa exam?
The answer is 1.5 minutes. Hence do the maths!
You don’t have the luxury of reading throught the entire content and revising.
Hence the revision strategy is
- Reading the LOS list and asking yourself- Do i know this?
If you don’t know then you open the material and read.
- Practicing 10 question on subjects that are completed and analysing the following
Which LOS is weak? Idenfity it and fix it. Thats how the revision should take place till the end.
All that we are trying to do in this crash preperation, is do the same things we would have done in case of a usual preperation.
The difference is that we are doing all of it once.
CFA Level 1 Study Planner
My strong recommendation is to use this study planner, to calculate your basic planning and then keep tracking it as you go.
The best thing you could do at this juncture is to know where you stand against where you should.
Best of luck and please reach us out for any assistance and guidance.