SEEKING ADVICE AND SUGGESTIONS
Hello everyone!
I am currently a CA Final student, having completed my articleship and now on study leave. I plan to take the CFA Level 1 exam in May 2025.
I would love to hear your suggestions on how to effectively prepare for Level 1. Is it sufficient to focus on practice questions available online, or should I also use Schweser materials? Since I’ve already completed my CA Final in Financial Reporting and Advanced Financial Management, any specific advice based on that background would be greatly appreciated.
Thank you in advance!
One response
It’s great to hear that you’re on study leave and preparing for CFA Level 1! Given your background in CA Final and your experience with Financial Reporting (FR) and Advanced Financial Management (AFM), you already have a solid foundation to build on.
Here are a few suggestions on how to plan your study for CFA Level 1:
Understand the CFA Curriculum: Make sure you’re familiar with the CFA Institute’s curriculum for Level 1. It outlines all the topics you’ll be tested on, and understanding this structure is critical.
Use Schweser Materials: Schweser is popular among CFA candidates for its concise notes and study materials. Since you have a solid background, you may find their study guides and practice questions particularly useful. Use them as a primary study resource, but be sure to complement them with the CFA Institute’s curriculum materials to fill any gaps.
Create a Study Plan: Outline a detailed study schedule. Given that you have until May 2025, break your study time into manageable chunks—devote specific periods to each topic, incorporating review weeks or days when necessary.
Practice Questions: Yes, practicing questions is essential! Start with Schweser’s practice questions but also utilize the CFA Institute’s question bank. Mock exams will help you get used to the exam format and timing.
Focus on Your Weak Areas: Since you’ve covered some topics in your CA studies, identify any areas within the CFA syllabus where you might need to strengthen your knowledge. Allocate more time to these areas during your studies.
Join Study Groups or Forums: Interacting with fellow CFA candidates can be incredibly helpful. Join online forums or local study groups where you can share resources, clarify doubts, and motivate each other.
Regular Revision: Make sure to regularly revise what you have studied to help reinforce your learning. As you progress, revisit older topics to ensure you retain the information.
Mock Exams: As you get closer to the exam date, take several full-length mock exams under timed conditions. Analyze your results and adjust your study strategies accordingly based on your performance.
Stay Motivated and Balanced: While it’s important to focus on studying, don’t forget to take breaks and engage in other activities to avoid burnout. A balanced approach will help you maintain your motivation.
Good luck with your studies! With your determination and background, you can certainly do well in the CFA Level 1 exam.