CFA Level 1 Study Strategy

This is my take on the best study strategy to pass the CFA exams. This is very close to what I did myself, just add a bit more time. The CFA exams are considered one of the most difficult academic programs in the world, so study smart!
If you have an idea of something you want me to cover in depth, please let me know because I take your requests seriously. Will be back with more CFA Exam tips in a couple of weeks so please submit more questions you would like to hear answered. Love you all!
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** The information in this video is not intended or implied to be a substitute for professional financial advice. All content, including text, graphics, images, and information, contained in this video is for general information purposes only and does not replace a consultation with your financial or tax professional**

[@wolfoffwallstreet9902]

Absolutely spot on ..its akin to Iron Man training months in advance...type A self starters ONLY as you have to be on proverbial putting green at 5am when no crowds there ie Tiger Woods circa 2003....

[@laurynasnavakauskas9724]

I appreciate you're doing straight talk instead of prolonging video length artificially.

[@swapniljaiupadhyay3735]

I was planning to give Level 1 in May 2021 but this video gave me a better understanding of what it really takes to pass the level. I’ll now attempt it in August 2021. Thanks a lot for the amazing content. Keep it up 👍

[@straighttalks-ajsrmek323]

Happy to offer my advice, and best of luck on the exam!!!

[@soniyasuvarna1503]

You really make things easy for us, thank you from India, CFA Level 1 Candidate

[@straighttalks-ajsrmek323]

I'm happy that I can help!

[@darlingtononya4183]

Thank you so much.

[@siddheshlimkar9796]

@@straighttalks-ajsrmek323 Yesssir...!

[@ricoronaldo7914]

Good advice brother! Another excellent video. Thank you.

[@amandeepsheokand8244]

The best video I have watched so far on Level 1 strategy.

[@straighttalks-ajsrmek323]

Happy to help!

[@zidanezezo6478]

Great Videos I hope to see the channel grow and you reach 1000,000 subscribers because you spread great and useful content. all the best wishes

[@straighttalks-ajsrmek323]

Thank you for the encouragement! I will continue to make videos.

[@PS-hi9os]

yes i’m doing this now. I think you just shouldn’t take any chances and just study as much as you can so you barely ever get questions wrong.

[@Nomadrollo]

The 500 hours plan sounds good, as I'm preparing for CFA LEVEL 1with kaplan hope this works out for me too.

[@straighttalks-ajsrmek323]

Best of luck!

[@deepdholakia3368]

are you taking any video lectures?

[@Nomadrollo]

@@deepdholakia3368 no studying from Kaplan material only.

[@Hugo-xj2mj]

@@Nomadrollo How did it go?

[@Nomadrollo]

@@Hugo-xj2mj good but the pass out rate of june exams now suggests otherwise.

[@bigluca12]

Thanks for the advice!

[@straighttalks-ajsrmek323]

Happy to help!

[@OnTheGreen1904]

Thank you for taking the time to give back man!

[@straighttalks-ajsrmek323]

Happy to do it!

[@keatongroom]

Pretty good and simple advice

[@jackfrost9640]

Cheers man, thanks for the video, helps a lot

[@straighttalks-ajsrmek323]

Happy to help.

[@jackfrost9640]

@@straighttalks-ajsrmek323 just start preparing for level 1, gonna take the test next year in June

[@user-gh4zy8gu6q]

Thanks a lot!

[@lucasszymkowiak6765]

L1 in Feb 21' learning since May (goal was to pass in Dec but postponed to Feb. Week ago started 3h schedule everyday. It's a bit exhausting as I work Mon-Friday, but definetely will be rewarding. I will land around 600hours overall. Thanks for the video!!!!

[@straighttalks-ajsrmek323]

Best of luck man! It sounds like you have a great plan.

[@lucasszymkowiak6765]

@@straighttalks-ajsrmek323 Thanks! The challenge will be sticking to it, but you did it so can I.

[@straighttalks-ajsrmek323]

@@lucasszymkowiak6765 You got it. Its just like having another job.

[@tripleeyeemoji2685]

I signed up for my Level 1 CFA exam for May 2021. I’m starting my studying now and using Mark Meldrum, I figure 400 hours will be enough!

[@straighttalks-ajsrmek323]

Best of luck!

[@HappyDiaspora]

Don't you think it is too early?

[@straighttalks-ajsrmek323]

@@HappyDiaspora No I think 9 months is a pretty good timeline.

[@aryaceylon761]

Great content as usual. Can we do the level 2 and 3 without a degree but just with work experience over 5 years ( or with just passing the level 1)?

[@qualitytime7398]

-study 3 hours a day, everyday november to june 720 hours -study 3 hours every weekday november to june 514 hours

[@talalalshuhail3482]

Hey Aj thanks for the gr8 content, I’m spending 3+ hours daily, I still have around 170 days till my exam and I just started. I have 3 questions: 1. How do you define a good 3 hours is it finishing an LOS, a chapter, or blue boxes? 2. On average, how many days should it take me for L1 to go thru a chapter (including Notes, blue boxes, EOCQ, Review)? I feel like it takes me 4-5 days to go thru 1 chapter is that normal?

[@straighttalks-ajsrmek323]

Thanks for the support on the channel! "Good" just means you stayed focused the whole time and learned. I think 4-5 days is pretty normal.

[@faisalbaig6954]

500 hours.. Well that difficult but as you said to treat this as 2nd job so... I will do it.

[@straighttalks-ajsrmek323]

You got this!

[@mohammadabedin4475]

Hey Aj, in your advice, what are the best resources (books, videos, etc) to use to prep for CFA Level 1? From your video, I believe you used Wiley. I come from a background in Information Systems so kinda new at Finance, is Wiley still a good choice for me? And I loved your videos and subscribed for future videos.

[@straighttalks-ajsrmek323]

I liked Wiley, but make sure to use CFA blue boxes and EOCs too. Thank you for the sub!

[@gracechang1169]

When you finished a book or two, did you take a couple of days to go back to review, take notes, or make flash cards before going to the next book? I’m half way through and when I looked back at some of the materials or questions I’ve done at the beginning, I am totally blank. Don’t know if I should just keep going and do a final review when I’m done with the curriculum or start reviewing meanwhile... Thanks!

[@straighttalks-ajsrmek323]

No I didn't. My logic was that I will need to do a final review in the last month anyway, so I didn't want to review all the material twice.

[@sameerpawar7943]

Hello sir Thank you so much for such a interactive educational video it really helps us I'm graduate and working with hdfc security right now and have 4 years experience , I'm already registered for level 1 dec20 exam I'm planning to resign from my job because job presur is little high and also I want to fully concentration on my cfa study My plan is to take break from job and clear all 3 cfa level till nov2021 Please give me ur advice ... Should I take around 1 year break from job and concentrate on cfa studies ?

[@straighttalks-ajsrmek323]

I do not recommend leaving your job to pursue the CFA full time.

[@sohit535]

What's ur job profile there at HDFC securities ?

[@user-ev7vs1ny5y]

I am going to buy Wiley's book but where can I find the study videos?

[@straighttalks-ajsrmek323]

From buying the course on their website.

[@santyv9466]

Hi Aj, Thanks for the video. I have registered for May 2024 Level 1. What books do you recommend i should study for Level1. The institute's Learning ecosystem material and or Kaplan/Wiley. What's your suggestion ?

[@straighttalks-ajsrmek323]

I used Wiley, but check out my video course for details!

[@starlord6088]

This might sound weird but one of the reasons I want to complete this program is to become more intelligent and increase my critical thinking skills. Does this happen? Do you feel smarter, quicker, and see more patterns in your environment? Thank you.

[@straighttalks-ajsrmek323]

No unfortunately I have not noticed those things myself. But I am definitely better at learning new things now.

[@starlord6088]

Straight Talks Thank you. I think I’m going to do this. I already have a b.s. in finance and work in wm. I’m on the computer all day at work so I’m hoping I can find a good way to study using books/paper resources for the sake of my eyes. I noticed there are many online study programs now. They all look great but I can’t be looking at the screen for hours more have work.

[@ksnipe52]

So for the blue boxes you just scroll through the textbooks and go through them like that? I wish there was a way to isolate them, cuz what I’m doing is ctrl+finding them on the pdfs. Guess that works…

[@straighttalks-ajsrmek323]

Scroll through, yea.

[@prilly3250]

Hey AJ, I am finished going through the curriculum and the end of chapter questions (used the book to help answer questions) … what do you recommend doing next in the month of May, June, July leading up to my exam in Aug? Thank you! Level 1

[@straighttalks-ajsrmek323]

Do 10+ mock exams and make sure you can answer 70%+ of the questions right from each exam by the time you take the real thing!

[@prilly3250]

@@straighttalks-ajsrmek323 thank you for that advice

[@whatever6644]

L1, in Nov. Looking for some insights on the type of questions I should be expecting. Are most of the questions conceptual? Or should I be expecting 50% conceptual and 50% numericals?

[@straighttalks-ajsrmek323]

My feeling on level 1 was that it was probably 60-70% arithmatic. That was a while ago, but I really felt like learning questions and formulas was more important than knowing all the concepts.

[@Abdullah-qf4qf]

Hey Dude☺ which is best courses to grow early i am doing acca and having plan to do cfa so i will start from basics plz tell me skills ,software so i can grow fastly☺

[@mikestarkel364]

Say you only have 1-2 hours/day for studying, can you take longer than 6 months to study before the exam?

[@owenboggini2796]

What was your note taking strategy, if any? For the LOS did you answer them using short answer after the readings?

[@straighttalks-ajsrmek323]

I just wrote down what I thought was most important. There is a whole video about note taking tips!

[@kathrynreiayanami5794]

Hi. According to your video, 500+ hours plus a test prep provider are required. Are you suggesting to use Kaplan for a non English speaking candidate? I googled and noticed there are few options. So...a bit confused. Seek for your advice......

[@straighttalks-ajsrmek323]

Yes I think a 3rd party prep provider can help bridge some language gaps.

[@dees900]

Any advice about how do u do to through the huge volume of materials and literature. There is a lot to read and study. Do you really everything line by line in the CFA text books?

[@straighttalks-ajsrmek323]

No I don't. I used Wiley video lessons, then used the CFA books for the BBs and EOCs.

[@badardine8281]

Hi AJ, hope you are doing well. I’m on my last year in Finance degree and I’ve a question for you. What do you think, should I go for CFA lvl 1 after I end my degree or go for a master’s degree? Thanks a lot!

[@straighttalks-ajsrmek323]

It depends on what you want to work in. But I think most people regard the CFA designation higher than masters programs.

[@adityapatil1316]

Could you please make a video for best universities to study masters of finance in the us!

[@straighttalks-ajsrmek323]

Hmm... Yes I can do that.

[@adityapatil1316]

@@straighttalks-ajsrmek323 thank you so much that would be a big help cuz I cant really find any reliable videos that give a clear perspective.

[@juanjuan5314]

I have been preparing the level 1 for June until it was postponed. Now I’m preparing it again for December but I noticed I have forgotten many topics and content.... what would you do to make sure you still remember Corporate Finance, for example, after have gone though the rest of the material? It’s a pretty frustrating feeling understanding a topic very well and not being able to tackle it again after some months .... any advices?

[@straighttalks-ajsrmek323]

Practice questions! These are the best way to relearn old information.

[@billsimmons8983]

Sorry, but which videos describe the 30 day review? Im looking thru and watching but not getting the details.

[@straighttalks-ajsrmek323]

I know I said I had some but I could have been wrong so I am making a new video about that this week.

[@rohank3116]

Would just going through the entire course from the learning functionality on the CFA institute website suffice or its advisable to do Kaplan / Wiley ?

[@straighttalks-ajsrmek323]

Just using CFA material will suffice, but I think it is easier and faster when using a test prep provider as well.

[@jonmaster5000]

Do you think 1year is too long to study? I have this summer semester off before final year and I’d like to utilize them so I can study less in the fall and winter semester; ideally keeping my GPA higher. I’m concerned about retention.

[@straighttalks-ajsrmek323]

Yes, I do. Shrink the window down to 9 months.

[@jonmaster5000]

@@straighttalks-ajsrmek323 thank you

[@ebenvisser8951]

Doing my Level 1 with a Post graduate in Investment management, 500hours would be a bit rough for me

[@straighttalks-ajsrmek323]

Yea 500 hours is extremely difficult for people who are working 60+ hours per week, or doing another academic program at the same time. Best of luck to you!

[@majd9956]

Hi I'm a fresh graduate who's willing to take cfa level 1 at may, I'm starting at October fist, wild it be enough time or should I consider august exam instead? I'm don't consider my self as an A student, I really was an average student at college who happened to wake up and think about future now 😅, I have a 3.28/4 GPA, I'm not dumn, in fact I'm pretty good but I didn't study that well, the idea of crashing uni at 3 years instead of 4 had it concequences I guess.

[@straighttalks-ajsrmek323]

You will be able to study enough to pass by May if you are disciplined.

[@jordanhatch8784]

500 hours is child’s play for me. That’d take me 1, maybe 2 weeks. Grind harder if you really want it.

[@sabharinathanj3897]

Bro, there aren't even 500 hours in two weeks, guess you're just built different

[@aryanrao3231]

Actually I am enrolled in 4 year engineering program and i am in my third year Right now i am looking to build my basics so that i could appear for cfa in future (after 2 years so that i can graduate) Give me little tips regarding books, material and study pattern (who are complete beginner to finance)

[@user-rz9vg7it1e]

I’m almost the same as you,bro,I enrolled 3years in biology and now preparing for CFA1 In Dec from Japan,basically you enrolled the program they provide textbooks and guidance you need,only the 3 hours a day would be the problem to oneself

[@straighttalks-ajsrmek323]

There are no great books that will prepare you for the CFA exam other than enrolling and using the CFA institute books.

[@gonzaloortizolave6175]

CFA Institute also offers a free program called the CFA Investment Foundations Program, which provides you with pdfs of basically introductory concepts to finance and the CFA curriculum, you should definitely check it out!

[@aryanrao3231]

Thanx for replying me, i think your suggestions will help me a lot

[@straighttalks-ajsrmek323]

@@aryanrao3231 Happy to help!

[@xanaashburner2468]

Would you think it’s sufficient to study only from the CFA institute material? Only that and be self taught ?

[@straighttalks-ajsrmek323]

Yes that is sufficient to pass but I think that Wiley or other prep providers can save you time and make the learning easier.

[@sonailahayatkhan2983]

I am currently a Level 1 Candidate. Initially I have been registered to June 2020 session and that session got postponed. Then I had registered for December 2020 session. Till now I have completed Ethics & QM full, half of the FRA. That's all I have covered till now. Other 7 areas are untouched. I am a full time student. Considering my current situation, what is your advice? Should I stick to the December 2020? or I should be started thinking of some other dates for writing my exam. I am looking forward to your answer.

[@straighttalks-ajsrmek323]

You can still make the December exam. Just make sure you put together a schedule that will get you 300+ hours by the exam.

[@sonailahayatkhan2983]

@@straighttalks-ajsrmek323 Thank you so much. Much appreciated

[@ShiveshGuptaShiveshGupta]

Should we mix reading or finish one reading and move to next ? ( I am a software engineer)

[@straighttalks-ajsrmek323]

I preferred to finish one before moving on to the next.

[@rushikeshindalkar5811]

do you calculate video lectures in study hours or Just books ???

[@straighttalks-ajsrmek323]

Both!

[@pedroferreira9865]

I started September 14th studying for lvl 1. I have been watching MM videos and CFA exercises. I already cover 14 readings but I think it is not enough. I have time, so I’m thinking make a reading per day. Do u think this is possible?

[@straighttalks-ajsrmek323]

If you are talking about the December exam, personally I do not think there is enough time. But other people have done it in this short of time so you might be able to.

[@pedroferreira9865]

@@straighttalks-ajsrmek323 no, I’m talking about February exam.

[@straighttalks-ajsrmek323]

@@pedroferreira9865 Then you definitely have enough time.

[@suyashkalwani3145]

Hi! Are we supposed to register ourselves 9 months before taking cfa level1 exam? And I will be completing my 2 nd year in july 2021 so is it necessary to show cfa institute results of 2nd year.

[@straighttalks-ajsrmek323]

The deadline to register for the exam is usually about 1 moth out from the exam date. But the longer you wait the more money it can cost. It is not necessary to show your results, but if you pass of course it could help you out.

[@suyashkalwani3145]

@@straighttalks-ajsrmek323 thank you so much. Its not that, I won't be getting results anytime before 2 months cause it takes time to analyze credit score and stuff. Thanks anyway

[@goldengold8568]

Is CFA still worth it? Four times a year will cheapen the charter value.

[@straighttalks-ajsrmek323]

Yes it is still worth it but the value will go down unfortunately.

[@SwatiYadav-bl7gi]

@@straighttalks-ajsrmek323 But that's because of the pandemic and the 4 times a year rule just applies for Level 1. The exams got cancelled this year, therefore, as there will be 2x more candidates in 2021. The curriculum, passing rate, and difficulty levels haven't changed so I don't think the value will drastically go down.

[@demolitionman8276]

So did you learn for three hours then practice on the same day? Or did you learn for 3 hours then practiced the next day?

[@straighttalks-ajsrmek323]

I would practice the next day.

[@samuelcook7588]

Are question bank questions from your provider more difficult than the ones on the exam for level 1 ?

[@straighttalks-ajsrmek323]

No. Wiley practice questions were a bit too easy. But the CFA practice questions are slightly harder than the exam questions in my opinion.

[@samuelcook7588]

@@straighttalks-ajsrmek323 ok thanks

[@marcomolinari7971]

@@samuelcook7588 I think he was referring to the questions in the end of each chapter of the Wiley (e.g., Schweser Notes). Those questions are quite easy indeed. The Q Bank questions are divided into basic, intermediate and advanced, so I believe they are a good way to practice on CFA. I mean, if you score 50 to 60% on those Q bank maybe you should revise a bit more, but with a solid 80%+ in most topics you'll be fine :)

[@samuelcook7588]

@@marcomolinari7971 Yh I was referring to the q bank and thanks for your response

[@BTLiii]

Any third party notes recommendation?

[@straighttalks-ajsrmek323]

I used Wiley and liked it.

[@adonisss9307]

What is the Wiley ? Please can anyone explain ?

[@zooze78]

It's a CFA editor such as Kaplan

[@straighttalks-ajsrmek323]

Wiley is a "test prep provider". They sell books that are designed to consolidate all of the important information from the CFA material into smaller books that are easier and faster to study with.

[@khushilshah2858]

Schweser books are good enough ?? Or it is not detailed enough?

[@straighttalks-ajsrmek323]

Some people pass with just Schwesser but using both is better.

[@khushilshah2858]

Thank you ... Just a one more doubt. Cfa institute recently changed the marks weightage of all subjects and made computerbased ... I haven't enrolled yet but completed 3 books out 5. So if I plan for 2021 by reading notes of 2020 will it be okay ?? Or the (2021)updated books should be read??

[@straighttalks-ajsrmek323]

@@khushilshah2858 You can use the 2020 books but the 2021 material will be best.

[@khushilshah2858]

Thanks a lot man !! Appreciate it !!

[@sszkd1]

Which study material did you use? Or courses?

[@straighttalks-ajsrmek323]

Wiley!

[@poojakamath2012]

@@straighttalks-ajsrmek323 Was the material comprehensive and well broken down? Do you think Wiley is the best online prep that's out there?

[@straighttalks-ajsrmek323]

@@poojakamath2012 It was, yes. I haven't used everything else so I can't say for sure if Wiley was the best. But it was very good and I would recommend.

[@randybrickson4290]

It truly is a second job.

[@straighttalks-ajsrmek323]

Exactly!

[@wolfoffwallstreet9902]

@@straighttalks-ajsrmek323 absolute n oj...add in 70 hours as PM wife two kids and travel- pre covid and you have recipe for ADD in HD diagnosis;)

[@straighttalks-ajsrmek323]

@@wolfoffwallstreet9902 I can't imagine studying for the CFA exams with kids... haha

[@wolfoffwallstreet9902]

@@straighttalks-ajsrmek323 Absolutely its navy seal(if I may be so bold)style...as I never tell my girls I am studying thus during the day weekends and week with work its nights on the peleton as most of my mock exams and q banks for MM, schweser(wiley like you loved the books but no the quizzes)or CFA were taken post 10PM with a moca venti in tow thus' game' day 9am was a sweet delineation in cognitive freshness

[@winskins5]

If I still put in 500 hours, do you think the given CFA Study Plan is enough to pass (as opposed to getting Wiley)?

[@straighttalks-ajsrmek323]

Yes I do, but Wiley helps.

[@user-mf2mf1ne5r]

What were your average mock exam scores?

[@straighttalks-ajsrmek323]

Usually around 65%

[@user-mf2mf1ne5r]

Straight Talks thanks!! Must have been tougher than the actual exam

[@straighttalks-ajsrmek323]

@@user-mf2mf1ne5r I think the mocks are about equally as difficult. But right before the exam i was scoring about 68-70% on mocks which is enough to pass.

[@user-mf2mf1ne5r]

Straight Talks no clue how to get from mid 60 to 70..

[@gow2ilove]

This is an excessive amount of studying that you recommend... Everyone I know who's done the CFA, including myself, never studied more than 200 hours. You've just got to work smarter not harder.

[@being4656]

how?

[@saffankhan5546]

How?

[@jeremy0158]

Your video doesn’t bring any additional value, you repeat what most ppl say and this is definitely not the only way to pass it. Ofc you need to work a lot but 3h everyday for 6 months for most of us who have a job and try to maintain a minimum social life it’s impossible. The most important is to be very productive every time you go for it. Work less but better

[@straighttalks-ajsrmek323]

Couldn't disagree more. Studying 3 hours everyday for 6months is very possible if a person has determination. That mentality is why 90% of L1 candidates will never be charter holders I think.

[@jeremy0158]

​@@straighttalks-ajsrmek323 Sorry it's possible you're right but is NOT the only way. It was impossible for me to work 3 hours a day, on top of work, sports, girlfriend etc. I tried and it was totally counterproductive. I had to rearrange my schedule. In the end, by working 1h30 a day effectively during the week and about 8 hours on the weekends I passed level 1 and I am currently preparing level 2 with the same pace. I do sports on the side, I have a social life, etc. In short, everyone is different, not everyone has the same background of knowledge before starting, not everyone has the same methods... I repeat there is not only one way, contrary what you claim.

[@straighttalks-ajsrmek323]

@@jeremy0158 I see what you mean. Well congrats on passing L1, and best of luck with L2!

[@merc340sr]

Ouch! When is your wife filing for divorce?...loll....

[@straighttalks-ajsrmek323]

Lol

[@maroon002]

Studying from nov To june, is it enough for someone who doesn t have a background in finance?

[@straighttalks-ajsrmek323]

If you study well, yes!

[@maroon002]

@@straighttalks-ajsrmek323 thanks