Tips for taking CFA level 1 Exam

Our earlier post concerned tips on how to study for the CFAlevel 1 Exam. Today we want to share with you a few tips for taking the exam. Preparing for the exam begins weeks in advance.

So you’ve put your 300 -400 hours in, you’ve gone through the Imarticus CFA program 3000 questions sample bank and have covered every topic in detail. Here’s what you do now.

Take care of your health: With a month to go, start making sure you take care of your health.  You haven’t come this far to fall ill on your big day. Try not to come into contact with anyone having the flu and make sure you don’t get a stomach bug. Ladies, here’s where we talk about your period; no, it’s nothing to be ashamed of and it's a very big reality. If you think your period will fall around the CFA dates, please talk to your gynecologist to help mitigate symptoms. 

Read the CFA Rules: To ensure you don’t disqualify yourself by doing something stupid, please read the CFA rules on the website which outline what you can take into the room. Here are the program policies https://www.cfainstitute.org/programs/cfaprogram/exams/Pages/policies.aspx

Master your calculator: Calculators are NOT available at the test center. Batteries for the calculator are NOT available at the test center. Only two calculators are authorized - Texas Instruments BA II Plus (including BA II Plus Professional)

Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige). https://www.cfainstitute.org/about/governance/policies/Pages/calculator_policy.aspx Take extra batteries and a small screwdriver.

Do a mock test: Test yourself under exam conditions. This means no material other than a calculator and a pencil in hand and the stamina to withstand two three hour tests in one day.  When you enroll in the Imarticus Chartered Financial Analyst program, we conduct a mock exam for you under real exam conditions, which is key to your success in the actual exam because it familiarizes you with the pressure of the test itself.

Map your logistics: Make your way to the test site and back at least once before the actual test so you know how much time it’s going to take to get there. Are you driving? If so, where will you park? Are you taking a taxi? Then how much in advance do you need to book it? There are two sessions. If you miss the morning session, you cannot take the afternoon one. If you are late by 30 minutes, you cannot enter the exam hall. Exam day schedule: https://www.cfainstitute.org/programs/cfaprogram/exams/Pages/cfa_exam_day_experience.aspx

Pack everything two days in advance: You need to take your passport, calculator, batteries if needed, screwdriver to change batteries, pencils, erasers, required medications, exam ticket, photo ID and ear plugs. Earplugs are very important if you prefer to work in silence. Ask your test center if you are allowed to take noise cancellation headphones. Also pack a lunch for your two –hour break. Don’t forget the Key Stroke card that came with your calculator; it has useful information that can ensure you get certain points.

Sleep: We suggest sleeping a minimum of 8 hours a night a week before your test to ensure there is no sleep deficit built up that can harm your chances.

Talk to your CFA Charter Holder Mentor: The Imarticus CFA program is the only program where a dedicated CFA Charter Holder mentors you through the entire duration of the program. Make sure you have a session with them before the test to clear any doubts you might have about the exam itself.

Exam Day: Wake up early and work on a few programs. Much like you wouldn’t go cold into a race, you don’t go in cold for an exam. But work on easy problems and concepts you know.

Take the exam: Don’t talk to anyone about the exam before it or during the break. Start with the easy questions. Always given an answer even if you think it's the wrong one. Don’t panic, you can take it again in 6 months time.

How to Study for the CFA Level 1

The CFA conducted by the American-based CFA® Institute is one of the most renowned and powerful certificates you brandish for a lucrative career in Corporate Finance and the financial markets. Imarticus offers two programs, a classroom based 120 hour course and an online 100 hour instructor led course that includes 3 mock tests, a question bank of 3000 questions, access to discussion forums, a 24/7 learning management system that gives you access to material and mentorship to help you learn and study better and ace the CFA Level 1.

If you’re starting now, you are most likely preparing for the exams on the 5th of December which gives you around 5 months, a perfect length of time to get through the 10 modules. Here are our tips to help you study for the CFA

Start NOW! – CFA study is a marathon, not a sprint and that is why you need to start today to ensure you are ready for your exam on the 5th of December. Today, in fact, is already a little late. Starting now means the pressure is off you a little, and you can allot more time to each section.

300 hours: They say you need 300-400 hours of study to pass the CFA. You already do about 120 in our classroom program or 100 online, which means the 300 you do outside the program will be pure revision, which is excellent news. To start with ensure you attend all your classes at Imarticus and do the required reading before hand. 300 hours sounds like a little but they’re actually quite a lot and the amount of material in the CFA means that when you allot an hour, that hour does not include a chai break to enjoy the monsoons or Facebook.

Step off Social Media– coming back to Facebook and general social media distractions, let your family and friends know that you are preparing for the CFA and your weekends, especially if you work, will not belong to you anymore. It belongs to the books until December. In fact, we recommend getting off social media all together.

Create a study plan and stick to it– The great part about doing the CFA course at Imarticus is the ability to build a study plan around it. You have six months and need to do 300 hours of revision, so plan it out by blocking out 12 hours of revision a week excluding the Imarticus coaching, which you should consider study. Also build in some time off, Diwali for instance, which can also be useful when you don’t stick to your plan. Remember that six months is a long time, so don’t try and plan every hour. Instead ensure that if you do block 4-6 pm that you start studying at 4 and finish at 6 pm. Account for breaks as well.

Learn to love your Texas Instruments calculator: get familiar with the calculator because that’s all you can bring to your exam hall.

Practice, practice and practice: You need to practice full timed exams to ensure that you solve problems in the allotted time frame. Apart from a question bank of 3000 questions, Imarticus holds a mock version of the real exam to give you an idea of what it will be like. This is critical to your success because most students fail because they never practice under real exam conditions.

Study all the modules – Module one in our course is Ethical and professional standards. It is also the reason why so many students fail because they think it’s easy or that they can cram it at the last minute. Don’t leave anything for the last minute because a wrong answer on Ethics for instance, something you could have easily gotten right, might mean the difference between a pass and a fail.

Find a mentor: Talk to someone who’s done this before and can guide you through the process. The self-study experience can be a lonely experience, which is why courses like the one at Imarticus can help you become part of a community where you can share your worries. It’s also more fun to be in the same boat together. Our mentorship program will ensure your study plan is on track and can guide you through any problem areas you might be having.

Find a work – CFA balance- If you happen to work, then you need to come to an understanding with your boss, especially regarding your weekends. You have to manage expectations regarding travel and project deadlines. Don’t cram all the study into the weekend as well and try do an hour or two in the morning before you head to work, so that concepts are not forgotten
Source: http://imarticus.org/how-to-study-for-the-cfa-level-1

What To Expect On The CFA Level I Exam

Becoming a chartered financial analyst requires the passing of three grueling exams covering an array of topics. To ace the exams, it helps to have a study plan and stick closely to a study schedule.

The Level I exam is a six-hour test. It’s broken into two, three-hour sessions, each with 120 multiple-choice questions, for a total of 240.

The Level I exam focuses on basic knowledge and comprehension of the tools and concepts used in investment valuation and portfolio management. There are 10 topics grouped into four areas: ethical and professional standards, investment tools, asset classes, and portfolio management and wealth planning.

The ethical and professional standards portion contains 15% of the test, or 36 of its questions. The CFA Institute takes this section very seriously. It frequently uses the score on this section to determine whether a candidate passes the exam if her scores on the other three sections are borderline.

Investment tools account for half of the test’s questions, and topics include corporate finance, economics, financial reporting and analysis, and quantitative methods. Reporting and analysis questions are the most abundant, and familiarity with statistical and economic concepts is helpful.

Asset classes are 30% of the test, and topics include alternative investments, derivatives, equity investments and fixed income.

Portfolio management and wealth planning make up the final 5%. This topic is covered extensively on the Level II and III exams, which focus on applying a candidate’s knowledge to portfolio management.

Source: investopedia.com