How to Pass the CFA Level 1 Exam in 2024
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- เผยแพร่เมื่อ 16 มิ.ย. 2024
- Here are the 6 strategies I used to pass the CFA Level 1 Exam on the first attempt.
Link to the video course:
aj-srmek-s-school.teachable.c...
First and maybe most important, was the amount of hours of studying. And let me direct, the common notion of 300 hours is NOT ENOUGH for 95% of CFA candidates.
0:00 - Study Hours
3:23 - Daily Routine
7:19 - Study Materials
9:10 - Mock Exams
11:26 - Formulas
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!
- AJ
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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**
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A piece of good advice that I received early on in my CFA journey was to aim for 70%-80% marks (with exam day buffer) on mocks as the MPS is close to 60%-70% depending on level. Ignore the hours because 1) everyone learns at a different rate 2) the exam tests for content mastery not time spent studying 3) hours given a false sense of complacency
There are no genuses, only hard and constant work!
*efficient and consistent
Can you teach calculus to a kid?
I just took the exam today and took your advice of memorizing formulas the week before. I don’t know how I did but that tip certainly came I handy. Thanks!
Glad it could help!!
Just to give another angle on this: You don't need the books. I passed without reading a single page in all 3 levels using the God Mark Meldrum. Passed all levels on the first attempt and L1 and L2 in the 90th percentile. Total hours: 1200 (L1 400, L2 450, L3 350). Never did the blue box examples. Just did EOC questions multiple times and 8 mocks mostly from CFAI. What makes this possible is starting 8-10 months in advance and finishing the material 2.5 months before the exam. Once you finish material, review for 2 months and do EOC questions again. The last 2 weeks I took off from work and did a mock exam each day and reviewed all the material using Mark's review videos multiple times and did EOCs AGAIN. Felt I passed in each of the exams. L3 was the hardest exam but easiest content while L2 exam was the easiest but hardest content. Keep in mind I passed L1 and L2 working as dietitian, so anything is possible.
I’ll like to use your module
Did you ever do the pre requisite readings ?
Thank you AJ! Taking level 1 in February. For me it is going to be the most important to pass the first try because I am not currently working in the industry and looking to get in after passing level 1.
Yea that makes sense. Best of luck studying!!!
Please what material are you using?
@@aks6865 Just the CFA material and TH-cam videos when I need them. A lot of the actual Kaplan videos are on TH-cam as well lol
Me too, best of luck!
please make a video for L3 as well. Thanks
Also do for L2
Totally agree with this...that 300 hr trap is the reason i failed before...level 2 i put in 450 hrs give or take to pass and when i passed level 1 it was not as many hours of study as level 1 but it was probably around 350 or so at least if i remember correctly
Nice work! Congrats on passing it.
Hi, AJ can you make video on how AI could impact some leading roles in finance and what kind of impact can we see in the next 5-10 yrs in the job market, BTW you make great content
Yes, I might have some good thoughts on that. Thanks!
Thank you AJ, for another video on CFA Exam prep!. I am currently enrolled in level 1 in February and I am using materials from CFA Learning Ecosystem (LES) for studying for the exam. You are referring to ELC and bluebox questions in your video. Are you referring to LES or something else I missed?
EOC questions. End of chapter, they may not be in the text anymore, they may be called the LES now?
@@straighttalks-ajsrmek323 Thank you for replying! I think they are called LES now, but I could be worng.
@@terryzhou1995most of them are same so yeah
Great Content, Can you please provide me with the link for the formulas sheet? Thank you before hand!
Its in the video description!
Oh those fond memories of juggling studying with family work holidays football travel....whew almost forgot in my rearview;
Never forget, lol.
Hi AJ, I have registered with Kaplan's level 1 prep course and currently using CFA's online Learning Ecosystem. I wanted to ask if you also recommend to get the the CFA's books in addition to what Kaplan provides?
Yes the CFAI curriculum is more beneficial than Kaplan's content in most cases. You can either access the CFAI curriculum online or order the books!
Memories all materials and understanding or just understand?
Thanks ! Any suggestions on when i should start taking practice questions from Qbank ? Should i do it as i course through the LOS from Kaplan notes or should i do it after i complete preparing one subject completely ?
I like doing them after completing a subject completely.
When i study corporate finance 2 hour and then i solve and later i finish, why i forget it?
I have a question for you regarding formulas. I am aware of the formula memorisation strategy the week before the exam.
My question is regarding doing practice questions on questions where I need the formula. How should I be doing these to make progress if I don't know the formula off by heart? Open-book? Ignoring them?
Thanks
Understanding how the formula is derived is key. I don't even write them down, I just see the formula, understand how it works, and it stays in my head. I don't think memorization is helpful tbh, don't know why people recommend it as a strategy.
Also, many formulas are interconnected, such as covariance, variance, standard deviation, correlation, etc
Yea use your formula sheets to work off of until the last week!
Hey AJ! If you were to make a strategy for someone who only has one month to take the exam but has not studied before, what would it be? I know passing in that time frame is difficult but let's say someone tries. What is the best way to approach the exam with a month left to go and starting from scratch
Try to kill 6-8 mocks exams in that month. Learn how to do each one of the questions you are presented with on those exams. Very low probability of this actually working though.
Taking the exam In Feb, great video
best of luck studying!!
hows it going
I have a wife, 6 kids, and a full time job. I have a mechanical engineering degree with no background in finance. I’m studying for CFA 1. I just got through Quant. I can tell you without a doubt it will take me 400+ hours to consume this information.
6 kids! Bless you, sir.
Curious if it’s feasible to pass with just free materials - the idea of paying an additional $1300 for Kaplan or another 3rd party source it’s really feasible for me.
Yes its feasible but in my opinion its less efficient.
I am using the CFA materials and I have the basic package for Kaplan… is this enough or recommend upgrading my Kaplan package to include the Schweser Notes?
That will be enough if you do enough practice questions!
Hi, can we connect? I'm also writing 2024
@@aks6865are you guys studying from institute material? Or schweser material?
How many times can one retake the the level 1 exam before they are banned to retake the test?
You now have a maximum of 6 tries
How many formulas are there to remember for L1 ? Thanks
Maybe 100-150
Hello how are you, I have a question i will do the exam in August and I am 22 years old so which year can i get thr CFA charterholder 24 or 25.
Well you need to pass all 3 levels, so as quickly as you can register for each consecutive exam! Most likely it sounds like that would put you at 25.
Hey. What is the weightage of numericals in level 1?
www.cfainstitute.org/en/programs/cfa/exam/level-i
I am appearing for feb 2024 Leve 1 I've finished 50% of the subjects but haven't done many practice questions am i going good?
You are getting through the content but not practicing your learning yet. Definitely start doing practice questions with your study.
@hip-hopinsider814 Can you pls share any third-party material for 2024 please 🙏
Bro im appearing for nov 2023
I have reviewed few chapters and practiced very less
Also 3 chapter in quants remains untouched
Someone can guide me?
ohh boy!!
@@SamkKan ☹️😐
You need to study a lot.
BRO CAN I GIVE AND COMPLETE MY CFA EXAM IN INDIA AND CAN GET JOB IN US PLEASE SHARE YOUR OPINION
Yes, thats very possible.
Is salt solutions good enough
I don't know much about it, sorry.
I don't know much about it, sorry.
Thank you for this video.
I am taking the LV1 in Feb 2024, I will like to connect with some people
Kindly reply my comment if you'd like to have a study buddy☺️
Hi!
@@aks6865 Hello, how do I reach you? Can we connect via LinkedIn?
Hi!
@matthijspoot7435 hi, how do we connect from here?
Hi I am studying for level 1 in 2024. Do you want to connect ?
Ii it possible to start at 46 years old.?
Always possible.
Hi AJ....I tried 3 of the 4 mock from the CFA institute
Exam A Section 1 73%
Exam A Section 2 73%
Exam B Section 1 75%
Exam B Section 2 [Not attempted yet]
Should I sit the exam in November or should I be looking to defer?
Stop fishing for praise.
@@user-xb9ro3xf5e cos I heard apparently 70% in mock doesnt gurantee a pass...and this is my 2nd attempt
You should be good!
Yes!
300 hours are for genius and for ordinary 500 hours are at least.
Preach
The cfa readings I don’t get it😢😢…it’s giving gibberish and overload…maybe not for me
I used CFAI Books only for L3
How did it go?
@@straighttalks-ajsrmek323 CFA charteholder since April 2023 :)