Chartered Financial Analyst (CFA®) is one of the toughest exam to crack. So when you start your CFA journey you need to be well prepared from the beginning.
From my personal experience Self Study is the best way to go about CFA Level 1 preparation. Below are the 5 most important things that is needed if you want to clear the CFA Level 1 exam.
- Dedication & Focus: — Dedication and focus is very important part of CFA preparation. If you are not dedicated and focused towards your preparation, clearing the exam will become a difficult task.
- Strategy: — Strategy will play a crucial role in your preparation so make sure to make a proper strategy. Giving importance to what you will focus on and what order you are going to study the topics. How much time will you invest in which topic everything needs to be properly planned before you start your CFA preparation. From my personal experience, I would advise you to start with Quantitative Methods, followed by Economics and than Financial Reporting & Analysis.
- Study Plan : — Planning is an integral part of success no matter what field you are in and same goes for education as well. Study Plan help you to stay on path of your preparation and know how is your preparation going on. I would advise you to start at least 6 months before the exam.
- Study Material: — The outcome of your CFA result will be as good as your study material is. So, Do a proper research way ahead of you preparation. So that you can have the best study material to prepare for your CFA exam. I personally used CFA institute curriculum books for preparation as I was from a non finance background so that was the best choice for me as it had every topic explained in detailed & that will help you go to the core of each topic and know the concept behind it.
- Practice: — Practice is the decider whether you are going to crack the exam or not. So, Make it a habit that you practice questions daily. My suggestion would be whenever you finish a topic, practice questions from that specific topic that will help you in learning more and make your concepts clearer.
This is how I prepared for CFA Level 1 and Same will be my strategy for CFA level 2 with little changes as CFA level 2 is the hardest from all 3 levels of CFA.
All The best for your CFA preparation. Hope this helps you in you CFA journey.