Another CFA Level 1 exam is approaching. I’m not sitting this exam, but I have spent more time studying for the CFA Level 1 exam than most anyone else you care to champion. I eventually passed, but I didn’t enjoy the journey. I also blogged, probably too much.
It may be too little too late for a lot of CFA Candidates but here are my hard won tips to succeeding at the Level 1 exam. I also like quotations they can be a source of motivation, wisdom, even levity, I recommend you find motivation from any source you can.
In seed time learn, in harvest teach, in winter enjoy.
- Start early and don’t stop studying until the eve of the exam.
The hours of folly are measur’d by the clock, but of wisdom: no clock can measure.
- 300 hours is just an estimate, some people can pass the exam studying less, some people will have to study considerably more.
The eagle never lost so much time. As when he submitted to learn of the crow.
- Spend a disproportionate amount of time on the material you find the hardest.
You never know what is enough unless you know what is more than enough.
- Practice, practice, practice! Keep collecting and doing practice problems. Not only do you need to get the questions correct, but you must do so in under 90 seconds approximately 200 times on one particular Saturday.
No bird soars too high. If he soars with his own wings.
- Make a personalized collection of cue cards aka flash cards.
He who desires but acts not, breeds pestilence.
- Don’t rely just on third party material or stuff you downloaded online.
Improvement makes strait roads, but the crooked roads without Improvement, are roads of Genius.
- Keep practicing the ‘easy’ sections too but on exam day start with the material you find most difficult, in case you run short on time.
If others had not been foolish, we should be so.
- Ethics isn’t window dressing, more Candidates have failed the exam because of a poor performance in the Ethics section than say the Alternative Investments section.
A fool sees not the same tree that a wise man sees.
- Economics is only 10% of the exam but 1/6th of the official reading material, make sure your personal study plan reflects your strengths, weaknesses, and the actual exam weights.
If the fool would persist in his folly he would become wise.
- If you fail it isn’t the end of the world, you can rewrite. Hopefully you’ll learn from your mistakes.
The quotations are all taken from the Marriage of Heaven and Hell by William Blake.
Update March 2016
My 11th tip would be not to waste time blogging about your experience as a CFA Candidate. I can’t really advise blogging in general.