How I passed CFA Level I

I passed CFA Level I in June 2012 at a first attempt. I am not a native English speaker and have two and a half year experience in a Big4 company in the Valuation department. Based on my experience, I would recommend you following things which helped my to successfully pass the exam:

• use your own study style (this is crucial in my opinion); 
• take ideally three weeks time off from work closely before the exam to be focus only on the exam (two weeks is a minimum in my opinion); 
• study the topics based on its weights in the exam and subsequently based on the subjects that you are the most familiar with (its mainly because you are fresh at the beginning so you will be able to learn the most important topics first and study familiar topics first gives you confidence that you are leaning relatively fast);
• take regular breaks during study day to stay fresh (every two or three hours even if you are out of your schedule);
• if you understand the topic and need only refresh, use Schweser Notes rather than CFA original material (CFA study material are generally unnecessarily long in my opinion); and
• never panic! (yes, there is a lot of study behind you, exam is difficult and long and may be you will not understand every topic well right before the exam, but the situation is the same for others and may be they are missing your unique talent, experience and abilities. So, calm down and believe in yourself!).

I registered for the exam (CFA Level I in June) in the middle of February closely before the second deadline in the fee schedule. So, I had 3 and a half months into the exam at the beginning. It seems like quite a lot of study time. However, I am working full time, probably like most candidates, so I could study after work or on weekends.

Before I will describe details about my study, I would like to point out that I used Schweser Notes only. I read several pages from CFA study material, but I found it unnecessarily long. I have never did whole mock exam, neither sample exams. I did all the test questions after each topic in Schweser Notes, but not any from Schweser Notes book of exams (last book of Schweser Notes).

At the beginning, I have read several articles with suggestions how to pass CFA Level I and the key message from almost all of them was than you have to begin on time and proceed according to the schedule (split time for each topic, finish two or three weeks before the exam, review each book, take time for mock and sample exams, etc.).

At that moment, I started to be a little bit nervous because I am not a person who likes to proceed according to some schedule and observe deadlines and I also had not enough time because I was quite busy at work and already had plans for some weekends. Moreover, I have always been used to study intensively during a short time rather than continuously during a longer time period.

Nevertheless, I started to study and tried to study according the suggestion. I prepared a schedule and tried to study according to it. After a month, I read far less than I should have according to the schedule (I should have read 2 books, but I had a half of one). It was clear that I am not able to study according it.

I started to think how to do it and came to the conclusion that I have to study exactly as I am used to from the University which always worked. I have never studied during whole semester. Instead, I have studied intensively few weeks during the exam's time.

Based on this, I decided that I will take a three weeks time off from my work directly before the exam and will study intensively which I did.

Three weeks before the exam, I read only the Economics (during the last two months' weekends) which I started with because it was the most familiar topic for me and relatively weighty in the exam (24 points). I started with the familiar topic because I wanted to feel good that the study goes well to me.

In the first days of my study three weeks, I decided to follow with the Ethics because this topic was the most afraid one for me. So, I wanted to have enough time to it and also relatively clear mind. Moreover, the Ethics is also a second weighty topic in the exam (36 points). I spent three or four days with it.

During three intensive study weeks, I woke up around 8 or 9am and started study after the breakfast till lunch, than I had an hour time off which followed with the second study section till 9 - 11pm with regular breaks after every two or three hours. I also took few longer breaks during all three weeks to go out and meet with my friends that I was not only isolated at home and study.

After that, I started with the Financial Reporting & Analysis as the most weighty topic in the exam (48 points). I spent about four days with it because I was quite familiar with this topic from the University and my work experience. May be, you will need more time to study this topic as it is the crucial one. Subsequently, I followed with the Corporate finance (20 points) which is quite connected with the previous one and I was also quite familiar with it and spent about two days with it.

I was in the middle of my study three weeks and had 6 topics uncovered. I followed with the Quantitative methods (28 points) and spent 3 days with it. I was also quite familiar with it for the University. From the last 5 topics, I started with the two most weighted ones, the Equity Investments (24 topics) and the Fixed Income Investments (28 points). I spent about 6 days with these two switching between them. I was familiar with the Equity Investments, but quite unfamiliar with the Fixed Income Investments.

Two days before the exam, I have read nothing from three last topics and I was not familiar with two of them. Fortunately, these three are not as important in the content of the exam. I spent a day with Portfolio Management (12 points) which I was the most familiar with of these last three.

During the last day, I quickly came through the last two uncovered topics, the Derivatives (12 points) and Alternative Investments (8 points). Finally, I reviewed all the formulas used in all topics which is important to know and came through the morning section of the mock exam.

During the morning part of the exam, I felt quite good but I did not manage to came through all the questions, so I guessed about three last questions. During the afternoon part of the exam, I answered all the questions in time but at the end of the exam (about last 30 minutes), I was very tired and not able to concentrate. After the exam, I enjoyed very good party :)

To sum, I would say that the things that helped me the most to pass the exam were to use my own study style, take time off directly before the exam and do not panic. Based on my experience, .I would recommend you not to be scared to death if you have not come through every single page of CFA materials or have not done the mock exam before the exam because there is still good chance to pass the exam if you understand main topics well.

If I was study once more for the Level I, I would better planned my three study weeks, did whole mock exam and may be tried some sample exam (backward, I think that it is useful to know well the format of the exam) and used CFA study materials for unfamiliar topics rather than Schweser Notes.

Good luck to all Candidates! Do not hesitate to write me if you have questions.