CFA Level I Exam Preparation

Get started on your journey to becoming a CFA charterholder the right way by reviewing our best CFA exam tips, tricks, and strategies to pass the Level I exam the first time.

• CFA Level I pass rates were around 26% during the pandemic, 41% normally.
• CFA candidates can expect to study for over 300 hours over the course of six to nine months to prepare for the exam.
• Prepare with our CFA Level I Mock Exams.
• Ethics and Financial Reporting & Analysis make up 28-37% of the CFA Level I exam.

We recommend you start preparing for the CFA Level I exam as soon as possible. Follow the tips below to make sure you have the knowledge you need to sucessfully prepare.

Develop a Plan

As you begin to prepare for the Level I exam, it’s vital that you develop a plan. The earlier you can map this out the better, and if you’re able to begin your CFA Level I prep around 6 months before exam day, you’ll have an advantage.

Plan on studying for at least 11 hours per week with a 6-month plan to reach the average study time successful candidates have employed. Start early in that process to avoid last-minute cramming and be sure to customize your preparation plan according to what works best for you.

It’s important to stick to your schedule and be consistent; that is, keeping the same days and times can be a helpful strategy. Don’t forget to pace yourself throughout the process with plenty of time to rest and maintain healthy habits.

Equip Yourself With Study Materials

Study guides and reading materials can be the key to achieving your goals. And not all guides and materials are the same. Wiley is a leader in the industry with a broad range of exam preparation materials that can be easily customized to fit your needs. Wiley’s materials convert thousands of pages of Level I study text into concise lessons and have helped students in over 100 countries pass the CFA Level I exam the first time.

Get access to our CFA Level I Study Guides.

Wiley employs professors that bring a knack for making the material approachable and practical for candidates, while also using explanatory graphs and a focus on each and every Learning Outcome Statement in the CFA Program curriculum.

Set a Minimum Score Goal for Yourself

The minimum score you’ll need to pass the CFA Level I exam is in the low 70s. With that in mind, it’s a good idea to set a minimum score goal for yourself as you start your exam prep. For example, you might want to shoot for no less than 80% on your exam, an attainable goal that might help you go the extra mile as you prepare.

Familiarize Yourself With Your Calculator

Your calculator is an essential tool for the Level I exam. So be sure to find out which calculators are allowed and become as familiar as possible with the one you choose. The advanced functions your calculator offers will help you save time on exam day.

Join a Study Group

It’s also wise to consider joining a study group to prepare for the Level I exam. CFA charterholders say that a good study group can help with memory, discipline, motivation, and can even help you absorb more material than when you study alone. A small, like-minded group with similar goals is best, especially one that is able to meet consistently and focus on exam prep.

The format for the CFA Level I exam can change from year to year, but most recently the exam was made up of 180 multiple-choice questions split between two 135-minute sessions. Candidates will want to spend plenty of time on practice questions and Level I mock exams. Wiley has a team of experts that are ready to help you prep for the CFA Level I exam format.

Don’t Overlook Ethics

You might think that taking the ethics topic lightly is a good way to prepare. And that line of thinking is not uncommon. But the Level I exam offers some very difficult questions in the ethical and professional standards section. That means it can’t be overlooked and should be a major part of your preparation plan.

There are 10 topic areas on the CFA Level I exam with varying weights. Typically, the exam is weighted heaviest towards Ethics and Financial Reporting and Analysis (FRA). Equity Investments and Fixed Income Investments are next, followed by Quantitative Methods, Corporate Finance, and Economics. Derivatives, Alternative Investments, and Portfolio Management round out the topics. This should help give you a better idea of how to prioritize and craft your study sessions.

Learn more about the CFA Level I Topic Weights.

As you plot out how to best spend your time preparing for the Level I exam, it’s a good idea to figure out how much time per question you should be spending. Due to the number of questions on the CFA Level I exam, many successful candidates have found that around 90 seconds per question is a good benchmark. You can get there by timing yourself and trying to meet your time goal, but don’t forget how much accuracy matters, and finishing in an allotted time is only worthwhile if you answer correctly.

Preparation includes a ton of practice. And you’d be hard-pressed to find a better source of practice material than Wiley. With a wide range of practice problems, practice exam questions, and prep courses, Wiley offers the best CFA Level I exam prep you’ll find. The study materials are great for individual as well as group practice and review.

The final 4 weeks before your Level I exam are crucial. You’ll want to have a laser focus on practice tests as well as getting your time per question locked in. It’s also a great time to prioritize the topics you’ve struggled with the most and spend some extra time on the often-overlooked Ethics topic. To help make the most of your final review we recommend studying with an Wiley’s 11TH hour final review course that comes with mock exams and professional online mentoring so you can be sure you’re 100% confident on exam day.

Get your CFA Level I 11th Hour Final Review.

The Level I exam is a big commitment and can become overwhelming quickly. To avoid burnout, be sure to schedule plenty of breaks to ensure you’ve got the stamina to reach your goal. If you begin to feel overwhelmed, it can also be a good time to examine your pace and assess if you’re trying to do too much. Wiley’s materials are here for you throughout, and we even offer a Facebook group that can help with solidarity and support during your journey.

CFA charterholders state that preparation is the key to a passing score on the CFA Level I exam. It begins by coming up with a plan and sticking to it. Wiley’s study guides and reading materials are here to help. After all, two out of three candidates who’ve used a competitor’s product prefer Wiley. And even if you’re unable to reach your goal of passing the Level I exam the first time, you’ll have the option of re-taking the exam.