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How to Prepare for the CFA Exams!

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How to Prepare for the CFA Exams!

The Chartered Financial Analyst (CFA) exams are known for their difficulty. Even though Levels 1 & 2 are only MCQ-based and without negative markings, only 45-50% of the students manage to clear the exams successfully. 

However, with the right tools and strategies, it is possible to clear the CFA exams comfortably and earn this prestigious certification. 

Not only does the CFA designation demonstrate a high level of commitment and knowledge, but it also opens up opportunities for higher earning potential and career advancement i. Overall, it is a highly desirable qualification.

Coaching Over Self Learning

Like any other exam, one can prepare for CFA exams also with self-study. But is it the easiest way? 

Our experts suggest that if you take the assistance of a good training institute, like 1FIN by IndigoLearn, your chances of success go up multifold. The exam in itself will cost you a good amount, so why take the risk and lose the money for multiple attempts? 

Choose a well-established, reputed training provider like 1FIN and increase your chances of succeeding. The structured and goal-oriented learning provided at a training institute will also greatly help you if you do not have a background in finance or accounting.

Focus on Concepts

The CFA exam is highly concept-oriented, meaning that it tests your understanding of the underlying concepts rather than just your ability to memorize facts. The questions can be very tricky and require a deep understanding of the material to answer correctly. Training can be very helpful in clearing up any confusion and solidifying your understanding of the concepts. 

Study materials like those provided by Kaplan Schweser offer a concise look at the concepts, making it easier to grasp the concepts. 1FIN has partnered with Kaplan Schweser to provide their students with these high-quality study material. By focusing on the concepts, you can increase your chances of success on the CFA exam.

Use the Best Study Materials 

Using the best study material is crucial for success on the CFA exams. 1FIN by IndigoLearn provides Kaplan Schweser materials, which are widely regarded as the best in the industry. These materials are concept-oriented and concise, making it easier to grasp the material and prepare for the exam. 

The CFA Institute also provides study material, but it tends to be bulkier and more in-depth. While the material can be useful for gaining a deeper understanding of the concepts, it may not be as efficient for exam preparation. 

Ultimately, it is important to choose study material that works best for your learning style and needs.

Attend Mock Tests 

Attending mock tests is an important strategy for preparing for the CFA exams. Since the CFA exams do not have previous question papers available, the mock tests provided by the CFA Institute are a good guide on what to expect on the actual exam. Some mock tests are available for free on their website, while others are available for purchase. 

Kaplan Schweser also offers a variety of mock tests to help candidates prepare for the exam. By taking mock tests, you can familiarize yourself with the format and content of the exam, identify areas where you need to improve and build confidence in your ability to succeed on the actual exam.

Focus on Topics Strategically

To maximize your chances of success in the CFA exams, it is important to strategically select the topics you focus on. The exam questions are weighted by topic area, so you should weigh your studying similarly. 

For Level 1, Pay special attention to the Ethical and Professional Standards section, which accounts for 15-20% of the exam. A strong performance in this section can ensure you can secure a good portion of the score. 

Other important topic areas to focus on include Quantitative Methods (8-12%), Economics (8-12%), Financial Statement Analysis (13-17%), Corporate Issuers (8-12%), Equity Investments (10-12%), Fixed Income (10-12%), Derivatives (5-8%), Alternative Investments (5-8%), and Portfolio Management and Wealth Planning (5-8%).

Our Other Blogs:              

10 Tips on how to Study for CFA - The Last Lap Does Matter!!  
Shining a Spotlight on the Most Prominent CFAs in India!
7 Most Famous CFAs in the World Who Are Shaping Global Finance!
How Networking Benefits CFA Candidates and Charterholders!

 

 

Author 1FIN by IndigoLearn
1FIN by IndigoLearn
21-Sep-2023
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