Sam is our first CFA exam blogger. He was born and raised in Illinois, currently working in New York. He failed Level 1 in June but will retake in December.
I am 213 days into my CFA journey. Looking back, if I am to pick the #1 tip to pass Level 1, I would say: Get yourself enough time.
My CFA journey as a retaker is vastly different from what I experienced in the first attempt. Back then in March and April, I was struggling and very stressed, because I wasn’t able to sit down and really understand a concept before moving on. The issue? Not enough time.
I was given numerous advice on the utmost importance of mock exam, and how one should work on 5 to 6 sets. I barely went through one. Why? Not enough time.
As you may have read from my previous post, the virtuous cycle began when I finally tackled and mastered the fundamentals in FRA (the 3 statements). From then on, things have been smooth and I was able to knock out various items in the financial statements one by one.
Now, FRA seems to come almost natural to me. It was amazing considering I only spent a week or so of studying. But this has been studying at a stress-free, and therefore planned, efficient and effective way.
Equity was also relatively easy, because I am interested in business valuation. I did pretty well with a >70% in my first Level 1 too. So I should be all set.
Corporate finance is a blend of the two, so I really want to ace it this time.
I figured that FRA/CF/Equity was 50% of the exam, and if I could get 80% of those right, get 80% of the Ethics (which you know will be 10%), and get 50% of the others, then that should earn me a passing score.
Now that I have the time, I aim to use the same FRA study strategy to tackle the rest of the study sessions. And yes, I can’t afford to bomb Econ this time (I won’t!)
How is everybody doing? Hope all is well!
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