CFA® Exam Review for MAY 2024 Level 1 Candidates

CFA® Exam Review for NOV 2023 Level 1 Candidates

Updated: Feb 28, 2024

How to Review for CFA Exam?

How to review for the level 1 CFA exam? Best if you review regularly! However, the most popular review time is a month or two before the exam. All CFA candidates revise the study content just before the exam after they have read it at least once, regardless of whether they reviewed it regularly during their prep or not.

We advocate the regular-review approach, which has been implemented into our CFA Exam Study Planner. The reason is simple – regular revision during your level 1 CFA exam prep is what makes the difference. If you review weekly or even daily, you study more effectively because you gradually move the knowledge from your short-span to your long-span memory. You can read about how to learn effectively for the CFA exam (while adopting the growth mindset to your prep) on our blog.

So, when you review for your level 1 CFA exam, review:

after each week of your prep (or even daily),
after each CFA exam topic (there are 10 level 1 topics), and
before your CFA exam in the form of the Final Review (that should last from 5 to 2 weeks depending on when you start preparing for your CFA exam).

When you set up your study plan, you will find special review sessions scheduled alongside your study lessons on a daily and weekly basis but also after the topics and as your Final Review.

Create Study Plan See How to Review Create Study Plan to Review

This site has been designed to help you out both during your regular revision and in your pre-exam (final) review. You will find lots of useful and concise study materials in the form of blog posts, notes, presentations, etc. Also, there’s information about the CFA exam structure and some advice from other CFA exam-takers.

9 Tips for CFA Exam Review

9 things to do when reviewing for your CFA exam:

READ NOTES, either self-made or ready-made notes.
DO PRACTICE QUESTIONS, best of the exam-type format.
DO MOCK EXAMS to get familiar with the CFA exam structure and rehearse.
USE YOUR CALCULATOR for computations to get into the habit.
PRACTICE FORMULAS, e.g., using flashcards.
REPEAT DEFINITIONS to understand the concepts.
READ THE BULLETED SUMMARIES at the end of the readings in your CFA exam curriculum.
DO END-of-READING QUESTIONS in your CFA exam curriculum.
GO THROUGH THE EXAMPLES, exhibits, tables, and figures in your CFA exam curriculum once again.

3 Categories of CFA Exam Questions

The level 1 CFA exam test has 2 exam sessions (135 minutes each) with 90 multiple-choice questions per session. We distinguish 3 types of CFA exam questions:

Theory Qs
ca. 20%
of all exam questions

Either you know the answer or you don’t – there are no chances you can reason it out.

Success contributors: efficient studying, regular revision, good memory, finance background

Computing Qs
ca. 35%
of all exam questions

These are questions mainly based on numbers and calculations.

Success contributors: knowledge of formulas, efficient use of a calculator, good math skills

Reasoning Qs *
as many as 45%
of all exam questions

Use relevant data plus apply different theories, compare concepts or connect facts.

Success contributors: knowing and understanding relations between variables, logical thinking

* Additionally, there are Ethics questions, which are usually grouped in the Reasoning Qs category, though at times they may be also purely theoretical. KEY success contributor: being a moral person is not enough – practicing Ethics cases is crucial here.

You can find lots of Ethics cases and different practice questions applying the level 1 CFA exam format in our question bank and level 1 mocks. Also, find to-the-point videos and concise e-book notes inside your study lessons, as well as the Formulas APP in the review section of your study planner .

Create Study Plan See How to Review Create Study Plan to Review

More useful information and review blog posts below .