After reading this post, you’ll learn:
- why the level 1 exam passing rate is so low,
- how much time you need to prepare yourself for the exam,
- what is strategic vs tactical study planning,
- how a good level 1 CFA exam study plan should look like.
Looking for a specific study schedule?
Choose your 2023 CFA Exam Study Plan:
Looking for a specific study schedule? Chooseyour 2023 CFA Exam Study Plan:
- 8-month L1 Study Plan
- 7-month L1 Study Plan
- 6-month L1 Study Plan
- 5-month L1 Study Plan
- 5-month L2 Study Plan
- 4.5-month L1 Study+Review Plan
- 4-month L1 Study Plan
- 4-month L2 Study Plan
- 3-month L1 Study Plan
- 2-month L1 Study Plan
MAY 2023 level 1 CFA exam takes place from 16 to 22 May. You can register until 31 Jan (also see here) and you should schedule your exam before 15 Feb 2023.
As soon as you decide you're gonna take your CFA exam in May, you'll probably be looking for some extra study materials to match your Curriculum and to get ready for the hardships of your study time. Our new CFA Exam Study Planner 4.0 with study lessons and various study resources inside can definitely be of great help to you here:
Before you get down to work, however, stop for a while and ask yourself one fundamental question, which is: “How do I overcome the low level 1 passing rate?”. It used to be around 43% but now it's below 40% and in 2021 it was even lower, down to ca. 20-25%. To be very specific, we should also add here that this low passing rate is a real value calculated for those who actually took the exam (i.e. it excludes no-shows usually accounting for as much as 20-25% of all registered candidates).
Why Is the Passing Rate for Level 1 CFA Exam So Low?
Possible causes of the low CFA exam level 1 passing rate can be many. Difficult financial concepts, some complicated or tricky exam questions, limited time you can approximately spend on one exam question, the minimum passing score set at a high level, or even the advanced English (being often an obstacle to non-natives).
Undoubtedly, all these count but the real culprit here may be still at large.
Level 1 CFA Exam Study Plan & Bulky CFA Program Curriculum
So far, we failed to mention the voluminous study material that every level 1 candidate has to go through.
Just have a look at your CFA Program Curriculum. This is 6 books, hundreds of pages each. To read it all from cover to cover – and don't even mention understanding what you’ve read – you need a lot of time. To make good use of your study time, you need it to be organized into a study plan. And remember: a successful level 1 study plan should both respond to your needs and keep you on your toes!
But one more word about study content. I would call level 1 exam conceptual ‘cos it verifies your general knowledge and understanding of finance. It may be a good idea to focus on particular concepts required in the exam and to make sure you get them right. To reach this goal, you may consider taking advantage of numerous study materials available online that will naturally facilitate your uptake of the obligatory dose of knowledge.
Studying For the CFA Exam – How Much Time Do I Need?
It is said that an average candidate needs around 300 hours to get well prepared for the level 1 CFA exam. Of course, it is a mean value and it need not apply to you. From my own observation, I can tell that some candidates will be fine with only 150 hours of preparation (which is extremely rare), but there will be those who will need to spend even 600 hours before they pass their exam.
For example, if you work in finance, you studied finance at university and you like to test yourself, you will probably find 300 hours just enough. If, however, you define yourself as a finance greenhorn, you barely fancy poring over the books or you wish to change your field of specialization (of which taking the CFA exam is only a step), you should allow for more than 300 hours of preparation.
It is very important for you to be able to estimate the number of hours you’re going to need for your exam prep. This estimation would allow you to see what’s the average time per month, week and day you should spend studying.
This is where our study planner comes in handy. If you set up your personalized level 1 study plan in April, you'll get around 300 study hours divided into roughly 4 months. This time is arranged so as to factor in all 10 topics and a proper revision before your exam. You'll be given the average study time per week plus an estimated time for every reading (module). With this knowledge, it is easier to see how much time you need to study daily, weekly, and even monthly.
My advice is that you treat these estimations as a benchmark to lead you through your exam prep but also allow for some extra hours in excess of your staple preparation time. What I mean is that I haven’t met a person who would say they are fully prepared for the exam or that the exam is just in time for them.
What Is Strategic Study Planning?
How About My Tactics?
When preparing for the CFA exam, you have to tackle the issue both holistically and atomistically. What it means is that, on the one hand, you need to establish how much time overall you’re going to devote to different topics, mock exams, revision, etc. and when. On the other hand, you should be able to systematically adapt your schedule and make plans for shorter periods, usually for the upcoming week. The former, I call general planning strategy and the later – detailed tactics.
Below, you will find a hint at how to handle strategic study planning (in the form of 4-month level 1 study plan). As for tactical planning, you'll be in better control of your every study week if you opt for your own personalized study plan using our study planner app:
Before we move on to a sample 4-month level 1 CFA exam study plan, there is one more piece of advice:
Have a look at the concepts of forgetting curve and learning curve – they may actually give you some idea about what your CFA exam prep should look like in order to be fully successful.
How a Good Level 1 CFA Exam Study Plan Should Look Like?
We begin our sample 4-month level 1 CFA exam study plan on 16 Jan 2023 and end it on 15 May 2023. The last 3-4 weeks are devoted to Final Revision, when you should try to do as many mock exams as possible.
The study plan is divided into topics (5 Study Blocks) and I believe that the sequence is just optimal (though you can easily change it if you wish). More challenging topics are coupled with more easy ones allowing you to take a sort of break meanwhile. Also, where possible, topics are coupled based on the similarity of concepts. The time scheduled for each topic depends on its difficulty, the number of pages in the Curriculum, and the number of questions devoted to the topic on the exam (for possible number of level 1 questions, go here >>):
START on 16 JAN 2023
1st Study Block (16/Jan – 5/Feb)
- Quantitative Methods
- Portfolio Management
- QM+PM Review
2nd Study Block (6/Feb – 5/March)
- Financial Statement Analysis*
- Corporate Issuers*
- FSA+CI Review
- QM+PM Review
3rd Study Block (6/March – 25/March)
- Fixed Income
- Equity Investments
- FI+EI Review
- QM+PM+FSA+CI Review
4th Study Block (26/March – 5/Apr)
- Alternative Investments
- DER+AI Review
- QM+PM+FSA+CI+FI+EI Review
5th Study Block (6/Apr – 23/Apr)
- ECO+ETH Review
FINAL REVIEW:24 Apr – 15 May 2023
END on 15 MAY 2023
Level 1 CFA Exam Study Schedule in 4 Months
|Level 1 Topics||MAY 2023 Exam Deadlines|
|Quantitative Methods||25 Jan 2023|
|Portfolio Management||4 Feb 2023|
|QM+PM Review||5 Feb 2023|
|Financial Statement Analysis*||22 Feb 2023|
|Corporate Issuers*||3 March 2023|
|FSA+CI Review||5 March 2023|
|QM+PM Review||5 March 2023|
|Fixed Income||13 March 2023|
|Equity Investments||21 March 2023|
|FI+EI Review||25 March 2023|
|QM+PM+FSA+CI Review||25 March 2023|
|Derivatives||29 March 2023|
|Alternative Investments||1 Apr 2023|
|DER+AI Review||5 Apr 2023|
|QM+PM+FSA+CI+FI+EI Review||5 Apr 2023|
|Economics||14 Apr 2023|
|Ethics||22 Apr 2023|
|ECO+ETH Review||23 Apr 2023|
|Final Review||15 May 2023|
* Before 2022, CFA Program curriculum referred to Financial Statement Analysis as Financial Reporting and Analysis (FRA for short) and to Corporate Issuers as Corporate Finance.
If you set up your personalized study plan,
the deadlines will get adjusted.
Here’s a sample level 1 CFA exam study schedule as displayed in our new Study Planner 4.0:
FIND your Study Plan in the PLAN tab View all the weeks of your CFA exam prep, see how much you’ve done and how much is still ahead of you, as well as customize your schedule using your Study Plan personalization options and the DRAG & DROP for both topics and study weeks.
CFA Exam Study Planner: STUDY View You will be asked to focus on your current week of studying. You will know what to study (left-hand menu) and how much to study (benchmark study times). Here, you'll also find your study lessons, including videos, tests, PDFs, etc. At the end of the week, your hard work will be evaluated (hit the SUM UP button).
CFA Exam Study Planner: PROGRESS View You will be able to see your progress by topics and weeks. Each week your Chance to Pass score will go up or down.
CFA Exam Study Planner: REVIEW View To learn, you must review. Use the special view of your Study Planner to review your study lessons, rewatch videos, revise formulas, etc.
About the Author:
Bart Mankowski has been helping candidates from around the world to pass their CFA exams for 10 years now. He’s the initiator of Soleadea and its CEO. His ideal job is to find solutions to problems and potentials for innovation. That is why Soleadea and its unique CFA Exam Study Planner are being improved all the time ;).
Editor's Note: This post was originally published in December 2012 and has been regularly updated for accuracy and comprehensiveness ever since.
Last Update: Nov 18, 2022