June 2020 CFA Study Calendar: Can 7-Month Prep Be Really Not Enough?

CFA exam / Study plans / Level 1 June 2020, 7-month


Sadly, it’s possible.

CFA level 1 exam prep lasting for 7 months can really turn out to be not enough (both for December and June 2020 candidates).

Let me take it step by step to explain why.

Interested in a different study plan? See:

June 2020 8-month CFA Level 1 Study Plan

7-Month CFA Level 1 Exam Prep: Seemingly Sensible Choice

Don’t get me wrong.

Starting your preparation 7 months before your CFA level 1 exam is a good idea. It means you’re taking your exam seriously and you wouldn’t like anything unexpected to spoil your plans.

(Frankly speaking, since I’m a rather careful person myself I think I’d do the same and opt in for a 7-month CFA exam preparation.)

It doesn’t matter whether your attitude is driven by your character or if your strong resolution to start your prep well in advance is a result of your previous CFA exam failures. Either way, your choice is a sound one and all you need to do now is to exercise it well.

However, while a 7-month CFA exam prep certainly opens an opportunity for a successful study time, it is not without its risks. And it is about these risks I want to tell you about because they have the power to lead your sensible plans to ruin.

The first threat has to do with the length of your exam prep and the other is about the way you study.

How Did I Lose All This Time? Impossible…

With 7 months still to go, you need to plan for about 10-15 study hours per week. So, you can study at a relaxed pace and you are not made to give up your social life or neglect your family, which is undoubtedly a great advantage. You can take it slow and still be certain you’ll be able to deal with all the readings in your CFA curriculum.

Be careful though not to lose this time!

7 months seems long. You may get tempted to study irregularly and postpone your study sessions by days or even weeks. Especially after you first manage to study successfully for a couple of weeks, you may find yourself full of excuses to justify your delayed study sessions. So beware of your inner voice telling you: “It’s ok if I put off my today’s study session. There’s still plenty of time before the exam and I’ve already studied a lot. I will surely handle all the study material on time”.

You don’t want to be taken by surprise 3 months before your exam when you realize you haven’t done as much as you planned. It may turn out to be too late with your study hours impossibly piled up. Were you still to think of success, you’d be forced to speed up and impose rigorous discipline.

With so much precious time just gone, your sensible 7-month CFA exam preparation would be a fiasco turning into a 3-month torture.

How Could I Forget It All? …? …?

The other danger is related to the way you study.

While this risk is true for all CFA candidates, regardless of when they take up their exam prep – it can affect you more negatively if you start your preparation now and fail to include this one key element in your study process.

Let me explain.

You are having your 7-month CFA level 1 exam prep. We already said that on average you should get roughly 10-15 study hours scheduled per week. Since you are aware now of how time can be irreversibly lost, I take it you’ll be smart enough and keep to your weekly plan.

You’ll spend all your weekly study hours on going through your CFA curriculum and watching various videos and presentations. After each reading, you’ll also do some practice questions to see if you know how to use all the theory. Since 7 months is indeed a long time, you’ll plan your 2-week holidays meanwhile. You’ll do some readings in advance so that you don't have to catch up too much after you come back.

{ OK here’s this nice skiing holiday, Thailand or whatever trip you’ll take. 2 weeks of doing just nothing , where nothing = all the best things you could probably ever think of :) }

You come back. Batteries recharged. The smile on your face. Do you really strongly believe you’ll go back to your regular study sessions right away? Or will you delay for one more week or so?

But you know what? It doesn’t really matter!

Because the problem is you probably no longer remember too much of what you studied in all the previous months!

It’s the forgetting curve!

Unfortunately, the thing that was missing all this time from your study process was regular review. You did nothing to make sure you can actually learn what you study.

And that’s a mistake…

Only regular review sessions ranging in duration and technique can help you learn what you study:

Learning Curve

Otherwise, without constant reinforcement and practice you’re going to lose it all – the time you put to studying and the effects of your hard work (with or without holidays meanwhile!):

It’s the forgetting curve!

Sensible Choice Only If Sensibly Approached

If you do not take these 2 threats seriously, it may all end up badly for you. I hope you can see it.

Your sensible choice to start your CFA level 1 preparation well in advance is not enough. It needs a sensible approach based on regular weekly study hours and iterative revision.

It doesn’t mean you cannot postpone some of your study hours sometimes or that taking holiday is forbidden when preparing for the CFA exam.

No such thing!

Actually, it’s best if you take some time to rest and relax over such a long prep. February is just a great time to go skiing or visit some exotic countries to reinvigorate yourself. The truth is, however, that the 2 dangers of notorious delay and neglected review are true also for you!.

Moreover, it’s only natural that no two weeks will be the same over your whole CFA exam prep (regardless of its length). Some weeks will be harder at work, some – at home. While it may be a serious problem when you have just 3 months to your exam, it’s not such a big deal with still 7 months to go.

But you need to stay reasonable about it. If you fail to study 10-15 hours for a week or two, catch up as soon as possible. Even better, if you know you’ll be more busy over the next week – try to study more this week to have as few overdue study hours as possible.

In Charge of CFA Level 1 Exam Prep

If you want to stay in full control of your CFA level 1 exam prep, I’d encourage you to set up a CFA study plan you can tailor to your needs. There are 6 things you want to consider for your June 2020 CFA exam prep:

  1. Get your CFA study calendar personalized and divided into CFA readings and study weeks that you’ll be able to edit according to your needs.
  2. As you follow your plan from week to week, you’ll be able to mark your CFA readings as done or partially done to see your progress over the week.
  3. After each week, come back to sum up your weekly tasks. Should you be more busy over some period of time and fail to do some scheduled readings, you’ll see which ones are overdue because they will be marked red.
  4. Also – if you opt for Motivation PLAN – you’ll have your average weekly study hours displayed and reduced as you get concrete readings done (for that simply mark the readings as done).
  5. Should you choose Knowledge Retention PLAN – you'll get not only your CFA readings but also your review sessions properly scheduled (in addition to topic reviews & pre-exam Final Review – which are already included in Free PLAN).
  6. Moreover, you can also schedule some holiday weeks already at registration (regardless of the PLAN you'll take).

CFA Study Calendar For 7-Month Exam Prep

with editable weekly schedules keeping you in charge

& review mode to encourage real learning

START on 4 November

1st Study Block (4 Nov – 17 Dec)

  • Ethics
  • Quantitative Methods
  • Portfolio Management
  • QM+PM Review

2nd Study Block (18 Dec – 9 Feb)

  • Financial Reporting & Analysis
  • Corporate Finance
  • FRA+CF Review
  • QM+PM Review

suggested dates: 10 – 23 February

3rd Study Block (24 Feb – 29 March)

  • Fixed Income
  • Equity Investments
  • FI+EI Review
  • QM+PM+FRA+CF Review

4th Study Block (30 March – 3 May)

  • Derivative Investments
  • Alternative Investments
  • Economics
  • DI+AI+ECO Review
  • Ethics Review

FINAL REVIEW (4 May – 5 June)

END on 5 June

CFA Study Calendar 2020: Deadlines

The table below shows the deadlines for all CFA level 1 topics, including regular topic review sessions and a month of proper revision before your June 2020 exam. Based on these dates, you can set your own deadlines for your CFA level 1 exam prep:

CFA Level 1 Topic Study Calendar: Deadlines
Ethics 11 Nov 2019
Quantitative Methods 27 Nov 2019
Portfolio Management 15 Dec 2019
QM+PM Review 17 Dec 2019
Financial Reporting and Analysis 19 Jan 2020
Corporate Finance 2 Feb 2020
FRA+CF Review 9 Feb 2020
QM+PM Review 9 Feb 2020
*Holidays* 23 Feb 2020
Fixed Income 8 March 2020
Equity Investments 22 March 2020
FI+EI Review 29 March 2020
QM+PM+FRA+CF Review 29 March 2020
Derivative Investments 5 Apr 2020
Alternative Investments 12 Apr 2020
Economics 26 Apr 2020
DI+AI+ECO Review 3 May 2020
Ethics Summary 3 May 2020
Final Review 5 June 2020

NOTE: If you set up your personalized study plan,
the deadlines will get adjusted.

Below you can see both calendar and weekly view of your 7-month CFA level 1 study plan:

Study Plan: Calendar View

Study Plan: Calendar View That’s where you can view all the weeks of your CFA exam prep to see how much you’ve done and how much is still ahead of you.

Also, here you can customize the plan to your needs using the DRAG & DROP feature (the icon) to move the readings around.

Study Plan: Week View

Your Current Week View You will be asked to focus on your current week of studying. Each week you will find some useful practice tools & compact study materials. At the end of the week, your hard work will be evaluated (hit the ‘Sum Up Current Week’ button).

Editor's Note: This post was originally published in May 2018 and has been updated for accuracy and comprehensiveness.

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