How to Prepare for AUG 2023 Level 1 CFA® Exam in 3 Months?
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3-Month Level 1 CFA Exam Study Plan: Intro
This post tells you how to efficiently prepare a 3-month CFA exam study plan. Apart from the study schedule, below you will also find 4 level 1 CFA exam topic categorizations together with some relevant exam preparation hints designed to let you make the most of the upcoming 3 months.
What Kind of Learner Are You?
To equip you with the right mindset for the next 3 months preceding your CFA exam, we begin with a BIG question:
ARE YOU A SUPERHERO?
Very Important: Your aim after reading this post is to accept who you are. Possible choices: natural learner vs supernatural learner:
- I am a supernatural learner possessing intellectual skills worth a superhero.
- I am a natural learner, which means I can acquire any kind of knowledge if I have enough time (as for my CFA exam, I would make do with these 3 months).
YES! There are (only) 3 months left before the exam is due. This implies lots of hard work for natural learners. For supernatural ones, it presumably makes no difference ;).
Have you ever heard a story how someone passed their CFA exam having studied for only [choose the option applicable to the story]:
6 weeks/4 weeks/2 weeks?
We have.
And we know what it is when we hear it. A fairy tale!
It’s surely better to take it that you are not a superhero kind of learner and NEVER BELIEVE SUCH FAIRY TALES! This kind of devil-may-care scenario simply has no happy ending.
If you dream of a happy ending for yourself, take your CFA exam prep (and the exam itself) seriously. Otherwise, you may as well join the 25% of candidates who do not even show up for the exam because they know they did far too little to pass.
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Level 1 CFA Exam Topic Categorizations
To prepare for your level 1 CFA exam, you need to study 10 topics. They can be handled using different techniques. Below, you can find 3 possible level 1 topic categorizations we prepared for you (plus 1 you will be guided how to create on your own).
Level 1 CFA exam topics can be divided using 3 criteria:
- exam weights,
- difficulty,
- efficiency.
When you prepare to take your CFA exam, it's best if you apply a mix of the criteria to rationally plan how long to study each of the topics.
AUG 2023 Level 1 CFA Exam Topic Weights
The graph presents the topic weights for the upcoming AUG 2023 exam, now given in ranges. The most significant topics, i.e. given the highest-weight, are:
- Ethics, with the exam weight even as high as 20% (note that ethical issues are important in the exam also because of the ethics adjustment), and
- Financial Statement Analysis, with the exam weight ranging from 13% to 17%.
Then comes another group of topics with the same moderate weight range between 10% and 12%, namely Fixed Income and Equity Investments.
Economics, Quantitative Methods, and Corporate Issuers closely follow with their weight ranging from 8% to 12%.
The last group is made of 3 topics given less weight. These are Portfolio Management, Derivatives, and Alternative Investments. Each topic weight amounts from 5% to 8%.
Exam preparation hint
Spend more time on the topics with higher weights – the higher the weight, the greater the number of topic questions per exam session.
Level 1 Topics & Their Difficulty
Another criterion used to categorize CFA exam topics is their difficulty. Contrary to the weight criterion, this one is subjective, which means that the classification we propose below may not work for you.
Our division is based on our observations during the courses we provided, as well as the opinions of Soleadea users given mostly through questionnaires.
According to this classification, we distinguish 3 groups of topics: difficult, moderate, and easy. Note that the sequence of topics is very important here: the higher the position, the more difficult the topic.
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How do we define difficulty?
If a topic is said to be difficult, it means that the concepts it covers are considered difficult. It does not have to mean it will take you long to acquire the topic.
Just the opposite, if you easily grasp mathematical concepts but you find it difficult to memorize things and learn them by heart, you may feel that Equity Investments is a greater challenge to you than Fixed Income.
Difficult topics:
- Fixed Income (FI),
- Financial Statement Analysis (FSA),
- Derivatives (DER) – a positive thing about Derivatives is that although its concepts are difficult, level 1 exam questions often prove easier.
Moderate topics:
- Ethics,
- Economics (ECO),
- Quantitative Methods (QM).
Easy topics:
- Portfolio Management (PM),
- Corporate Issuers (CI),
- Alternative Investments (AI),
- Equity Investments (EI).
Based on topics difficulty, we proposed what we call Soleadea Topic Sequence, where we mix moderate, difficult, and easy topics plus – when possible – put topics thematically into pairs, namely QM, PM, FSA, CI, FI, EI, DER, AI, ECO, Ethics.
So, first comes moderate QM, then easy PM. FSA being difficult is matched thematically with easy CI, and so is difficult FI and easy EI. Last but not least, there is difficult but short DER followed by easy, bite-sized AI, and moderate ECO. As far as Ethics go – you can do it either at the beginning or at the end of your prep. You can go for the Soleadea Topic Sequence when you set up your CFA exam study plan or you can quickly DRAG&DROP topics in your study plan options to get your desired topic order.
Exam preparation hint
If you happen to REALLY struggle with something while studying, be careful not to lose too much time on it. Instead, consider leaving it out (at least for the time being) in favor of other concepts & problems. Go back to it when you feel you can afford it.
Efficiency of Level 1 CFA Exam Topics
The last classification we are going to present is about the efficiency of the topics.
Efficiency is understood as an average number of exam questions for a given topic per 100 pages of the CFA Program Curriculum and it is calculated using the following equation:
\(\text{E}=\frac{\text{W}\times\text{180 questions}}{\text{N}}\times\text{100 pages}\)
Where:
- E – topic efficiency,
- W – topic weight,
- N – no. of pages on a topic in the CFA Program Curriculum.
For example, if the efficiency for Ethics is 9.2, it means that in the exam you will find about 9 questions per every 100 pages on Ethics in the Curriculum.
Exam preparation hint
If during your exam preparation you feel that you have to give up on certain topics, make sure that Portfolio Management and Economics are the first to drop out. Do not give up on other topics too easily! (Also, remember to catch up before your level 2 exam...)
Your CFA Exam Topics Classification
The last division is yours to decide.
For example, you should consider your previous knowledge of topics. If you took your finance course at university or you work in finance, you will definitely know some topics better than the others.
You must take this into account while arranging your 3-month study plan. Because every candidate has different knowledge background and, thus, different study needs. While exam weights or topic efficiency are objective criteria, there is a number of subjective factors such as topic difficulty or fluency that are equally crucial when you plan your CFA exam preparation. We know this and that's why we enable our users to easily customize their study plans by choosing the topic sequence or using the DRAG&DROP feature to quickly move CFA exam readings across study weeks (go to the PLAN view of your study schedule).
Exam preparation hint
When planning your CFA exam prep, take into consideration what you already know.
LEVEL 1 CURRICULUM = over 3000 pages
Are You a Superhero?
If NOT get down to work now using our CFA Exam Study Planner.
YES? Quit the CFA exam & save the world like superheroes do .
3-Month Level 1 CFA Exam Study Plan
If you plan to start your CFA exam prep as of 15 May, you will get a study schedule exactly like the one below. Of course, unless you choose to personalize it... and personalize you should! By all means, we recommend you to choose topic difficulty or tick off the already-studied readings. 'Cos a personalized study plan is what you need! Let the one below be a sample 3-month schedule then...
START on 15 MAY 2023
1st Study Block (15/May – 31/May)
- Quantitative Methods
- Portfolio Management
- QM+PM Review
2nd Study Block (1/June – 22/June)
- Financial Statement Analysis
- Corporate Issuers
- FSA+CI Review
- QM+PM Review
3rd Study Block (23/June – 7/July)
- Fixed Income
- Equity Investments
- FI+EI Review
- QM+PM+FSA+CI Review
4th Study Block (8/July – 16/July)
- Derivatives
- Alternative Investments
- DER+AI Review
- QM+PM+FSA+CI+FI+EI Review
5th Study Block (17/July – 30/July)
- Economics
- Ethics
- ECO+ETH Review
FINAL REVIEW: 31 July – 21 Aug 2023
END on 21 AUG 2023
The AUG 2023 level 1 exam window lasts from 22 to 28 August 2023. So, you can have from 3 to 4 weeks of – what we call – Final Review. Basically that's when you should do as many mock exams as possible!
3-Month Level 1 CFA Exam Study Plan Timetabled
Level 1 CFA Exam Topics | AUG 2023 Study Deadlines |
---|---|
Quantitative Methods | 22 May 2023 |
Portfolio Management | 30 May 2023 |
QM+PM Review | 31 May 2023 |
Financial Statement Analysis* | 13 June 2023 |
Corporate Issuers* | 20 June 2023 |
FSA+CI Review | 22 June 2023 |
QM+PM Review | 22 June 2023 |
Fixed Income | 29 June 2023 |
Equity Investments | 4 July 2023 |
FI+EI Review | 7 July 2023 |
QM+PM+FSA+CI Review | 7 July 2023 |
Derivatives | 11 July 2023 |
Alternative Investments | 13 July 2023 |
DER+AI Review | 16 July 2023 |
QM+PM+FSA+CI+FI+EI Review | 16 July 2023 |
Economics | 23 July 2023 |
Ethics | 29 July 2023 |
ECO+ETH Review | 30 July 2023 |
Final Review | 21 Aug 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.
NOTE:
If you set up your personalized study plan,
the deadlines will get adjusted.
7-Point Summary
Let us recapitulate the key things you need to remember after reading this post:
- There are 3 months left no time to lose before the exam.
- You should spend more time on the topics with higher weights in the exam – the higher the weight, the greater the number of topic questions per exam session.
- If you happen to REALLY struggle with something while studying, be careful not to lose too much time on it. Instead, consider leaving it out (at least for the time being) in favor of other concepts & problems. Go back to it when you feel you can afford it.
- If during your exam preparation you feel that you have to give up on certain topics, make sure that Portfolio Management and Economics are the first to drop out (see efficiency). Do not give up on other topics too easily! (Also, remember to catch up before your level 2 exam...)
- When planning your CFA exam prep, take into consideration what you already know.
- Soleadea offers a CFA Exam Study Planner, which allows you to organize your personalized CFA exam preparation successfully.
- Not everyone can be a superhero ;).
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.

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Last Update: Apr 5, 2023
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Thank you for this!