Monday, February 25, 2013

Study Plan For CFA Level 1

I have registered for the CFA Level 1 exam scheduled on 7 December and the much anticipated books arrived last week. I was quite astonished as I didn't expect level 1 to have as many as 6 books. On the first few pages of Volume 1, there is a part in the "Designing Your Personal Study Program" section which says:

"Successful candidates report an average of over 300 hours preparing for each exam. Your preparation time will vary based on your education and experience. For each level of the curriculum, there are 18 study sessions, so a good plan is to devote 15 to 20 hours per week, for 18 weeks, to studying the material."

The recommended plan requires me to study 15-20 hours per week, translating to 2-3 hours a day. As I will be working full time during that period, I don't think the recommended study plan stated in the book is feasible. 1.5 hours per day will sound more reasonable. However, by studying just 1.5 hours a day, I will need about 28 weeks in order to clock the recommended 300 hours. This means I have to start preparing for the CFA exam 28 weeks (7 months) in advance, which is at the start of May 2013.

The last paper for my university final exam is at the end of April and I have to start studying for CFA at the start of May. Moreover, I will be starting work full time in June 2013.

2013 is going to be a really hectic year!