How to Study for the CFA Level I Exam in 6 Months

Starting your Level I CFA® exam prep early will give you enough time to develop an effective study plan and find enough time to study regardless of your situation. In this guide, we will share some of our insights with you on the study practices that can give you the best chance for success on the Level I exam.

Key Takeaways

1. You need to start early and be consistent by putting in the time and effort each week.

2. Once you create your plan, you need to be disciplined and stick to your schedule.

3. You need to cover all of the material in the curriculum as all learning outcome statements are fair game.

4. You should follow the three key stages of learning: Prepare, Practice, and Perform

Table of Contents

• Topics and Weights

• 6-Month Study Guide

• CFA Level I Exam Quiz

• Study Progress Tracker

• Study Planner Calendar

• Tips For Studying With a Job

• CFA Study Techniques

• Pros and Cons of Different CFA Study Methods

• Study Guide Essentials

Understand CFA Level I Topics and Weights

As you begin to prepare for the Level I exam, you should familiarize yourself with the topics and associated weights for each area. Keeping these weights in mind when developing your study plan may help you prioritize and move on, especially when feeling overwhelmed or stuck on a particular topic.

Assess your baseline knowledge of the Level I CFA Program curriculum with a free CFA diagnostic exam

CFA 6-Month Study Guide: Month 1

As we have told our candidates for many years, “There are NO shortcuts.” With that said, where should you start? The key is having a plan. Before you pick up a book or practice a few questions, you need to develop a personalized study plan.

For the majority of candidates, we recommend a 6-month study plan. This would break down to about 12 hours per week or two hours per day for 6 days per week. Skipping one day each week would allow you to relax and prepare for the next week’s activities.

We understand that each candidate starts the program with a different knowledge base. This study plan assumes that you are new to the syllabus and will need to dedicate ample time across each topic area. However, some candidates may be able to reduce their study time in one or more topic areas depending on their expertise.

For example, a candidate with a strong accounting background may be able to shorten the amount of time dedicated to Financial Statement Analysis. Simply use the sample calendar below as a guide and feel free to make adjustments to suit your individual situation.

What Should You Focus on During the First Month of CFA Prep?

We recommend following the Prepare > Practice > Perform® method of studying. First, you should consider spending about 50% of your time preparing for the exam. This would include reading, watching video and studying the curriculum to gain technical knowledge. You should read the content in order as future topics build on previous topics. In other words, avoid skipping certain topics in the syllabus when beginning your studies.

Next, you should devote about 50% of your time practicing by taking multiple choice questions. Make sure to review each rationale, even for those questions you answered correctly. Pay careful attention to those questions that you guessed or answered incorrectly. You may wish to go back and review your curriculum to clarify those topics that you are finding more challenging.

At this point in your studies, you will not need to devote any time to performing. For the CFA program, we define performing as simulating exam conditions to assess your level of readiness. This would encompass taking multiple mock exams, but you should not start taking these until about the fourth month into your study plan.

[ RELATED: Free Core CFA Study Tools ]

Month 1 Sample Calendar

CFA Level I Exam Quiz

Answer these five questions to test your readiness for the Level I Exam.

CFA 6-Month Study Guide: Months 2-4

As you enter the second month, keep in mind the Prepare > Practice > Perform® method of studying. Over the course of the next three months, you should continue spending about 50% of your time preparing for the exam. This would include completing all of the readings in the curriculum.

Also, you should keep practicing about 50% of the time by taking a significant amount of multiple choice questions across various topics including those you have already completed. Constructing tests that cover all of the topics you have previously reviewed is critical in preventing your knowledge from fading over time. As always, review each rationale, especially for those questions that you guessed or answered incorrectly.

By the end of the fourth month, you should take your first Mock Exam. As you see, this is the time to incorporate the perform stage into your study plan. Treat this first mock exam as an assessment. Don’t worry too much about your score at this point in your studies. Focus your attention on what topics you find most difficult (e.g., deferred taxes) and go back and briefly review your syllabus for clarification, but more importantly, take additional multiple choice questions.

[ RELATED: CFA Mock Exams ]

Can I Take a CFA Level I Mock Exam In-Person?

Yes, through Kaplan Schweser you can visit a Prometric exam center near you and take a practice test just like you will on exam day. Your in-person mock exam appointment can be scheduled for any day; there are no predetermined dates for “Mock Exam Windows”.

What To Do If You’re Falling Behind

Don’t worry, just add a few more hours per week to your study plan over the next few months. At this point, you should be able to make up the time. Remember the commitment. Nobody said this would be easy.

Months 2-4 Sample Calendar

CFA Study Guide: Months 5-6

You are entering the home stretch. With only two months left before your exam, you should assess where you are in your studies. At a minimum, you should have:

• finished reading the entire Level I curriculum,

• completed and reviewed multiple choice questions covering all topics, and

• completed and reviewed your first mock exam.

If you have not completed these tasks, they should be your top priority. Also, you are probably asking yourself what are some of the best strategies you can use to wrap up your preparation for exam day.

First and foremost, relax and do not try to cram too much into your memory. Yes, you need to stay laser-focused, but you also need to take time for yourself. Put down the books, turn off the computer, and go for a well-deserved walk. Now that you are rejuvenated, recall our Prepare > Practice > Perform® study method. We highly stress that you should be primarily focusing on practice and perform. We recommend you dedicate upwards of 90% of your study time getting ready for the exam experience. This means doing as many practice questions as possible and completing the remaining mock exams.

You should complete one mock exam every two to three weeks, but save one for about one week before your exam date. Once again, pay careful attention to those questions that you missed or guessed incorrectly. However, rereading the syllabus should not encompass more than about 10% of your study time and should be directed by knowledge gaps identified from question practice.

[ RELATED: CFA Mock Exams ]

Months 5-6 Sample Calendar

How To Know When You’re Ready To Take The CFA Exam

A good measure by which to judge if you are ready to take the CFA exam is by paying attention to mock practice exam results. If you are able to consistently score above 70% on each curriculum topic when taking a CFA mock practice exam, then we would suggest that you are ready for the exam regardless of how many hours you spent preparing.

Latest CFA Exam Dates »

CFA 6-Month Study Guide: Final Week

We recommend you go back and take a look at Ethical and Professional Standards and Financial Statement Analysis as these two topics comprise about one-third of the Level I exam. Pick up the Standards of Practice Handbook and skim through each standard, corresponding guidance, recommended procedures for compliance, and application of the standard.

This activity is especially important on the day before your exam. Along with these two topics, you should go back and briefly review any others that are giving you trouble. Also, you can review terminology, if needed. For example, the Economics topic has many memorizable terms that could help you grab a few points on the exam.

Lastly, try to get a good night's sleep the night before the exam. Wake up refreshed, eat a sensible breakfast, and head off to the testing center.

[ RELATED: CFA Program Review Workshops ]

Final Week Sample Calendar

CFA Level I Study Progress Tracker

Keep track of your progress by downloading our free 6-Month Level I CFA study progress tracker that can be customized to fit your needs.

CFA Level I Exam Study Planner Calendar

Get a downloadable calendar file for the Level I May 2025 exam window of the CFA Program. This calendar can be added to common calendars like iCal, Google Calendar, and Outlook and should be customized to fit your needs. It comes with important dates, reminders, and details for studying each curriculum topic.

While our free calendar is a useful resource, we recommend that students utilizing any of our Level I study packages prioritize the use of their Activity Feed to effectively guide and pace their studies. Our Activity Feed is much more granular and will be tailored to your specific needs.

[ RELATED: CFA Candidate Guide ]

Can You Study for the CFA Level I Exam in 1, 2, or 3 Months?

No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.

Studying for 6 months is the industry standard and is actually why CFA Institute implemented the requirement that candidates cannot sit for an exam within 6 months of a previous attempt. CFA candidates can certainly try to study in less time, but the best way to prepare for the Level I exam comes down to giving yourself ample time to study.

Study Tips for CFA Level I with a Job

Obviously, one of the biggest challenges when preparing for the CFA Level I exam is the time commitment. This becomes an even bigger issue when trying to balance your job demands and your study time. Here are some tips that can help you overcome the stress of studying for the exam.

Manage Your Time

If you start studying 6 months before your exam, you will need to study about 12 hours per week. However, as time passes and your initial enthusiasm starts to wane, you could be in danger of falling behind. Then, when you factor in your family life, social life, and your job pressures, you can see why candidates can struggle with the time commitment.

Stay Motivated

Studying for the CFA Level I exam is a long process and candidates may find it difficult to stay motivated when they do not have a clear picture of their progress. If you let your studies drift, the backlog of material to cover soon increases, and the number of study hours per week starts to climb. This could make studying too much of a burden.

Be Efficient

You must cover all areas of the curriculum, however, you must factor in your strengths, your weaknesses, and exam weights when developing your study plan. Given the breadth of the material, you must develop a study plan that maximizes your time. One fatal error is attempting to reproduce the syllabus into your own notes. That exercise is a massive misuse of time and could cause you to skip practicing multiple choice questions and/or mock exams.

Practice Concepts

Even if you have the technical knowledge, you still need to practice a significant amount of multiple choice questions in order to apply your knowledge to exam-based questions. The more you can practice, the stronger you will become in applying your knowledge. Answering questions incorrectly outside of the testing center, and identifying why you answered them wrong, may help prevent you from making the same mistakes on exam day.

Remember To Finish Your Practical Skill Modules

Practical Skill Modules (PSMs) need to be completed to receive exam results. They can be found in CFAI's Learning Ecosystem and should be finished before your exam results date.

If you do not complete a PSM by the time results are released, your exam result will be voided, and you will not be provided with a pass or fail result. To continue your journey in the CFA Program, you will be required to retest at the same exam level.

CFA Program Practical Skills Modules Guide >>

CFA Exam Study Techniques That Work

Below are five expert tips and techniques for studying for the CFA exam.

Study Technique 1: Practice Testing

The fact that taking practice tests improves recall and retention, compared to simply restudying the material, has been documented for decades. The current thinking is that completing practice questions improves learning and retention because this activity creates information linkages that facilitate later recall; it is also believed that this practice helps students to better mentally organize the material. Repeated practice tests continue to increase learning and retention, especially when practice tests are spread out over time.

Study Technique 2: Scheduling Practice Sessions Further Apart

When practice sessions are further apart in time (by as little as one day), performance on a test 30 days after study sessions conclude are significantly better. Although candidates forget more from their previous practice session between sessions with longer intervening intervals, improvement in final performance is actually better when the interval between practice sessions is extended to 30 days.

Study Technique 3: Asking Why

When studying, asking why a particular fact is true and then developing the answer has proven to be moderately effective. This technique has been shown to increase scores on tests of factual material, for example.

Study Technique 4: Summarizing

Writing or speaking (to someone) a summary of what has been studied did not raise test scores in classroom research. There is a consistent finding that students who write better summaries do better on tests, but perhaps students who don’t understand and learn the material well just write poor summaries.

Study Technique 5: Rereading

Rereading is a very popular study technique. While there is evidence that it can improve test results, especially on memory-based tests and for the broad ideas of a text (rather than details), it is relatively less effective than other techniques that take the same amount of time.

This refers to the technique of mentally imagining the content of text paragraphs using simple, clear mental images. This technique has been shown to improve test scores on memory-based tests.

Final CFA Exam Study Technique Tips

In conclusion, study in shorter sessions over a longer period of time. Complete more CFA practice questions and space those question sessions over time. Add topics to your practice questions as you move through the material. As you study, ask why and provide yourself with explanations of why things are true or why relationships must hold, linking new topics to your previous knowledge for better recall and retention. These are proven methods that will work.

Pros and Cons of Different CFA Study Methods

While there are several different ways to study for the CFA exam, it's important to choose a path that is "tried and true". Otherwise, it'll probably end up costing you more time & money in the long run (registration fees and prep materials for retakes). The old adage of "You get what you pay for" is true in most cases, and CFA exam prep is no different.

Below we try to help you figure out which CFA study methods might work best for you and some issues to look out for when studying on your own or piecing together a study package from various prep providers.

CFA Study Method 1: Using Only- CFA Institute (CFAI) Materials

Pros:

• Cost Savings: Study materials (Official CFAI curriculum available only in the CFAI Learning Ecosystem, a Study Planner, Practice Questions, and 2 Mock Exams are included when you register for a CFA exam.

• Comprehensive Coverage: All candidates receive a copy of the entire CFA Curriculum, which covers all concepts covered on the exam.

• Free Practice Exam: Study materials include an official mock exam for practice.

Cons:

• Lack of Focus: Study materials may include more information than what’s included in the actual exam.

• Length: Some candidates may find the curriculum to be overwhelmingly long and detailed.

• Engagement: Study materials may lack interactive elements or varied formats to keep you engaged. For example, exam registration only includes the curriculum available in CFAI's Learning Ecosystem. Printed books or PDFs are available but for an additional fee

• No Instructor Support: CFA subject matter experts are not available to answer content questions and help candidates with study plans.

CFA Study Method 2: Attending Live Classes

Pros:

• Structured Learning: Live classes provide structure with predetermined study times and classes.

• Real-time Interaction: Live classes allow for real-time interaction with instructors and candidates via live video or in person.

• Peer Support: Live classes offer students the opportunity to be a part of a cohort of candidates who study for the same exam and attend the same classes together.

Cons:

• Lack of Flexibility: Live classes don't provide the flexibility or convenience of OnDemand or pre recorded classes.

• Insufficient Alone: Live classes are not enough to fully prepare for and pass the exam; additional resources like practice questions, mock exams, and review materials are needed.

CFA Study Method 3: Using a QBank to Personalize Question Difficulty/Topics

Pros:

• Essential Practice: QBanks, i.e., practice questions, are a fundamental part of any candidate's study plan.

• Concept Reinforcement: Practice questions are excellent for practicing concepts learned through other instructional materials like OnDemand videos and live classes.

• Personalization: QBanks typically allow for personalization of question difficulty and topics to focus on areas of need.

Cons:

• Insufficient Alone: QBanks are not enough on their own to prepare for and pass the exam. Additional resources such as instructor guidance, mock exams, and review materials are still needed to be fully equipped.

CFA Study Method 4: Watching OnDemand Classes

Pros:

• CFA Expert Instruction: OnDemand classes provide expert-led instruction.

• Flexibility: OnDemand classes offer the convenience and flexibility of on-demand videos which can be utilized according to the candidate’s schedule and reviewed as needed.

Cons:

• Preference for Structure: Some candidates may prefer the structure and cadence of live classes.

• Insufficient Alone: OnDemand classes alone aren't enough to fully prepare for the exam; additional resources such as practice questions, mock exams, and review materials are needed.

CFA Study Method 5: Doing a Final Review

Pros:

• Comprehensive Review: Final reviews allow candidates to review concepts learned throughout their study time.

• Reinforcement: Final reviews help reinforce areas of weakness and identify where more preparation is needed before exam day.

• Exam Strategies: Final reviews provide tips and strategies for managing the time constraints of the real exam.

Cons:

• Additional Resources Needed: While most providers and CFAI offer one mock exam, taking additional mock exams is recommended as well as using more review materials (e.g., review workshops or seminars).

• Time Constraints: Candidates who start their prep late may not have time for a thorough final review.

CFA Study Method 6: Studying on Your Own

Pros:

• Preference for Independence: Ideal for candidates who prefer to study independently and without guidance from any instructors, especially those with prior expertise or knowledge of CFA concepts.

• Cost Savings: Potential for cost savings by not purchasing class options, though many providers bundle classes with self-study materials and tools.

Cons:

• CFA Expert Guidance: "You don't know what you don't know" – lack of guidance from CFA experts may leave gaps in your understanding of the curriculum.

• High Retake Costs: The high cost of retaking the exam means it can be more cost-effective to invest in comprehensive resources upfront to increase the chances of passing on the first attempt.

• Pass Protection: Many providers offer some form of pass protection, providing added assurance and potential cost savings in case of failure.

CFA Study Method 7: Learning with 3rd Party Prep Providers

Pros:

• Established Reputation: Choosing a reputable 3rd party prep provider can be highly rewarding, especially if they have a track record of helping candidates succeed.

• Translation of Curriculum: Providers translate the CFA curriculum into digestible, intuitive formats which are exam-focused, making it easier for candidates to learn and pass.

• Recommended Supplement: Using a third-party provider in addition to CFAI-provided materials is highly recommended for comprehensive preparation.

Cons:

• Taking a Chance: Choosing a provider without an established reputation can be risky, potentially leading to wasted time and money.

• Quality Assurance: There's a chance of choosing a provider with subpar materials, so it's important to select one with a proven track record of success.

CFA Study Method 8: Using Flashcards to Review CFA Learning Outcome Statements

Pros:

• On-the-Go Practice: Flashcards provide a convenient way to practice questions and concepts anytime, anywhere.

• Conventional Method: Flashcards are a familiar and widely used study tool for many candidates.

Cons:

• Additional Review Materials Recommended: While flashcards are helpful, additional review materials such as mock exams and workshops are recommended for comprehensive preparation.

• Time Constraints: Some candidates may not have time for a proper final review/revision stage, especially if they started their prep late.

CFA Study Method 9: Using Various CFA Prep Providers' Tools to Create Your Own Study Plan

Pros:

• Preference Flexibility: Allows candidates to choose specific tools from different providers based on personal preferences.

• Customization: Enables the creation of a highly customized and personalized study plan tailored to individual learning styles and needs.

Cons:

• Decreased Efficiency: Prep providers design materials to work together so piecing together products from multiple sources will mean a loss of efficiency for the candidate. 

• Loss of Pass Protection: Purchasing individual tools may result in losing out on pass protection offers typically included with bundled packages.

• Higher Cost: Individual tool purchases across providers can be more expensive compared to bundled packages, which often offer steep discounts.

• Lack of Progress Tracking: Without a singular study package, automated progress tracking across tools and classes may not be available, leading to a lack of comprehensive progress monitoring.

CFA Level I Study Guide Essentials

These comprehensive exam prep materials include some of our most popular free CFA Level I resources to help prepare you for the CFA exam.

CFA Level I QBank

Kaplan Schweser’s Level I QBank provides you with thousands of multiple choice practice questions that reflect the actual exam so you don’t get surprised or overwhelmed on exam day.

CFA Level I Notes

Kaplan SchweserNotes™ contains 5 volumes of bite-sized segments and examples that help you break down the CFA Program curriculum and learn every Learning Outcome Statement plus questions to check your understanding. Also included is our SchweserNotes™ Module Videos which provide 40+ hours of recorded videos to reinforce your understanding of the material. If you are an auditory learner, consider adding Level I SchweserNotes™ Audio to your CFA prep materials.

CFA Level I OnDemand Classes

Learn from expert instructors on your own schedule with in-depth video lectures covering every topic in the Level I CFA® Program curriculum.

CFA Level I Exam Flashcards

Kaplan Schweser Level I flashcards help you memorize CFA exam-specific content so you can study with confidence.

Free CFA Flashcards >>

CFA Level I Mock Exams

Kaplan Schweser Level I mock exams allow you to practice taking computer-based exams and get feedback on your performance. Learn how to use a CFA mock exam to sharpen your testing skills and get familiarized with the actual interface you’ll use on the actual CFA exam.

CFA Level I Exam Secret Sauce

Kaplan Schweser's Secret Sauce® is a book for (expert reviews) of the CFA Program syllabus that provides (you) candidates with insights and tips to prepare for exam day.

CFA Level I Review Workshops

Kaplan Schweser CFA Program review workshops give you access to expert CFA instructors to help you practice exam-taking techniques and build speed during the final weeks of preparation.

Eliminate Guesswork in Your CFA^® Prep

Our representatives are ready to guide you in choosing the right education package for your exam-day success. Schedule a time to talk to one of our financial education experts and have all your questions answered.

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