Your Path to CFA Level 1 Success
The CFA (Chartered Financial Analyst) Level 1 represents the crucial first step toward obtaining one of the most prestigious certifications in finance. With a pass rate of 43-45% in 2024, preparation requires a methodical and rigorous approach.
This comprehensive guide will accompany you in your preparation, from understanding the exam structure to advanced strategies for maximizing your score. Based on the latest information from the CFA Institute and proven best practices.
Key Statistics 2024
- Pass rate: 43-45%
- Recommended study time: 300+ hours
- Estimated minimum passing score: 68-69%
- 10-year average: 41%
Understanding the CFA Level 1 Exam
Format
180 multiple-choice questions
Duration
2 sessions of 135 minutes
≈ 90 seconds/question
Format
Computer-based exam
At authorized test centers
Important Characteristics
Question Structure
- • 3 answer choices (A, B, C)
- • No penalty for incorrect answers
- • Use of qualifiers: "most likely", "least likely"
- • No "true/false" or "except" questions
2024-2025 Calendar
- • February 2025: 45% pass rate
- • May 2025: 45% pass rate
- • August 2024: 44% pass rate
- • November 2024: 43% pass rate
Curriculum Structure and Weightings
The CFA Level 1 curriculum covers 10 topic areas distributed across approximately 3,000 pages. Here is the official weighting breakdown for 2024:
Ethical and Professional Standards
15-20%Ethical foundations and professional standards of the financial industry
Financial Statement Analysis
11-14%Financial statement analysis under IFRS and US GAAP
Equity Investments
11-14%Equity investments and valuation methods
Fixed Income
11-14%Bonds and fixed income instruments
Portfolio Management
8-12%Portfolio management and modern theory
Alternative Investments
7-10%Hedge funds, private equity, real estate, commodities
Recommended Study Timeline
Official Recommendation
The CFA Institute recommends a minimum of 300 hours of study for Level 1. Candidates who pass typically report studying between 300 and 400 hours.
6-Month Plan
- • 50 hours/month
- • 12-13 hours/week
- • Ideal for beginners
- • Thorough reviews
4-Month Plan
- • 75 hours/month
- • 18-19 hours/week
- • Sustained pace
- • Finance background required
3-Month Plan
- • 100 hours/month
- • 25 hours/week
- • Very intensive
- • Experience recommended
Preparation Timeline (4-Month Plan)
Month 1 - Foundations
- • Ethics & Professional Standards
- • Quantitative Methods
- • Economics (start)
- • Target: 75 hours
Month 2 - Financial Analysis
- • Economics (finish)
- • Financial Statement Analysis
- • Corporate Issuers
- • Target: 75 hours
Month 3 - Investments
- • Equity Investments
- • Fixed Income
- • Derivatives (start)
- • Target: 75 hours
Month 4 - Finalization
- • Derivatives (finish)
- • Alternative Investments
- • Portfolio Management
- • Reviews and mocks
- • Target: 75 hours
Essential Resources
Official CFA Institute Materials
-
CFA Program Curriculum (Digital)
Complete official content, 93 learning modules
-
Learning Ecosystem
Practice questions, mocks, study tools
-
Practice Pack (Optional)
Additional questions and mock exams
Recommended Third-Party Providers
-
Kaplan Schweser
Concise notes, robust QBank, renowned mocks
-
UWorld Finance
Visual explanations, adaptive questions
-
300Hours.com
Free resources, practical advice
Essential Tools
Approved Calculators
- • Texas Instruments BA II Plus
- • HP 12C or HP 12C Platinum
Mobile Apps
- • CFA Institute App
- • Provider flashcards
- • Formula sheets
Study Materials
- • Formula notebooks
- • Review tables
- • Planning calendar
Techniques to Maximize Your Score
Effective Study Strategies
Active Reading Method
- 1. Overview: Review Learning Outcome Statements
- 2. Reading: Take structured notes
- 3. Synthesis: Create section summaries
- 4. Application: Solve examples
Spaced Repetition Technique
- • Day+1: Reread course notes
- • Day+7: Quick concept review
- • Day+30: Memory test and formulas
- • Day+90: Complete review before exam
Formula Memorization
Critical Formulas to Master
- • Geometric and harmonic means
- • Coefficient of variation
- • Probability formulas
- • Modified and effective duration
- • Yield to Maturity
- • Bond pricing
Flashcards
Daily review 15-20 min
Repeated Writing
Kinesthetic memorization
Mnemonics
Creative associations
Exam Time Management
Optimal Timing
- • 90 seconds maximum per question
- • 60 seconds for simple questions
- • 120 seconds for complex calculations
- • 15 minutes reserved for review
"Flag & Skip" Strategy
- • Mark difficult questions
- • Move quickly to next questions
- • Return to marked questions
- • Never leave blank answers
Practical Tips for Exam Day
Required Items to Bring
-
Valid international passport
Only accepted form of identification
-
Approved calculator
BA II Plus or HP 12C only
-
Clear water bottle
Without labels, cap allowed
Strictly Prohibited
-
Electronic devices
Phones, smart watches, etc.
-
Notes and documents
No reference materials allowed
-
Food
Except with medical prescription
Exam Day Schedule
Light breakfast, quick review of key formulas
ID check, setup, equipment test
90 questions - Manage stress, stay focused
Light lunch, relaxation, session 2 preparation
90 questions - Maintain energy and concentration
Psychological Tips
- • Stress management: Breathing techniques
- • Confidence: Remember your preparation
- • Positivity: Avoid post-session 1 discussions
- • Concentration: Ignore other candidates
- • Endurance: Maintain pace for 4h30
- • Pragmatism: Accept difficult questions
Your CFA Level 1 Success
Success in CFA Level 1 requires rigor, methodology, and perseverance. With a pass rate of 43-45%, it's a demanding but perfectly achievable challenge with structured preparation.
Follow this guide, respect your study schedule, use the right resources, and apply the recommended techniques. Your 300+ hour investment will be rewarded with passing this first step toward CFA certification.
Key Points to Remember
- ✓ Minimum 300+ hours of study
- ✓ Master all 10 curriculum areas
- ✓ Practice with mocks and QBank
- ✓ Memorize essential formulas
- ✓ Manage time effectively
- ✓ Prepare mentally for exam day
Finance Tutoring
Excellence in Financial Education
Good luck on your exam!
December 2024