The CFA Level 1 exam is generally considered to be difficult, especially for non-finance candidates. It not only requires candidates to have a lot of professional knowledge and skills related to finance, but also needs to have good English reading and writing skills, as CFA is an all-English test. But if you find the right way to prepare for the exam, you have a good chance of passing the exam. Let's analyze how difficult is the CFA Level 1 exam?
1. The content of the CFA Level 1 exam
The CFA Level 1 exam consists of a number of subjects, each with a different weighting, for a total of 10 exam subjects. These subjects include Quantitative Analysis, Fixed Income, Equity Investment, Other Investments, Derivatives Investment, Economics, Financial Statement Analysis, Corporate Issuers, Portfolio Management, and Professional Ethics.
2. Analysis of the difficulties of the CFA Level 1 examination
1.Extensive knowledge: The CFA Level 1 exam examines a wide range of knowledge, including economics, financial statement analysis, corporate finance, fixed equity investment, professional ethics and other aspects. Candidates need to have a thorough grasp of the core knowledge in each area in order to pass the exam.
2.The exam is time-consuming: CFA Level 1 lasts 2 hours and 15 minutes, with a total of 180 multiple-choice questions, each with only 90 seconds to answer. Candidates need to complete all the questions within the allotted time, and there is a lot of time pressure.
3.Long preparation time: For candidates with a certain financial background, the official recommended preparation time is 250 to 300 hours. For non-finance majors, it may take more than 500 hours to prepare for the exam. It takes a long time to prepare for the exam, which requires a lot of perseverance on the part of the candidate.
3. CFA first-level pass rate
In general, the CFA Level 1 exam is more difficult, and the pass rate is not high, generally around 37%, which also reflects its high requirements for candidates. The pass rate for the CFA Level 1 exam in 2023 is:
CFA Level 1 exam pass rate in February '23: 38%.
May '23 CFA Level 1 Exam Pass Rate: 39%.
CFA Level 1 Exam Pass Rate in August '23: 37%.
Nov '23 CFA Level 1 Exam Pass Rate: 35%.
3. CFA Level 1 preparation method
1. Make a study plan To prepare for CFA level 1, you need to have a reasonable study plan. First, you'll need to decide on a test date and then make a detailed study plan based on the time you have left. The study plan should include the daily study time, the subjects and chapters to review, the number and time to do the questions, etc.
2. Doing questions and mock exams Doing questions is an important part of preparing for CFA Level 1. Candidates can test their learning by doing mock questions, past exam questions, and exercises. In the process of doing questions, it is necessary to pay attention to the idea of understanding the question and the skills of solving the problem, rather than just pursuing the correct rate of answers.
3. Pay attention to the foundation of English and mathematics The CFA Level 1 test is all in English, so candidates need to have a certain level of English reading ability. It is recommended that candidates pay attention to improving their English proficiency during the preparation process, especially the mastery of financial terminology and common sentence patterns. In addition, the CFA Level 1 exam does not require much mathematics, but basic statistics and probability knowledge is required.
4. Follow the CFA online course to learn The learning content of the CFA online course is richer, and it will help students understand and memorize through a variety of forms, such as ** explanation, case analysis, mock test questions, etc. In addition, there will also be ** Q&A, so that students can ask questions from teachers and students at any time.
In conclusion, although the CFA Level 1 exam is somewhat difficult, as long as the candidate has enough determination and hard work, it is entirely possible to pass the exam.
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