Non-Finance Students: Can You Prepare for CFA Level 1 in Two Months?
Preparing for the CFA Level 1 exam in just two months, especially for a non-finance student, is a daunting but achievable task. This article explores how to effectively structure your study plan, manage time, and stay motivated to pass the exam within such a short timeframe.
The Challenging yet Doable Goal
It’s important to assess your own capabilities and commit fully to the process. With the right plan, focus, and time management, it is possible. Preparing in two months means stepping away from social activities and family events, but it can be done if you stay dedicated to your goals.
Choosing the Right Coaching
You can benefit from coaching, especially in critical topics like CFA. I personally enrolled with Aswini Bajaj’s coaching, and his guidance helped me clear the exam. Aswini Sir is approachable and provides alternatives to a single path, making the journey smoother.
Understanding Your Strengths and Weaknesses
An essential step is to understand your strengths. The performance tracker helped me identify which chapters or subjects I found easier and allowed me to set aside those topics for later revision. Starting with difficult topics ensures that you prioritize understanding over memorization.
Staying Focused and Healthy
Stay focused and make sure to take care of your health. Keep your materials handy—pencils, notebooks, and highlighters. Try to sit for longer periods without taking frequent breaks. Don’t skip meals, eat well, stay hydrated, and make sure to get enough sleep.
Practice with Mock Exams and Review Mistakes
Much like Aswini Sir’s coaching, mock exams were exceptionally helpful for me. Analyzing my mistakes helped me understand where I went wrong, and keeping a mistake sheet was a game-changer. During my review, I could recall where I had made errors and how to correct them.
The doubt forum in the software was another great feature that boosted my confidence. You could post your questions and other students would help answer them. This interactive support system was invaluable.
Creating an Effective Study Plan
1. Understand the CFA Level 1 Curriculum: Familiarize yourself with the broad range of topics including ethics, quantitative methods, economics, financial reporting, corporate finance, equity investments, fixed income, derivatives, alternative investments, and portfolio management and wealth planning.
2. Create a Study Plan: Aim to study for at least 4-6 hours per day. Break down topics into manageable sections and allocate specific days for each topic. Leave time for review and practice exams.
3. Use Quality Study Materials: Consider using the CFA Institutes curriculum, which is the most comprehensive resource. Supplement with study guides, video lectures, and question banks from reputable providers like Kaplan Schweser or Wiley.
4. Focus on Key Areas: Pay special attention to the Ethics and Professional Standards section as it has a significant impact on passing the exam. Practice quantitative methods and financial reporting as these are foundational concepts.
5. Practice Questions and Mock Exams: Regularly practice with questions from each topic to reinforce learning. Take full-length mock exams to get accustomed to the exam format and timing.
6. Review and Revise: Set aside time each week to review what you’ve learned. Focus on weak areas identified during practice tests.
7. Stay Consistent and Motivated: Study consistently and avoid burnout. Take breaks and maintain a healthy routine. Stay motivated by tracking your progress and reminding yourself of your goals.
Conclusion
While two months is a tight timeline, especially for someone without a finance background, with a disciplined approach and effective study strategies, it is possible to prepare for the CFA Level 1 exam. Focus on understanding key concepts, practicing extensively, and managing your time efficiently. Good luck!