How to Pass CFA Level 1 on the First Attempt
If you’re taking the Level I CFA exam, you probably know only about 45% of test-takers pass. But we have good news! Your chances of passing the CFA Level I exam on your first attempt increase dramatically when you work hard, consistently follow an effective study plan, and use the right study materials.
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How to Pass CFA Level I on the First Attempt Quick Facts
- Recommended study time for the CFA Level I exam is over 300 hours.
- You increase your chances of passing if you commit to the right study plan and invest in the right CFA study materials.
- Completing lots of practice questions and practice exams is critical for passing the Level I CFA exam.
- Plan to spend extra time studying Ethics and Financial Statement Analysis since they are the most heavily tested topics on the Level I CFA exam.
- Prioritize knowledge and understanding of the concepts to pass this first exam.
Plan to Pass CFA Level I
Your plan for how to pass the CFA Level I exam should be thorough and robust. You don’t want to spend all of that time and money on the exam and then fail, so do it right the first time.
That means investing in the right CFA exam prep provider, mapping out your study plan (with at least 300 hours of study time), and utilizing practice questions and practice exams.
Invest in Resources That Help You Pass CFA Level I on the First Attempt
CFA reading materials are dense, and if you stick with the provided CFA study materials, your main form of learning will come from answering end-of-chapter questions. With this plan, you risk losing motivation and getting stuck when you encounter a concept you don’t understand.
But investing in a robust CFA exam review course like UWorld CFA Exam Review program will help you understand the material easier and faster.
UWorld CFA Resources include:
- Video lectures hosted by expert instructors
- Manageable 30- to 45-minute lessons
- Adaptive review to adjust your study plan based on your strengths and weaknesses
- Score predictor tool that reliably estimates how you’ll do on the exam based on course performance
- and more
Plus, our most popular CFA review course, UWorld’s CFA Program Exam Review Platinum Course comes with professional online mentoring, so someone is always there to answer your tough CFA exam questions, and an 11th Hour Final Review and Mock Exam to remove any doubt that you’re ready to pass the exam on your first attempt!
Making a Schedule to Study to Pass CFA Level I on First Attempt
Understand the Challenges for CFA Level I
The Level I CFA exam tests primarily knowledge and comprehension with some application and data analysis. It will consist of 180 free-standing multiple-choice questions that test all 10 topic areas to varying degrees.
| CFA Exam Topic Area | Level I Topic Weight (%) |
|---|---|
| Ethical & Professional Standards | 15-20 |
| Quantitative Methods | 8-12 |
| Economics | 8-12 |
| Financial Statement Analysis | 13-17 |
| Corporate Issuers | 8-12 |
| Equity Investments | 10-12 |
| Fixed Income | 10-12 |
| Derivatives | 5-8 |
| Alternative Investments | 5-8 |
| Portfolio Management & Wealth Planning | 5-8 |
Ethics has the potential to be the most heavily tested topic on the Level I exam, so give it the time it deserves. Review the CFA materials on Ethics closely and supplement your learning with the Ethics material in your UWorld CFA study plan.
Financial Statement Analysis will be the most heavily tested topic on the Level I CFA exam after Ethics. There are many small details you will need to memorize within the tested concepts, so work through practice questions often to evaluate what you understand and what you need to work on. As mentioned earlier, UWorld CFA study materials include the adaptive review feature to automatically adjust your study plan based on your strengths and weaknesses.
In addition to spending extra time on these heavily weighted topics, you’ll also want to time yourself as you work through practice questions. You will have to get through all 180 MCQs in under 4 hours and 30 minutes, so make sure you are spending less than 1.5 minutes on each question.
Understanding Concepts Helps You Pass on First Attempt
The majority of the Level I CFA exam will test your knowledge and understanding, so focus on memorizing the concepts and knowing their context. Practice questions and practice questions will be your best friends for solidifying your knowledge.
How to Test if You’re Ready to Pass CFA Level I on First Attempt
You’re ready for CFA exam day when you are getting over 75% on your practice exams, which would indicate you understand the concepts and are able to get through the questions quickly. When you’re ready, you should feel well-rested and confident. Don’t second-guess yourself if you’ve put in the work and studied for over 300 hours!
If you study with UWorld, you can also use the Score Predictor tool to estimate your exam readiness. Or you can take UWorld’s free CFA practice exam to test your readiness as well.
Passing CFA Level II on First Attempt
The fundamentals of passing the CFA Level II exam are the same as passing Level 1 (work hard, consistently follow an effective study plan, and use the right study materials), but you’ll need to budget for even more study hours (at least 328), be prepared for the vignette-supported questions, and understand how to analyze and apply all of the concepts you learned for Level I.
For more tips, view our article on How to Prepare for the Level II CFA Exam.
Passing CFA Level III on First Attempt
The CFA Level III exam will take the longest to study for (344 hours), and it introduces vignette-supported essay questions. It also tests higher-level skills like synthesis and evaluation.
To pass Level III on your first attempt, you need to keep the momentum going, stay consistent with your studies, complete a lot of practice questions and mock tests, and maintain your self-care. At this point, you’ll be a CFA charterholder before you know it!
For more tips, view our article on How to Prepare for the Level III CFA Exam.
How to Pass CFA Level I on the First Attempt – Frequently Asked Questions (FAQs)
Here are answers to some of the most frequently asked questions about how to pass the Level I CFA exam on the first attempt.
- It’s highly unlikely to pass the CFA Level I exam by luck. Many CFA candidates underestimate the difficulty of the Level I CFA exam and that’s one reason why it’s considered the “easiest” of the three CFA Program exams but has the lowest pass rate.
- Yes, but with the right preparation, you can pass on your first attempt. Budget 300 hours for studying, invest in the right CFA review course (like UWorld CFA Exam Review program), stay consistent, and take lots of practice questions and practice exams, and you greatly increase your chances of being part of the 44% that pass.
- The 10-year average pass rate for the CFA Level I exam is 44%. But you significantly increase your chances of passing by studying for at least 300 hours and completing lots of practice questions and practice exams.
- One month is not enough time to prepare for the CFA Level I exam. You need to budget around 300 hours of studying to adequately prepare, so a 6-month preparation plan would be more appropriate.
- The Minimum Passing Score is not released by CFA Institute, so it’s best to score a 75% or higher on your practice exams to determine preparedness.
- Recommended study time for the Level I CFA exam is over 300 hours. Most candidates take about 6 months to prepare, but if you can budget around 24 hours for studying each week (while still getting enough sleep and managing your stress level), you can prepare in as little as 3 months.
