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12-Month Study Plan for CFA Level I
With pass rates hovering around 40%, why not go the extra mile and study for 12 months instead of the typical 6? From the 300 Hours Exam Insights eBook, the data suggests that "starting earlier does not significantly influence pass rate chances" and that students should begin studying in January for a June exam. But if students were to double their studying to 600 hours, I think this would increase their chances of passing. I come from a non-finance background and want to complete all three levels of the CFA exam in a minimum of 3 years. Any thoughts?
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Comments
My thinking is that you want to balance being prepared, as well as avoiding being so burnt out that you're just not in the right mood to take any kind of exam.
Non-background in finance is not really a barrier - L1 starts right at the beginning, and if you're reasonably bright there won't be much issue, as long as you put in the work.
Also, great username.
Personally, I'm a little fortunate in that I have a zero OT job right now, no kids, a CPA (should help some with FRA) and a strong finance education that, while will definitely require some refreshing to be exam ready, won't be starting from scratch. Plan is to work it something like this:
Lunch study every day at work (5 hrs)
Stay late to study at work twice per week (6hrs)
Sat (4-8hrs..depending on the particular topic that week and how much time is necessary to catch up if behind)
This allows me:
2 work nights during the week to take care of laundry/chores, etc.
Fri nights with friends
Sat nights and Sun with Girlfriend/family/etc.
I'm convinced that the key to passing is to blend studying in with life, but to be prepared (and prepare your loved ones) that the exam can and will take precedence at any given time if needed. That way studying doesn't feel like you are giving up anything, it's just something else you do in your busy week; while at the same time are't fading on the commitment.