A more comprehensive course option would include video lectures, study notes, and a test bank product for creating full length CFA practice exams. The major tradeoff with this option is the price. A comprehensive course bundle offers a lot of value, but it comes at a higher price point. The benefit of this option is the ability to access the included study materials for a lower price than if you were to buy each product separately.
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Candidates must have a good grasp of English as there is no other language option. The exam consists of multiple choice questions and has two 3-hour sessions.
In each session, there are multiple choice questions and all topics are covered in each session. Test takers have, on average, 90 seconds to spend on each question, which can be a daunting task considering the amount of calculation some of the questions require.
Questions have three answer choices and there are two different question formats — sentence completing format and question format.
All questions are weighted equally and candidates are not penalized for taking random guesses. These topics are divided into 59 readings and take from to hours to read. Yet, candidates should still consider its fee before starting their CFA journey. The first fee that has to be paid to CFA Institute is the program enrollment fee. This enrollment fee is a one-time fee.
In addition to this, additional exam fees should be paid for each level. Besides, these exam fees can vary pursuant to the date of registration.
If the registration occurs before months from the exam, candidates will take the advantage of the early registration fee of USD In comparison, the standard registration fee is USD months before the exam , and the late registration fee is USD 1, The board assesses passing score according to the difficulty of exams and demonstrated competency of candidates. However, the pass rate is much lower for first-time exam takers and higher for those candidates retaking the exam for a second or third time.
Nonetheless, it is an undeniable fact that CFA Level 1 is the easiest of the three levels. This contradiction stems from the gradual system of the CFA program.
Because previously successful CFA Level 1 candidates will be taking Level 2, Level 2 candidates have a higher probability of passing the exam regardless of the difficulty. The same holds true for Level 3, which has the highest pass rate. One of the most common questions among candidates is how many hours a candidate has to dedicate to pass CFA Level 1 Exam. Well, It is generally considered that candidates should devote more than hours of study to pass each exam.
Level 1 focuses on basic finance knowledge regarding asset valuation, financial reporting and analysis, portfolio management, simple analysis using investment tools. It is safe to say that candidates who have some basic knowledge of finance do not have to devote as much of their time as candidates who are new to finance.
However, candidates with basic knowledge must not underestimate the exam. In addition to this, they may not have full knowledge of exam topics. To overcome this, they should allocate their time to not only solving questions and mock exams but also studying exam curriculum where they feel incompetent. Curriculum contains numerous readings and each of readings has detailed explanations with extended examples. At this point study materials provided from CFA preparation platforms are here to support candidates.
These materials usually consists of study notes, question banks, and mock exams in addition to materials provided by CFA Institute. Study notes are designed to summarize CFA curriculum efficiently without leaving out any LOS as they shed light on the critical points.
Question banks are based on subjects in the curriculum to help you assess your strengths and weaknesses. Mock exams are almost the same as the actual CFA exam in format, difficulty, and length. Level 1 Candidates usually are not aware of how they can increase their probabilities of passing by using these study materials. First-time test takers might hear about these study materials which would make their preparation much easier but do not feel the need to use them — which is a major mistake.
The key to success in CFA exams is to repeat periodically what you have studied by solving at least 1, CFA practice questions. Thanks to CFA mock exams and question banks, candidates feel more confident as they are able to practice more test questions and mock exams as compared to other candidates who only use the materials provided by CFA Institute.
June 15, What are the exam fees for the CFA level 1 exam? Even if you are not registered, you can also get free access to AnalystPrep CFA preparation platform by clicking here. What is the minimum passing score? The minimum passing score MPS for each level of the exam is determined by the CFA Institute each year after the administration of the exams.
The MPS has never been released. When will I know if I passed the exam?
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Best CFA® Exam Level 1 Question Bank Options