4 Mistakes to Avoid for Level I CFA for Students

Completing a course successfully is the desire for any student aspiring to grow in their career and as such, CFA level I is no different. Passing the CFA level one exam may enable you to feel motivated in preparation for the next two levels.

Whether you are a first-time candidate or retaking, you need to consider things that may cause you to be unsuccessful. Here are four mistakes to avoid as a CFA level I student.

Failure to plan

Many CFA level one candidates fail due to the mentality that they can succeed without developing a study schedule as long as they cover the syllabus. Don’t make haphazard attempts to pick any area of study at any time without order or schedule. Planning is the basis of all other study practices that you may wish to pursue.

When you realize that you are lagging behind schedule, you may tend to rush over your work and probably ignore important study aspects due to being overwhelmed.

It is important to develop a study schedule, stick to it, and complete your work on time. If you complete your schedule, say, one month before the exam, you may have enough time to revise and practice as much as possible. The syllabus coverage is important and the real CFA level one success requires the ability to complete timed tasks.

If you are pursuing some other course on the side or need help with CFA writing work, it’s much better to use Writix.com instead of slogging out and make your plan go awry. Being in touch with professional writers for all your writing help will ensure that your plans succeed.

Failure to pay attention to learning materials

There could be some parts of the CFA level I syllabus overlapping a course you have done previously and that may tempt you to overlook some of the materials given. This kind of overconfidence that you know it all can be dangerous for you and may lead to exam failure.

The main reason why students who have no finance background often perform better than those previously exposed in the area is that they pay attention to learning materials.

If you overlook some materials because you have work experience in the finance field, you will likely fail. Finance background, either by prior education qualification or work experience, does guarantee an added advantage in the CFA level one exam.

If you want to succeed, avoid skipping or overlooking areas of the syllabus that look familiar to you, unless you are doing a last-minute review. Embark on thorough study regardless of whether you are familiar with some concepts or not.

Studying less

To pass each level of the CFA exam, the CFA institute recommends a dedication of a minimum of 300 hours. If you encounter difficulties in balancing your social life, work, and learning, this may affect your results negatively.

Level I require you to understand the financial terms and standard information vital in the next levels. Part of the information at this level may be standard and therefore covered in other finance courses prompting you to study less. It is a big mistake to allocate less study time for whatever reason.

The idea is to focus on areas of your weaknesses while at the same time maintaining strengths as you remain accountable.

The instructor-led sessions should only provide a guide for your studies and therefore, you cannot overlook your study time. The final month before the exam should be more dedicated to practice and review.

Inadequate practice

CFA level one mainly consists of illustrations, and therefore, being dedicated to practice is important to be efficient. Many candidates fail due to overreliance on tutor-guided illustrations and failure to practice enough during revision.

Inadequate practice can make you struggle when tackling questions in exams or make it difficult for you to apply technical knowledge. When you practice more, you familiarize yourself with technical knowledge applications, which can help you handle exam questions with ease.

After attempting mock exams, the results may help revise purposes to facilitate filling the gaps missed. Making mistakes at the mock level and fixing them is a great way of avoiding repeating the mistakes during the actual exam. If you are retaking the exam, you can use the failed paper to practice.

Retaking candidates are particularly advised to concentrate more on practice in preparation for the next attempt. One big mistake could be assuming that you can rely on the previous practice and fail to practice enough for the second attempt.

Conclusion

CFA level one success is possible if you develop a study schedule and stick to it. Even if you are familiar with some concepts by way of training or experience, go through all the materials thoroughly and ensure that you understand them well. More importantly, dedicating enough time to study and good practice is a pathway to success. Whether you are sitting for exams for the first time or retaking, avoid the above mistakes and you can have an easier time as a student.

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Adam Regan

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Features and account management. 3 years media experience. Previously covered features for online and print editions.

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