CFA Level 1 2023 pdf
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CFA exam, level 1, tests you on 10 topics. It includes two 135-minute exam sessions with 90 multiple-choice questions each. The level 1 CFA exam is now computer-based. In 2022 & 2023, it’ll be held 4 times: in February, May, August, and November. Show
Level 1 CFA exam takes place 4 times a year, in February, May, August, and November. The 2022 level 1 exam registration is already closed. The Feb & May 2023 exam registration is now available. Please note that as of 2023 level 1 CFA exam registration fees go up, both early and standard. Here are the nearest 2022/2023 level 1 CFA exam dates:
Note that the length of the CFA exam window and seating availablility may vary for different test centers and geografic regions. Can I Still Register?
Remember: Registering for the exam means you need to pay the fee. Before you register, however, see if you are eligible for a scholarship. If you apply, wait for your scholarship before you register for the exam or you’ll lose it. Mind the final registration deadline, though! Check right below. CFA Exam Costs & Registration DeadlinesNEWCOMERS ONLY: one-time program enrollment fee of ALL CANDIDATES: Each time you register to take or retake your level 1 exam (and later your level 2 and 3 exams), you'll have to pay a registration fee. Your basic exam cost will depend on when you register for your exam. Importantly, the 2023 level 1 CFA exam fees increased by USD 200 for both early registration and standard registration. The early fee for 2023 level 1 CFA exam is now USD 900 and the standard fee is as high as USD 1200. Note: All the deadlines end at 11:59 p.m. ET. CBT EXAMS: rescheduling fee is $250 & it allows exam re-appointment CFA INSTITUTE SCHOLARSHIPSACCESS SCHOLARSHIPAccess Scholarship: CFA exam Access Scholarship application window for 2023 CFA exams opens on 20 September 2022. The deadline passes at midnight ET on 18 October 2022! If you apply in the 20 Sept-18 Oct application window, you should expect your scholarship award decision by 15 December 2022. In the current CFAI. Access Scholarship program year that starts on 1 September 2022 and ends on 31 August 2023, it is the first Access Scholarship application window. There will be one more Access Scholarship application window available from 17 January 2023 to 14 February 2023. The awarded Access Scholarship reduces the exam registration fee to USD 250 (and waives the enrollment fee). ACCESS SCHOLARSHIP APPLICATION WINDOWS: RECENTLY CLOSED: 20 September – 18 October 2022 NEXT: 17 January – 14 February 2023 Access Scholarship is for all those who may find the CFA exam cost challenging. To apply you must NOT be registered for the exam yet and you need to meet all the CFA Program entrance requirements. OTHER SCHOLARSHIPSOther Scholarships: Other CFA Institute scholarships are subject to limitations, e.g. not all students can apply for Student Scholarships (ask your alma mater). For women willing to participate in the CFA Program, there's hope that Women's Scholarships will be easier to obtain as they are now awarded on a “rolling” basis and there are many short application windows available. Those of you who apply from 1 September to 3 October should receive their scholarship award decision by 9 December 2022, so just in time for the May 2023 CFA exam. And those who choose the 3 January 2023 – 5 February 2023 window should get their decision no later than 31 March 2023. Log into your CFA Institute account to find out more. APPLICATION WINDOWS for WOMEN: CURRENTLY CLOSED: 1 September – 3 October 2022 UPCOMING: 3 January 2023 – 5 February 2023 APPLICATION WINDOW for STUDENTS: STARTS ON: 1 September 2022 ENDS ON: 31 July 2023 NOT ELIGIBLE FOR A SCHOLARSHIP?Not Eligible For a Scholarship? It’s not a rare thing that employers financially help their employees taking part in the CFA Program by reimbursing or paying for their CFA exams, either fully or partially. So, don’t hesitate to ask your employer for support. How High Is Level 1 CFA Exam Pass Rate?Until 2020, CFA exams were held 2 times a year, in June and December. Some former level 1 pass rates are given below:
Beginning in 2021, CFA exams are computer-based and are held more frequently. The pass rate for the first computer-based level 1 CFA exam was similar to what we had seen in the past. Then, there was a series of astonishingly low CFA exam pass rates. However, the most recent level 1 CFA exam pass rates are again higher, though not as high as they used to be:
IMPORTANT! The 40+ percent pass rate we saw in the past was for those level 1 candidates who actually sat for their exam. However, many registered to take their level 1 exam but didn’t even turn up on the exam day, which means that the "real" pass rate for all registered level 1 candidates was always much lower, even by 10+ pp! (in our opinion, more registered candidates decided to take their chance when the exam was moved to the CBT format, which could partially explain the low 2021 CFA exam pass rates). Lower than 40%! Why so low? See below Join Those Who Pass Create Study Plan Now Join Those Who Pass Create Study Plan Now Level 1 Topics In a NutshellLevel 1 candidates are tested in 10 topic areas, each with its defined exam topic weight given as a range. Below, we present all 10 level 1 CFA exam topics ordered from the highest to the lowest weight range:
* NOTE: Before 2022, CFA Program curriculum referred to Financial Statement Analysis as Financial Reporting and Analysis (FRA for short) and to Corporate Issuers as Corporate Finance (CF for short). Here is the recommended Soleadea topic sequence with all topics shortly described (but you can easily customize this order when you use our study planner): Many quantitative concepts & tools like TVM or normal distribution Portfolio: structure, risks & returns Financial statements + Accounting methods + Reporting standards Corporate governance & decision-making Bond features, yields & markets Many quantitative concepts & tools like TVM or normal distribution Portfolio: structure, risks & returns Financial statements + Accounting methods + Reporting standards Corporate governance & decision-making Bond features, yields & markets Market, industry & company analysis Forwards vs futures vs options vs swaps Alternatives to stocks, bonds & cash Micro vs macro scale, lots of economic theories Moral spine vs investment environment Market, industry & company analysis Forwards vs futures vs options vs swaps Alternatives to stocks, bonds & cash Micro vs macro scale, lots of economic theories Moral spine vs investment environment 3 LEVEL 1 TOPICS CATEGORIZATIONSWhile the most important level 1 topics are Ethics, Financial Statement Analysis, and Quantitative Methods, the hardest trio is Financial Statement Analysis, Fixed Income, and Derivatives. Also, 3 topics may be regarded as relatively easy. However, topic difficulty is always a subjective criterion.
The 10 topics are all covered in 6 books of the level 1 curriculum. The topics content is further divided into smaller portions: topics study sessions readings. Overall, level 1 curriculum is roughly 3000 pages long. That’s why candidates often look for more digestible study materials like videos, tests, or e-books. As a rule, the CFA exam curriculum slightly changes from year to year. Both 2022 and 2023 curriculum includes the new names for two of the topics (see above) and some new concepts such as, e.g., blockchain. To organize your long and tough exam prep, you'll want to have a study plan with deadlines for topics and – ideally – also for readings, best if arranged weekly. This way you get a controllable and manageable study plan you can systematically follow. We explain more below . Create FREE Study Plan Get Deadlines For Readings! Create FREE Study Plan Get Deadlines For Readings! CFA Exam Day: What to Expect?In 2022, level 1 CFA exam will consist of two sessions taken the same day with an optional break meanwhile. Each session will include 90 multiple-choice (a-b-c) questions. What is important here is that you'll have 1.5 minute per question on average. Moreover, there is no penalty for giving a wrong answer (so go ahead and guess if you don’t know ). Also, we distinguish 3 types of level 1 questions: theory, computing, and reasoning questions.
Theory questions mean you'll need to show your knowledge of different financial concepts and their definitions, as well as of various models, theorems, or principles. Computing questions will require competence in using your financial calculator and doing the math. Reasoning questions demand the ability to see relations between concepts, associate things, and think logically. SESSION 1 of your level 1 CFA exam will cover Ethics, Quantitative Methods, Economics, and Financial Statement Analysis. SESSION 2 of your level 1 CFA exam will cover Corporate Issuers, Portfolio Management, Equity, Fixed Income, Derivatives, and Alternative Investments. On the exam day, you must bring your valid international passport and approved calculator (only different versions of TIBA II Plus or Hewlett Packard 12C are allowed). You will be provided with writing tools such as an erasable writing tablet. Best Way to Prepare for Level 1 CFA ExamKeeping in mind the 3000 pages of curriculum and the low level 1 pass rates, you’ll need a sure-fire study strategy for your CFA exam prep. It’s best if it’s based on these 3 pillars: FULL MAINTAINED KNOWLEDGE WHY? ca.
300 hrs 25% ca. 30% It is common knowledge that you need approximately 300 study hours to get prepared for your level 1 CFA exam. That’s a lot. Take 5 months of prep, for example. It gives you an average of 60 hours per month, i.e. around 15 study hours every week. It is hard to control 300 hours or even 60 hours. But 15 hours a week? That you can control! So, break down those 300 hours to smaller study times you can easily control and manage from week to week of your exam prep. Otherwise, procrastination may seriously endanger your CFA exam preparation. It is too easy to postpone, especially if the consequences are delayed into the future. Many people choose to overlook these consequences in favor of immediate gains such as a night with a movie instead of curriculum. But, in the end, they end up with too many readings piled up and impossible to cover before their exam. That is why you need to constantly maintain your motivation to study week by week. To better understand why it’s so important, consider this: as many as 25% of level 1 candidates do not show up for their exam because they feel they didn’t learn enough to take it. What it means is that the effective pass rate is lower than the average 41% If out of 100 candidates registered for the CFA exam, only 75 actually take it, then – with the pass rate of 40+ percent – only a bit over 30 out of 75 exam-takers pass, which gives us the "real" pass rate for all registered level 1 candidates of ca. 30% instead of 41% (or 45% ;D, and lately the level 1 pass rate's even lower). Set Up FREE Study Plan HERE Set Up FREE Study Plan HERE Procrastination and lack of motivation are also a problem when it comes to revision. The majority of candidates put off reviewing the study material until last weeks before the exam, which is a huge mistake. It makes your forgetting curve even steeper (after one day only, we forget up to 65% of what we studied the previous day!) and leaves your learning curve totally unattended.  To be sure you’ll really learn all 10 topics just in time for your exam, it’s best you have your study plan scheduled weekly and revise regularly. Benchmark study times for weeks and readings and a proper review system in place make it is easier to stay motivated and hold tight to the benchmarks and recommendations, and then to pass the exam. If you also feel this is the way to go, you can find all this and more inside our CFA Exam Study Planner. Your Level 1 CFA Exam Study PlanIT IS STILL ROUGHLY:It is still roughly: 1 months until your Nov exam 1 months until your Nov exam 4 months until your Feb exam 4 months until your Feb exam 7 months until your May exam 7 months until your May exam Get CFA Exam Study Schedule: & see how to make the most of your study time! Free CFA Exam Study MaterialsIf you're looking for some free CFA exam study materials to help you understand your CFA Program curriculum, here's a bunch of blog posts explaining some issues. Apart from theory, you'll also find there some exam-type questions. That’s how you should study: combine theory with practice!
Also, we've got some free videos for you. We suggest you use them twice. First – to get familiar with the most important concepts before you dive into your books. Then, after you study your level 1 curriculum – to revise & make sure you finally know everything there is to know for each topic:
What Calculator to Get and Other PoliciesAs a level 1 candidate, you also need to know all CFA exam rules and regulations. There are many but your failure to be in compliance may result in your inability to take the exam, voiding your level 1 CFA exam result or even suspension in the CFA Program. CFA Program Policies include (but are not limited to):
We've prepared a selective summary of CFA exam policies, which – due to the ongoing COVID-19 pandemic – differ in many aspects from what CFA candidates are used to. For most important CFA exam rules, go here When Will I Get My CFA Exam Results?CFA Institute has even 60 days for releasing level 1 CFA exam results. The May 2022 level 1 results were released on 7 April, i.e. 6-7 weeks post-exam. The AUG 2022 level 1 CFA exam results are the first CBT results to be made available roughly 5 weeks after the exam has ended: AUG 22 LVL 1 EXAM NOV 22 LVL 1
EXAM FEB 23 LVL 1 EXAM MAY 23 LVL 1 EXAM * This is our educated guess based on the information that CFA Institute intends to release level 1 CFA exam results in 6 to 7 weeks after the close of the exam window. In the past, the usual pattern was: exam date + 7.5 weeks + it was Tuesday or Thursday. CFA Institute says that for future computer-based exams, the results are likely to be released even sooner than 6-7 weeks post-exam. You’ll get your results to your e-mail. Detailed results are also available on the CFA Institute website from the level of your account. Apart from the PASS or DID NOT PASS information, you will also learn about your performance for given topics relative to other exam takers. The CFA exam results are presented visually with the thick blue line illustrating how you scored, both in the exam and for different topic areas. No exact scores are given, though. IMPORTANT! Only after you receive your level 1 CFA exam result may you register for the next exam. MPS, Ethics Adjustment, CFA Exam GradingCFA Exam Passing Score: What is MPS?CFA Exam Passing Score: What is MPS? Every CFA exam has its MPS individually set when it’s over. Minimum passing score (MPS) is the threshold value determining who passes and who fails the CFA exam. Both the MPS and individual candidate score are never released. However, in all likelihood, MPS is usually slightly below 70%. What is Ethics adjustment?What is Ethics adjustment? CFA Program aims at promoting ethical culture in the investment industry. That’s why the Ethics topic is said to be particularly important in the CFA exam and there’s the so-called ethics adjustment. Your Ethics result can help you pass or fail if you are a borderline candidate, i.e. if your total exam score borders the MPS. According to the Ethics adjustment:
What is CFA exam grading like?What is CFA exam grading like? To pass, you must score higher than the MPS set for your exam or your Ethics result must be good enough to pull you through if you are on the border. You don’t need to pass all the topics. It is the overall exam score that counts! MORE? GO TO OUR CFA EXAM BLOG MORE? Editor's Note: This post was first published in 2019 and has been regulalry updated ever since. Can I get CFA books for free?CFA Institute members have access to the curriculum free of charge by downloading Refresher Readings, which are also eligible for Professional Learning (PL) credit. Members may also buy the print curriculum by ordering through Wiley or one of their retail partners.
Does CFA Level 1 syllabus change every year?Each year CFA Institute makes changes to the exam curriculum. This year there have been many updates throughout the Level I curriculum. There are 60 readings in the 2022 Level I curriculum versus 57 in 2021.
Is CFA Level 1 tough?Overall, the CFA exams are very difficult, but candidates can increase their chances of passing by studying for over 300 hours, utilizing alternative prep materials, answering as many practice questions as possible, and creating a structured study plan.
Can you complete CFA Level 1/3 months?CFA candidates usually start preparing from 6 to 4 months before their exam. However, this does not mean 3 months are not enough. What's important though is that you'll need to study almost every day! On average, it takes about 300 study hrs to prepare for the CFA level 1 exam.
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