Preparation for CFA Level 1 Feb 2024 (UK)

[HarryT1]

Hi everyone,

I will take CFA Level 1 in Feb 2024 in the UK.
I am paying for it myself so I am just wondering if purchasing a study package with CFA prep providers such as KAPLAN is worth it since they are so expensive.
Can I really pass CFA level 1 only by using the official material provided by CFA (included with registration)?
Any other advice on how to prepare for CFA level 1 would be deeply appreciated, especially in terms of cost-saving.
Thank you very much in advance.

Harry

 

[LondonFinance1]

I have heard mixed feedback about prep companies for the CFA from “waste of time and money” to “they really helped me to get over the line”. The best answer is probably “it depends”. It depends on

• Your learning style: are you good at studying on your own or is it easier for you to learn in a group in a dialogue and/or with an instructor?

• Your circumstances: are you working in a finance-related job where quite a bit of the curriculum is already common knowledge? Are you calculating DCFs for fun in the morning? Or is the world of finance all new for you and are you looking for someone to answer your questions

• Your willingness to play it safe: it might help to calm your nerves to know that you took extra prep from a reliable and experienced provider

• Your budget: the CFA comes with a hefty price tag, so if your budget is limited, you might want to look for other course providers than Kaplan. Join a study group and if you have colleagues/friends who have done the CFA (or at least some modules), ask them for take-aways from their prep time as well

• Your time at hand: the official recommendation for Level 1 is ca. 300 hours of prep time. That translates into roughly an hour a day until your exam. If you are busy at work, you might prefer to have the content spoon-fed to you in a shorter period of time

Should you not go for an external provider, make sure to make as much use of the official material as possible (read all material, use all mock exams and practice questions). Try to find a group of candidates preparing for the same date, not just to learn/practice together, but also to exchange experiences. It really helps not being on your own.

 

[HarryT1]

I have heard mixed feedback about prep companies for the CFA from “waste of time and money” to “they really helped me to get over the line”. The best answer is probably “it depends”. It depends on

• Your learning style: are you good at studying on your own or is it easier for you to learn in a group in a dialogue and/or with an instructor?
• Your circumstances: are you working in a finance-related job where quite a bit of the curriculum is already common knowledge? Are you calculating DCFs for fun in the morning? Or is the world of finance all new for you and are you looking for someone to answer your questions
• Your willingness to play it safe: it might help to calm your nerves to know that you took extra prep from a reliable and experienced provider
• Your budget: the CFA comes with a hefty price tag, so if your budget is limited, you might want to look for other course providers than Kaplan. Join a study group and if you have colleagues/friends who have done the CFA (or at least some modules), ask them for take-aways from their prep time as well
• Your time at hand: the official recommendation for Level 1 is ca. 300 hours of prep time. That translates into roughly an hour a day until your exam. If you are busy at work, you might prefer to have the content spoon-fed to you in a shorter period of time

Should you not go for an external provider, make sure to make as much use of the official material as possible (read all material, use all mock exams and practice questions). Try to find a group of candidates preparing for the same date, not just to learn/practice together, but also to exchange experiences. It really helps not being on your own.

Thank you very much for your advice. I deeply appreciate it.

 

[sw20001]

This is really helpful, thank you! Is it wishful thinking to expect ChatGPT and other AI platforms to be a reliable study source to supplement existing packages whether free or paid for? In their current stage of development, that is.

 

[LondonFinance1]

This is really helpful, thank you! Is it wishful thinking to expect ChatGPT and other AI platforms to be a reliable study source to supplement existing packages whether free or paid for? In their current stage of development, that is.

Maybe to create write-ups, but the trouble is that you do not necessary know if the texts are correct; you might have read about ChatGPT becoming "dumber" in recent time. If you want to use it, I would crosscheck its findings with the official materials you get as part of the CFA package.