You are currently viewing 5 Tips to Help You Pass Chartered Financial Analyst (CFA) Level 1 [2022 updated]

5 Tips to Help You Pass Chartered Financial Analyst (CFA) Level 1 [2022 updated]

1. Put in a lot of practice time!

Because the CFA exams are so long (6 hours for each level), time management is essential. It’s one thing to absorb information; you’ll also want to put it into practice so that you can improve your recall and ensure that you’re understanding the questions. Start with the CFA Institute’s books, which contain a plethora of mock exams and practice questions. Then, identify your weakest subjects and concentrate on reviewing them. Then, at least two months before the exam, begin taking mock exams. Free mock questions can be found at the end of this blog.

2. Don’t waste time.

About 285 hours of study is recommended by the CFA Institute. However, depending on your background, time management skills, and prep course, you can make the most of each hour, reducing wasted study time significantly. For example, with The Princeton Review, you should be able to put your distractions aside and complete your Level I CFA exam preparations in under 120 hours.

3. Develop a study plan

Setting aside that time and committing to staying on track is critical. By spreading the required work out over six months, you not only establish a solid routine that allows you to digest all of the material, but you also give yourself some leeway to reschedule your study sessions if you fall behind.

4. Focus on concepts

The CFA exams are becoming more conceptual, particularly the Level I exam. Concentrate on the most important formulas for the exam and provide a formula sheet that highlights common-sense applications and how to derive any additional information you might require. Finally, you’ll want to figure out which formulas you can skip if they’re consuming too much of your time.

5. Know your financial calculator

You’ll be able to bring one of two calculator models to the tests. Practice with your chosen device ahead of time so you know exactly how to use it. Once you’ve gotten the hang of it, you should be able to rack up some quick points right away.

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5 questions will be shown from a total of 30 free practice questions to prepare you for CFA level 1 exam. Enjoy!

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1. Company XYZ purchases land for USD5,000,000. XYZ intends to hold the land for a long term (20 years) and rent the land out to generate income. Under IFRS, at which price is the company allowed to use on its financial reports for the value of the land:

I. USD5,000,000
II. The current market price

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2. A company had equipment worth USD50 million on 1 January. During the year, they purchased equipment for USD10 million. On 31 December, the equipment account showed USD40 million. All figures are shown at cost, before depreciation.

The amount of equipment sold during the end of the year, at cost, would be closest to:

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3. The exchange rate between two currencies has decreased to 101.34. The price currency has appreciated by 7.5 percent against the base currency. The initial exchange between the two currencies was closest to:

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4. Keisha is looking to avoid purchasing power risk as much as possible. She should consider investing in which type of security?

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5. Asmita Mack, CFA, lives in the country of Onionland. Each morning, Asmita crosses the border to the neighboring country of WDC where she manages client portfolios. This morning, a positive earnings report was announced for HawkBlack, Inc. (ticker KANE). Asmita would like to invest in the stock and believes it would benefit her clients as well. WDC has a law that restricts portfolio managers from investing in securities owned by their clients. Onionland has no such law.

To comply with the Standard, what is the minimum that Asmita must do?

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