How I prepared for (and passed) CFA Level I

Before starting, I had already worked with derivatives, but I did not have a formal background in finance. I understood some of the products from work, but I wanted to build a broader foundation and understand how the different subjects connected.

How I studied

I used Kaplan’s material and followed their study schedule quite closely. I read each module, completed the exercises, and planned to finish the material about two and a half months before the exam. I wanted to have enough time for revision instead of still learning new chapters during the final weeks.

Most days, I studied for around two hours. I tried to study for three hours on weekends, although that was not always possible. Fitting everything around work and regular life was probably the hardest part. On days when I left work late, I sometimes had a very short lunch and used the rest of the break to study.

Once I finished the material, I reviewed each subject separately. I also made flashcards in Anki and reviewed them for at least an hour a day until the exam. This helped me remember details, but it also showed me which topics I had only understood superficially.

Mock exams and revision

I completed the two mock exams from the CFA Institute, scoring 65% on the first and 70% on the second. I also took two Kaplan mock exams and scored around 60% on both.

During the final month, I increased my study time to around three or four hours a day. I was sleeping less than I should have, usually around four or five hours, which is not something I would recommend as part of a study plan. In the week before the exam, I took a few days off work and studied full time.

At that point, I focused mostly on flashcards and practice questions. I also used AI tools to help identify the subjects where I was making the most mistakes, so I could spend my time more selectively.

The result

I passed with almost every subject above 70%, and my result in Ethics was close to 100%. Ethics was the subject I found easiest, probably because the questions felt more connected to judgment and decision-making than to memorizing formulas.

The most important thing is to understand that the process is closer to a marathon than a sprint. Start as early as you can and follow the schedule as consistently as possible, because there will be days when you are tired or when something else deserves your attention more than studying.

When that happens, let yourself step away without feeling that you are falling behind. If you plan properly and stay ahead of the schedule, you will have enough room for those days and can return to the material without unnecessary pressure.

The main lesson for me was that consistency mattered more than any individual study session. I did not follow a particularly original method. I started early, tried to study every day, finished the material with time left for revision, and used practice questions to find the areas I still did not understand well.