How to Prepare for CFA Level 1: Study the Curriculum with Flashcards and Typed Recall

What the CFA exams cover

The Chartered Financial Analyst programme is run by the CFA Institute. Level 1 covers topics such as ethical and professional standards, quantitative methods, economics, financial statement analysis, corporate issuers, equity investments, fixed income, derivatives, alternative investments and portfolio management. Level 1 uses multiple-choice questions, Level 2 uses item-set questions based on case vignettes, and Level 3 combines item sets with constructed-response questions. The exams are computer-based at Prometric test centres. Exam length, structure and the curriculum change from year to year, so check the CFA Institute site for the current format.

Why it is hard and how to prepare

The volume is the problem: hundreds of hours of reading, a lot of formulae and definitions, and Ethics that must be known precisely. Candidates often fail by reading everything once and not practising enough questions. Better: study each reading, then test yourself immediately, then return to it on a spaced schedule, and do large amounts of practice questions grouped by topic, then mixed.

Allocate time by topic weight, using the weightings the CFA Institute publishes. Do full mock exams in the final weeks, in one sitting, with the timing you will have on the day. Review every error and write down the reason.

A plan using Type to Study

Upload the curriculum readings you own as PDFs. Because books over three chapters ask which chapters you want, you can build one topic area at a time. Lessons cite the pages of your readings, so a formula is always traceable. Retype formulae and definitions in Type mode, and use the Recall pass for the key terms. Flashcards from each key term come back on the Leitner schedule through a months-long study period.

Use unit quizzes after each reading, and typed answers to state the logic of a formula or an ethical standard in your own words. The AI tutor can explain a concept simply, with citations to your readings. Use the CFA Institute's question bank and mock exams for the real question style. Type to Study does not include official CFA questions.