Just signed up for Dec L1…began studying this past week and have a very detailed plan of study. Much of the material is a review for me; however, I plan on carefully reading all CFAI and Schweser material. For all those in the L1 forum, I am wondering, on average, what is your scheduled/previous total number of hours devoted to studying for L1? Thanks, NYCEconomist
i tracked mine to the t and finished at 300 … but i had just taken the CFP and a lot of the investment info is the same
I tracked mine to 333 hours, from January 26 up and until the day before the exam.
are you guys including all hours (including reviewing, practice Q, rereading certain sections like ethics), or just the amount of hours it took you to get through/learn the material once
I have the same question as you THE SHOW NY. Does that 333 hours include all these practices questions and exams? Cause they take a LOT of time. Also Medhi0chre, did you take notes constantly or at times when things got out of hand? thanks
The 333 hours included 17 mock exams (17 x 120Q) but not the time spent gazing out in the air wondering whether I would be able to pull it off nor the many frequent breaks. It did include the time spent listening/reading the Schweser notes (I had them on my iPod and listened to them on my way to/from work). I didn’t take any notes a t a l l, I just jotted down the odd comment in my Schweser notes or in the margin of Dr Van Eaton’s eminent power-point slides, or underlined important words. Things never got out of hand the second time around, only the first time around when I was dead set on studying on my own using only the CFAI material, and tried to make my own notes… many people may indeed manage to do this, but I’m not one of them. The only notes I had any success with whatsoever were my bullet point notes on Ethics.
I pick up on schoolwork very quickly and had some background and experience for a chunk of the exam and I though 300 hours was barely enough time (if it was I don’t know if I pass until July 29th).
skipE99, how long did it take you to study for the CFP?
did not track CFP when i took it. the five modules are like a textbook each, but the final exam is the killer. not necessarily hard, but subjective as hell. i failed it the first time, but the first time i failed, i only studied on weekends (like 5-6 hours a weekend) and then took the whole week off of work to study and failed. the second time i passed, i studied 1 hour before work for a couple months and then took the week off before again to study and passed… for cfa level one,i hit three hours before work 5 days a week for 3 months before the exam and 2 hours per day for 4 months before that , plus a week off right before the exam., ill let you know july 29 whether or not i passed. CFP is fairly comparable to CFA so far, but all three levels will be harder than the CFP, but the CFP was more boring so far in my opinion. lots of insurance laws, auto insurance, life insurance, estate planning is OK just depends on what interests you. investments is ALL material that is on the CFA which was nice.
The time one needs to be succesful in this exam depends on: - the educational and professional background of the person - the intelligence, motivation and memorizing capacity of the person. So, I do not think it is useful for people to compare their study hours, etc…
Can SkipE99, MehdiOchre or any one else share roughly how manyhours did you put in the different sections or sessions? I do understand it varies accouringly to each’s understanding of the topic.
~150 if you have Finance background I’d say
well…econ seemed a trap to me. its the most material for the fewest percentage of the exam. but i still spent many hours on it. i cant say exactly how much i spent on each section, but i can say about 20-30% was on fsa , 20 on ethics, the rest you have to review and learn as much as possible…maybe 20 on econ… you know…i have my sample online exams from right before i took the exam. i did not “pass” a single one so let me hear how i did on the test before i talk more about how i studied. if i passed i can tell you everything i did and where i was scoring on the exams. july 29 is d day…either i start level II or restart level I for the dec exam…blah!
I completed a finance MBA recently, and also have passed some actuarial exams that have significant overlap. I work as an investment consultant and deal with portfolio and investment topics daily. I spent 30 hrs or so beginning the week prior to the exam. I did not crack a CFAI book. I used the Schweser mock exams and QBank exclusively. Of course, I would only recommend this if you feel you have a good accounting, statistics, econ, and investments background. I don’t even know if I’d recommend it for me!! 
would anyone mind sharing study method? a couple hrs mon through fri then hit it hard on weekend? im just beginning to study as well and was curious as to what people heard is the most efficient/effective method
I’m finding it really hard to find time to sit down and hit the books. I’m in at work around 7:15am and finish around 7:00/7:30pm. By that time I’m just exhausted. I try and read on the train trip home (about 20 minutes). Finish off diner around 9pm. Watch a little TV and am on the books from around 10pm to 11pm. So on average I’m getting an hour a day. But none of the studying is flowing as I’m starting and stopping all the time. Wish I could have a good 5 hours to sit down and go through it properly.
Planning to use your time most efficiently (optimizing over attention span [as function of time of day/night], motivation, random distractions, energy levels, hunger issues, bathroom issues, etc.) is a very important task in addition to planning the total number of hours. In my opinion: 1. A single three-hour chunk is better than three one-hour chunks. And… 2. Two three-hour chunks are better than one six-hour chunk. Furthermore… 3. Learning a large amount and/complex material over multiple sessions is better than cramming it into a single session.
Just a bit more than 10 days total devotion: 10 x 24 =240 hrs Sometimes thinking this way lifts my optimism. 
The first thing I do in preparing to study is to place myself in a positive state of mind. Then I turn-off my cell phone. I usually attempt to study for 3-4 hours p/day at 1.5 hr. continuous intervals with 15 minutes breaks to absorb all the information. I found that if I don’t take the breaks, then it becomes information overload! I also take Saturdays off as a personal preference, but do set the same amount of time aside each day. I figure that as a first timer, a 3-4 p/day study session should allow more than enough time to complete the readings (CFA material, plus Schweser). I find that setting time aside in the mornings works best for me. If I start at 8 a.m. and end at 12 noon, I could just have lunch, then proceed with my day as scheduled. Evenings are a drag because you have the days’ accumulated stress and most people are tired. Hope this helps! -Chris Level 1 Candidate - Dallas
the truth is, if you really want it, you’ll go after it and get it. it’s that simple. usually it’s because you want more money or you have something to prove. if you think you’re smarter than the rest of us, or need the CFA to assert your value to an employer, then go out there and prove it thru the test. that’s what I’m doing–establishing credibility so I can be promoted and get a fatter paycheck. otherwise, if you prefer to enjoy your time spent on other pursuits, enjoy those! the CFA is worthless except as a cipher, like braille, sign, or Esperanto. those of you that are brilliant don’t really need it and will readily establish your value by your innate intelligence. the rest of us struggle with the reality that CFA is a shortcut to telling everyone else we are qualified, thank you. If you want it badly enough, you will be compelled to put in the effort. If that means 10 hours a day of study using your vacation time, then that means you actually want it. If you don’t have that drive, then you’ll show up on test day, fill in the bubble sheet, and wonder where the time went. Why do we complicate this so? When it comes to CFA, you don’t have to be a genius; it’s effort. Quit complaining about your travails if you really want to advance; get to studying and take control. We all need some encouragement…kick ass and good luck.