Can You Pass the CFA Levels by Self-Study?

The Chartered Financial Analyst (CFA) designation is among the most sought-after and respected credentials in the financial world. To become a CFA charter, one would be required to pass three complex levels of exams on topics like ethics, economics, financial reporting and analysis, corporate finance, equity investments, fixed income, derivatives, and alternative investments.

Most candidates prefer to prepare for the CFA exams by enrolling in a course or by hiring a private tutor. Although it is possible to pass these exams through self-study with enough commitment and self-discipline, most candidates prefer to have some form of interaction with other students and mentors.

In this blog post, we will discuss the benefits and drawbacks of self-study for the CFA exams and also give some tips and strategies that can be helpful in the CFA exams.

What is CFA?

The full form of CFA is Chartered Financial Analyst. Obtaining a CFA designation is one of the most prestigious credentials for finance practitioners in the investment management and analysis of financial considerations. The curriculum of CFA would expose one to intensive studies in investment management, portfolio analysis, financial reporting, and standards imbued with ethical considerations. This prepares an individual to possess profound knowledge and analytical ability for their careers in asset management, financial analysis, and investment banking.

The CFA program is divided into three levels: Level I, II, and III. Each of the following aspects of finance falls within the framework for each of the three levels:

• Level I: General knowledge of investment tools, ethical standards, and financial reporting.
• Level II: Development of investment tools and concepts, asset valuation, and accounting principles.
• Level III: Portfolio management, wealth planning and investment strategy.

Benefits of Self-Studying for the CFA Exams

Flexibility: Self-studying allows you to create your own schedule and study at your own pace. This can prove to help working candidates or those with other forms of obligation.

Cost-Effective: Coaching classes or even a private tutor can prove expensive. Self-study is likely to prove less expensive, especially for a budget-conscious student.

Personalised Approach: When you are self-studying, you can set up your learning program according to your strengths and weaknesses. You can make your own schedule, pick the study materials you want to use and study via your preferred study methods.

Challenges of Self-Studying for the CFA Exams

Lack of Structure: Self-studying requires a high level of discipline and self-motivation. It lacks the form of a coaching class or a tutor who can keep track of your studies.

Limited Feedback: You don’t have a teacher or tutor who could give you any critical views while self-study which makes it hard for you to know which areas you are not performing well.

Time-Consuming: The process of self-studying can be quite time-consuming when one tries to balance it with other responsibilities. You would take many more hours and weeks learning everything by yourself as compared to learning the same thing in a course.

Tips and Strategies for Self-Studying for the CFA Exams

Create a Study Plan: You should create a plan before you even start studying, and list what you are going to cover and when. Always maintain definite objectives with every study session and observe them.

Use High-Quality Study Materials: When self-studying, one needs to use high-quality materials that cover all the topics important in the examination. Study materials should be from an authentic source such as the CFA Institute or a major publisher.

Take Practice Exams: Take practice exams; this will be important in preparing for CFA exams. It will help you figure out where you need improvement and get accustomed to the format of the exam, and time management.

Join a Study Group: Joining a study group will give candidates much-valued support and accountability. 

If you want to learn more about the CFA course and what it entails, read our blog what is CFA? Exam Dates 2024, Course Details, Full Form, Exam Pattern, Fees, Syllabus.

Conclusion

Getting through all these levels of the CFA exam is a task requiring a tremendous amount of time and effort. Though self-study for exams can be tough, it is certainly possible to pass through the right mindset, study materials, and strategies.  By planning a well-structured study plan, getting the best possible study material, sitting for mock exams, and even attending a study group, you can elevate the prospects of passing CFA Course exams from home independently. Don’t think twice; reach out to Zell Education if you get confused about which course you should choose or which way you should choose to prepare for it. Our team is ready and happy to provide you with consultation services that will help you find the best course to suit your preferences and goals. 

FAQs on CFA self-study

Can I study for the CFA on my own?

Yes, if you have good resources, discipline, and a structured plan, you can clear the CFA exams on your own.

How can I learn CFA by myself?

You can use official CFA Institute resources, practice questions, give mock tests, and maintain an in-depth study schedule to follow all on time.

Can CFA be cleared by self-study?

Many pass CFA through self-study but success requires persistent hard work and determination.

Is 120 days enough for CFA Level 1?

Yes, 120 days would be enough if you are studying around 20 hours per week and have a targeted study plan.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.