The July 2021 CFA Level 1 is almost a week away. If you need some help preparing for this beast of an exam, then we have a few pointers for you for the home stretch.
Let’s jump right into it.
July 2021 CFA Level 1; A Different Experience for a Different Year
It’s no secret that this year’s CFA Exam is not what it used to be. There are two reasons for this: 1) The pandemic has changed how we take exams (mask wearing, social distancing, etc.), and; 2) Computer based testing is the new normal.
If you’re retaking this exam for a second, or third time, the atmosphere may be different.
First you’ll be in a room with a computer (not a paper-based exam), and second you will probably have to wear a mask.
As we head into the final week before the exam consider doing some practice exams this week with a mask on. Although it may seem trivial, we’ve heard from plenty of students that it helps prepare you for the real thing. Nerves can get the best of us, and with a mask covering your face, it can add to anxious feelings.
It’s also hard to predict what will happen in a room with other test takers. For that reason, consider bringing ear plugs. Sounds become significantly more noticeable in a quiet environment, so to block them out as best you can might be helpful.
How to Study During the Last Week
When it comes to studying, at Professional Exam Tutoring we recommend that the last week should be an exercise in juggling.
If you’re lucky enough to have the week off, we recommend rotating through at least four subjects per day. Prioritize the ones that hold the highest weighting (e.g., FR&A, Ethics, Quant, etc.).
The goal is to see as many questions as possible throughout the week from every subject that you can.
This will accomplish a few things. First, it will ensure that you’re as fresh as you can be, as close as you can be, to the exam on every subject. If you can get through four subjects per day (spread them out between 1-2 hours per subject per day), that means that by the third day you’ll be repeating day one’s subjects:
For example:
Day 1
- Ethics
- Quant
- FR&A
- Equity
Day 2
- Economics
- Corp Finance
- Fixed Income
- Portfolio Management
Day 3
- Alternative Investments
- Derivatives
- Ethics (Repeat from Day 1)
- FR&A (Repeat from Day 1)
The second thing that this “juggling” will help do is make certain that you see a lot of questions from every section close to the exam date. To avoid a failed CFA exam, we recommend that you target practice questions provided by the CFAI. They have thousands of questions on their website. There is nothing like questions from the exam provider, so we recommend that you start there.
Lastly, juggling will ensure a fresh review of sections that you might not have seen in the last couple weeks. Most people study one section at a time so it’s not unexpected that some topics may have last been seen a month or more ago.
Do your best to get through what you can.
With all of that in mind, don’t be too hard on yourself if you can’t get through everything. There is so much content that it’s not realistic to expect to be able to cover everything in your final week.
If you have any more questions beyond the above, you know where to find us! Good luck!