You have passed the CFA Level 1, congrats!
Now, as a number of other candidates, you are also probably wondering are you going to have enough time to prepare for examination in June or not. This is a common question and unfortunately, no one can guarantee you that you will have sufficient time. There are some things you should bear in mind and some tips that might help you in the decision.
First of all, if you are confident about your positive exam outcome, you should try to borrow CFA books or buy Prep providers’ materials and start reading even before the exam results are available. You will save valuable time and have competitive advantage compared to other candidates. We would recommend picking the most interesting area and starting reading it. Try to finish it before the results are available. If you have passed the exam, you will already have one area (book or so) in pocket. This is a huge advantage.
If you haven’t read it or your are still not sure whether to enroll or not, take the following facts into consideration:
- You have spent last couple of months learning for CFA L1, which means that you are either exhausted on one side or used to learning on the other side. If you are too tired and fed up with learning, it is better to take a one year break. If you feel good, ready to continue the process and used to learning (still in the learning mode) than choose to go for it.
- If you decide to go for it you will benefit from the fact that significant part of material is already known to you from CFA L1, and you will just expand your knowledge a little bit on some areas. If you wait for a year, you will have to repeat more. Of course, you will learn a lot of new topics, but it will be easier to acquire new concepts because L1 material is still fresh.
- You are familiar with all the resources and people that are in the same process, something you might lose if you wait for a year.
Beside all the upsides of continuing the process, there are some downsides. If you decide to continue the process, this may be mentally difficult for you. Remember, you have already spent months learning and most probably working at the same time. If you continue to do so in the next couple of months, you may lose valuable things like friends, family or your health. Be cautious and analyze all the upsides and downsides. Share your concerns with your friends, family, partner and colleagues and get their support and/or opinion. Remember, even if you choose to continue with the process and fail the exam, you will have valuable experience and will be familiar with the material, so it will be easier for you to pass the exam later.
If you decide to take a break at the end, make sure that you review L1 materials from time to time, so you keep in touch with the material and don’t forget all the concepts.
Find out more details about TimePrep for CFA exam apps here!