Decreased time with friends and family
Concern about having to take the level 1 exam again
Burnout
One result of perusing level 1 is that the time you spend with friends and family will decrease. You’ll find yourself declining social engagements, especially during the immediate period leading up to the exam. Your friends and family may stop inviting you to things, because they feel that you will just say no anyways. You may also feel guilty for neglecting to spend time with people you normally spend time with.
Before you begin studying for the exam I recommend you personally tell your closest friends and family about your CFA time commitment, letting them know that you won’t be able to spend as much time with them, asking them for their support, and telling them that you apologize in advance for being less accessible. By doing this your friends and family know what to expect and you will feel more comfortable about your time spent away from them.
Roughly 65% of people fail the exam which means that the average test taker is more likely to fail than pass. I say this not to discourage you, but to remind you that you will need persistence and determination to pass, and that some people take the level 1 exam twice before they pass, especially if they are new to finance. Taking level 1 multiple times is not bad or embarrassing, however, you should do everything in your power to pass the first time.
Burnout:
If your retention becomes poor, your mind drifts while studying, and you don’t feel as motivated as you used to be you might be burnt out. There is no explanation why this happens when it does, but when you become burnt out make sure to recognize it early so you don’t go for two or three weeks without fixing the problem. To fix burnout take a two or three day break, doing relaxing activities that you enjoy. Treat yourself.
Your physical state directly affects your psychological state:
- Eating a balanced diet, avoiding alcohol, and getting good rest will keep you from getting sick and missing study time. These will also keep you happy and motivated.
- Remember to eat regularly, at least three meals a day. Your retention decreases when you’re hungry.
- Exercise as much as possible, even if only for 15 minutes a day because weight lifting and cardiovascular exercises are proven to improve memory and reduce stress (which you will have a lot of with work and studying). You can squeeze in an intense cardiovascular work out by jumping rope or running on an uphill treadmill for 15 minutes. http://www.apahelpcenter.org/articles/article.php?id=25
- Use mnemonic devices, http://en.wikipedia.org/wiki/Mnemonic
- Review information frequently. Don't review information you've already learned pat. Your review time is best spent, drudging through the hard stuff.
- Understand what you're reading rather than trying to memorize information without comprehending it. If you read a chapter and a quick review of the key points will solidify the information, take the time to review the key points, else your recall will be poor. If you can not digest a concept, get help. Ask someone who is also taking the exam.
- Visualize the formula in your head. Do not move on in your readings until you can visualize the formula your head and write it paper.
