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Best Way to Revise For CFA Level 1 Exam [Optimized Revision] - YouTube
Channel: Brandon Hill - Bizness Professionals
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when you're studying for the cfa level 1
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exam your revision process is probably
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the most important factor in determining
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your success if you revise effectively
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the material will be stored in your
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long-term memory and available to you on
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exam day i believe the common methods of
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revision out there aren't optimal and
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i'm here to share the best way to revise
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for the cfa level 1 exam so let's get
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into it
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[Music]
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what's up everyone this is brandon hill
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and welcome back to my channel where we
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share content to help young
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professionals develop personally
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professionally and financially let's
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break down this video first i'm going to
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talk about the common methods out there
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for level 1 revision and why these
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methods aren't efficient then i'm going
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to share the best method to use for
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level one revision and talk about
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something called the forgetting curve
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finally i'll share a tool that i created
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that i use to implement perfectly
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optimized revision so let's discuss what
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candidates are currently doing out there
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a common method of revision that i see
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recommended out there goes something
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like this you go through all of the
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readings of the cfa material one time
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through
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and then once you've finished learning
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everything for the first time then you
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go back and revise and this revision can
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include rereading the textbooks and
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learning outcome statements working on
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end of chapter questions and other
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practice problems taking mock exams and
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rewriting all of the formulas multiple
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times over before exam day while this
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can work and many people do pass by
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using this type of revision i don't
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think it's the most efficient way to go
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about it the problem is that too much
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forgetting can happen if you started
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with reading number one and you worked
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your way through reading 60 before
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starting your revision process it's
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likely that months have passed since you
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first read reading one and within those
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months it's likely that you've forgotten
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most of what you initially learned so
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once you start your revision process you
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feel like you've forgotten everything
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and you're essentially re-teaching
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yourself all the material candidates
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think that the learning phase and the
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revision phase must be separated and
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must take place
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at different points in time in my
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opinion these two phases should take
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place in parallel with one another the
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best way to revise for level one is to
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revise while you are still learning new
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material instead of doing all of your
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learning at once and then starting your
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revision process
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you should find this balance between
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learning new material and also reviewing
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past material that you've already
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learned i'll break this down with an
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example i took level one in 2021 and
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during that time the material had 57
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readings and i used kaplan as my third
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party test prep provider and kaplan
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breaks down all of these readings into
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sub readings or what i call lessons
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so within the 57 readings there were a
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total of 153 lessons and i'm explaining
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this to you because it'll help you
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understand this example so at the start
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of my studying i had 153 lessons to
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conquer in order to learn everything i
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balanced learning new lessons while also
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reviewing past lessons that i had
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already learned if i was halfway through
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my six months of studying a typical day
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might look something like this
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learn 41.1 for the first time learn 41.2
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for the first time review 8.1 review
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12.2 review 15.1 then the next day might
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look something like learn 41.3 for the
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first time learn 42.1 for the first time
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review 6.3 review 21.2 review 21.3 as
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you can see with these two days
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i'm still learning some lessons for the
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first time while also reviewing past
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lessons i have already covered at least
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once reviewing past lessons is critical
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to flattening what is called the
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forgetting curve the forgetting curve is
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a chart that represents the decline in
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one's retention of learned material over
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time it was discovered in the late 19th
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century by hermann ebbinghaus a german
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psychologist what he found was the
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following as you can see
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here on the y-axis you have percent
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remembered
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here on the x-axis you have time that
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has passed so what he found is that it's
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easy to recall information when you have
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recently studied but as time passes you
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quickly forget a large amount of the
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material that you had initially learned
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as you could see the slope of the curve
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is steepest at the beginning of the time
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and this represents how one forgets a
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majority of the material that they
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learned within the first few days in
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fact we forget about eighty percent of
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what we've learned within a day and
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ninety percent of what we learned within
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a month so imagine that the first time
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that you studied probability concepts
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was a month ago and you haven't reviewed
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it since then well it's likely that
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you've forgotten upwards of 90 of that
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material thankfully it was discovered
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that you could reduce this rate of
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declining memory by reinforcing your
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memory with space repetition and space
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repetition is a studying technique that
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involves repeatedly reviewing
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information that you want to memorize at
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gradually increasing time intervals this
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next graph could help illustrate the
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effects of space repetition on the
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forgetting curve so you can see here we
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have the initial learning review 1 2 3
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and so forth as you repeat the same
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study session your memory crystallizes
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and the forgetting curve flattens out
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you can see how this gets flatter with
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each time that you review when this
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curve flattens out that means that more
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time needs to pass before you start
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forgetting a significant amount of
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material for example if you first study
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something it's likely that you forget 80
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of the material within a day but if you
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studied multiple times through space
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repetition you might only forget 20 of
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the material after a day of your latest
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study session since forgetting starts
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later as your memory becomes stronger
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the intervals that you study and review
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a lesson are spaced farther apart so if
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you're studying probability concepts you
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might study it for the first time here
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on day one then the next time you review
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it might be a day or two later
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then three or four days after that
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then a week after that
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and so forth until you've mastered
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probability concepts and you probably
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only need to review it once a month now
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let's talk about implementing this
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strategy the key to successful revision
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is spaced repetition but the key to
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space repetition is your scheduling the
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spacing between each of your study
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sessions for any given lesson needs to
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be calculated as i stated in my example
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during my year kaplan broke down the 57
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readings into 153 lessons i had to
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optimally schedule the space repetition
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of 153 lessons some lessons were really
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easy to me so i didn't need to study
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them as frequently and other lessons i
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struggled with so i needed to study them
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more frequently you can imagine that
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keeping track of this for 153 lessons
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could be difficult but i created a
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spreadsheet that would do all this for
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me automatically and in an optimal way
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it's called the cfa revision spreadsheet
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this spreadsheet took all of the hassle
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out of scheduling of when i would learn
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new lessons and when i would revise past
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lessons i had all 53 lessons
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within all 57 readings
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within all 10 topic areas after i would
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study a lesson for the first time i
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would give myself a grade from 1 to 10
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on how well i knew that lesson based on
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that 1 to 10 rating the spreadsheet
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would automatically schedule the next
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time i had to review that lesson
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if i rated myself a 2 for example i
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would have to review that lesson 2 days
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after my initial time studying it if i
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rated it an 8 i would have to review
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that lesson 11 days later here's a
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breakdown of the 1 to 10 rating and how
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many days between study sessions the
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spreadsheet would schedule
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this ensured that readings i was
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proficient in were studied less
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frequently and readings i struggled with
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were studied more frequently the cfa
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revision spreadsheet is the backbone of
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this entire revision system
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it keeps everything optimized and on
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track and you'll never waste time
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thinking about what you need to study in
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the top left here you'll enter a few
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inputs
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at the start of your studies you'll
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enter your test date
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then on any given day you'll enter
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today's date
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and this here will tell you how many
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days you have left until your exam also
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entering today's date
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triggers these formulas over here that
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tell you which topic you have to study
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on that day so you can see over here i
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have all the lessons within all the
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readings within all the topics
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in this area right here is where you
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will grade your study sessions from 1
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through 10.
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this column right here is where you'll
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input the first date that you reviewed a
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lesson
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so let's go over to a clean tab and i
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could show you so here we are in a fresh
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tab and imagine the first date they
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review this lesson
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is 11 18
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21
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after you do that you're gonna grade
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yourself from one through ten
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i'll give myself a three
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you can see how
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the formulas in this sheet automatically
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schedule the next time you'll have to
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review this
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and look right here while i change this
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number
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you can see how the date changes
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so you would know that the next time you
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had to review this is uh 11 25 and
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imagine that you continue the days go by
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and you type in 11
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25 21.
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i'll scroll over here and you can see
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when i hit enter
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now the spreadsheet tells you that on 11
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25 21 you have to review this lesson
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again and this is how the spreadsheet
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would work you would continue to learn
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new lessons on 11 19
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you would grade yourself again
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11 20
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grade yourself again
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and eventually your spreadsheet would
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look like this
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so you would be reviewing lessons as you
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are learning new lessons until you
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finish all 153 lessons or whatever it is
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in the year that you're taking it
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as i change the date up here
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you can see
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over here when i hit enter it'll tell
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you what to study and it'll change
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automatically so you never have to worry
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about what you have to study
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based on your one to ten rankings the
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spreadsheet is going to optimally
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schedule the next time that you have to
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revise that individual lesson i truly
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believe in this tool and i really think
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it can solve candidates problems when it
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comes to revising for level one if you
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want to download this spreadsheet look
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in the description and i'll have
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directions and a link to where you could
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access the sheet if you want more
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instructions on how to use the sheet i
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have an affordable course on how to
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study for the cfa level 1 exam and the
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cfa revision spreadsheet is included in
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that course i hope you found this video
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valuable i'll be dropping more content
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soon to help you a young professional
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develop personally professionally and
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financially i'll see you on the next
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video
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