User's blog

Tag: CFA preparation

  • Making Sense of CFA Level 1 Pre-Readings: What You Should Actually Do

    Making Sense of CFA Level 1 Pre-Readings: What You Should Actually Do

    Preparing for the CFA Level 1 exam often comes with a question that confuses many students:

    Should you study the pre-readings that appear before the main curriculum? 

    These short readings are meant to introduce key ideas in Economics, Quantitative Methods, and Financial Statement Analysis.

    Let us understand what they really mean, why they exist, and how to deal with them in a practical way.

    Understanding the Purpose of Pre-Readings

    The CFA Institute has recently reorganized the Level 1 syllabus to make it more efficient. Some of the older introductory lessons have been separated from the main modules and placed in a section called pre-readings.

    Their goal is simple: to prepare candidates with the basic knowledge required before starting the core material.

    The pre-readings include the following::

    • Quantitative Methods: Basic statistics, probability, and numerical tools
    • Economics: Key ideas in microeconomics and macroeconomics
    • Financial Statement Analysis: Structure and meaning of income statements, balance sheets, and cash flow statements

    These topics act as the entry gate to the larger curriculum. But the real question is:  

    Should you spend time reading them all?

    Are Pre-Readings Worth Your Time?

    The CFA Institute suggests that most candidates are already familiar with the material. That might be true for some, but not for everyone.

    If you have been away from academics for a few years, or if your degree was not in finance, some of these ideas might not feel as fresh. Going straight into the main syllabus without revisiting them can make the learning curve steeper.

    So, even if the pre-readings are not directly tested, they still influence how well you understand what follows. Think of them as the foundation on which the entire Level 1 syllabus stands.

    How to Approach Them Without Wasting Time

    Not every candidate needs to go through every page. What works better is a filtered, topic-by-topic review.

    Here is a structured plan:

    1. Get a quick overview.
       Read the chapter introductions and sub-headings to understand what each section covers.
    2. Mark your comfort zones.
       Identify areas that look familiar. For example, if you have used accounting statements regularly, you might not need to study all of FSA in detail.
    3. Focus on weak points.
       Spend time only on parts that seem unfamiliar or unclear. This selective study method helps you save time while reinforcing areas that matter.

    If you have ample time before the exam, you can dedicate around two weeks per section. If you are on a tighter timeline, a few focused study sessions per area will still be effective.

    Key Areas That Deserve Extra Attention

    Some topics in the pre-readings create the base for many later chapters. You can use the following checklist to stay focused:

    • Quantitative Methods: Concentrate on descriptive statistics, measures of dispersion, and probability. These ideas return again in regression, correlation, and risk analysis.
    • Economics: Refresh your understanding of demand and supply, market types, inflation, and economic growth indicators.
    • Financial Statement Analysis: Ensure you can interpret how the three financial statements connect. Knowing how numbers move between income, cash flow, and balance sheets saves time later.

    The MidhaFin View: Study Smart, Not Twice

    At MidhaFin, we strongly believe that you do not need to study everything twice. If a topic covered in the pre-readings appears again later in the curriculum, and is explained there in full, then you can safely cover it once, in detail, during the main study.

    This approach forms the base of how we design our study material and video lessons. Our goal is not to overload students with repetitive theory but to guide them through a logical sequence of learning.

    For example, if Financial Ratios are introduced briefly in the pre-readings and then taught extensively in the FSA section, it is more efficient to learn them properly when you reach that chapter. By doing so, you spend your effort where it adds the most value instead of revisiting the same ideas multiple times.

    This mindset not only saves time but also builds stronger conceptual links between topics. In CFA preparation, efficiency is just as important as effort.

    Why a Strong Foundation Still Matters

    Even though pre-readings are not tested directly, they shape how smoothly you move through the rest of the material. Students who skip them entirely often need to pause later to fill in missing basics, which breaks study flow.

    Instead, treat them as a warm-up round. Review them quickly, fill knowledge gaps, and then move to the core chapters with confidence. Remember that CFA Level 1 is not about memorizing every line; it is about understanding how financial concepts connect.

    A Balanced Strategy for Success

    Here is a simple rule:

    • If a concept is completely new to you, study it now.
    • If you already know it, just refresh it briefly.
    • If it will be covered again in depth later, combine the learning and handle it once.

    This three-step thinking helps you stay efficient without missing key knowledge.

    In our MidhaFin learning framework, this balance is built into the study plan. Every topic connects to the next in a natural order so that you keep moving forward without confusion or overlap.

    Closing Thoughts

    Pre-readings might look like optional reading material, but they play an important role in shaping your confidence for the CFA Level 1 exam. They ensure that when you reach complex parts of the syllabus, you do not get stuck on concepts that should have been clear earlier.

    Treat them as the foundation, not as an extra burden. Study them with purpose, connect them with your main lessons, and always think about how each topic fits into the bigger picture of finance and investment analysis.

  • CFA Scholarships: Complete Guide for CFA Candidates

    CFA Scholarships: Complete Guide for CFA Candidates

    If the cost of the CFA Program feels heavy, scholarships from CFA Institute can make it easier to begin your journey. This guide covers all available scholarships, how they work, who is eligible, and what you must know before you apply.

    What Are CFA Scholarships

    CFA Institute offers scholarships to make the CFA Program more accessible. Each scholarship waives the one-time enrollment fee and provides a discounted registration fee for an exam.

    Every award helps qualified individuals start or continue their CFA studies while maintaining the same high standards of ethics, education, and professionalism.

    Types of CFA Scholarships

    Let us look at the main scholarships currently offered by CFA Institute.
    (For official details, visit CFA Institute Scholarships.)

    1. Access Scholarship

    • For individuals who may not be able to afford the program fees.
    • You must not be currently registered for a CFA exam or waiting for results.
    • Covers one exam cycle only.
    • If awarded, you receive a waived enrollment fee and a reduced registration fee.
    • If you do not use the scholarship before it expires, you will not be eligible for future awards.

    Learn more: Access Scholarship

    2. Student Scholarship

    • For students currently enrolled at a CFA-affiliated university.
    • You must not be registered for any upcoming exam or waiting for your result.
    • You apply through your university’s CFA coordinator.
    • It also includes a waived enrollment fee and a discounted registration fee.

    Learn more: Student Scholarship

    3. Professor Scholarship

    • For full-time professors or qualified administrators who teach a minimum number of credit hours each term.
    • You must not be currently registered for a CFA exam or waiting for results.
    • It allows academic professionals to experience and share the CFA Program with their students.

    Learn more: Professor Scholarship

    4. Regulator Scholarship

    • For employees of central banks, financial regulators, stock exchanges, or government agencies that oversee the financial markets.
    • You must not be registered for an exam or awaiting results.
    • Includes the same fee benefits as other scholarships.

    Learn more: Regulator Scholarship

    General Rules and FAQs

    CFA Institute outlines clear rules for all scholarships. Here are the key points:

    • You cannot apply for more than one scholarship at a time.
    • You must wait until you receive an award decision before applying again.
    • If you are awarded a scholarship, you must register, schedule, and sit for the exam before applying for another.
    • If you fail to use your scholarship before it expires, you will not be eligible for future ones.
    • The discounted fee appears on the final registration page before payment.
    • You can apply multiple times across cycles as there is no limit on the number of attempts.

    For complete FAQs, refer to Scholarship FAQs on CFA Institute.

    How to Apply for a Scholarship

    Here is a simple plan you can follow.

    1. Choose the right scholarship
       Check which category fits your profile: Access, Student, Professor, or Regulator.
    2. Read eligibility rules carefully
       Go through the CFA Institute’s individual scholarship page to confirm that you qualify.
    3. Apply through the CFA Institute website
       Create or log in to your CFA Institute account and complete the online application.
    4. Submit required documents
       Some scholarships need proof of employment, university enrollment, or financial status.
    5. Wait for your result
       The outcome is sent to your registered email address. If awarded, you can use the discount for your next registration.

    Important Dates and Deadlines

    Each scholarship has its own application window.
    CFA Institute updates these timelines regularly, so you should check the official CFA Scholarship Dates page before submitting.

    We recommend marking your calendar at least a month before the deadline so that you have time to prepare your essay or supporting documents.

    How to Write a Strong Scholarship Application

    Your essay or statement should reflect your motivation for pursuing the CFA charter. Avoid generic lines like “I want to learn more about finance.” Instead, share your personal story or the reason you chose the CFA path.

    Keep it short, honest, and focused on how the CFA Program connects with your goals.
    For a detailed structure, visit our internal guide: How to Write a CFA Scholarship Essay.

    Common Mistakes to Avoid

    • Registering for an exam before applying for a scholarship.
    • Submitting incomplete information or missing documents.
    • Reusing old essays without updating details.
    • Waiting until the last day to apply.

    Small errors can disqualify your application, so always double-check your submission before hitting submit.

    Quick Recap

    • Four key scholarships: Access, Student, Professor, Regulator.
    • All waive the enrollment fee and discount the exam registration fee.
    • You cannot hold multiple scholarships at once.
    • Apply directly on the CFA Institute website.
    • Watch your email for decisions and use your scholarship before it expires.

    Conclusion

    Scholarships are one of the best ways to start your CFA journey with less financial pressure. Read the official pages carefully, prepare your application early, and stay honest in your essay. It is worth the effort.

    For more free CFA resources, visit cfa.midhafin.com.