The CFA exam December candidates for CFA Level 1 sit for, and the June exam, are the only two options when it comes to the CFA Level 1 exam. The question is: Is there an advantage to one date over the other?
The quick answer: no. They are both almost identical exams (the level of difficulty is close to identical). Like anything, there is a more nuanced answer. So, with that in mind, let’s take a look from a more strategic perspective.
CFA Exam December: Why?
If you intend to sit the CFA exam December of this year, and then proceed onto Level 2, you have the chance to knock out two of the CFA’s three levels within a seven month window. Take the exam and pass in December, then take Level 2 and pass in June.
The primary advantage to taking the CFA exam December of whatever year you decide, is that if you pass then you can take Level 2 the following June. The CFA Institute does not make the exam easy. If you pass one, it’s good to keep that momentum going for the next. From the simple perspective that you will already be in a studying “groove”, this will help. Ask any professional how eager they are to start studying after putting in 8 to 10 hours of work earlier that day and you’re liable to get procrastination, an eye-roll, or sometimes genuine disgust. Just like it’s easier to move a boulder that’s already rolling, the momentum is important.
CFA Exam December: Why Not?
Why not indeed! Unless you have some major life event come along, I’d highly recommend the CFA Level 1 exam in December over June. Another key reason is that the content from the December exam that is still fresh in your mind will come in handy for Level 2 in June. The different levels aren’t totally cumulative, but there is a lot of overlap.
Something else to consider are the resources that might be at your disposal for the CFA exam December vs June. I’m in the tutoring business and I get many more demands for students for the June exam than December. While I’ll avoid too much self-adulation, I consider the service I provide as among the best CFA tutors New York City has on offer. Since I am a private CFA tutor, I can only take on so many clients each year. Of course, I’m not the only tutor for the CFA exam, but others like me tend to book up more in the months leading up to June. It’s our busy time of year. While certainly not the main consideration, it’s one to keep in mind as to why you might want the CFA exam December.
Overall, your primary focus should be on passing the exam. A failed CFA Level 1 exam is of no use to anyone. If you think you have a good shot, take the exam in December. You never know, you might surprise yourself on Level 2 the following June too. 🙂