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There are lots of ways to study for the CFA Level 1 exam, but increasingly students are turning to online learning as a way to stay ahead of the competition. Your chances of passing the CFA Level 1 exam on the first attempt are only about 35 percent. That percentage is even lower if you are not a native English speaker or if you are taking the exam outside of the US or Western Europe.

Why are more and more students learning online instead of with books or classroom instruction? Here are seven key benefits.

1) Study on your own time. With online training, you aren’t bound by a class schedule and you can study on your own time at your own pace.

2) No classmates to distract you. CFA study courses are popular, but a big drawback is that there are lots of fellow students to slow you down or distract you during the courses. With e-learning, you can study on your own and focus on what you need to learn.

3) Practice questions. The best way to pass the exam is to take practice tests and put get your mind ready for exam day. Online offerings include hundreds (or thousands) of mock questions in their question bank, which means that you can prepare over and over again.

4) No books to lug around. With online study you won’t have huge textbooks or notes to carry around with you.

5) Interactive resources. E-learning courses use technology to help you learn better. This means giving you valuable feedback while you are learning and giving your diagnostic information about your performance on practice exams. You can’t get that from a book!

6) Bookmark. Online courses are easy to reference and bookmark and you can jump quickly between sections. Since all of the course material is in one place you can learn at your own style and be very flexible in how you approach the material.

7) Cost. Did you know the average cost of study materials for the CFA is over US$2,000? Most online courses cost a fraction of that and will give you the same amount of information (i.e. the Candidate Body of Knowledge) as a long classroom course or series of expensive textbooks.

Some students find it useful to combine the benefits of online training with classroom tuition and books. This is a good approach to maximize your exposure to the study materials but it may be overkill. There is a tremendous amount of information to digest before you are able to pass the CFA Level 1 and online courses will provide you with all of it. So consider e-learning as a potential substitute for those books and other courses.

Good luck!

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