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I passed the level 1 exam. I studied for 2 and a half weeks (end of Junior year and before internship started, got > 70 in every area). If you come from a Fin/Accy back ground then the CFA level 1 exam is a joke:
Good luck!! Those 2 1/2 weeks sucked but atleast I got to enjoy my spring break, grad parties and go out a bunch.
I am thinking about taking the level 1 exam before my internship starts next summer as well, but I'm worried that my internship will start before june 2 which is the test day. When did your internship start?
quick question OSahead, when you register for the CFA level 1 exam, i know they send you notes and mock exams to study with, is that schweser or another publisher? and if it is, can you opt not to buy their curriculum and just buy the schweser study guide instead?
Regular reading schedule + practice exams:
http://www.lifeonthebuyside.com/cfa-studying-tips-for-spring/
OSahead's advice is good, I'd just spread it out longer than 2 1/2 weeks for your own sanity. CFA Level 1 is very much like undergrad finance, so it's not bad at all if you have that background.
CFA Level 2 is like Ann Arbor (a whore). It's graduate level shit plus an anal probe. I'll never forget completely bombing a an entire question set on Treasury bond options.
You have to pay for the books (which are worthless tbh except the Ethics one and even that one is like 1/5 of the book it's in). Schweser is a company (part of Kaplan) that shortens the notes considerably and makes it easier to read (and easier on the mind, it costs a good amount though).
got it, but if i just used the books provided by the CFA institute i would still be fine right?
My internship was supposed to start like the 2nd to the last week in May (Right after my junior year) but I talked to my employer and they understood so they pushed back my start date to the monday after the CFA exam. I think doing it between junior year and your internship is a good idea and a great way to get level 1 off your back (and so you can just focus on FT recruiting).
.
1) Schweser 2) Analystnotes.com 3) At least 1-2hrs/ day weekday; 2-4 hr/day WKD 4) Do AS MANY problems as you can; don't waste too much time with your nose in the books not doing problems 5) Learn all the BA 2 Plus Shortcuts 6) Flashcards for memorizing ratios 7) Do more problems
Can't stress how important is to do 1 problem @ a time and immediately reference your books if you get it wrong. This is the best way to learn.
All of this. And be sure to take the mock exam and any exam your local society may provide at the very least. If you're not proficient in the BA 2 plus professional, my calculator of choice, go to this website:http://www.atomiclearning.com/ti_ba2 Learning the shortcuts and features of the calculator is crucial for time management. I spent around 150-175 hours on level I, but I came from a chemistry major with scattered econ and finance classes so 70% of the material was completely new. But, I passed on my first try thanks to points that rothyman noted.
Cfa books cover far too much shit and are kinda boring to read. Your time is far better spent with a third party providers notes and looking up shit that you don't understand in the cfa text. Do the end of chapter questions and as many practice exams as you can. Time management can play an important role so make sure you are okay on that.
I had 0 finance/econ/accounting background so it was a bit steeper of a learning curve for me -- and i just passed L1 and L2 in Dec/Jun. Here are the things that I'd recommend if you're in a similar situation:
Schweser Notes & Practice Exams -- read all the notes, take all the exams -- you can probably download these free online if you google/torrent around
CFA Books end of chapter questions -- do all of these (but don't bother reading the text, way too long)
CFA Mock/Sample exams -- do every question you can from the people making the test.
Elan 11th Hour Guide & Practice tests -- I thought the 11th hour guide was the best all-in-one summary book out there (better than Schweser Secret Sauce). Elan's practice exams have a few more typos and whatnot, but they represented the actual type and difficulty of the questions on the real exam much better than the Schweser tests IMO. If you're only going to get a few extra practice tests, i would recommend these.
Also, analystforum.com is a much better place for CFA discussion. Good luck.
it really depends on what you are doing other than studying, whether it's being in college or working. Hands down, I would recommend the Schweiser notes, but most of all I would say get the practice exams. Doing practice exams are a majjor game changer.
CFA Level 1 Tips: I strongly suggest you use Schweser for Lvl 1. Finish 1 study session per week; should take 18 weeks total to get through all 6 volumes. Spend 2.5 hrs on weekdays and 8 hrs on weekends. MAKE SURE to read the LOS, you only get tested on what is written there. If they don't ask to calculate Kurtosis, don't waste your time memorizing it. Just make sure you strongly understand the concepts. Know your ETHICS cold as there are very specific scenarios. Read your calculator manual and make sure you know how to take advantage of all functions. Do all the questions in the CFA books because you get them regardless. Leave yourself 1 month before the actual exam and take as many practice exams as you can.
**Also, anyone that claims they finished studying in 2.5 weeks or refer to Lvl 1 as a joke are completely bullshitting you. Genuine candidates and charterholders will attest to this and you should stay away from any advice they provide because it is not factual.
Thanks for all the reply! Some great info... It looks like most of you recommend that I use Schweser material to study with.
There are multiple tiers that Schweser offers. Do you guys think it would be alright to purchase just the Schweser notes, or should I definitely go for both the Schweser notes and practice questions?
I know that you all recommend practice questions, but I thought that the ones provided by CFA might be enough.
I passed lvl 1 entirely with the Schweser books, some tips:
1) Once you get the Schweser Books, tear out each of the formula pages at the end of each books. Makes it easier for study and referrence
2) Make sure you save enough time to do the practice exams (like one month at least). Don't be discouraged if you fail multiple times. The schweser exams are harder than the original in most cases (particularly the ethics portion)
3) For ethics, don't spend too much time reading the theories. SPEND TIME ON THE QUESTIONS! Understand how they ask the questions and scenarios that relate to each code and standard.
4) Like some of the people said above, practice, practice, practice, practice.
HP 12C or TI BA II +??
Currently am using both but can't decide which one is easier / faster. Any advice would be great.
Professional edition ftw. http://www.amazon.com/Texas-Instruments-BA-II-Professional/dp/B0001EMLZW
Schweser and drill down on ethics. Start studying now and stick with it. The first post grossly understated the required level of committment. I passed I and II and only used Schweser. The official books are too lengthy and borning as already stated.
I'm on my second run through of the syllabus for Level I (Schweser) and agree the questions are the way to go. I can't hack reading the same material repeatedly but can do questions all day. But what works for some may not for others.
I call BS on anyone that says it can be passed with 2.5 weeks of studying. Recommended study hours are 250+. How many productive hours are you fitting into 2.5 weeks? The last 2-3 weeks should be entirely spent on practice problems and practice exams. If you have to read AND do that shit, sorry I'm not buying it.
I just passed Level I in June studying about 240 hours working full-time. Studied March, April, May.
if you came from a finance background level 1 is all review shit for most undergrads. definitely an outlier but i don't see it that unlikely.
This is only true for about 40% of the curriculum. You have to take into account FSA, Ethics, PM, Quant, etc....your average finance undergrad might not have a ton of background in these areas. Varies by person though.
like i said 2.5 weeks would be an outlier but i don't see it as omg no way u liar. it's much higher than 40%, i am going to a fucking non-target of non-targets and covered everything besides the more in-depth fixed income material and some of the FSA stuff. PM is a small percentage of the level 1 curriculum and possibly taught in whatever intro finance class and along with most of the quants stuff that is not covered in an intro stats course. i'm assuming most finance majors were required to take some accounting and statistics courses. ethics is really the only thing that should be brand new and i guess maybe some of the alternative investments shit.
I've heard some of the smartest people I know tell me that they had to study for a solid 1 - 2 months to pass level 1. Mind you these individuals went to top tier schools & some of them are CFAs now.
When I hear people talk about how they can pass with a few weeks of studying or how it's not really that big of deal, it never surprises me. These people never pass. I've met tons of them who belittled the exam only to get their ass handed to them. And they always give up.
Given, there are a few 'special' cases in which extraordinary individuals can learn things extra quickly. Maybe you are the case.
^ This.
There's a reason the pass rate for Level I (the "easiest piece of shit ever" as some refer to it) is between 35-39% in any given year. If everyone studied for only 2.5 weeks the pass rate would be less then 1%.
People that belittle it or the time required either a) haven't even taken it; b) haven't passed it; or c) are in the .01% geniuses that can study for 2.5 weeks, which I doubt would be trolling on WSO bragging about it if that were the case.
shit, i had to study a hell of a lot because i forgot all the shit i learned but i did recognize a good portion of the content as i was going through it. i'm just saying that most undergrad finance programs should cover a good deal of the level 1 content and that if you have a good enough memory that you don't need to study a lot. the material for level 1 is so broad that you need to have a good memory anyway. i'm just happy i can take level 2 now because it's so much harder for me to study when exam is a list of financial fun facts of the day versus actual application.
^it's not that fun
i don't think it will be either but it's been a hell of a lot easier to focus on studying given the change in format and material.
how much would it cost me to take the CFA enrollment?
Hi khaykin, I would just like to ask if where to have the best review center for CFA?
That question i cant answer because i have no clue. you dont need a review center, just buy the books, study alot, and you'll be fine.
ugh, because my dumb ass is graduating off-cycle i just realized i need to wait until i receive my degree before i can register. i was hoping to save $100 and have some text i could change on my resume
Where is the best place to study CFA?
In the "Secret Meditation Spot" at Tiger Cave Temple, Karabi, Thailand. It's where I get my best thinking done.
I agree. Your parents basement is another good one. There will always be a ready supply of hot pockets.
Plan to devote roughly 250 hours (or more) of total prep time.
I spent about 180 hours studying for level I without real finance experience and passed without a problem.
2.5 weeks are enough. study 4 times of the practice problems(off CFA website, mock exam). know inside and out. you will be fine.
Wow, never thought of knowing the material inside out before. Revolutionary.
No.
I'm sorry but this is entirely untrue and naive.
You could take 5 different mock exams and still not see all of the material converd under the CFA CBOK. There are maybe less than 0.5% of people that could study for CFA I in 2 weeks and pass and I'm guessing they would have a near photographic memory and could have retained everything from undergrad finance or masters in finance material.
People that say things like this have no idea what they are talking about. CFAI recommends a minimum of 250 hours for a reason. People that are serious about passing should devote the time necessary. Study everything but focus more of your attention on Ethics, FRA and Equity as they make up nearly 60% of the exam weighting.
I used Schweser notes and for extra practice I bought the test bank from examsuccess. I found both worked well together.
I highly recommend going over the CFA institute material and trying to go through as many practice questions/mock exams as you can. The end of chapter problems are especially helpful to reinforce the reading material. Several sources are available for obtaining sample questions or mock exams, one of which is CFA Review. Good luck!
10 Tips for CFA Dec Level I Takers (Originally Posted: 09/17/2012)
This article is originally from 300Hours.com. You can read the full article here.
Last week (12th September) was the last deadline to register for the CFA December Level I 2012 exams. The gate's closed now. If you were planning to take Dec Level I, hopefully you managed to sign up!
In the recent weeks we've been getting queries from candidates that have signed up in the last minute. These candidates mostly have been worrying about one thing: do I have enough time to study and pass since I've just registered?
We've still not touched on a study schedule among the many posts we have here. This is partly because it's not particularly easy to have a schedule that works for all study styles. However, if you're a Level I candidate starting now, here's 10 key points on what you need to know for a schedule that works.
#1 - Be aware how much time you have left and plan accordingly.
The exam day for you is the 1st of December 2012. This means that as of today, you have about 2.5 months left, or about 10 weeks. This is a squeeze if you're just starting, but certainly not impossible. Being aware of the time left ensures you plan to include a good amount of time each remaining day to study.
#2 - Aim to finish reading the material once through with about 4 weeks left.
So if you've just signed up and starting to revise, in all honesty, at this point you have no time to dick around. Aim for one study book a week. The timing is important. Make sure you finish your material with some time left over.
#3 - Do your end of chapter (EOC) questions.
The end-of-chapter exams are not the same format as the exam, they are more straightforward and designed to reinforce the knowledge you just learnt. However they are invaluable and you should do your best to go through them at the end of each chapter. This will help you ground the knowledge and better retain your material. The CFA Institute end-of-chapters are recommended over other third-party versions.
#4 - Practice the practice exams.
After you've finished your material once through (i.e. 4 weeks to go), keep doing practice exams. If you've gotten third party material you'd have access to a few, including 1 free downloadable from CFA Institute. Aim to do about 2 a week plus checking answers throughly and reviewing notes that you are less clear about.
#5 - Know the exam format.
The exams consist of 120 questions per 3 hour session - with two sessions in the AM and PM that totals 240 questions over 6 hours. That's 1.5 minutes per question. Not a whole lot of time - speed is of the essence. At first, don't worry about the timing. Take the practice exams to get used to the question format. After a while you will be able to blitz through questions at a faster and faster rate. As the exam approaches, then check your timing to see how you're doing time-wise. Plan out a good time-check system if there seem to be a risk that you may run out of time.
#6 - Do even more practice exams.
If you finish your practice exams with still time to go, you have 2 choices - either get extra practice exams or alternatively redo your practice exams. I would recommend some fresh practice exams, but also redo some practice exams towards the last week to boost confidence.
#7 - Don't get complacent, but don't lose your sh*t either.
Finally, if you've stuck to the plan, youshould be ok. The important point with CFA prep is not to relax and start to take it easy, but also remember not to panic. Candidates tend to underestimate the exam, and thus a lot of advice focuses around this. But if you go all the way to the other end and freak out, that's no good either. 2.5 months is absolutely doable.
#8 - Know what to do approaching the exam.
As this may be your first time in the CFA exam process, it is important that you know what the process is like. For the last week, read these posts:
#9 - Remember that if you pass, Level II is looming.
As we've touched on before, Dec Level I is sometimes not the issue, but rather the Level II that will come 4 months or so after your Dec Level I results. If you're planning to take Level II immediately, you may want to consider starting your studies straight after Level I, before the Level I results come out.
#10 - Get all the help you can.
Make sure you read through the Level I Commandments as well - all the key points on how to face the Level I exam are there. If you have additional questions, there's always people to ask that would be willing to help. For more advice, give us a shout here!
Good luck for Level I! Let us know what your plan is in the comments below, and we'll answer if we have any additional advice to add to your plan!
This is presumptuous and overkill. I did Dec L1 and June L2 first time passes, waited 'til the results came out, drank for a week then got down to it. Just work. there's only one real tip: don't puss out, you have some spare time? revise! none of this "i've done my 40 hours for this week, i don't have to work anymore and am going to watch Kim and the Kardashians". that'll get you a fail. just keep on reading until you have to go do something.
Overall I would say this is really good advice. Agree with Oreos on not freaking out about L2 once you finish L1. Wait until you get your results, celebrate a bit, and then get cranking. You won't be able to focus on L2 material without knowing you have L1 in the bag.
Great advice. Wish I had used some of it before.
Is it better to take level one in December or June?
CFA Lifestyle Tips (Originally Posted: 03/16/2011)
First post here, thought I'd contribute some behaviors that have made studying for CFA II a manageable part of my life. I'm working 50 hours/week in a FP&A program for a BB, hoping to make the switch into FO in the near future.
DVR everything: 1/3 of programming is commercials. If you usually watch two hours of TV a day, use DVR to get 40 mins of studying time back in your life.
Study at lunch, if you are able: If its acceptable in your group, take a 45min-1hr break and get through some material. You are much more fresh at this time of the day than after work and will feel less dread when heading home to study, knowing that you have already made some progress.
Coffee: seems obvious, and although I do feel the judging eyes when i walk into Starbucks for my refill at 6pm, its well worth the extra boost.
Breakfast food: its awesome, cheap, nutritious and fast to prepare. If you are running short on time, nothing hits the spot like eggs+toast or cereal
Exercise: 20 mins circuit training + 20 mins of interval cardio 3X a week... that's really all you need if you do it right
If you are getting burnt out and aren't drastically behind, take a few days off. It will clear your head and you will comeback refocused.
Spend less time on WSO. Sorry but its true, you are either wasting studying time, getting less done in your job, or stressing yourself out more than you need to. Its a good tool for some education/entertainment, but the anxiety and desperation can be contagious. Go have a beer with your bros. Speaking of...
Maintain a social life. There is no reason you can't go out on the weekends and do the occasional happy hour if you are being responsible with the rest of your time. You need to blow off steam and realize the test isn't the end of the world.
I'm not really going to get into actually studying for the test, I know there is plenty on the forum about that. Thought this aspect of the CFA wasn't as well represented and wanted to contribute.
-WN
Out of interest, how many hours are you putting in a week @ this point? I'm taking Lvl 1 in June & I was going about 1-2hrs/day (mon-sun).. recently ramped it up to 3hrs+/day. Then again, I realize level II is infinitely harder than level 1 and maybe even harder than 3..
I'm studying for the level 2 as well while working a 60-65 hour bb job. Unfortunately I can't study at lunch, but I definitely agree with the workouts, and going out at least one night a week. These serve as really important breaks from the sudy and work, without which I think I would go insane.
Rothyman, For level 2 I do about 3 hours a day. Was a bit lighter at lvl 1
Studying for Level 2, not doing nearly 3 hours a day yet-more like 1/2 to 1 hours/day during the week and more (4-5/day) on the weekend. Going to kick it into gear in April/May.
For Level 1, I did about the same plus took a long weekend the week BEFORE the test (not the two days before, then you're just cramming).
Do 9-7 Saturday and Sunday for 3 consecutive weekends and call it a day. Take Friday off the day before and do a practice test and correction....
Cancel your cable subscription and replace it with the Schweser video series.
haha
i'm also doing L2 in June, and currently working in f500 fp&a at about 50 hours/week, appreciate the advice.
TOTALLY agree with WSO advice... i should be studying now haha.
nice post for those that are considering CFA
I don't take lunch. At office by 700 and done working at 7-8. SO my options are show up at 530-6 or stay till 10. On weekends I spend every possible moment studying and haven't gone out or had a drink since December. I did this for the first two levels and it worked.
I work full-time as well and try to put in two hours every day afterwork. If you're in the office 10+ hours a day you can do another 2. I practically live off breakfeast food as well. I suggest getting a bottle of tobasco or whatever if you ever get bored of the same shit everyday. I agree that exercise is the most important aspect though. Form an exercise group with friends to maintain a social life.
One does not simply walk into the CFA exam room without a strategy! Looking for tips and advice… (Originally Posted: 11/10/2014)
I remember my CFA 3 exam. I drank a lot of water at half time. When they did the final toilet call, I thought, "nah, I'm good".
Then, at the beginning of the final half hour of the second half, I started feeling an intense need to go to the toilet. I was doing the exam in Hong Kong and I explained to the nearest steward in my best colloquial Cantonese "I really fucking need to piss, I'm going to explode" **. She was understanding, but rules were rules.
(** "Ngoh ho kiu gap, woi bao ah!" if you ever need it, but if you get the tones wrong you'll probably just be ordering some god awful Cantonese dish)
After the exam was formally over, the stewards then took forever to collect the papers. I smashed through several barriers of discomfort, thinking each time that I was about to lose control.
Finally, finally, finally, we got out of the room and I headed to the bathroom quick smart. Only to find there was a long queue.
At last, I got to a urinal and did the longest piss of my life. It would have been 2 - 3x longer than any previous record. Not that I keep record or time these things, but that piss was incredibly long.
TL;DR version - don't drink too much water before the exam and/or make use of toilet breaks.
Haha, very familiar case ...
Not sure if this is healthy or not, but one of my colleagues forces himself not piss for a long enough time in order to enjoy every single second of his piss process.
On: QBank.
If you can't pass level one, give up.
Lots of mocks...You probably have 4-5 mocks on hand if you got prep materials from a supplier...Cycle through them from now until exam day.
Do them one section at a time (i.e. Mock #1 AM Session), go back and grade it, and then go back and skim the material for the ones you miss and do some EOC questions to drill that point.
Even during the week you should be able to get at least 1 session in, graded, and reviewed. On weekends you should be doing it all day (save for meal breaks).
Don't stop when you've gone through them all, just go back to the first one.
If you've got time, read Ethics and any bits of FRA you don't have 100% on lock.
Assuming you studied with Schweser/Elan, use the last month to do the EOC questions from the actual CFAI text, especially for the heavily weighted topics. These questions are most similar to the exam and will reveal anything you didn't pick up from your study guides.
Make tons of flash cards... try to have a card for every LOS, especially for the heavy weighted topics. Review a chunk of them daily and review the entire pile every day of the final week.
Take 3-6 mocks including the CFAI official mock. Aim for 70%+.
Take a week of vacation prior to the exam so you can put in some 8-12 hour study days in the final week.
Mix up your studying to put in 8+ hours in a day. i.e. 2 hours of flash cards, 6 hours on a mock, 2 hours reviewing mock, 30 mins on Ethics Qbank, etc.... with some breaks of course.
Again, focus on the heavily weighted topics if you feel overwhelmed. You can easily pass by guessing on sections with a 5% weighting, but will fail if you have to constantly guess on the sections with a 15-25% weighting.
Relax. Take it easy the Friday afternoon before the exam. Remember you only need ~67% score to pass, and you'll get ~33% of your guesses correct, so you only need to be an expert in about half the material...
Passed Level I last June.
Two most important things: -Pound through as many practice questions as possible, especially on those subjects with the most weighting like Financial Reporting & Analysis. -Try to take 6+ exams. Your first few are going to be brutal, but keep your head down and keep grinding. You'll see those scores rise above 70 towards the end.
Additionally: -Try to make flashcards. I've found that writing down concepts and reviewing tricky problems helped me nail them down. I probably made 500+ and would review them periodically. -There are a few CFA exam apps that you can get on your phone. I would review these while commuting to my internship and at lunch. Every little bit helps. -Review the Ethics portion in your last few days. These guys are tricky, so try to know every small trick in the book that they can throw at you. -Try to take the last week off from work so you can get in some long days with full-length mocks and reviews. These will help with any last-week studying to brush up on troublesome topics. -Arrive really early to the testing session. You never know what might happen that could slow you down. Traffic jam, car breaking down, etc. Better to be early than risk being shut out of an exam you spent half a year prepping for. -Make sure you use the bathroom before entering the testing sessions as noted above. Nothing worse than having your back teeth floating when you're halfway through the exam. -Make plans for a party the night of - you're going to need a drink.
Duplicate post.
here's what helped me pass L1, remember that each question is completely independent. if it's a concept you don't understand, skip it. you have a limited amount of time, so make a first pass at the concepts you know cold (like inventory turnover, ROE, easy stuff), and then focus on the tougher problems later. this is the one thing that I think really helped me out.
Schweser QBank and EOC questions until your fingers fall off.
6 Tips To Guess Intelligently In the CFA Exams (& Tips to Avoid) (Originally Posted: 05/30/2013)
This article is originally from 300Hours.com. You can read the full article here.
In the final run-up to the exams, I know you're most likely up to your eyeballs in practice exams. Probably completely tired of anything CFA related and just want it to be over one way or another.
It's nearly over, and the last week stretch is really important, so give it a last push!
Besides boosting your knowledge on the CFA exams, we've always advocated here at 300 Hours that you know the exam format well (hence our focus on doing lots of practice exams!). Every little counts towards pushing beyond the Minimum Passing Score, so approaching the real CFA exams, let's do a quick review of tips that may make the small percentage difference that you need to push into Pass territory.
#1 - Watch out for answers that do not really answer the question.
In non-numerical questions, sometimes you can have answers that are (probably) correct, but if you read the question carefully you realize that this answer doesn't actually apply to the question. Congratulations! You've just eliminated one question.
#2 - If two or more alternatives say the same thing, each is probably wrong.
The examples I'm thinking of for this one are questions where you have to figure out long/short positions, in-the-money/out-of-money configurations, or FX questions. Very occasionally, in the CFA exams you may manage to find out that e.g. two answers, although different combinations of financial instruments will result in the same investor position relative to market movement.
#3 - The answer to one question is sometimes given away in another question.
This only applies in the vignette format, which is for Level II and Level III. Level I questions are completely independent so this does not apply at all to Level I.
#4 - Don't try to apply definitions from outside the course.
Answer the questions based on information from the readings, not based on educational knowledge that you have. This sounds completely against the spirit of education, but in the end if there is a question that is based on outdated information (for example) answer it according to the CFA curriculum.
#5 - Never argue with a question.
Accept it at face value. Don't waste time having a mental debate with no one during the exam.
#6 - When all else fails: choose the alternative that makes the best sentence, when added to the open-ended question.
Sometimes you have a 'complete the sentence' question to which you have no clue what the answer is. Try reading the entire completed sentence in your head and choose the answer that sounds best to you. Not at all a bulletproof solution, but what else can you do?
Again, this is so important that I'm going to repeat this again: none of these rules work all the time, so use them only if you have to.
If you've done reasonably well in high school and university, chances are there are many other tricks you've relied on through multiple choice questions. Here are some that I know have little chance of working in the CFA exams...
Hope this helps towards your upcoming CFA exam! If you have any other tips that have worked for you in the past, share them with us in the comments below!
Lol #3 is pretty rare to say the least...
Now if only this could help me on the morning session of Level 3....
Best of luck guys! I remember the agony I had to go through for my exam. :D
LEGGO
Post-CFA Level 1: Tips & Advice (Originally Posted: 12/04/2012)
Morning Monkeys,
Let me be the first (okay, probably four thousanth) to say congrats and good work on making it through! Now, you may be thinking, "Now that I'm done, what now?" Luckily, I'm here to help to answer these all important questions:
So, let me once again say, big congrats to everyone who took the exam! It's a big step in the right direction or something!
My fellow level 2 candidates and beyond, what other advice do you have for the poor souls who are now looking forward to a long ass 10 weeks?
Which part? That the order you receive your results has some bearing on whether you passed or not? Or that hitting F5 repeatedly makes emails arrive more quickly?
Brush up extensively on level 1 material, particularly FSA. A lot of carry over (of course) that isn't rehashed thoroughly in level 2 study materials.
If you haven't yet, switch your candidate email from hotmail/gmail to your work one. CFAI sends emails by service providers batches, meaning they send all gmail ones at once and it takes forever, while the work ones are probably only a handful and you will receive it much faster.
I was by far the first one to receive the results, while my friends with gmails got them over 90 minutes later.
Don't panic, just enjoy that you're done cause Level 2 is a bitch.
I notice a tendency for candidates to speak about the L1 as if they've got it nailed. As if they haven't noticed that 70% of them will fail. A bunch of people celebrating at the end of the exam here in NYC; it was like looking at them with the sixth sense movie vision - "I see dead people."
MS for promising what you can't deliver
7 Habits of Highly Effective CFA Candidates (Originally Posted: 10/07/2013)
This article is originally from 300Hours.com. You can read the full article here.By Sophie, Regular Contributor. Check out her previous posts to learn how to optimise your life and ace the CFA exams in 18 months, even with a full-time job. She can be found lurking (very frequently) in the 300 Hours forum.
I read Economics as an undergraduate. Naturally, most of my decision making rely on optimisation considerations. When I took December Level 1 a few years ago - unfortunately 300 Hours doesn't exist yet then (yes, I'm old and wrinkly now) - there were a lot of "heck, just-do-it" experiments to find out what worked and what didn't, in order to make the most impact with the least amount of time I had for my CFA studies then.
The good news? You don't need to repeat that discovery process, as I've summarised the best practices you need to pass Level I, Level II and Level III (in one-go, preferably). All you need to do is apply these techniques consistently, track your progress and see the difference for yourself!
Sounds obvious, but not many have a good study plan. A good plan doesn't need to be complicated - it's simply an objective-based plan you've tailor made for yourself based on your work and life commitments, it's something you can stick to throughout and is achievable.
The keyword is creating a plan that suits you (and only you), based on your personal circumstances. No one can do this for you but yourself. If you're too lazy to do this, I think you shouldn't bother with the CFA at all.
It's not as hard as it sounds, and there are 2 ways to do this:
Passive learning is simply just reading your CFA materials. Yeah, just reading and nothing else. You probably know from experience that that's a recipe for dozing off ASAP.
Here's what I'd highly recommend to improve engagement and memory retention: write a summary after reading every study session. It's better than reading the same materials 4 times! You're not meant to copy the whole book, but more to write about what you remember are the key learnings of what you've read. Once you're done, do a quick check with the materials to see whether you got the information right, or what you may have missed.
It could be handwritten (good practice for the exams) or typed electronically (time-saving), or a combination of both - it doesn't matter. Going through the process of summarising, recalling and comparing notes itself reinforces your grasp of the material through a change in pace of your study. Even better, you could use your summary notes later!
Experts call it "spaced repetition", a technique to boost learning retention. It's the opposite of cramming really - reviewing materials more frequently and over a longer periods of time to reinforce memory. One good example of this is the usage of flashcards that's pretty effective for remember CFA formulae or lists. Having a solid study plan (see #1 above) ensures you have plenty of time to try this and avoiding cramming sessions. It's all about making learning interesting (see next point).
I can see you smiling on this one! But let's be honest, there are certain parts of the CFA curriculum that are as boring as watching paint dry (for me it's pension accounting, what's yours?).
Here are a few ways to make it interesting though: gamify your learning by betting that you can remember it, reward yourself if you finish certain chapters, connect a concept to things you know, etc. In fact, teaching someone or answering questions on 300HC is a great way to test your knowledge and reinforce concepts in your memory too!
This is so important that we talk about it all the time on 300 Hours. It is one of those big factors that makes a difference between a pass and a fail.
You should save up your practice exam and mock papers for your last month's revision plan. 5-6 sets of practice papers is what we recommend to go for during the last stretch of intense revision.
More importantly, make sure you test yourself under timed, exam conditions. It's the only way you can get a feel of the actual day as much as possible. Record your scores and analyse them by topic area to make sure you know your strengths and weaknesses.
It's likely that your initial test scores are none other than disastrous, but don't worry about it. You'll get better over time as you get used to the time pressure and plug the knowledge gap with more practice!
One of those things that are easier said than done. With your busy study schedule, it's tempting to just eat unhealthy takeaways to focus on work all the time.
Let's just say I've tried that and it doesn't work out in the long run. Marrying your butt to your study chair for a long time would only sink your productivity significantly, make you (feel) fat, sluggish and unhappy. Not good for passing exams!
Eat better, get enough sleep (make sure they're high quality Zzz too), take breaks or go for a run tocontrol stress levels during your studies. It's all about spacing things out and making your routine interesting, remember?
WOW, after reflecting on my study habits in general and then reading this post I feel that if I were to change my schedule around to implement these tips my overall learning would vastly improve. Thanks for this.
Thank you for posting this. I am currently prepping for December CFA Level 1 exam. It's a helpful list.
How far along should I be if Im taking Dec ?
flash cards, preferably ones you make yourself, are great. I was sure to get in ~30-45 minutes/day on the subway from 86th street to Wall St. and back every day.
You take the local all the way downtown?
Awesome post.
L3 Candidate here. The point about not passive learning is very important.
Thanks for this advice. I've got one year left in University, passed level 1 this summer and plan to sign up for level 2 as soon as I can... but number 2 and number 5 (saying no to passive learning and test yourself) were huge for me and I wish I had learned the importance of these strategies earlier on in my degree.
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