I would like to start to prepar the CFA® level 1 in order to attend this december's exam.
Given I'm working and from september I'll be studying for the MSc, I would like to know how many time it takes to prepare the CFA® level 1 with a business and finance background (BSc)..?
There are tips or books to buy in order to gain as much as possible?
And - curiosity - after how many level you can "put" the famous CFA® after your name? L3 isn't it?
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I passed Level I a few years ago. I have a BS in marketing and an MBA in finance, but am no finance wizard. I took the June test, and prepped for around 330 hours stretching back to the previous December. Schweser materials and practice tests/questions were great, as well as official practice tests. I recommend the book 'Direct Path to the CFA Charter' linked below. It outlines a study plan, recommendations, and even a test day plan. It's 20 of the best dollars I've ever spent.
https://www.amazon.com/Direct-Path-CFA-Charter-Strategies/dp/1941074014
Brilliant. Thanks for sharing!
You're very welcome, good luck! Check out the forum linked below, several good articles and posts about CFA. Also, a good community going through the exams together. I used it quite a bit during my prep.
https://forum.300hours.com/
Taking Level 3 next month. I remember I started studying for Level 1 around April-May for the December test. It’s pretty easy stuff with your intro to finance and fundamentals of accounting. A lot of my former colleagues used Schweiser, but I also heard the Schweiser questions weren’t written the same way as the CFA exam so people get stumped on that.
I used Schweser for Level 1 last year and I passed. I found some of the questions for Schweser were very easy and the wording was different but they all helped you gain an understanding of the topic. What I personally did was go through the Schweser material first and do the Qbank and mock exams. From there I went back over my week topic areas and then moved onto the mock exams provided by CFAI.
Always take advantage of the resources CFAI gives you since they are the closest thing to the actual exam you will get.
If you take all of the Schweser materials, AND do all of the mock exams in order, it is pretty robust prep. The test writers incorporate a mix of hard and easy questions by topic area. Since the material is so broad, Schweser can't possibly anticipate all of the topic areas that will be more difficult. I think it was pretty comparable on the whole. It's important to review the areas on the practice tests that you weren't sure about to make sure you can solve them even after reading the questions.
I'd also suggest the BSAS practice test if you can sign up for it in your region (usually administered a few weeks before the exam in a live format).
You can't use the marks until you pass all three levels, have all of the requisite work experience, and the application is approved by the CFA Society. That being said, for recruiting purposes, passing all three levels is the same as putting the letters after your name. You can state that you passed all three levels without using the marks.
The hardest part is making a study schedule and sticking to it. I found signing up for a class to be helpful, it gave me a weekly target to hit and kept me accountable (if you're behind, you won't be prepared for class). The Kaplan course paces things so that you finish with a few weeks to spare, giving ample time for practice exams and going deep.
All that said, Level I is a cakewalk compared to II and III. The questions are straightforward and it all comes down to memorizing content. It's not easy, you need to put the time in, but it's a question of quantity over quality for LI.
I started studying in Oct last year and passed the Dec exam in the 90th percentile. Did Schweser only, I highly recommend it.
Business Administration Minor Wanting to Take CFA Level 1 (Originally Posted: 05/13/2010)
I want to take the CFA Level 1 exam in June 2011 to advance my career in portfolio management. I have a liberal arts background with a minor in Business Administration. I have taken Financial and Managerial Accounting, Macro Economics, Stats, and Finance, but at a more elementary level as I was probably only exposed to the fundamental lessons.
From what I read, it takes most people about 6 months to prepare for the exam. Without the extensive business background, how much more time should I expect to commit? A superior in my department with his CFA and the same education background has assured me the relevant information to pass the three levels is contained in the study packets.
I would appreciate all constructive feedback from those who took the same or similar paths. I appreciate your time and thoughts.
Yeah, I don't think it will take you too much longer to study and all of the info is covered in the CFA books; I even used a CFA textbook for my portfolio management class.
could you take cfa level 1 in december as an ug seinor and then level 2 at the end of your senior year? anyone ever try this?
I passed level 1 in Dec, and I cannot register for level 2 until I graduate which is in May and after the registration deadline. So it is impossible to take level 1 in Dec and level 2 the following June, unless you act unethically and fake your graduation dates. Not sure if they can find out about it too.
I'm doing it right now (but I'm going into IBD). The business background is a huge help! It cuts your study time in half easily.
6 months for level 1? That's extremely generous and more than enough time. Seriously, depending on your work load you can pass it in December and only start studying in September. Most people I know did level 1 in 3 months or less - I spent 3 months and didn't take any finance classes in college. With your background, I'm sure you can cut a good 50-100h off the "recommended" 250 hours of study time. Also, especially for level 1, Schweser/Stella books will be enough to pass the exam - don't waste your time with the official material.
I appreciate the response from everyone.
From what I hear, those of us who have full time jobs and are studying to take the CFA, finding the time is one of the hardest thing to do.
^ It depends. If you work in banking, it is difficult to find the time. But for those with regular 40-50 work weeks, studying for the CFA is pretty simple. I just spend 1 - 2 hours a day after work. I try to get in 10 hours a week, so 6 months is a good amount of time.
Agree with most of what has been said. One thing to add is that you shouldn't worry about your field of study. The curriculum is designed for someone with any background to be able to study in 250 hours and pass. Read everything twice, do all the practice problems and reade ethics three times. If you put in the effort you will pass.
Here's a link to another post. You may find the tips I gave wywy88 useful. http://www.wallstreetoasis.com/forums/transition-to-front-office-0
Good luck
At the last CFA exam, I met people who were sitting Level 1 for the third time. Hopefully I pass this time round but how do I ma (Originally Posted: 07/21/2015)
Come again, son?
This guy a Dick Fuld ripoff?
Obviously, he was kidnapped mid-topic creation.
Ha ha sorry.
The CFA Program claims another life.
**At the last CFA exam, I met people who were sitting Level 1 for the third time. Hopefully I pass this time round but how do I make sure I’m not in that position?
Level I shouldn't have anything that you haven't seen before if you have a finance/econ degree, besides Ethics. The key is to make a study plan and stick to it, while limiting distractions. Make sure you hit the 300 hour mark.
If you can afford it (or your company pays for it) Schweser is the way to go. They will cut down on a thousand or so pages of CFAI reading and get you to the nuts and bolts. I would recommend that you still read the entire Schweser series and it really shouldn't take that long. Be sure to do every Schweser and CFAI end-of-chapter question and do well over a thousand Schweser Q-Bank questions. It's important to know how the questions could be phrased and how they can trick you, especially with Ethics.
Then in the last month start going through practice exams and ideally get through five or six. In between exams, keep hitting the Q-bank on trouble spots. Flash cards also helped me with Level I to nail down some sections that you just have to mindlessly memorize.
Yesterday's CFA Level 1 (Originally Posted: 12/09/2013)
How is everyone feeling about the test?
I thought the first section was releteviely straightforward, second section was a little more challenging.
Just a friendly warning to not post ANYTHING specific to questions / areas tested or not tested. CFAI take this very seriously and WILL discipline you if they find out who you are.
haven't mentioned any specifics
Hence I used the word 'warning'....
Agreed - the morning section wasn't bad at all. The afternoon session I found far more challenging, especially the FRA.
Overall it was pretty much what I expected. The mock exams seem to do a great job at acclimating candidates to the real deal.
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