CFA® Format

CFA is a paper-based exam. You have two sessions: morning and afternoon. Level I is pretty easy so the advice is to work as accurately as possible since most people can finish the exam no problem. Also, if you're still studying, focus on the topics that has a higher weighting on the exam. I forgot which topics are emphasized but I remember 2-3 topics make up around 70% of the exam. Perhaps someone can chime in?

Also, the Ethics section can be pretty tricky because they sometimes ask pretty details questions about the CFA principles and regulations stuff. So don't ignore the recommendations and requirements of the CFA Code of Ethics and Professional Conduct shit.

Thank you for the very helpful advice - I appreciate it.

Does anyone know the approximate percentage you have to get correct to pass?

Well the CFA passing grade is relative so it changes slight every year, but the consensus is you have to get around 70% right to pass.

Thank you again - much appreciated!

I took level 1 in June....

If you're not prepared for the exam, it's going to be brutal....if you're disciplined and have put enough hours into the material, you'll find it very manageable. I'd highly recommend the kaplan schweser Q bank as a final review, you'll find very similar questions.

As for the exam day, come early (parking was a hassle at my location), don't bring a cell phone as you'll have to leave it in a room (cant bring in to test area), and if noise is an issue for you, bring ear plugs (I tested in chicago with several thousand others).

Compared to Level 2, Level 1 is easy...but it is still a bitch.

I actually agree with BBBold in that CFA Level I is easy. But it's all relative... it will be 'easy' if you come from an undergrad business background, it will be difficult if you did not. If you come from the former, you can even pass it with a month prep if you study smart.

Lv 2 and 3 are mountains apart from Lv 1. With Lv 1, if you're really short of time (to study), you can focus on the major topics and still pass. It is not smart to skip topics in Lv 2 and 3.

I'm not condoning skipping topics, but you should focus on the core topics that make up the majority of the marks... finance/accounting/equities + fixed income/derivs + ethics.

Thanks for all of advice everyone - very helpful.

You're taking it in 12 days and you dont know the format?

Do yourself a favor and check out www.analystforum.com

Also, I would be VERY surprised if you passed L1 given your apparent lack of prep. Consensus is minimum 300 hours of study and you really need to DRILL Qbank to get a good grasp on the format.

Also, take the CFAI mock exam they have for all registered candidates, you are registered aren't you?

I am taking L1 in Dec and I still feel unprepared (been studying since June). You HAVE to know ethics cold and you HAVE to know your accounting principles COLD (IFRS, GAAP etc...). L1 is NOT easy by any means, it is easy relative to L2 which is essentially a big math test.

Stop scaring me.

I've been going through the Schweser shit (about half-way through the last book). It's taken around 40 hours I would say. I figure if I just get through that and take the 3 schweser practice tests and the 1 on the cfa website I should be cool.

I am a decent test taker, econ major (+ 1 course in corp fin and 1 in accounting), fair amount of prior work experience, series 7.

Am I really in big trouble? Are the Schweser books not adequate?

Schweser is good for Lvl 1. That's what I used exclusively in June. The qbank is an essential piece to passing Lvl 1 for most candidates. Spend your last week and a half taking practice tests and working questions out of the book relentlessly. I put in ~225 hours for the exam and probably 50 of those came in the last week. Don't waste time reviewing material that you already know cold i.e. econ.

Don't underestimate the difficulty of the exam. There is no comparison between the Series 7 and Lvl 1. Most of the folks on this forum have overinflated egos and will never admit anything is "hard". But I will agree that Lvl 1 is far easier than Lvl 2 & 3.

Are you serious? You are taking it in a few weeks time and have no idea what format it is going to be?

Anyways, do all the end of chapter questions in the textbook you will be fine. The exam asks many of those questions.