Background: I am a recent MSF graduate who will be starting an IB position in late June. Additionally, I was stupid enough to think I would have (read: make) time to study for the CFA during the spring semester.
I have to take level 1 in June, have done minimal studying, and need an idea of what I should allocate my time toward. I'm starting with the Ethics section, but need to know which other sections are worth studying in depth, given that I've got a reasonably strong background in finance and test well.
Make sure you have largest weighted sections down (FR&A, Quant, Ethics, FI/Equity). Personally, I'd save Ethics for last. With only one month, I'd basically prioritize highest weighted sections, browse end of lesson reviews for other lesser sections, and take as many practice exams and reviews as possible.
I quickly browsed through, but I assume this plan is for unemployed people?
"So, every week there will be 2 "hardcore" full days of attempting practice exams under timed conditions."
"This doing, checking, revising a set of practice paper should take a full day."
That's basically four days. Excuse me if I missed something.
1 Month Till CFA Exams? Here's The 5 Step Game Plan (Originally Posted: 05/12/2014)
This article is originally from 300Hours.com. You can read the full article here.
You've been consistently working hard studying, trying end-of-chapter (EOC) questions, and perhaps even attempted some practice papers already.
What Stage Should I Be In Now?With 1 month left to go, a little structured plan goes a long way.
Why? Because this is the period where your learning rate is the highest, when you are actually tested to apply what you've learned so far - and more importantly - the opportunity to identify and fill the gaps in your knowledge, just in time for the exams. It's what you do in this last month that makes a difference between a Band 10 and a Pass.
So here's a game plan to make the most out of the 1 month remaining - to eat, sleep, live and breathe CFA until the finish line!
By now, you should be in the final stages of your revision. By this I mean:
If not, you need to wrap things up ASAP, either skimming through the study sessions remaining, or noting the sections you haven't got time to revise for now and come back to it later. Basically, you need to start the Game Plan below on time (i.e. first week of May), to allow yourself ample time to prepare for the CFA exams effectively.
The 5 Step Game Plan
#1. Resource Planning
If possible, take 1 week off work prior the exam. This can be a study leave allowed by your kind employer, or use your personal holiday allowance to do this. You need to be focused and not be further burdened by work stress and obligations especially the week before exam. I've done this since Level 1 and it has worked wonders.
How many practice papers do you have? Try and aim for 6-7 sets of practice exams (including CFAI mock paper) as a "sweet spot". The goal is do 2 full papers a week, and leave 1 for the last week. The rest of the time would be filled with revisions or trying out practice questions in areas you're weak at using question bank.
Here are some freebies and offers I've found that may add to your practice papers/questions pile:
Free, but Level I only
Passed Tense: Free access to their L1 Qbank worth $199. Although a newcomer, Passed Tense's questions and material are pretty high quality. Level I only for now though, so if you're a L1 candidate check them out!
Intensive Review at a great price
Fitch Learning: 10% off all materials (code 300HOURS). You can get a pretty good deal on a 2-day review course, proctored mock exam and review package to boost your revision process. Great if you need that extra kick before the exam - remember to use the code 300HOURS to get 10% off!
Solid practice exam material
Elan: 10% off all materials (code 30010146). If you're looking for some solid extra practice, Elan's materials have gotten a lot of good feedback on quality and value. And you get 10% off too, with the code 30010146.
Audio notes
EAP: 10% off CFA audio notes (code 300HOURS10). If you like listening to your notes, EAP is the official licensee of the CFA Institute for audio reproductions of the notes. Get an extra 10% off with the code 300HOURS10.
Best value
AnalystNotes: Level I or Level II online package for only $59 per level (15% off). It contains study notes, thousands of practice questions and 5 sets of practice papers (Level I only). Superb value for money. Just register first, then proceed to "Order" to purchase.
Lowest cost
Finance Train: Practice exams for Level I or Level II for only $20 each (20% off). The best value practice you can get. For Level II candidates, there's the option of getting 150+ extra item set questions for $23, or just getting the money-saving combo pack of practice paper and question for $48.
#2. Practice
#3. Review
#4. Repeat (x 3 weeks)
#5. Take Care
... of yourself, that is! It's not just about all work and no play. Try to achieve a balance here and sprinkle some relaxing activities in between such as listening to music, go for a run or having a nice meal with some friends and family to de-stress. You need this to not burn out, especially at this time of the preparation.
Getting enough sleep and maximising sleep quality is important too, especially when time is scarce. Finally, eat well, because our body and mind is akin to an Excel model - no matter how awesome they are, if you input rubbish, the output would be rubbish too.
It's up to you now!
I wish you all well in the final month of preparations!
If possible, take 1 week off work prior the exam. This can be a study leave allowed by your kind employer, or use your personal holiday allowance to do this. You need to be focused and not be further burdened by work stress and obligations especially the week before exam. I've done this since Level 1 and it has worked wonders.
If you have a graduate degree in finance, you will already know a lot of L1 curriculum. You can do it.
Most folks have a carefully manicured and curated agenda and i'm proud of them. I will be sliding into the exam nauseated, tattered and woefully under-slept. Good luck, everyone!
Save the this for the day before because it's pretty much just memorization. Other than that, these guys got it right, prioritize the heavily weighted sections and ignore the small ones.
Don't underestimate the value of scoring well in the ethics section. It can make or break your chances if your score is very close to the minimum passing score. I mean, people talk all the time about the urban legend of the ethics adjustment....borderline candidates with poor scores in the ethics section don't pass. I would not take the chance.
Other than that a lot of the test methodology revolves around memorization...even if you have a good grasp of the general topics make it a point to know by heart as many details as possible.
L1 is a joke and most of the stuff should've been covered already. I'd be more concerned about your commitment to get the CFA Charterholder given your background. Passing level 1 is fine but what about level 2 and 3? Those will require significant amount of time commitment and they aren't some exams you can pass because you've learned the concept already.
ethics is by far the most important, id be focusing on this first because rumor says that if you pass ethics and barely pass the exam.. they will pass u. dont discount ethics.
Thanks everyone, will take all that into consideration!
good luck, let us know how this goes!
Took the exam yesterday, pretty confident that I passed (estimate based on 0.85confident answers+ .33unsure answers > 70%). Studied for approximately 75 hours, consisting on full ethics review (scribed notes etc) + practice exam with notecards created for missed questions. Hope this helps other people but I'd suggest allocating more time if possible.
I wish I could say the same about L3. Good luck!
@"Dawgie" How was your L3? I killed PM. AM was not as good. Missed a question too.
Hi techie,
We may have got different tests. I think there were 2. The AM was fairly straight forward for me and I finished them on time. For PM, ethics are tricky for me, and I saw myself guessing a few in the first half of the PM section. The latter half of PM was a lot better. Overall, I am putting myself at a borderline position based the number of guesses + iffy + pretty confident answers.
Best of luck to all candidates. I'm sick and tired of this test.
Dawg
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