CFA® L1
Hello, I am thinking of taking the CFA®1 exam in June 2016 and I have some questions. I'll make them short and straight to the point.
1) If I fail the June 2016 exam, can I study for Dec. 2016 using the June material?
2) Are Schweser notes necessary? What about the study documents the CFA® provides when you enroll?
3) I am in my senior year, studying BBA Finance at a non-target Canadian university and I think I have a good foundation for finance. Will 4 to 5 months of study time (3 hours per day, 6 or 7 days a week) be sufficient? I am a part-time student and currently not working.
5) How long will it take me to receive Schweser notes and CFA® documents?
4) Should I bring lube?
bump
1) yes, the syllabus will be identical. It usually only changes between the dec exam and the jun exam, (even those changes are usually very minor)
2) schweser notes not necessary, but the CFA notes are very dense. Schweser really makes it much less time consuming.
3) should be enough, particularly if you have a background in Finance. Would recommend starting with the material with which you're least familiar, and leaving about 3-4 weeks for revision and practice exams.
5) my CFA books for each of the three rounds came within a week. Not sure about Schweser, probably around the same timeline..
4) no
Thanks for your answers. It seems everyone everyone uses schweser notes and only uses the CFA material to study ethics.
A few tips that may come across as bleeding obvious:
Study Ethics last. It's probably the most important section because of the so-called Ethics 'adjustment' (that is, if you're a borderline pass/fail, a good result in ethics may be the swing factor to a pass). Definitely use the CFAI materials for ethics.
Do the end of chapter (EOC) questions. Many use Schweser but neglect to do the EOC - doing both reinforces the material plus the EOC questions give you an idea of the style of the exam questions before doing mocks.
Go through the worked examples in the CFAI books. They were blue boxes, not sure if the formatting is the same.
Otherwise it sounds like you've got a solid plan.
Thanks. I'll be sure to focus on ethics and the examples in the CFA1 book
I've finished volume 1 Schweser...I think ill rely on Shweser and only use the CFA documents for EOCs and question reviews...I dont have time to read 3000 pages of CFA material lol
FWIW, I passed all three levels using only the CFAI material and no schweser notes. If you start early, it doesn't take that much time. The CFAI end of chapter questions are essential.
Yup I plan on doing all the questions. Im only using schweser to read the material
Be careful. This will take > 100 hours just for the question, and now you have under three months. The CFAI questions are better than the paper schweser, but the qbank is good for rapid fire testing toward the end.
I'm preparing for it too and I know a lot of people who have taken it in my finance club at school. If you have a good background in finance it shouldn't be too difficult, looking through the Schweser should be more than enough (a lot less dense and cuts back on reading time).
I am now reviewing the entire Ethics reading (CFA Version).
I'm sitting for LVL1 in Dec and regarding third-party notes I would be very careful about relying on them too much. CFA writers have a certain way of phrasing questions and for certain subjects (like ethics) you really need to get inside the exam writers head for a lot of the q's. Plenty of free prac material available at mycfaspace etc... as well
I have never even once glanced at the CFAI material, and I've gotten >70% on virtually every section of the first two levels of the exam (since you haven't taken L1 yet, just to make you aware, that's the highest score you can get on section). Anyone who tells you that Schweser is not sufficient to pass a certain level most likely failed and is searching for an excuse to avoid admitting that either: 1) he/she did not prepare enough, or 2) he/she lacks the intelligence required to pass. I can count on one hand the number of questions that appeared on the first two levels of the exam and had a concept in the answer choices or in the body of the prompt and said concept was not covered in Schweser.
I believe Captain_Sassypants is saying not to get too familiar with the question style of a particular provider because they are most likely different from how the CFA will word the questions. I have done two Schweser mocks, and compared to the topic test provided by the CFA (and I assume the mock exam will be styled similarly to their topic tests), Schweser definitely words their questions in a more easier and understandable way. The CFA (practice) questions are definitely tricky and longer.
As to the rest of your post, in regards to the actual exam, I disagree. In fact, I find the Schweser practice questions to often be vague and unclear.
Also, does anyone know if I have to score >70% out of 340 to pass, or >70 in EACH session (morning and afternoon).
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