IS IT TO LATE FOR DECEMBER CFA L1?
Do you think it is too late to start studying for the CFA level 1 this december 2nd? How much preparation do you think I need as a non biz/econ major
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No, not too late. 3 months depending on how busy you are and how quickly you retain info.
No business background? No way...
I am a non biz major but i have taken accounting finance stats macro micro. I am not too into it though and have barely started. what is the minimum a week I could do seriously
You could definitely start now as long as you realize you're going to have no social life for the next 3 months or so. If you're ok with that, get a studying schedule down & stick to it strictly.
I started 1-2 hours/day during the week and 2-4 hrs/day on the weekends.
When you get closer you're going to have to up those times significantly. My last month and a half I was doing 2-4hrs/day on the weekdays and 4-6 hrs/day on the weekends.
Most important, do TONS of practice problems. If you just read and do a few problems you won't retain the info at all. I recommend getting a study aid such as schweser or analystnotes.com. The analystnotes.com $99 package is great. Comes with an offiline notes & prep question program. The questions are much harder than they are on the exam.
By the exam you should have at least 150-200 hrs under your belt.
Good luck & pm if you have any more questions.
I didn't sit for the level 1 exam yet but I have studied for it and I would agree with what rothyman said. Do Kaplan's Schweser notes, don't use the books CFA institute sends you. You won't have the time for those books.
Another thing to consider would be the registration deadlines (if you're worried about money), I think it just passed that point where you could get a discounted price, so from now it's full price (could be wrong though, look it up).
Sorry to hijack, I just registered and have the CFA institutes books, about 6 volumes of about 200+ pages each. Anyone who has taken the exam (and hopefully passed) would you recommend aftermarket guides only or plow through the CFA's material or both?
Thanks!
Use Schweser. Buy used guides if money is an issue. Changes each year aren't that huge. I didn't use the CFA books at all for level 1 and it was a good decision.
Thanks Duff, did you pass first time? I'm taking MBA courses that are in line and have my 7, 66, and 24 so I am familiar with some material, just not exam-memorized yet. I dl'd videos and books and plan on using investopedia's materials as well, that site has great practice questions and easily digestible info.
I saw a friend of mine half ass it and fail. He would have been better off not taking it at all. Just a tremendous waste of time and money.
I disagree man. I failed my first time too & I still learned the basics of the industry. Well worth it if you ask me. It helped me out in countless interviews where they ask you the basics of finance. Sure, if you majored in finance at a good school maybe it isn't as important. But the nice thing about L1 is that it is more breadth than depth - you learn a broad range of topics that will be covered in many entry level jobs and such.
There are many seminars you can go to for a few hours that will cost as much as taking a level of the CFA.
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