Is it too late to start studying for the CFA Level 1? studying, realistic, currently, background, accounting

hanvinh

Hi Everybody,

I wanted to get a realistic approach on whether its too late to start studying for CFA level 1? I have a background in accounting & finance and I am currently working in the accounting field. I also specialized in Finance during MBA.
I have to admit I am not a person who can study for long hours at a stretch. But, my quality of studying is best when I study in short intervals. So, considering all these factors, where do I stand in taking the level 1 in dec? I haven't yet registered and I would really like to take it in dec. I understand that each individual has a different capacity for studying but I just wanted to get opinions and personal experiences which can help me decided whether I can really take the exam in december.
Any help is greatly appreciated.

Thank you.

nitoha

saurabh i am also from similar background (investment banking technology) planning to take level-1 in dec...its not easy but obviously not impossible either...just to share with you on what I have experienced till now-
FSA is a real pain...so is economics..equity and fixed income is treating me better(as supporting those products in my job)...

the benefit i am seeing is slowly getting a hang of how all things tie together..although its a real pain but feel its worth it...



Edited 1 time(s). Last edit at Wednesday, August 25, 2010 at 02:20AM by abhijitc4u.

Jolyn

Now would be a perfectly good time to start studying but who knows on the 250 hour number.

some jokers i know would need 1000 hours to pass LV 1 test. Just depends on your test taking and studying ability.

soddy1979

Start now surveying material, then seriously in Jan. Make sure you are through everything and ready to review and take mock exams by May 1st. Use CFA material primarily w/ guides only as a backup. I agree w/ CFA Jay, don't start bad habits.

Wasteoftime

Though I haven't taken any exam yet, but currently and from my studying to the material for level 1 December exam, I dont think studying the textbook is too much - It really looks like a lot of stuff but in reality, each reading wouldn't require more than 4 hours at most. (as I said started very recently and finished one book and couple of readings from others).

I would recommend you take own notes while reading them - your own notes are better than any study notes. For each reading I'm doing, I write 3-4 pages of major highlights - most important stuff to be remembered.

Keep Schweser for practice problems, Qbank, and mock exams only

Hope this helps

Omar

Mechanic

I think you should start with the CFAI books and see how it goes, after one or two weeks you will be able to tell whether you can study from them effectively or not. For many people Schweser will do the trick IMHO but do give the CFAI books a try, there is enough time. It would be ideal to study from the books, yes, but not necessarily indispensable in order to pass L1. I haven't sat for other levels so I can't speak for L2 and L3 though.

smartpants

4 months is enough time.
But even more than usual, you have to be prepared to give up everything outside work.

Penny-wenny

Thank you everybody for your resourceful input.

I have another question, other than the Books provided by the CFA institute for the exam, is it necessary to buy other text books?

Will the notes be enough for studying such as Stalla or schweser?



Edited 1 time(s). Last edit at Monday, August 16, 2010 at 11:59AM by mba_to_cfa.

btcapital

I have my undergraduate degree in accounting and finance - I have started studying one week ago and almost finished one book (although a very small book but once you start you can do it). My strategy is one reading per day with one day break each week for a total of 74 days (ignoring breaks). You are for sure not late for it

Omar