Best Advice for Level I testing, studying, experience, especially

trogulj

I was reading June 2009 CFAI Books before I received my June 2010 books and they were the same. CFAI sometimes changes some readings but someone usually analyzes the books to find the differences.

prashantsahni

I just want to share my experience of studying for Level I, especially for those that are switching careers/testing new waters. My results for June2010:
<=50% <51%-70%> 70%
Alternative Investments 8 - * -
Corporate Finance 20 - - *
Derivatives 12 - * -
Economics 24 * - -
Equity Investments 24 - - *
Ethical & Professional Standards 36 - - *
Financial Reporting & Analysis 48 - - *
Fixed Income Investments 28 - * -
Portfolio Management 12 - - *
Quantitative Methods 28 - * -

My results may not be spectacular, but I passed. I studied Biology in undergrad but was always interested in studying Finance/Accounting and I was debating between an MBA or CFA after graduation and chose to pursue a CFA/CA combination.

With only Introductory Accounting & Economics from undergrad, I started studying on January 11, 2010. I studied everyday for about 6-8 in the library (4-6 hours hard studying). This is Monday to Saturday, Sunday off. At first I started studying the Schweser notes and supplementing material with CFAI book for additional practice but after quantitative method realized that Schweser was very confusing, had mistakes, and was omitting some important information. Upon completing quantitative methods, I stuck to the CFAI books for the rest of the books. My goal was to read, make notes, do practice questions and summarize lists/formulas on Q cards for 1-2 readings per day (Accounting is a long and challenging chapter so it took me 2 days per reading). My goal was to finish all the books before May (I had started an accounting program - taking one course) thus having 1 month for review and enough time to study for the one course but I didnt have enough time to study the Economics in-depth, hence the bad mark. I left ethics to the end, but I made a point to read one standard per night to at least be familiar with the material. One month before the exam I spent time making notes on ethics and made sure that I knew everything because its the most important section. As you may have read in previous posts, the material can sometimes be dry but you MUST persevere! The material is doable. I had only introductory accounting and introductory accounting and have studied science all my life. I didnt even know what NPV was or what is meant by Bullish and Bearish markets and have never used a financial calculator and I passed. Looking at the 42% pass rate, I dont understand how finance/accounting/commerce students fail. I am taking intermediate accounting now and I am learning about ARO's and FCFF/FCFE and numerous ratios that are required by CFA. I think I spent more time on wikipedia reading about different terms rather then studying because I had never heard any of the terms.

So, to summarize my strategies:

Only used CFAI books (suggesting not using Schweser/Stalla - found it confusing/misleading)
Order of books: Quant/Ethics, FRA, Corporate Finance, Equity/FI, Derivatives/AI, Ethics (in-depth), Economics (minimal)
Followed each LOS for each reading and made in-depth notes for each LOS
Practice Questions (end of chapter questions)
Summarized important information (formulas/lists/tricks) on Q cards.
In May, went over the questions in each chapter once (Quant/Accounting/Equity/FI twice)
Started doing the Schweser practice exams but was scoring 50-70% and failing ethics. Stopped using Schweser, felt that they were trying to trick you more than test your knowledge (had very gray questions and answer choices and not anything similar to the CFAI book questions)
Did the mock exam (scored 84%)

After the exam I felt confident, the questions from the mock exam were very indicative of the length/difficulty of the real exam.

**USE CFAI BOOKS!** - Best advice! If you can do the questions in the back of the books, there should be no problem passing.

Maddin

I am currently appearing for L1 Dec 2010.

I don't know if anyone else shares my view, but I find reading the CFAI text fun. Actually enjoy it.

I have Elan Ultimate package, before I start a reading,
a) Watch the video first.
b) read from CFAI text
c) Read the elan notes for that reading.
d) Solve EOC problems for CFAI
e) Solve practice problems from elan.

I find that I am able to retain much more and understand the concepts way better this way.

Done with Quant and half way thru FSA.
Lets see how it goes.

spartanag07

ravinsu Wrote:
-------------------------------------------------------
> I am currently appearing for L1 Dec 2010.
>
> I don't know if anyone else shares my view, but I
> find reading the CFAI text fun. Actually enjoy
> it.
>
> I have Elan Ultimate package, before I start a
> reading,
> a) Watch the video first.
> b) read from CFAI text
> c) Read the elan notes for that reading.
> d) Solve EOC problems for CFAI
> e) Solve practice problems from elan.
>
> I find that I am able to retain much more and
> understand the concepts way better this way.
>
> Done with Quant and half way thru FSA.
> Lets see how it goes.

That's a solid plan if you have the time. Otherwise I'd suggest you do Elan videos, then study guide then questions, then EOC CFA book questions and summaries. Also try to take notes in the Eleventh Hour Book while you're studying. make sure you follow their advice and you should be fine.

ishfaque

I'm new to this forum. Thanks for the advice.

waldziuchna

When you register for the exam, they will send you the books. It used to be different some years ago, when you would pay for the exam registration and you could purchase the books separately, but now the price of the books is included in the exam fee. Once you pay for the exam, they will send you the books in about 10 days. Those are the CFAI books that everyone talks about. For every level, the books cover the topics described in the topic weight. For level 1, you have 6 books with 18 study sessions in total - or at least that is how the 2010 curriculum looks like.

Not everyone chooses to use the books as the primary study source. You can of course but additional materials from study prep providers, like Elan and Schweser. Their study notes are shorter than the CFAI books, and depending on their experience during the exam people will recommend to use them or not. You get the CFAI books anyway, so only you can say if they work for you.

Hope this helps.

hariRaj

solid plan s10emes and a great motivation for non-background guys, me being one.
keep posting yr advise whenever encountered..