Please comment on your Level I experience. experience, following, especially, 250, long

spartan1

Hello everyone

I was hoping to get some useful insight from all of you who just took the exam this weekend. I have been lurking these boards for a while now and have decided to take the plunge for Level I in June. Since you folks just took the exam I would like you all to comment on your experience studying for level I and especially on the following:

1. The institute recommends 250 hours of study. Is that about right? How long did you guys study. I know productivity varies from one person to the next, but it would still help to know how much you put it approximately.

2. How much did you use the curriculum. I feel it's a valuable resource for learning, but does one NEED to use it?

3. Did you use a prep provider or take any prep courses? Which one is the best from Schweser, Stalla and Elan? Can people who used any of these companies' materials please comment on which one is the best for study guides, lectures, question banks, practice exams and online courses?

4. Any other advice you would give to a first time candidate...

Thank you in advance for taking the time to share your thoughts.

May you all pass when the result comes out in January.

Micholien

Some real advice: do as much practice problems as possible, doesn't matter whose, just do them. They'll get you familiar with the concepts a lot faster than just reading and rereading.

rgonzalez

Linfone Wrote:
-------------------------------------------------------
> Some real advice: do as much practice problems as
> possible, doesn't matter whose, just do them.
> They'll get you familiar with the concepts a lot
> faster than just reading and rereading.

+100000000000000000000. the last week of your prep should be devoted to doing questions imo. ~l3 guy



Edited 1 time(s). Last edit at Sunday, December 5, 2010 at 12:45PM by builders.

bluejazzy

bez Wrote:
-------------------------------------------------------
> That was actually interesting that how hard they
> can make that ethics ! it was terrible for both
> sessions.
> Have you guys noticed the overlap among the tasted
> concepts in the AM session and those in PM ?! I
> dont know why, but I was under impression that
> they try to test different concepts on each
> session.

Thanks Bez - I was thinking that anything that didn't appear on AM must appear on PM but was surprised to see that it wasn't the case - make you conclude: never assume anything that CFA doesn't explicitly state

lc26mizzou

BelalM Wrote:
-------------------------------------------------------
> Hello everyone
>
> I was hoping to get some useful insight from all
> of you who just took the exam this weekend. I have
> been lurking these boards for a while now and have
> decided to take the plunge for Level I in June.
> Since you folks just took the exam I would like
> you all to comment on your experience studying for
> level I and especially on the following:
>
> 1. The institute recommends 250 hours of study. Is
> that about right? How long did you guys study. I
> know productivity varies from one person to the
> next, but it would still help to know how much you
> put it approximately.
>
> 2. How much did you use the curriculum. I feel
> it's a valuable resource for learning, but does
> one NEED to use it?
>
> 3. Did you use a prep provider or take any prep
> courses? Which one is the best from Schweser,
> Stalla and Elan? Can people who used any of these
> companies' materials please comment on which one
> is the best for study guides, lectures, question
> banks, practice exams and online courses?
>
> 4. Any other advice you would give to a first time
> candidate...
>
> Thank you in advance for taking the time to share
> your thoughts.
>
> May you all pass when the result comes out in
> January.


1) Yes you would need to spend that much time if you don't want to risk repeating it. You might pass the exam with 50 hours of preparation but why to take the risk?
2) I read the entire curriculum from CFAI books - this the best resource indeed
3) I only used sample exams from other providers - don't take bad studying habits from level 1 and use shortcuts; if they help in level 1, i dont think they will help in future levels

Best of luck

Omar

JGovender

I agree with Omar, the CFAI books are a very good resource. Did I read every single page in them? no, but I did probably read about half. If you know something inside out like PV, FV, NPV, IRR etc.. you can get away with just using a provider, however, for some of the trickier stuff I would definitely refer to the institute. Despite what everyone says, its NOT THAT boring of a read, quite frankly, if you find the CFAI books boring you should reconsider the charter. I also used Elan Guides, they are affordable and do a fantastic job of supplementing the curriculum, their mock exams were also much harder than the CFAI and do a great job of preparing you for it.

Omar is also right about not using shortcuts. A lot of people brag about how they spent less than 100 hrs studying and passed...Assuming the % needed to pass is 65%, there is a huge difference between someone that gets an 85% and someone that gets a 65%, in fact its 48 correct answers of difference! The material builds on itself, so if you are weak in areas like equity and financial reporting and analysis, know that those 2 combined for about 45% of level 2.

Best of luck.

scr879

BelalM Wrote:
-------------------------------------------------------
> Hello everyone
>
> I was hoping to get some useful insight from all
> of you who just took the exam this weekend. I have
> been lurking these boards for a while now and have
> decided to take the plunge for Level I in June.
> Since you folks just took the exam I would like
> you all to comment on your experience studying for
> level I and especially on the following:
>
> 1. The institute recommends 250 hours of study. Is
> that about right? How long did you guys study. I
> know productivity varies from one person to the
> next, but it would still help to know how much you
> put it approximately.
>
> 2. How much did you use the curriculum. I feel
> it's a valuable resource for learning, but does
> one NEED to use it?
>
> 3. Did you use a prep provider or take any prep
> courses? Which one is the best from Schweser,
> Stalla and Elan? Can people who used any of these
> companies' materials please comment on which one
> is the best for study guides, lectures, question
> banks, practice exams and online courses?
>
> 4. Any other advice you would give to a first time
> candidate...
>
> Thank you in advance for taking the time to share
> your thoughts.
>
> May you all pass when the result comes out in
> January.


1. I think 250 hours is about right. Of course, this varies from person to person. I spent more than 250 (roughly 300 not exactly sure) because I had no previous background in finance or business. Almost everything on the curriculum was new for me (besides an intro to accounting course I had taken).

2/3. I did not use the CFAI curriculum at all, in terms of reading through the chapters. I did, however, work through the CFAI end of chapter questions. I used Schweser (books 1-5, the qbank, and secretsauce). You certainly do not NEED to use the CFAI books to pass. I thought Schweser was very good at preparing me for the exam. A lot of people on here seem to think Elan is very good as well, but I have not read their stuff.

4. Do tons of practice questions! Put in the time. Read, read, read and practice, practice, practice, until you understand everything. If you can't get every detail, make sure you understand the bigger picture. This will help a lot. You are in a great position now, with 6 months to go, so put in the time and you can nail it.

Good luck!

mnieman

1. I'd say 250 hours underestimates the time needed if you want to feel totally confident come test day.

2. Curriculum is an important resource and should be the first place you look if there's anything you're unclear about. Having said that, the curriculum is also incredibly comprehensive and half the stuff in there you probably won't need to know.

3. A lot of people used Schweser and I've heard mixed things about them. Personally I went with Elan and I'm very glad I did. Their mocks are very close to what you'll see on the real exam and the 2000 practice questions are invaluable.

4. Take it slow and don't put it off to the last minute. Make sure you understand the material first time around rather than quickly glazing over each topic. That will save you lots of time in review and ensure that you have a firm grasp on all the concepts.

5. Good luck and also sorry. You have a tough 5 months ahead of you.

pogo

I agree with BruinBaker that Elan guides were a great help. I subscribed to their Eleventh Hour, 2000 practice questions and Mockups, found them really useful. Guess, the mantra is practice, practice and practice. The CFAI books will be great for people who do not have a background in finance. I have a background in finance and NPV, PV, IRR, FV etc has been covered since college days, so I preferred prep providers. It also depends if you have enough time provided you work full time.

sgupta0827

Add to my previous comment: if you want best mock exams that, more or less, represents how the actual exam looks like, you should go for Elan mock exams

Omar