Question about CFA Level 1 Study background, following, regarding

mkytz15

I have a question regarding prep for the CFA Level 1. The registration deadline before prices go up for the CFA exam in June is Feb. 17th. I am debating on whether I have enough time to study for the exam. The following is a little background about myself. I got a double major in Economics and Engineering Science and a minor in Engineering Management and I graduated May 2009. I then enrolled in a Masters of Science in Finance program and I am in my second semester. I have taken basic finance, basic accounting, and I am currently taking derivatives, investments, and portfolio theory. I know that the website says 250 hours at least are strongly recommended. However, with 3 classes and two part time jobs I do not know if I will be able to devote that much time.
Do you think that 250 hours is needed if I have a degree in economics and I have taken accounting and finance classes already? Do you think I should wait till December? I ideally want to get it out of the way in June so I can hopefully pass and include it on my resume while i’m job searching this upcoming fall as this fall will be my final semester with my masters program.
Any help would be appreciated. Thanks.

towardsutopia21

I struggled with this too. I have been looking over the syllabus for Level I. If most of this stuff is still fresh in your head and you are going to prepare solely by using a study guide, then perhaps you can do it. I prefer to prepare by sticking (mostly) to the required readings. There are 74 assigned readings for this test. After looking at the length of the readings, I decided that there is no way I’ll get through it and still have about a month to jam practice questions.
I know I must be in the minority – I just want to learn this stuff, not cram this stuff.
Good luck to you. You have quite a solid background.

pawn

It’s a bit tight, but if your background in econ and finance is strong, and you’ve got the available time to study, you can get through it.

comp_sci_kid

I would advise against registering for the June exam. A few considerations:
1. Passing the LI exam does not significantly distinguish you as a job candidate.
2. Your current studies are relevant but do not substantially reduce the amount of time you will need to prepare. 250 hours of studying is a gross underestimation in my experience.
3. By taking on additional learning responsibilities, are you increasing the risk of poor or average achievement in your masters program? Are you passing up opportunities to foster longterm networking relationships with your classmates? Do fewer things, better. I think a strong academic performance in your master’s program will serve you much better in finding your first job than being a mediocre student with fewer connections and maybe passing LI.
4. You’re young and have considerable time to enroll in the CFA Program. Give this challenging program the time it deserves, and give yourself the time you deserve to complete your masters program as best you can, having an opportunity to enjoy life a bit too.
Now here’s the downside to waiting: being a December LI candidate and then a June LII candidate is grueling. Even if you wait until December, are you really going to have time to study for that exam given your final semester this fall? Maybe if you have a light class schedule, aren’t working too much, or if you don’t find a job right away…
So but say you ignore this advice, which is fine of course. If you register for June, use Schweser and its QBank only, except use CFAI for ethics and portfolio management. You simply do not have time to rely much on the official CFAI curriculum.
Just my $0.02. Good luck whichever way you decide to go.
hiredguns1, CFA

Roflnadal

I have an engineering career background, a M.S. in financial economics, and I do not suggest it unless you are an extremely disciplined person along with an exceptionally fast reader.
When the professors pick your textbooks for your M.S. courses, the textbook writers have the goal of delivering a balance between a broad topical base and the classic analysis methods in that subject. The board of the CFAI have a strong focus on letting candidates pass who can sift through the shell game of duplicitous financial communication. Through the curriculum, they take a turn away from approach of textbook writers toward training analysts to pass this different kind of muster. Thus, you’ll be surprised, but you need to study for CFA L1 using either CFAI’s curriculum, an outside provider’s materials (Schweser or Stalla), or a mix.
I passed L1 last December and am a L2 candidate for June. I fretted for the 18 weeks that I studied that I hadn’t left myself the full 20 weeks recommended as the study plan. I had a clearer plate than your course load and two part time jobs. I found the Econ to be a breeze, but it is only, (correct me if I’m not remembering right)…10% of L1?. Unless you have worked in the accounting areas that comprise the FSA topic, that will likely kick the time over the 250 hours. I might have spent 60 more hours above the fraction that FSA should have been, just on FSA. I found that the topics were poorly written and hard to absorb.
Are you using the book “Investments” by Zvi Bodie for your investments or port theory class? It has past questions from the CFA in the end of chapter questions. If so, here’s a test for whether you’re a good candidate to sign up: Peruse a sampling of those from equity, fixed income, and port mgmt. If a) your ability to tackle them comes close to 1.5 minutes each and b) you can picture being just as efficient at the full spectrum of CFA topics at their weights, then you may be OK for June.
If you do sign up for June, punt to using Schweser or Stalla per what hiredguns1 said. However, fitting in time to do the end of chapter questions from CFAI curriculum is worthwhile, especially if, upon taking your first mock exam, it indicates that you are substantially below passing in weaker areas.
The typical student has fewer courses available over the summer. If that is your case, then signing up for December and making a concentrated push over the summer to cover the Lvl 1 material will relieve the pressure cooker for fall, when you have a full course load.
I don’t suggest throwing your money away if you can’t devote the proper resources of time and effort. It is psychologically difficult to study for an exam of such breadth without falling off the cart.
You’re already on AF, so whichever exam date you sign up for, you have people pulling for you!