RMontgomery

BC did you go to every class? I attended every class but one (missed portfolio management), I would recognize the diehards, just wondering if you were one of them.

BC_MBA_student Wrote:
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> I thought I would share my experience with anyone
> interested on how I passed the Level 1 Exam this
> past June on my first try. In addition, I achieved
> >70% across all categories so I feel I knew the
> material. See below for my "pearls of wisdom" and
> recognize that everyone starts from a different
> point based on background and experience.
>
> My background: graduated with a MBA and a
> concentration in asset management. I took classes
> in financial statement analysis, accounting,
> statistics, fundamental analysis, portfolio
> management, economics, investments, derivatives
> and risk management and venture capital. I
> graduated top of my class (because I was willing
> to work harder than my peers). I have worked in
> the financial services industry for 11 years, and
> roughly 5 years of that in an investment
> decision-making role with my most recent role as
> an equity analyst for a RIA.
>
> My experience: I initially began studying the
> first week of January with the intention to read
> all of the CFAI text. I began highlighting in book
> 1 and taking notes. I got bogged down in the
> material (despite spending significant amounts of
> time studying) and felt that the Quant Methods was
> incredibly boring and somewhat confusing. At the
> end of February (almost 2 months of work), I
> finally finished book 1 and began book 2
> (Economics). At this point, I realized I would
> never finish in time. I reassessed my options and
> decided to order the Schweser text. I was able to
> complete all of the Schweser texts in about 2
> months and was able to begin reviewing by early
> May. I spent the last month reviewing my formula
> sheets, redoing practice problems from various
> chapters and taking a few practice exams. I also
> took a review class with the Boston Security
> Analyst Society which I felt was excellent and
> helped reinforce information (particularly Fixed
> Income). My final 3 weeks of review were scattered
> at best as I felt like I had burned out, was
> balancing work/studying and a 5 month old baby,
> and truthfully had lost some drive. I spent my
> final day before the exam studying for a couple
> hours and then watched TV.
>
> My secrets to passing:
> 1. Obtain the Schweser texts and use these as your
> primary source of material. After reading each
> chapter, do the problems and then skim through the
> CFAI corresponding chapter to make sure nothing is
> missed (only found a few discrepancies). Do the
> CFAI EOC questions as the CFA problems may test
> concepts differently. I thought this helped to
> reinforce concepts. I found this particularly true
> in some parts of equity analysis and portfolio
> management.
>
> 2. DO THE EOC PROBLEMS AT THE END OF EACH CHAPTER:
> I know I already said this but it is very
> important. It is not enough to just read the
> text.
>
> 3. Print a hard copy of your calendar covering
> your studying start date to the exam date. Count
> the number of pages you need to read in the
> Schweser text. Then divide this figure by the
> number of weeks you will study (leave 2-3 weeks to
> review). Now you have your weekly reading total.
> Then, mark on your calendar which days each week
> you will study and how many pages per day. This
> seems tedious but it gave me the confidence that I
> would finish in time and kept me on track. I
> focused on 1 hour before work, studying during my
> lunch, doing a few hours after work and then a 4
> hour chunk each weekend day. DONT - AND I MEAN
> DONT - spend all weekend sitting inside. It will
> depress the crap out of you and you will burn out.
> Get outside, enjoy yourself, do things you love
> and don't ignore your family and friends. If you
> stick to your schedule, you can balance
> everything.
>
> 4. I tried index cards and they didn’t work. Plus,
> by the end of each book, I had a stack of cards I
> couldn’t fit in my bag. Instead, I used blank
> pieces of paper and wrote pertinent formulas on
> them in a long list. I also found it was helpful
> to jot down pertinent terms. Once I completed a
> topic, I stapled them together. You will find that
> the same formulas appear throughout the books.
> Then, I reviewed these in my car on the drive to
> work in the AM while I was awake. Don’t leave
> memorization to the last minute – I found myself
> cramming a bit on these.
>
> 5. Don’t leave Ethics for the end! I was given
> this advice and ignored it. It is among the most
> important topics, and you are better reading it
> while you are fresh to the program vs. 3 months
> into studying. I found it required minimal review
> at the end. I also recommend reading the Ethics
> section in the CFA text vs. Schweser. I also used
> the CFA Handbook practice questions as a test.
>
> 6. Don’t get bogged down on material (particularly
> Quant) – you don’t need to be an expert on all
> that stuff. Given the number of questions you can
> be asked (per the weighting scheme on the CFA
> website), put that into context with the hundreds
> of formulas they throw at you in the Quant section
> alone. Some topics are obviously much more
> critical than others like TVM (because it
> reappears in FI , Equity, Corporate Finance). Be
> smart with your time! If you don’t understand and
> it doesn’t reappear frequently in practice
> questions, forget it. If it isn’t clear in
> Schweser, try reading the CFA text.
>
> 7. Take some form of review class! Look at your
> local CFA society as they all offer review courses
> for a reasonable sum of money. Paying for a
> Schweser review class seems a bit repetitive – it
> is much more helpful to get a different
> perspective. The key is to have all the reading
> done before the review as a true test of your
> knowledge.
>
> 8. UNDERSTAND THAT YOU CANT KNOW EVERYTHING!! This
> frustrated me but I finalized gave in. Some of the
> minutia you will be presented with is worthless.
> Nobody can remember all of the material. The key
> is to understand the key concepts.
>
> 9. Realize that your life will suck for 6 months.
> I pushed myself too hard and burned out late in
> the game. Stick to your study plan and you will be
> fine. Take a day or 2 off per week, but try to
> maintain consistency in your routine so material
> remains fresh.
>
> 10. Try to avoid reading the Analyst Forum daily.
> I found it stressed me out because 2 days after I
> began studying, people were posting that they were
> already done with the reading. It isn’t a race,
> and everyone learns differently. The test measures
> your ability to comprehend and apply the
> material.
>
> I wish you luck in your studies. I passed the test
> while balancing work and my family so it can be
> done and I’m sure you can too if you put in the
> time and effort. It wasn’t easy but it was
> satisfying when I found out I passed.
>
>
>
>
> The three columns on the right are marked with
> asterisks to indicate your performance on each
> topic area.
>
> Multiple Choice Q# Topic Max Pts <=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 - - *