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发表于 2011-8-26 08:13
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Just wanted to send a long a few notes on my experience with the CFA program. Everyone's experiences and approaches are different.
It was a transformative learning experience.
I used CFAI texts and mock exams exclusively for all three levels. The books are VERY dense and take time to read and digest - at least to the level that the CFAI tests. I did not want to spend any money on prep courses and third-party materials. I commute on a train to work, so I had a morning and afternoon train ride that is perfect for working on a charter. Otherwise, it would have been harder to find the study time.
I took Level I in December before 2006 and failed. I had put in around 250 hours of study, but had moved to take a new job shortly the test. That messed up my last month of prep. That was not enough time to prepare - and the last month before the exam is critical. So, started to prepare for the December 2007 Level I exam in January, 2007. After logging in an additional 700 hours of study, I passed Level I in December, 2007.
Level II is a bear - I thought it was the hardest level due to the depth of the material. I started preparing for that test in January 2007 and took it in June, 2008. I had logged in approximately 1300 hours of study for Level II and passed on the first attempt. As turned out, I'm glad that I took the extra time to prepare because I had a death in my immediate family and my wife and I both had some illness.
Level III - I heard it said that it was the easiest exam. Not sure that I agree. It's difficult in a different way. Level III is about synthesis...putting all of the pieces together with the added time pressure of an exam. The pieces also have to be put together in the form of short answers. I starting preparing for Level III in August, 2009 and took it this past June. The last month was spent reviewing a collection of old CFAI exams back to 2006 and practicing. I logged in over 1400 hours for Level III and passed on the first attempt.
I had other illness-related issues crop up again, so I'm glad that I had the extra calendar time to prepare. (Life gets in the way, and things go on.)
Pens for Level III essays - I used a frixion from Walgreen's drugstore (USA) which uses a type erasable "ink" that's really rubber. It worked very well and made clean erasures. I think that I paid about $2.00 each for them. Well worth the small cost.
Old CFA Level III exams - the exams, especially the more recent ones, do not include the pages and templates for writing the answers that are contained in the actual test booklet. I do not know why the CFAI just doesn't provide copies of the exam with the templates and pages so one can get used to the format. In lieu of that, use blank lined sheets of paper to practice taking the CFAI tests.
I probably could have cut the study time back by using third party materials. However, since the CFAI seems to want you to know everything (including footnotes), I thought it best just to use their materials.
Practice the end of chapter problems in the CFAI books until you are sick of them. I found that to apply to all three levels.
Get a good night's sleep and breakfast before the exam. (Yes, that's tough). That will give the brain the food and rest it needs to do its job.
A tip of the hat to those who pass the exams consecutively...especially within the CFAI-suggested study time. If that works for you - all the better.
Good luck to you all and study hard! |
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