To resit or not to resit level 1 wrong, material, dilemma, something

bapswarrior

Hi Everyone - I'm going through the above dilemma. I scored a band 8 for level 1 in June (see below) and wondered just how far off i was from passing. I used Scweiser material and the databank to prep.

I sucked at Quants and knew this was my weak point but my mock results were just below 70. As for Econ, it was a weird one, i have a degree in Econ but something clearly went wrong.

I must admit i was doing Econ and Quants with an hour to go so maybe i need to do this at the start, i could work on FSA. However i felt confident in the exam and did not rush questions. To be what seems so close to a pass is really a kick in the balls but you have to take the rough with the smooth.


What do you guys think any advice, criticism or encouragement warmly accepted.

Thanks

Black Badger


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 * - -


We have divided the full group of candidates who did not pass into 10 approximately equal score bands. Your score band below shows how your overall score on the exam compares with all other failed candidates.

Your score band: 8

transferpricing

Hello,

This is amazing. All the best mate and in case you require any type of help or encounter any difficulty just let me know or post here I'll put in my best to make it clear for you. Strive for excellence not for success; Success will follow you! All the best

May God be with you!

SeanWest

Hi Bilal many thanks for your encouraging words. I have decided to resit and failure is not an option.

eoin

Dear BB,

You need to focus more on Ethical & Professional Standards and FRA. After that come to economics and derivatives. Start one area finish it and then move to the other. As far as economics is concerned, no need to spent your time on the graphs. Just read the chapter, leave out the graphs and focus on the chapter end summaries of Shweser. As far as Derivatives are concerned if you score 50 to 70% in them its fine. For that in spite of focusing how things are done better focus on what is done. Like for covered call and the protective put. Remembering the points in the summary is enough then peeping into what actually is done.

I'd recommend to do ethics reading from Curriculum not the GIPS section. I did the GIPS section from Shweser and the rest of Ethics from Curriculum. For Standards make a flow chart and try to remember the names of the standards it would make a sketch in your mind. Like for first standard which is Professionalism it has four sub parts which could be remembered as KIMM

1. Knowledge of the Law
2. Independence and Objectivity
3. Misrepresentation
4. Misconduct

In this way you can remember the standards. Also when you are reading curriculum about ethics make a quick summary differentiating the recommended and required procedures as straight away lines are asked that whether this is a recommended procedure or not. And One last thing about Ethics mostly about Standard 4,5,6 are tested as they have some standards which overlap with 3,2 and 1. That is the tricky area so read it carefully and retain it.

For FRA make a chart which differentiates the US GAAP and IFRS. It would help you remembering the differences and from Study Session 7 questions can be tested which talk about the framework and qualitative features of the standard setting bodies. Read those chapters carefully and make points. These points would be easy for you to retain at the end and help you in quick revision.

Make sure that you give atleast 3,4 readings to the whole syllabus and organise yourself before the exam. Organizing means that when you give the first reading make bullet points, number out things which could be tested and underline the important lines. If you spent 2 hours giving the first reading to one chapter then the next time you should take 1.5 hours. This would indicate that whether you are getting the things up or not.

Passing the level 1 exam isn't difficult. It requires a scientific approach in making the things simpler for you to retain. Plan your leisure times. Know your motivational drivers. Keep away from pessimistic people. Listen to music and watch funny seasons etc. Rejuvenate yourself. Whatever that has happened is history; just highlight and learn from your mistakes. Study in chunks and divide those chunks over multiple ours. Like I used to study for 20 minutes and then take a break of 10 minutes and the give another 20 minute session.

In case you require any assistance I'm always available.

All the best and Good luck for your next attempt.

Bilal