Some great info It looks like most of you recommend that I use Schweser material to study with. There are multiple tiers that Schweser offers. Do you guys think it would be alright to purchase just the Schweser notes, or should I definitely go for both the Schweser notes and practice questions? I know that you all recommend practice questions, but I thought that the ones provided by CFA might be enough. Makes it easier for study and referrence. Don't be discouraged if you fail multiple times.
The schweser exams are harder than the original in most cases particularly the ethics portion. Understand how they ask the questions and scenarios that relate to each code and standard. Agree with all of this except for ethics. Ethics is the least intuitive and comprises a significant portion of the exam. There is so much potential bullshit that can be covered during the ethics portion that doing practice questions is not going to do it all for you. I think I would have done okay with just the Schweser notes for ethics but I read the handbook also just to be sure.
I distinctly remember two ethics questions on the June exam that I had no fucking recollection whatsoever of the concepts. Any advice would be great. Professional edition ftw. Schweser and drill down on ethics. Start studying now and stick with it. The first post grossly understated the required level of committment.
I passed I and II and only used Schweser. The official books are too lengthy and borning as already stated. I'm on my second run through of the syllabus for Level I Schweser and agree the questions are the way to go. I can't hack reading the same material repeatedly but can do questions all day. But what works for some may not for others.
I call BS on anyone that says it can be passed with 2. How many productive hours are you fitting into 2. The last weeks should be entirely spent on practice problems and practice exams. If you have to read AND do that shit, sorry I'm not buying it. I just passed Level I in June studying about hours working full-time. Studied March, April, May. Varies by person though. PM is a small percentage of the level 1 curriculum and possibly taught in whatever intro finance class and along with most of the quants stuff that is not covered in an intro stats course.
I've heard some of the smartest people I know tell me that they had to study for a solid 1 - 2 months to pass level 1. When I hear people talk about how they can pass with a few weeks of studying or how it's not really that big of deal, it never surprises me. These people never pass. I've met tons of them who belittled the exam only to get their ass handed to them.
And they always give up. Given, there are a few 'special' cases in which extraordinary individuals can learn things extra quickly. Maybe you are the case. If everyone studied for only 2. People that belittle it or the time required either a haven't even taken it; b haven't passed it; or c are in the. Hi khaykin, I would just like to ask if where to have the best review center for CFA?
That question i cant answer because i have no clue. Where is the best place to study CFA? It's where I get my best thinking done. I agree. Your parents basement is another good one. There will always be a ready supply of hot pockets. I spent about hours studying for level I without real finance experience and passed without a problem.
There are maybe less than 0. People that say things like this have no idea what they are talking about. CFAI recommends a minimum of hours for a reason. People that are serious about passing should devote the time necessary. I used Schweser notes and for extra practice I bought the test bank from examsuccess. I found both worked well together. The end of chapter problems are especially helpful to reinforce the reading material. Several sources are available for obtaining sample questions or mock exams, one of which is CFA Review.
Good luck! This article is originally from Hours. You can read the full article here. The gate's closed now. If you were planning to take Dec Level I, hopefully you managed to sign up! In the recent weeks we've been getting queries from candidates that have signed up in the last minute. These candidates mostly have been worrying about one thing: do I have enough time to study and pass since I've just registered?
Assuming you get your game face on and get it on starting right now. We've still not touched on a study schedule among the many posts we have here. This is partly because it's not particularly easy to have a schedule that works for all study styles. However, if you're a Level I candidate starting now, here's 10 key points on what you need to know for a schedule that works. The exam day for you is the 1st of December This means that as of today, you have about 2. This is a squeeze if you're just starting, but certainly not impossible.
Being aware of the time left ensures you plan to include a good amount of time each remaining day to study. So if you've just signed up and starting to revise, in all honesty, at this point you have no time to dick around. Aim for one study book a week. The timing is important.
Make sure you finish your material with some time left over. The end-of-chapter exams are not the same format as the exam, they are more straightforward and designed to reinforce the knowledge you just learnt.
However they are invaluable and you should do your best to go through them at the end of each chapter. This will help you ground the knowledge and better retain your material. The CFA Institute end-of-chapters are recommended over other third-party versions. After you've finished your material once through i.
If you've gotten third party material you'd have access to a few, including 1 free downloadable from CFA Institute. Aim to do about 2 a week plus checking answers throughly and reviewing notes that you are less clear about. The exams consist of questions per 3 hour session - with two sessions in the AM and PM that totals questions over 6 hours.
That's 1. Not a whole lot of time - speed is of the essence. At first, don't worry about the timing. Take the practice exams to get used to the question format. After a while you will be able to blitz through questions at a faster and faster rate. As the exam approaches, then check your timing to see how you're doing time-wise. Plan out a good time-check system if there seem to be a risk that you may run out of time.
If you finish your practice exams with still time to go, you have 2 choices - either get extra practice exams or alternatively redo your practice exams. I would recommend some fresh practice exams, but also redo some practice exams towards the last week to boost confidence. Finally, if you've stuck to the plan, youshould be ok. The important point with CFA prep is not to relax and start to take it easy, but also remember not to panic.
Candidates tend to underestimate the exam, and thus a lot of advice focuses around this. But if you go all the way to the other end and freak out, that's no good either. As this may be your first time in the CFA exam process, it is important that you know what the process is like. For the last week, read these posts:. If you're planning to take Level II immediately, you may want to consider starting your studies straight after Level I, before the Level I results come out.
Make sure you read through the Level I Commandments as well - all the key points on how to face the Level I exam are there. If you have additional questions, there's always people to ask that would be willing to help. For more advice, give us a shout here! Good luck for Level I! Let us know what your plan is in the comments below, and we'll answer if we have any additional advice to add to your plan!
CFA Blog - hours. This is presumptuous and overkill. I did Dec L1 and June L2 first time passes, waited 'til the results came out, drank for a week then got down to it. Just work. Overall I would say this is really good advice. Agree with Oreos on not freaking out about L2 once you finish L1.
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Wait until you get your results, celebrate a bit, and then get cranking. You won't be able to focus on L2 material without knowing you have L1 in the bag. First post here, thought I'd contribute some behaviors that have made studying for CFA II a manageable part of my life. I'm not really going to get into actually studying for the test, I know there is plenty on the forum about that.
Thought this aspect of the CFA wasn't as well represented and wanted to contribute. Out of interest, how many hours are you putting in a week this point?
Then again, I realize level II is infinitely harder than level 1 and maybe even harder than I'm studying for the level 2 as well while working a hour bb job. Unfortunately I can't study at lunch, but I definitely agree with the workouts, and going out at least one night a week. These serve as really important breaks from the sudy and work, without which I think I would go insane.
Do Saturday and Sunday for 3 consecutive weekends and call it a day. Take Friday off the day before and do a practice test and correction I don't take lunch. At office by and done working at SO my options are show up at or stay till On weekends I spend every possible moment studying and haven't gone out or had a drink since December. I did this for the first two levels and it worked.
I work full-time as well and try to put in two hours every day afterwork.
I practically live off breakfeast food as well. I suggest getting a bottle of tobasco or whatever if you ever get bored of the same shit everyday. I agree that exercise is the most important aspect though. Form an exercise group with friends to maintain a social life. One does not simply walk into the CFA exam room without a strategy! Looking for tips and advice Like most first timers I am going through a difficult time in internalizing the topics and scope of applications.
Keeping in mind the approaching deadline what do you think is the best possible strategy to ensure maximum preparedness for the exam. I have attempted to go over the content once and was wondering what would be the best source to tap to hone problem solving skills. I remember my CFA 3 exam. I drank a lot of water at half time. When they did the final toilet call, I thought, "nah, I'm good".
Then, at the beginning of the final half hour of the second half, I started feeling an intense need to go to the toilet. She was understanding, but rules were rules. After the exam was formally over, the stewards then took forever to collect the papers. I smashed through several barriers of discomfort, thinking each time that I was about to lose control. Finally, finally, finally, we got out of the room and I headed to the bathroom quick smart.
Only to find there was a long queue. At last, I got to a urinal and did the longest piss of my life. It would have been 2 - 3x longer than any previous record. Not that I keep record or time these things, but that piss was incredibly long. Not sure if this is healthy or not, but one of my colleagues forces himself not piss for a long enough time in order to enjoy every single second of his piss process. Lots of mocks You probably have mocks on hand if you got prep materials from a supplier Cycle through them from now until exam day. Do them one section at a time i. Mock 1 AM Session , go back and grade it, and then go back and skim the material for the ones you miss and do some EOC questions to drill that point.
Even during the week you should be able to get at least 1 session in, graded, and reviewed. On weekends you should be doing it all day save for meal breaks. These questions are most similar to the exam and will reveal anything you didn't pick up from your study guides. Make tons of flash cards Review a chunk of them daily and review the entire pile every day of the final week. Take a week of vacation prior to the exam so you can put in some hour study days in the final week.
Again, focus on the heavily weighted topics if you feel overwhelmed. Take it easy the Friday afternoon before the exam. Your first few are going to be brutal, but keep your head down and keep grinding. You'll see those scores rise above 70 towards the end. Additionally: -Try to make flashcards. I've found that writing down concepts and reviewing tricky problems helped me nail them down. I would review these while commuting to my internship and at lunch. Every little bit helps. These guys are tricky, so try to know every small trick in the book that they can throw at you.
These will help with any last-week studying to brush up on troublesome topics. You never know what might happen that could slow you down. Traffic jam, car breaking down, etc. Better to be early than risk being shut out of an exam you spent half a year prepping for. Nothing worse than having your back teeth floating when you're halfway through the exam. In the final run-up to the exams, I know you're most likely up to your eyeballs in practice exams.
Probably completely tired of anything CFA related and just want it to be over one way or another. It's nearly over, and the last week stretch is really important, so give it a last push! Besides boosting your knowledge on the CFA exams, we've always advocated here at Hours that you know the exam format well hence our focus on doing lots of practice exams! Every little counts towards pushing beyond the Minimum Passing Score , so approaching the real CFA exams, let's do a quick review of tips that may make the small percentage difference that you need to push into Pass territory.
Before we begin, an important disclaimer: these are tips that should never trump your knowledge of the CFA curriculum. These set of tips are meant to be a last resort- when you just don't know what else to try. None of these rules work all the time, so use them only if you have to. In non-numerical questions, sometimes you can have answers that are probably correct, but if you read the question carefully you realize that this answer doesn't actually apply to the question. You've just eliminated one question.
Very occasionally , in the CFA exams you may manage to find out that e. Level I questions are completely independent so this does not apply at all to Level I. Answer the questions based on information from the readings, not based on educational knowledge that you have. This sounds completely against the spirit of education, but in the end if there is a question that is based on outdated information for example answer it according to the CFA curriculum.
Accept it at face value. Don't waste time having a mental debate with no one during the exam. Sometimes you have a 'complete the sentence' question to which you have no clue what the answer is. Try reading the entire completed sentence in your head and choose the answer that sounds best to you. Not at all a bulletproof solution, but what else can you do? Again, this is so important that I'm going to repeat this again: none of these rules work all the time, so use them only if you have to. If you've done reasonably well in high school and university, chances are there are many other tricks you've relied on through multiple choice questions.
Here are some that I know have little chance of working in the CFA exams Hope this helps towards your upcoming CFA exam! If you have any other tips that have worked for you in the past, share them with us in the comments below! Let me be the first okay, probably four thousanth to say congrats and good work on making it through! Now, you may be thinking, "Now that I'm done, what now? So, let me once again say, big congrats to everyone who took the exam!
It's a big step in the right direction or something! My fellow level 2 candidates and beyond, what other advice do you have for the poor souls who are now looking forward to a long ass 10 weeks? Which part?
Your Guide To Cracking The CFA Level 1 Examination
That the order you receive your results has some bearing on whether you passed or not? Or that hitting F5 repeatedly makes emails arrive more quickly? Brush up extensively on level 1 material, particularly FSA. A lot of carry over of course that isn't rehashed thoroughly in level 2 study materials. CFAI sends emails by service providers batches, meaning they send all gmail ones at once and it takes forever, while the work ones are probably only a handful and you will receive it much faster.
I was by far the first one to receive the results, while my friends with gmails got them over 90 minutes later. I notice a tendency for candidates to speak about the L1 as if they've got it nailed. A bunch of people celebrating at the end of the exam here in NYC; it was like looking at them with the sixth sense movie vision - "I see dead people.
MS for promising what you can't deliver. By Sophie, Regular Contributor. Check out her previous posts to learn how to optimise your life and ace the CFA exams in 18 months, even with a full-time job. She can be found lurking very frequently in the Hours forum. I read Economics as an undergraduate. Naturally, most of my decision making rely on optimisation considerations. When I took December Level 1 a few years ago - unfortunately Hours doesn't exist yet then yes, I'm old and wrinkly now - there were a lot of "heck, just-do-it " experiments to find out what worked and what didn't, in order to make the most impact with the least amount of time I had for my CFA studies then.
This subject covers code of ethics, professional standards and Global Investment Professional Standards GIPS as larger part of the ethics aspect as applicable to the financial industry. Some of the problems addressed include agency problems in the context of agency-principal relationship. This section covers the fundamentals of micro as well as macroeconomics with its primary focus on the latter.
It goes without saying that those with an economics background generally tend to do well with macroeconomics and makes it less challenging to assimilate all the information presented with the help of graphical presentations, as is the standard method. This exam tests the knowledge of financial ratios and financial statements commonly employed for the purpose of financial analysis. Along with this, one should be well-conversant in the concepts of revenue recognition, accounts receivables and inventory analysis along with taxes and long-term assets.
This section is focused on quantitative analysis and mathematically-oriented approaches to address complex financial issues which make this knowledge area of such great value. Some of the most important areas covered in this section include performance measurement, time value of money, statistics and probability basics, sampling and hypothesis testing along with correlation and linear regression analysis.
A study of these concepts provides some highly useful tools and techniques for the knowledge areas of fixed income, equities and portfolio management. This section includes forms of investment not covered under other knowledge areas of CFA. This includes real estate funds, venture capital , hedge funds and commodities.
There is a special focus on commodities so it would be helpful for participants to have an in-depth awareness of concepts related to trading in commodities. There could be seven or eight conceptually-oriented questions from this section, some of them specifically related to commodities. Although this section is short on weightage in CFA Level I, but with proper effort, these sections could be mastered with comparative ease. Derivatives are complex financial instruments and this section deals with them specifically, including the fundamentals of futures, forwards, options, swaps and hedging techniques usually employed.
Most of the questions could be related to valuation and analysis of companies. This section covers fixed income markets and instruments and their pricing techniques. This section deals with fundamental principles of portfolio management and introduces some key concepts including Modern Portfolio Theory and Capital Asset Pricing Model. CFA Level I Exam is 6-hour total duration, divided into morning and afternoon sessions of 3-hour duration each. Each of the sessions has multiple choice questions comprising a total of questions in both the sessions.
It should be kept in mind that three choices are provided for each of the questions and most of the questions are unrelated to each other.
10 no nonsense tips for taking CFA exam - Business Insider
This helps judge the knowledge and capabilities of a test participant in wider range of knowledge areas. The results can be accessed both on the CFA Institute website and exam participants are also notified by email. Before detailing on the pass rates, one must understand that CFA Level I exam is conducted twice in a year, in the months of June and December.
This shows that rather limited number of candidates successfully complete the exam and you really have to make a concerted effort to be able to make it through and earn the coveted CFA Charter. It is only that the level of difficulty keeps rising with each CFA level. Generally, it is recommended to devote around hours of structured study to be able to complete CFA Level I successfully. It goes without saying that those with a solid background in any of the CFA topics might require lesser amount of time for preparation.
Each study session should be reviewed independently to be able to ascertain the level of familiarity with the topics covered therein. There are several study plans available to cover CFA curriculum in an effective manner. However, one of the most popular approaches is to consider hours of study time as the benchmark and distribute it over a period of 4 months days prior to the exam.
Following this plan, you would be required to devote at least 12 hours each week for studying various topics to be able to cover the curriculum within time for the exam. The most logical approach is adhered to in assigning greater number of hours to topics with higher weightage as well as varying levels of complexity. Here is a general study plan presented in tabular form which might be customized later in keeping with individual time constraints and other factors.
With this I recommend the following —. CFA Institute offers a number of sample questions to help students develop an understanding of the kind of questions that might be asked and the format in which they are presented which would help avoid any confusion while tackling questions in the actual exam. This includes questions where you have to study the entire equation presented and figure out how to complete the last sentence of the question with the right option.
There is another format where based on the study of the question you have to choose the right option which represents the answer. For the benefit of readers, we would here include one sample question in each of the formats explained for better understanding. Without mentioning that the firm is seeking the mandate, she asks Jack Dawson to analyze Wings common stock and prepare a research report.
After reasonable effort, Dawson produces a favorable report on Wings stock. Timothy Hooper, CFA, is a security analyst at an investment firm. In his spare time, Hooper serves as a volunteer for City Pride, which collects clothes for the homeless.