kidderek wrote:
I was wondering if you could provide any tips in terms of study schedule, prep materials, tips etc.
Thanks in advance.
I'm a CFA Charterholder and co-director of a mentor program for CFA Level I Candidates in SoCal. I'd be happy to talk offline. If you pm me, we can set up a time to chat.
Nevertheless, here are some general comments:
1)
Ethics - read the book (not Schweser, although the problems are good). Read it once at the beginning of your study and once a week before the exam.
2)
Practice Questions - do as many as time will allow. At the very least, after finishing a reading, do the questions in Schweser. While I find these aren't always as tough as the CFA Reading questions, you have to assure yourself some level of material comprehension before you move to the next section. If you aren't getting any questions right without referencing the book, don't move on.
3)
Practice Tests - there are 3 full length tests in the Schweser book. Take at least one of these during a timed simulation. That means six full hours, with a 1-2 hour break in between morning and afternoon sessions. Ideally you would take the test on a Saturday (two to three weeks prior to the real exam) and go over the answers on Sunday. Also, at the very least, answer all of the questions in the other 2 sample exams. Doesn't necessarily have to be timed, but do the questions. You'll also have to take the Boston Society Mock Exam. This is VERY VERY VERY important. Take it under simulated test circumstances. It will show you your weak areas and is the BEST gauge of your progress to date.
4)
Schweser Pro - very useful. Provides high level outlines of the study sessions. You can also do as many questions at a time as you like. You can also choose which sections you would like to get questions from, as well as the difficulty level. I spent a good amount of time on this a couple of weeks prior to the exam. Also good If you are having trouble in an area, this is a good way to get a bunch of questions thrown at you to make sure you fully understand the material.
5)
Review - when you take the exam, you'll be thinking, "I wish I had just a little more time to study." That's always the case, whether you are studying for 3 months or 6 months. You have to give up the last 2 weeks minimum for review. 3 is ideal. This doesn't mean all you do is test questions for 2-3 weeks. But it means that you are not "learning" the material or seeing it for the first time.
6)
Ethics - don't underestimate this. The material is easy to understand, but not a slam dunk on the test. It was killer at all three levels, and I have probably read the book 6-7 times in total by now
7)
Study Schedule - It varies from person to person, primarily because of education background and work experience. I can talk more to your spefically to your case offline if you like. In general, I'd say CFA Institutes provides a rule of thumb of ~250 hours. For people without finance/accounting backgrounds or without MBA's, I'd say add another 50+ hours to that. Overall, I'd recommend ~4.5 months of studying and three weeks of review. That means if you are taking the test in December, you should begin studying in July and review for ~3 weeks in Novemeber. You need to be disciplined and keep up with the study schedule. You should be studying about 10-15 hours a week. In my opinion, it's kind of like working out. If you miss a couple days it makes it harder to get back in the routine. Once you get going, though, it's pretty easy to keep up with a constant schedule.
Bottom Line: Stick to a regimented study schedule. Practice, practice, and then practice some more. Although ethics is 15% of the exam it's not a gimmee. That being said, make the most of it. There are 240 questions. You'll need as many as you can get.
Cheers-
RG
Very good post, RG. Thank you.
I have a technology background, and been an engineer for 5 years now.
Considering the state of the financial services industry, I'm thinking a career switch into IM from my background is gonna be a longshot. So will the CFA help, along with an MBA, or is it not necessary? What are your thoughts? And have you seen anyone in your firm or in your circle do this career switch?
thank you.