Calling all CFA (Level 1) Exam Takers: (June 2016)

Question

Hi Folks,

Wanted to start a discussion for all who will be taking CFA level 1 exam June 2016. Let's use this thread to get in touch with other CFA aspirants, discuss study strategies, and share tips, advices, etc.

I think we don't have much time left. How's everyone's preparation coming along? I've just finished readings 1 to 4 on CFA codes of ethics & standards and GIPS standards and now moving on Quantitative methods.

Celestial09 · Answer

Hi!
I am too taking up CFA Level 1 in June 2016. Though I took it previously and my band (score was 10). Biggest reason for my failure was I avoided quantitative methods completely. 
Few take away:
1) focus a lot of scoring full or at least 90% accuracy in Ethics, FRA, Economics, Equity &Corporate Finance. People with quant background can include quantitative methods too.
2) Mock tests are must.
3) Build up stamina as it involves nearly 9 hrs. 3 hrs two session. one hour prior to exam starts and one hour of break between two sessions.
4) Materials Schwesers, finquiz,etc.
Do pm if you need the access or sharing of few materials.
Regards
Celestial

(Kudos if its useful, will update a lot more in coming days)

Narenn · Answer

Thanks for coming forward and sharing you experience of previous attempt. Any word on Schwesers notes? A lot of folks have recommended them but I am not able to decide yet whether to purchase them. I've already received a complete set ( 5 volumes) of books from CFA institute and it seems to have everything. How would you compare Schwesers notes with official CFA material? ( if you have used both in your earlier attempt)

ENGRTOMBA2018 · Answer

Narenn , CFAI materials are very lengthy and you will not be able to finish all of them before your level 1 in June. Schweser notes are all that you need, these are well detailed and cover all the important details for the exam. If you want a better understanding of a particular topic, refer back to CFAI materials.

Do solve questions at the end of the chapters and give the topic based exams that are available on your student page on CFAI's website.

Do solve questions at the end of the chapters and give the topic based exams that are available on your student page on CFAI's website.

Youraisemeup · Answer

Hi Narenn,

I cleared my CFA level 1 in Dec 15.
I think Elance guides r good and the schweser is good as well. But, CFA material is huge. Benefit for me was that i have already completed my FRM which has a course similar to CFA. 
I would suggest you stick to schweser. It is trusted, many people have used it. 
Not much time is left and you gotta go through all modules. Pay special attention to ethics, quant and FRAs.

Good Luck!

Narenn · Answer

Thanks  Engr2012  and  debbiem  for your advices!! I finished ethics in last week using CFA books, but from now will be using Schweser notes to complete remaining syllabus. BTW,  debbiem  what was the passing percentage in Dec 15 exam? I've heard that it generally stays around 70% but this time it's likely to go above because of changes in exam structure.

ENGRTOMBA2018 · Answer

Let me chime in here. The pass % of level1 has never been more than 45% since 2003 as mentioned at https://www.cfainstitute.org/programs/c ... sults.aspx Dec 2015's pass % was 43% and level 1 happens to be the most difficult of the 3 (statistically speaking) due to sheer amount of course material to read. As for sectional divisions, yes 70% per section (usually in the major sections (Ethics, QM, FRA, Corp Fin)) can usually see you through.

Youraisemeup · Answer

Narenn,

As per the official CFA institute, passing % was around 43% for L1.
On an average if you see passing is 42% for past 10 years.
I am pretty sure, they're not gonna play with the rates of passing even if there r a few changes in the curriculum. A little here and there is ok. But overall it has never been above 50% rather much below that. Dont know where you got the quoted data from. So no reason for me to anticipate a pass rate >50%.

Attaching the official rate disclosure by CFA institute.

HTH.

Youraisemeup · Answer

Totally agree.

Narenn · Answer

Aah.... my query was different. I was asking, roughly what percentage of questions does an applicant need to solve correct in order to clear the level. I know CFAI scoring mechanism is very complicated but according this discussion on Quora, one should aim to solve with 60 - 70% accuracy for maximising the chances of passing the exam. https://www.quora.com/CFA-Level-1/What- ... FA-Level-1

Youraisemeup · Answer

For level 1, if you got >70 in FRA and Ethics and in rest u get 50...you'll be good. but just dont mess up with FRA and ethics. there r cruel beasts. Ethics specially, go and try out question banks for that. It makes one cry solving every single mock problem cuz all the suggested options would seem right

ENGRTOMBA2018 · Answer

That is exactly what I mentioned towards the end of my reply. As per the weightages assigned to different sections per CFAI, https://www.cfainstitute.org/programs/c ... ights.aspx scoring >70% in the ones with >15% weights, can see you through even when you dont score that much in the less weight ones. This is the reason why I mentioned that focus on Ethics, QM, FRA, Economics and Fixed income (score ~90% on each, difficult but doable) and you would have already covered 67% of the syllabus.

Narenn · Answer

Sounds good. Thanks Guys!!

Battleready79x · Answer

I am scheduled to attempt GMAT on April 6. I also had scheduled an attempt for CFA in june. Can anyone please guide me as to how I can optimize my preparation for June attempt. I didn't prepare a single question till now as I am into GMAT preparation. However, I have a 8 year teaching experience of teaching Fundamentals of financial management and 4 years experience of teaching Statistics. Can anybody suggest the materials and Exam plans that I need to purchase or download as a single window source for the preparation?

Youraisemeup · Answer

Sir, i think you will ace the level 1 with flying colors given the background of yours.
you may consider the schwesr. there is one more resource which i used personally, but idk cuz other ppl whom i know didnt 'Analystnotes'.
All the best!

Battleready79x · Answer

Thank you for your encouraging reply. I will try schwesr and also what I understood is u used a material of Analystnotes. I will try that one too. I hope both are enough for the exam. Thank you once again for some motivation. TC

nurik · Answer

I agree with debbiem. You should be very fine for CFA level 1 studying from Schweser and then doing practice test on the CFA website.
Also, make sure you order your calculator on time so that you could get used to it before the exam.

Battleready79x · Answer

Thank you for those positive words. I am from India, How much does the schweser material cost in rupees?

nurik · Answer

Don't know about the cost in Rupees. You can purchase Schweser notes from here (https://www.schweser.com/cfa/level-1/study-packages/) and the package you need costs $379. This is the least expensive of their offers, but still $379 is a significant cost. If you have friends who passed CFA recently, you could take their copy instead. The level 1 syllabus does not change much from year to year. In any case, though, with 2 months time only, it is much more advisable to study with Schweser than the official study materials.

Youraisemeup · Answer

Sir, if you purchase from website, it'd cost u hell lot of money.
I am myself from india, but i just bought my self the schweser study guide from Mahakali book depot(Mumbai). Those books cost Rs 1000-1200.
I also bought analystnotes package of $69==Rs 4,000.
And you're good to go.
I'd suggest, save $400 and spend these Rs 5000.
Save the rest for CFA L2. In CFA L2, its gonna get expensive.

Good Luck!

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