CFA Level 1 Formulas Level of Difficulty? Doable or not with weak math background?

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Hi all, I’m planning to go for the Level 1 exam in Dec ‘16 but before pulling the trigger/register for the exam I was hoping to get some advice on this forum on the following.
I’ve earned my Bachelors of Business Administration degree 10 years ago when I used to live in the Netherlands. Unlike many people on this forum I’m mainly interested in the CFA program to gain knowledge for my personal investment goals. I know some of you will tell me that I’m crazy and that there are other programs available however I don’t need this charter for my career. I just love to gain knowledge. So basically, I might just do level 1 and see if I continue with level 2 and 3, etc.
Since I was never very “strong” at comprehensive math formulas I was wondering if there’s anyone with a weak mathematical background who would like to share their advice with me.
Are the formulas do-able? Will I need to take extra math, algebra or quant classes?
I would appreciate any advice
Thanks in advance
 
I would say go for it if you have the means and the time. I entered the program knowing that I won’t ever likely need it and that I might not even finish it (due to work experience and my main pursuit). I wanted to test myself and learn on top of what I had learned from school. I don’t think that’s a bad reason to pursue it.
The math is all algebra or plug and chug, so you needn’t worry if you don’t have a strong math background–many succeeding in the exams don’t. If you need to brush up on anything, there are plenty of free resources on the internet, and you can spring to purchase a book like Schaum’s outlines (for algebra, for example) if you really wanted (brief explanations, and examples).
 
The math is not extremely hard in L1. You can definitely do it. I had barely touched math in 15 years, and didn’t do a lot in university.
In L1, there is a little bit of math that gets tricky, particularly in Quant. I never really cracked some of that in L1, and had to learn in finally for L2. I.e., I passed L1 by focusing hard on definitions and concepts in Quant. Also, today, I do understand the L1 math. It’s not that it’s super hard, but just that I had not seen statistics in 15 years, and hardly recalled a thing. The mantra with CFA is intensity of effort: hours + intensity = understanding. That applies to the math for sure. The curriculum definitely lets you build on basic high school math.
I would not recommend any “pre study” if you’re doing Dec 2016 L1. If you’re not planning to start studying till summer, and want to pre-study, just register now and work through Quant casually until it starts to get familiar. Actually that would really set you up well for the rest of the math.
Also, search youtube for a video on how to use a BAII plus calculator – particularly, how to do future value/present value calculations and cash flow calculations. It sounds so basic, but getting good at the calculator is a major step toward simplifying the math.
 
Thanks tickersu I feel the same way like you did. I know this journey will not be easy but I like to test and challenge myself. I’ll check out the books.
 
Thanks biuku. Good tip. I will start focussing on Quant ‘cause that’s the most intimidating part to me. You’re so right on the BAII calculator. I already went through some tutorials to get familiar.
 
the math isn’t too tricky, the cfa books are very good at leading you through it so I wouldn’t feel the need to do any other prep beforehand
 
Don’t forget to check out stats and probability videos from Khan Academy. They’ll walk you through quite a bit as well.
 
yeah go for it. Math formuals in the CFA exams are algebra level. I would say junior high to high school level math at most.
 
Thanks for taking the time to reply all. I appreciate it. I’ll register for the early bird today.
 
infinitybenzo wrote:
I would say junior high to high school level math at most.
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+1
if you graduated high school, you’ve got enough math skills to tackle th entire exam.
 
Can you do basic algebra? Can you use a calculator? If so, you’re good to go.
 
Cfa Level 1 candidate here. Currently a senior with a concentration in Management. Coming from a non-finance background I can tell you that the hardest part of the source material for me is quant. The math behind the forumlas isn’t very hard, but remembering all the formulas can get a bit overwhelming. For me, I found that understanding the meaning behind the concpets helps me better understand the forumals in Quant. Definatley doable, just make sure your understanding concepts and not memorizing forumlas.
 
Basic grade math, if you can do multiplication, division, addition and subtraction you are good to go.
 
@ Akeg Thanks for the advice. I’m starting with Quant since that seems like the hardest.
 
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