December or June?

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cfaless84

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I'm a 23 year old currently working in private banking for a large institution. I have a finance degree, accounting minor, series 7, and series 66. I would like to start the CFA process and figured there are plenty of people on these message boards that can give great advice. Ultimately, I would like to take the Level I in December and Level II next June. Do you think my background provides the base I will need to start the studying process asap for the December exam or should I wait until next June? Thanks in advance for your help.
 
It does help if you come from Finance or A/c background.

I would recommend you to take in Dec even if you are not prepared just to feel what Level I is.
 
If you are comfortable with the subject matter at hand, I would advise you to go for December. However, if you feel that you need more time, then go for June. I don't see any point in going for December just because it is only 6 months away and then failing it. That way, you will end up studying AGAIN for June. So, judge for yourself and see what suits you better.
 
Wow! I never expected to get such great responses so quickly. When I do take the test, do y'all have study material selections? I found it difficult to search for threads that discussed this topic.
 
cfaless84 Wrote:
-------------------------------------------------------
> Wow! I never expected to get such great responses
> so quickly. When I do take the test, do y'all have
> study material selections? I found it difficult to
> search for threads that discussed this topic.


Going through the cfai site would help you a lot. Most of us here have either the CFAI notes, or the Schweser noter or the Stalla ones or some combination of the three.
By the way, given your background I think it should be fairly easy for you to study and take up the exam in December.
 
There is no better prep for June 08 exam than taking the Dec 07 exam. Its a win/win. If you pass, all the better, if you fail, you know what to expect and you have already put in a ton of time to lay the foundation for June.
 
Do Dec 07- FSA which is one of the biggest sections of the exam (30%) and generally what everyone finds the toughest should be a breeze for you.



Edited 1 time(s). Last edit at Thursday, June 7, 2007 at 12:22PM by spud99.
 
Will the materials change for the June 2008 exam if I didn't pass in December? There seem to be so many great (and expensive) options for study materials. I would hate to spend the money on something that wouldn't be relevant to the June 2008 test. Speaking of, any more specific suggestions on study materials other than what jods told me? I would love to hear about the strategies of some people that have passed.
 
You have plenty of time and with a finance degree it is certainly possible to pass in Dec and then in June if you are able to put in the time. I was in a similar place when I started, started studying for Dec 04 LI in July, then slacked a bit and didn't start June 05 LII prep until mid to late March or so, took June 06 LIII a little more seriously because I wanted to be done and started in Feb. I had similar educational background to you as well, finance / econ majors.

Also if you're in private banking won't your firm pick up the tab? At least for registration if not the books?
 
Thanks for the advice. The firm would probably pick up some costs but I haven't fully investigated. It is also a lot of pressure to pass when they are picking up the tab. I guess the more pressure the better.
 
The books do change, at least the CFAI ones do. If you buy the 2007 books and don't pass in Dec then you'll probably want the 2008 books. Fortunately, the cost is only half if you're purchasing next year's materials because you failed ($250). I agree with other posts that you should take the Dec exam if for no other reason than to get experience with the test. However, you have enough time to study for it, especially with your background. It still won't be easy, but definitely doable. Good luck.
 
One thing to keep in mind.....
I wrote in June 2007 and feel like I'll need at least 2 months of drunken foolishness to adequately recover from the preparation I devoted. I personally could not do the Level 1 in December and be sufficiently rested and prepared to write Level 2 6 months later.
That's not to say you can't do it, but it's something to consider.
 
cfaless84 Wrote:
-------------------------------------------------------
> Will the materials change for the June 2008 exam
> if I didn't pass in December? There seem to be so
> many great (and expensive) options for study
> materials. I would hate to spend the money on
> something that wouldn't be relevant to the June
> 2008 test. Speaking of, any more specific
> suggestions on study materials other than what
> jods told me? I would love to hear about the
> strategies of some people that have passed.


For non CFAI material, if you are afraid ofailing and having to shell out money again, try allenresources.com . They have a no pass-no money guarantee. The materials are pretty good and their TestBank is awesome.
 
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