First timer - Need some advice deciding when to take Level 1

[nbkn9xu]

So here's my situation. I'm a year out of college and work in investment management. I don't have a strong finance background (only took 1 intro level finance class at school) and if I decide to take L1 in Dec, I would have 4 months to study for it. I can't decide, given my background, if I should just wait until June 08 to take or just go for it in Dec. I would be able to put in about 2 hours everyday (possibly more on the weekends) for the next 4 months but I don't know if it would be enough since there is so much to cover. Do you guys think I should just get the June 08 books in Sep-Oct and study for it more thoroughly for June instead of rushing it for Dec? Or just risk $455 for Dec and give it a shot? I did get the schweser books for free from a colleague so I would be saving money on that but would the schweser notes be enough for someone with little background with only 4 months? If I take it in June 08, I would get the curriculum books with the registration cost. Any advice would be appreciated.



Edited 1 time(s). Last edit at Friday, July 27, 2007 at 11:33AM by nbkn9xu.

 

[TorontoTim]

I'm a month into studying, with very little finance background in school (many years ago) and some very limited relevant work experience. It's an intimidating road ahead, and my $0.02 is that going for December would be very risky, especially if you can only devote an average of two hours per day.

There are lots of threads on this board about whether the Schweser notes alone are sufficient. Some people say yes, lots of people say no. My experience so far is that I'm comfortable relying on the notes alone for most things but every now and then I hit a topic where I need more detail (especially since, like you, I don't really have the background already), and I'm glad I have the full CFAI texts.

If I were in your shoes, I'd be inclined to wait until June.

 

[nerdattax]

I gotta agree w/ TorontoTim here based on your background. It may sound like a good idea to "give it a shot and see what happens" but in my opinion thats not the attitute required to pass. When you do it, you have to be fully committed. The other reason is that even if you squeak by and pass, you'll really be behind the 8 ball for LII.

The "is Schweser enough" question is asked often. In fact, I'm asking it right now about LII. My experience for L1 was this. First time around got the CFAI books. Fell behind quickly as I found them to be incredibly long and boring and gave up. Second time around, started earlier. Used only Schweser products (Notes, Q Bank, Videos) and scored over 70% on all sections. I would sum it up like this: you either need to be know 70% of the CFAI material or 80-85% of the Schweser material. Your choice. Another poster made a good point, saying that when you're reading Schweser you can't "pick out" the important stuff. You have to realize its all important and its all fair game.

 

[Danteshek]

nbkn9xu,

The conservative approach and what I recommend would be to wait until June. If you sit in June and do what you are supposed to do you have a 100% chance of passing the exam. Because of your light background you will need much more time than is typically recommended.

Start in September and read the entire CFAI curriculum. Do some of the questions at the back of the chapter. This is your first overview. Pepper in some Q-bank practice, more towards the end of this first review. This will take you about 3 months.

Then, transition to the Schweser. Read all the notes and do all the concept checkers at the end of each chapter, and undestand every question you get wrong so you get it right the next time.

At this point about 1/3 of your time should be doing practice questions in Q-bank.

About 1.5 to 2 months before exam date you should be finishing up reading Shweser. By this time you should have done around 1000-1500 Q-bank questions at a minimum.

Starting 90 days before the test, do your first Book 6 practice exam. Continue Q-bank, starting to concentrate on the hard questions.

Every Saturday morning do one morning section of a practice exam.

Every Sunday morning do one afternoon section of a practice exam.

45 days before the exam, do the BSAS (Boston Security Analyst Society) practice exam in test conditions. This usually can be arranged through your local society.

30 days before the test you have finished all the book 6 practice exams.

Start the Practice Exam Book. Do 2 full exams over the next 2 weeks. Keep reviewing your weak areas.

1 week before the exam: only review from Shweser notes.

PASS THE EXAM.

This is exactly what I did. I passed with 78% using 40/60/80. Econ was only subject under 70%.

I hope this helps.

D.

 

[Zombie71]

My firm opinion: it's all about Schweser. Granted I do have a background in finance/accounting from undergrad.

Using the CFAI books is simply a waste of your time. Yes, you will gain a more thorough understanding of the material with CFAI. However you will spend CONSIDERABLE more time learning things that are not imperative to the exam. Time is your single most valuable resource during the CFA Program. Given its scarcity, wouldn't you want to utilize it in the most efficient way possible? It's like reading an entire novel when you will only be tested on material from the cliff notes. I used Schweser exclusively (plus the CFAI practice exams) and scored >70% on all topics.

If you have an unlimited amount of free time for studying, then by all means read the CFAI texts. However if you are like most people and this is not the case, then I would only use the CFAI texts as a reference.

Just my two cents.

 

[Kenteman]

I would wait also. I am in a somewhat similar situation to you. I have been out of school since 1991 (MBA Finance). I got the Stalla materials earlier this month in an effort to get prepared for December. I am questioning now if I will be ready. I had a lot of this material in college, but given my field of work (ERP software), I forgot a TON of what I had learned. it's taking awhile to get the rust out.

I am leaning towards June 08, but will keep plowing forward with the concepts until 2008 materials come out.

Why sit for an exam you are not ready for? Besides, if you do this and do real bad, it will mess with you mentally, I promise you. Start now, go into the spring with all your studying done, and let the chips fall where they may.


I say take it in June.

 

[mcpass]

Don't listen to them!

Two hours per day is 60 hours per month, four months = 240 hours.

That's pretty much what CFAI indicates for the L1 exam.

Then make sure you've got two weeks off before the exam and do practice exams, reread difficult stuff and go.

It's very well possible, as long as you free the time you've got.

 

[bannisja]

i'm with mcpass- take it in december. unless failing will somehow bruise some fragile ego so badly that you couldn't recover (or it's a $$ issue), seeing the test and maybe getting your *ss kicked by it in december is one of the best study tools possible.

for those who just failed in june, having seen the test and format will pay huge dividends as you re-study for dec. you now know how to study better- think about the test as you study again and check out the pass scores of those who were close- FSA, FSA, FSA... know it, love it.