Help the rookie

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sza107

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Dear All,

I am just graduating from college. I am planning to take the December exam 2006. I am really nervous for the next coming months. I am seeking advice for the following concerns:

�I have my friends Stalla Books. There are four books: volume 1, 2 ,3 and the exam book. Do I have the complete set for this?
�I am aiming to start studying from August 1st. Do I have enough time to prepare well? I would be also doing a full time a job.
�Can some one recommend a study plan that they used and succeeded while doing a full time job?
�Should I concentrate on volume 1st and finish it and move to the next volume or should I read all the books together?

I would appreciate all input.

Thanks,
 
Sza,

1. Yes, you have the full set. You may want to make sure they are 2006 editions though, as the CFAI adds and deletes LOSs every year.
2. Only you can answer this. CFAI recommends 250 hours of prep. This is probably accurate to light if you have to financial background and maybe a bit more than you'd need if you do. Do the math and figure out how many hours/week or day that is. Only you know the amount of time you have to devote but assuming you're relatively diligent, that's enough time.
3. As for study plan, ask a million people, you'll get a million answers. Some have no time/energy/desire during the week so they devote most of the weekend to studying. Others cherish their weekends and so go hard every weeknight for 2-3 hours. For me, it was a blend. I tried to do a couple of hours Monday-Thursday and then a couple of hours on each Saturday and Sunday. Maybe you take Sunday off if you had a productive week. As the test approaches, the hours grow and instead of 2 hours on a Saturday, maybe you're doing 4 or 5, doing practice tests, etc. Also, don't underestimate the ability to look over flash cards for 15 minutes at lunch. I found that helpful in reinforcing ideas.
4. Most people start with a topic and move through the book by topic. You can do it according to how Stalla and CFAI lay it out (Ethics, Quant, Econ...etc.) or you can pick your own way. Whatever works best. I would recommend if you read Ethics first, go back and do it again right before the test. It's important stuff and there are a lot of nuances.

The bottom line is that after doing it for a few weeks, you'll slide into a schedule and mode of study that works best for you.
 
Here's my best advice.

Throw away the goddam books and enjoy the rest of the summer. You just graduated college, you'll be working for most for the rest of your life so have some stress free fun while you can.

Do you have a job now and does it fall under acceptable experience? Why the rush to get the charter so quickly (which will take require 4 years of qualifying experience anyway)?

So many people are starting this process too early with no real world experience, which I think is a major factor in the lower pass rate trend. Almost everyone I used to work with who started the CFA after working for a number of years (in banking mind you, which isn't even considered relevent exprience anymore) had no trouble with L1, I only know two people who had trouble with L2, and all that I know of who maade it to L3 passed it (except for those whose work/family commitments admittedly did not permit them to study).
 
Have some fun..... What r u crazy? Passing in dec gives him a higher paying job and next summer to relax w/ money for a NICE VACATION!
 
Yanks -

I think its hard o give a very meaningful answer to his situation without knowing undergrad major, country, current employment situation, etc.

But if he doesn't have a job now, he will hopefully find one by Jan, and the odds that passing level one in December will have a material effect on his comp is highly unlikely. If he has a job now, he can ask his employer for the answer to that question.

At the end of that day, if he fails in December and has to take it again in June (odds based on pass rates >50%) he lost this summer and will lose nex spring studying. If he has a job that will give him some relvent experience and context, he should wait and go into the exam with a higher chance of passing.

As I said, based on my colleagues who took the exams with a lot of work experience, the pass rates blew away the overall CFAI stats. Start later and finish at the same time (or earlier, because if you fail the burnout factor makes it tougher the next time)
 
Forget the whole program and go get a job at a golf course on the maintenance staff cutting grass for a living....as Carl Spackler...this is admirable work
 
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