So, first off, I am not the person with all the answers, but inevitably the L2/L3 repeaters want comments on this subject. The guys like CPK and Iteracom will outsmart me 10 to one, so I don’t think I’m that smart either, but I figured I could share my experience - everyone is different, and Im sure people will conflict with my opinions. I read a thread last year like this and found it valuable, so this is my humble attmpt at paying it forward.
For the L2 guys, this one is harder, its more detailed, and less concrete. Much, much, worse. Sorry. If someone says its the easiest, they either are talking out their ass or took it in 1991.
For the L3 retakers, last year was a band 8 fail for me, I had a hard time getting back on the horse and being motivated. Was a fairly major blow to me. Keep going, you’ll kill it. Im certainly not arrogant enough to say I murdered it this year, but it was a major, major improvement.
So heres my pass story.:
I started studying in about november lackadaisically, got serious about mid february, got obsessive about April Most of April I stayed late after work and studied till like 9 or later, spent my weekend afternoons at the library studying. In May its all I did - day, night, and weekends.
I went to Boston for the Schweser course, they had Mark Lefebvre. I couldn’t get into the one at Creighton due to waiting too long to register. Was it worth it? I’m on the fence. I’d make sure I knew the material going in, the “tips and tricks” aspect is pretty good, but you run through the material very fast. The fact that you hit the curriculum from start to finish a few weeks before the exam is pretty good. In my opinion the courses are a great review for the last mile, not a primer or an in depth coverage.
Schweser or CFAI?
Well, some people love schweser. Me? I see it as supplemental - very very supplemental.
Schweser practice exams? Pretty good
Qbank, last resort - you got plenty to do without these. - They are good for like “flash card” type review though…fast coverage of material, not very deep.
So here is the plan If I had to do it again.
1) Start Early and make your own DETAILED LOS by LOS notes. Read the LOS, and fill in point by point, then be done with the curriculum, don’t reread. It was helpful to try to get all the details I could into my notes, and only the CFAI will give you the minutae, not Schweser.
I also watched the Schweser videos in tandem with above.
Questions,Questions, Questions, and I repeat, Questions. Practice trumps reading every time.
2) Then I did all my EOC’s, every one. Then I did ALL THE BLUE BOXES - critical!
3)I had a couple sets of supplemental notes -
a) lists to memorize / stuff to hit right before exam / major “never can remember these” points
b)weak areas - revealed my LOS and Blue Boxes
c) A second set of notes to supplement main notes with areas that I need to review more frequently - kind of my own secret sauce.
All the while, try to review the big notes over and over to kind of keep all the balls in the air.
I also listened to the schweser audio all the time, whenever commuting, etc.
Try to be “done studying” by May - including all the EOC’s all the blue boxes and at least some practice exams. You should have a great idea of what you dont know by now. If you go to a review course, this is a great place to be by then. If the review is late May, you need to be into the “May Plan” below.
Do as many practice exams as possible from CFA.
May plan - Priorities:
1)Every Single Blue Box again
2) All AM Exams, hopefully you’ve done some of these in April and listed weak areas and re-covered all ready. I went back to 2008
3) As many multiple choice CFAI Afternoon practice exams as is available.
4)Re do all EOC’s again.
If you have time after the above (I never got here)
5)Schweser AM Exams
6)Schweser PM Exams
7)Schweser EOC’s
8)Qbank.
Aaand now for the ugly stepsister. Gips and Ethics.
Ethics.
You’ve already done this. Over and Over. I read every single application and did every single EOC - 4 days before the exam. Thats it - one pass. Broke 70%. Same as last year.
Gips.
I read through and made notes of rules and timelines - 5 days before the exam - did all the EOC’s
Face it. Gips is something you can read forever andever, never get the minutae - and its what - maybe one problem set? Diminishing returns, my friend.
Priorities in order (pretty well in order)
Individual portfolio managment
Institutional
Performance Eval
Asset Allocation
Fixed income
Derivatives/Risk Management
Econ
Equity
Ethics
Gips
The italicized ones are aobut eh same priority to me, interchangeable. I don’t think I am in violation to say that last years exam had a ton of derivatives stuff.
So in closing. Review the material (your notes) over and over to keep all the balls in the air. Dont reread the whole text over and over, do questions as much as possible. Blue boxes and practice exams trump everything else.
Ill leave you with a paraphrase of Mark LeFebvre’s advice.
Water boils at 212 degrees. It is powerful. Drives locomotives, powers cities. At 211 it doesn’t do squat. The difference is 1 degree.
When May comes, sell your soul, forget everything else. You will be 30 days away from what, for many of us, is the most significant endeavour of our lives. Put in the extra effort, the one degree, and pass. You have the rest of your life to do other things.
Good luck guys. This forum has made all the difference for me. I hope each and every one of you have the success you deserve. You, we, are the best and brightest. Kill it.
For the L2 guys, this one is harder, its more detailed, and less concrete. Much, much, worse. Sorry. If someone says its the easiest, they either are talking out their ass or took it in 1991.
For the L3 retakers, last year was a band 8 fail for me, I had a hard time getting back on the horse and being motivated. Was a fairly major blow to me. Keep going, you’ll kill it. Im certainly not arrogant enough to say I murdered it this year, but it was a major, major improvement.
So heres my pass story.:
I started studying in about november lackadaisically, got serious about mid february, got obsessive about April Most of April I stayed late after work and studied till like 9 or later, spent my weekend afternoons at the library studying. In May its all I did - day, night, and weekends.
I went to Boston for the Schweser course, they had Mark Lefebvre. I couldn’t get into the one at Creighton due to waiting too long to register. Was it worth it? I’m on the fence. I’d make sure I knew the material going in, the “tips and tricks” aspect is pretty good, but you run through the material very fast. The fact that you hit the curriculum from start to finish a few weeks before the exam is pretty good. In my opinion the courses are a great review for the last mile, not a primer or an in depth coverage.
Schweser or CFAI?
Well, some people love schweser. Me? I see it as supplemental - very very supplemental.
Schweser practice exams? Pretty good
Qbank, last resort - you got plenty to do without these. - They are good for like “flash card” type review though…fast coverage of material, not very deep.
So here is the plan If I had to do it again.
1) Start Early and make your own DETAILED LOS by LOS notes. Read the LOS, and fill in point by point, then be done with the curriculum, don’t reread. It was helpful to try to get all the details I could into my notes, and only the CFAI will give you the minutae, not Schweser.
I also watched the Schweser videos in tandem with above.
Questions,Questions, Questions, and I repeat, Questions. Practice trumps reading every time.
2) Then I did all my EOC’s, every one. Then I did ALL THE BLUE BOXES - critical!
3)I had a couple sets of supplemental notes -
a) lists to memorize / stuff to hit right before exam / major “never can remember these” points
b)weak areas - revealed my LOS and Blue Boxes
c) A second set of notes to supplement main notes with areas that I need to review more frequently - kind of my own secret sauce.
All the while, try to review the big notes over and over to kind of keep all the balls in the air.
I also listened to the schweser audio all the time, whenever commuting, etc.
Try to be “done studying” by May - including all the EOC’s all the blue boxes and at least some practice exams. You should have a great idea of what you dont know by now. If you go to a review course, this is a great place to be by then. If the review is late May, you need to be into the “May Plan” below.
Do as many practice exams as possible from CFA.
May plan - Priorities:
1)Every Single Blue Box again
2) All AM Exams, hopefully you’ve done some of these in April and listed weak areas and re-covered all ready. I went back to 2008
3) As many multiple choice CFAI Afternoon practice exams as is available.
4)Re do all EOC’s again.
If you have time after the above (I never got here)
5)Schweser AM Exams
6)Schweser PM Exams
7)Schweser EOC’s
8)Qbank.
Aaand now for the ugly stepsister. Gips and Ethics.
Ethics.
You’ve already done this. Over and Over. I read every single application and did every single EOC - 4 days before the exam. Thats it - one pass. Broke 70%. Same as last year.
Gips.
I read through and made notes of rules and timelines - 5 days before the exam - did all the EOC’s
Face it. Gips is something you can read forever andever, never get the minutae - and its what - maybe one problem set? Diminishing returns, my friend.
Priorities in order (pretty well in order)
Individual portfolio managment
Institutional
Performance Eval
Asset Allocation
Fixed income
Derivatives/Risk Management
Econ
Equity
Ethics
Gips
The italicized ones are aobut eh same priority to me, interchangeable. I don’t think I am in violation to say that last years exam had a ton of derivatives stuff.
So in closing. Review the material (your notes) over and over to keep all the balls in the air. Dont reread the whole text over and over, do questions as much as possible. Blue boxes and practice exams trump everything else.
Ill leave you with a paraphrase of Mark LeFebvre’s advice.
Water boils at 212 degrees. It is powerful. Drives locomotives, powers cities. At 211 it doesn’t do squat. The difference is 1 degree.
When May comes, sell your soul, forget everything else. You will be 30 days away from what, for many of us, is the most significant endeavour of our lives. Put in the extra effort, the one degree, and pass. You have the rest of your life to do other things.
Good luck guys. This forum has made all the difference for me. I hope each and every one of you have the success you deserve. You, we, are the best and brightest. Kill it.