Level 1 study plan / advice needed

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Nick82

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I finally took the leap and registered for level 1 in June, now I need a plan to study and pass. Any answers to following questions plus any advice from someone who has already passed would be greatly appreciated.
What order would you recommend going in as far as books / subjects?
What topics should I spend the most time on?
How much time to reading / note taking vs. doing practice tests?
Are there specific topics that are almost certain to be on the exam within each section that I should focus on, and if so, where would this info be?
What calculator would be best to use? I’ve been using a TI BAII plus for about 10 years, but I also have an HP 10bII that I am less familiar with that I could use.
These are just a few questions I had, but if there is any other advice anyone would have as I am just getting started please reply.
Thanks!
 
Hi Nick, it doesn’t matter what order you go through the materials. A lot of people recommend going through Ethics once at the beginning and again close to the test date. I also found that some of the skills from the Quant section are used again in other sections, so you might want to do that one early on. Most people say that the Financial Reporting study sections are the hardest, so you might want to save more time for those, especially since they carry a lot of weight on the exam. In terms of calculator, the people who create the exams make sure that you can do the questions with either calculator, so you should use the one you are more comfortable with.
Hope that helps!
 
I wouldn’t spend a lot of time note taking per say. You can buy the Schweser notes for that purpose. I would say spend a lot of time working problems. That’s what’s going to be on the exam, plus it’s a more active way to study that simply reading the material, so you’ll remember the material much better.
 
Thanks for the advice. So far I haven’t started a study program with Schweser or any other, I’m just going through the books I received from the CFA institute. I’ll be sure and spend a lot of time working problems and going over financial reporting. I noticed in the vitalsource bookshelf that we can highlight things to mark for the exam. Is there some sort of guide that tells you what problems to focus on that will most likely be on the exam?
 
Hi,
No disrespect to Jonny Dee, I strongly believe you should take notes. Your interpretation of what you learned is the most important thing to help you understand the concepts. Note taking keeps you involved in the reading IMHO. However, everyone learns differently…best of luck.
 
dokerrulu33 and Johnny Dee are both right. I would take “notes” in the form of cue cards. forces you to understand concepts (ie. active reading) and summarize it on a small card. it is also useful for quizzing later. practice problems are key, but how you use them matters too. if you answered incorrectly (or guessed correctly), go back to the material to make sure you get it right next time.
 
Thanks for the link and all of the other advice such as using cue cards as well. Looking at the studying, I think my plan will be to try and get through a study session every 5 to 6 days which should have me finishing up about 3 weeks before the exam. This should leave me a good amount of time to do practice tests and review. All of these coments have been a big help and any other advice anyone has is still greatly appreciated.
 
Nick82 wrote:Thanks for the advice. So far I haven’t started a study program with Schweser or any other, I’m just going through the books I received from the CFA institute. I’ll be sure and spend a lot of time working problems and going over financial reporting. I noticed in the vitalsource bookshelf that we can highlight things to mark for the exam. Is there some sort of guide that tells you what problems to focus on that will most likely be on the exam?
Your last sentence could get someone in trouble. I don’t think you will get any answer to that. Make sure you can answer all the questions that the LOSs ask of you.
 
Hello Nick82. I work full time so time management is very important to me when preparing for the CFA exam. Personally, I think too much time is wasted on taking notes. That’s just my take, and to each his own. The way I see it is first one has to objectively read the lengthy material and then filter out what is important, then converting that text into plain english. Schweser does a great job of condensing the notes that are very easy to read. Not only that, but they do a great job of instructing how to make the most of your calculator. They have instructions for both calculators. Yea, it’s great if you can do the problems by hand, but remember that you should be spending on average 1.5 minutes on each question in order to pace yourself properly. Plus, I would rather rely on a professional organization with a proven track record that has a staff dedicated to reading the original text and preparing the notes for me. From there, I can make my own condensed notes or flashcards and I have more time to focus on practice problems.
Good luck!
 
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