My study strategy for Level 1 - advice needed

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MCJD4ever

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Hey guys,
I just got the Schweser Notes for level 1 yesterday, and have started studying the Financial Reporting and Analysis book. I’m aiming to possibly sit for Level 1 in December, but more realistically in June of 2013. I’m attending school part-time for my MBA, and won’t finish until the first week of May 2013. I’d prefer not to slow down my progress in the program. So I’m planning to just study for the CFA when I can, but school will still come first as a priority.
Given that a lot of the concepts are still relatively fresh in my mind from B-school (and I’m majoring in Finance and Accounting), here is my current strategy:
1. Read the Schweser note
2. Making flashcards for important formulas and concepts (and for qualitative points that are important but hard for me to remember) as I go through
3. Doing all EOC concept questions
4. After finishing one book, I’ll take the exam at the back of the book and review all ones I got wrong
5. Go onto next book, but keep reviewing flashcards I’ve made so far during commute, work, etc.
6. After going through all Schweser notes, I’ll drill through practice exams and just keep reviewing what I got wrong and why
How does this sound? Am I starting too early (assuming I take it in June of next year)? My goal is to get Level 1 under my belt as soon as possible, particularly because I’ve covered a good portion of the Level 1 material in school. I’d prefer not to wait to finish school and take it the following December, because I don’t want that time crunch for Level 2 (which I plan on studying for a lot more).
I would appreciate any advice. Thank you all very much!
 
I guess I’m just looking for help with my study strategy. How long should I spend going through a single study session using Schweser’s notes? I feel like if I make my own flash cards, it will take a lot longer than maybe is necessary. Should I just read through each study session then do practice questions?
I guess since I’m new to all this (and also going to school part time) I’m hoping to find a strategy that works well for me.
Thanks for any advice!
 
Hey!!!! June 2013? The LOS/curricullum haven’t even been released yet.
 
hahaha! That’s the thing…given the fact that I’m also doing my MBA part-time, I don’t think I’ll be ready for it in December 2012. I’m taking classes pretty much all the way through to April 2013 because I don’t want to have any summer classes next year.
I bought the 2012 Schweser notes used on eBay. My original goal was just to study when I can, slowly chipping away at the huge amount of material, in hopes I’d be ready for the exam in June right after I graduate in early May.
Now I’m not so sure this strategy will work. June 2013 is over a year away, so I imagine I’d forget a lot of the material I studied early on. Not to mention that I am taking some rigorous courses, and those are demanding of my time as well.
The reality may be that I may just have to put this aside until I finish school.
 
In my opinion you have a good enough background you could sit Level I in December if you wanted too. I think the flashcards may be overkill but you know best how you study, the prescribed standard in terms of studying is study session per week for 18 weeks and leave yourself 4-6 weeks for review. Given your background many of the sessions you will find fairly easy in my opinion likely all of Schwesser book 4 will be a walk in the park for you. I found doing the EOC questions helpful to cover anything I didn’t pick up during my reading, I highlighted key things as I read and did any problems that occured throughout the material. I think doing the practice problems and going through the material for the second time is really helping make things stick. Hope that helps.
 
Thank you Swatty.
I think, for the time being, it may be best for me to just keep chugging along and eventually find a rhythm that works best for me. I like flashcards because making them helps with retention, and also beause I can then use them to review older sessions as I go on to new ones. And I think that, if I’m studying over a longer period of time than most people, the flashcards may help me in the long run.
My background has definitely given me a lot of the core concepts I will need, that is true. But there is still much I need to learn about Financial Statement Analysis (differences between GAAP and IFRS) and of course, Ethics. If it weren’t for school, it would be so much easier. I can’t wait to be done already so I can focus my full attention on the CFA!!
 
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