No Finance background / Exam Day doubt.

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Hi Guys,
Am planning to apply for the cfa level 1 2015 examination. As am not from the finance background want to start my studies as early as possible. I collected some resources to start my studies from now , i have schweser notes 2014 and cfa notes 2014 for now. I am trying to understand the topics and concepts by my own, by watching IFT videos (really helpful). So that in december when i go for my classes of cfa level 1 i can understand the topics in a better way. Am glad as being not from finance background i am able to understand maximum of the topics.
Need some input guys. As am not from the finance background is it possible for me to crack the exams at first attempt? Any more resources i should collect for the preparation ? please let me know. Whats should be the starategy to stronger my base on finance. All comments appriciated.
Confusion about the exam day : As i find out the exam is a multiple choice question. Do we get question paper or answer paper to do the rough calculation. And i heard many people talking about taking pencils on the exam day. I m really confused with the exam day preparation. what all we need for the exam day ? ?
Thank you.
 
rickysuri08 wrote:
Need some input guys. As am not from the finance background is it possible for me to crack the exams at first attempt?
Click to expand...
Yes.
rickysuri08 wrote:
Any more resources i should collect for the preparation ? please let me know. Whats should be the starategy to stronger my base on finance. All comments appriciated.
Click to expand...
I would advise you to get a book on basic accounting and try to understand it or get an accountant friend to help you. Accounting is not rocket science and is very easy if you know the basic relationships well but it can be overwhelming for a newbie. Also, it comprises 20% of the test at L1 and 15%-20% at L2 so you would want to ensure that you get the basics right. All other topics can be done easily.
rickysuri08 wrote:
Confusion about the exam day : As i find out the exam is a multiple choice question. Do we get question paper or answer paper to do the rough calculation. And i heard many people talking about taking pencils on the exam day. I m really confused with the exam day preparation. what all we need for the exam day ? ?
Click to expand...
Yes, you would need to have a pencil to color the ovals on the scantron sheet. Rough work can be done on the Question booklet (a small book comprised of questions sheets).
What to bring on exam day?
http://www.cfainstitute.org/programs/cfaprogram/courseofstudy/Pages/cand...
Read all these policies.
http://www.cfainstitute.org/programs/cfaprogram/exams/Pages/policies.aspx
 
Here is my recommendation:
First, don’t use “I start early” as a self-convincing way of “I worked hard”. I have seen and studied with many that start studying CFA level II, literally, the second day after the exam.
So even with a finance background, people need to work hard. And for you, it is simply harder.
With that said, you have a lot to go through. 10 topics are no laughing matter. And with textbook pages going to the thousands, prioritize.
I recommend the following studying flow: FRA–>Fix Income–>Equity–>Economic–>Alterative / Derivative–>Everything else–>Ethic will be the last and the one you will sleep with.
Best of luck.
 
difanchen wrote: I recommend the following studying flow: FRA–>Fix Income–>Equity–>Economic–>Alterative / Derivative–>Everything else–>Ethic will be the last and the one you will sleep with.
Click to expand...
This looks good. I also have no finance background and studied in the books’ order… but this order looks much better for those with no experience.
I haven’t done any mocks yet, but I assume they will give as a good understanding of what’s needed on exam day.
 
I had no finance backround too. I’m myself an undergrad engg student. I cleared CFA level 1 with >70% in all except Book 1 and Book 5 topics in which I got (50 - 70%).
I registered in Feb and began preped hard for like a month and completed Quant, FRA and Corp finance. Then due to exams and projects, I had to take a break for like 2 months and restarted in the month of May.
One problem you would definitely face is that you will easily forget what you learned after a break of say 2-3 weeks. So it doesn’t matter how early you start. What matters is how much you revise like a month before the exam. Try out atleast one mock 1 week before the exam and revise the areas you are weak in the last week.
Resources: Watch IFT videos then Read the CFA curriculum. Do the eoc. Keep Schweser for revision (if you wish).
ALL the BEST!! Don’t fret too much about the exam. You can easily pass the exam with a little planning and strategy.
 
Thank you guys for all your inspiration . Appreciated.
I am more confident now …… : )
 
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Yes, you would need to have a pencil to color the ovals on the scantron sheet. Rough work can be done on the Question booklet (a small book comprised of questions sheets).
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Hey thank you for the help… Dude but am still confused about the pencil and the exam day. I supposed the exam are given online ? ? Right ? ? SO ovals. can you give a short discription ? ?
Thank you.
 
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