Not ready for exam, should I still sit for it?

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Hi guys,
Life has gotten in the way of studying for the December 2011 exam and I nowhere near ready for the exam. I haven't even gone through half the stuff. Would I be gaining anything by still wasting time and sitting for the exam? I've already paid for it so feel I should at least go through it and see how I do but I feel I'm just winging.
Curious to know if anyone else is in the same situation. What would you guys do?
 
If you already paid for it, then I would sit. That way you at least have a concept of the wording of the actual CFA exam, the atmosphere, the difficulty compared to your study materials, etc. And you can also have a gauge of your non-passing score.
It’s hard to predicted your emotions and psych the first time you do something. So why not get that out of the way just to sit in, and prepare better next time.
 
Or you could be the statistical anomaly.
Press 2ND and RAND on your Calculator. Each time it’s <= 0.33 mark A, between 0.34 and 0.66 mark B, and >0.66 mark C!
 
I know a guy on this forum who passed level 3 after 1 week of studying.
Best case, you pass. Worst case, you gain valuable experience and help the other candidates to pass.
 
What? You have more than a month left. That’s a lot of time.
 
^^ yeah…i’d get on the schweser and at least give it as much as u can. even if u can’t properly study for it u just never know. a month is still quite a bit of time. try to study a couple hours a day and more on weekends. at worst it will help u for the next time having known many of the concepts already.
 
Depends on your objectives. I would sit the exam in any case:
- If you want to get better prepared for June 2012, I would keep on going through the concepts in detail.
- If you want to pass in December, I would go on with Qbank with an answer explanation after each question - That way you’ll be able to grasp at least the main concepts pretty fast. Then do all the EOC questions and the mocks.
Up to you…
 
Also, something like 8/10 people who passed L1 that I talked to say that they thought they were under prepared and thought they would fail initially. So maybe the required readiness level for this exam is just exaggerated by what you read on the internet or in CFAI propaganda.
 
Never run from the exam. Doing CFA is about developing a winning attitude. Life has short stories and long stories. CFA is the first chapter of the longest story, the career, of our lives. The importance is hidden under the fact that it is the first chapter and knowing this chapter is very important! I would say sit in the exam and discover yourself. You have one month left and believe me you can pull this off, if you believe in yourself… Once I heard that if you want to judge yourself that you’d succeed or fail, just relax yourself and observe how many times the idea of success and failure comes to your mind. If success comes more than failure then there is a good chance that you will win. I would rather say this is not the time to think about anything other than completing the preparation of your exam. Though it is difficult but it is possible. All the best
 
mohammad.belaal wrote:
Never run from the exam. Doing CFA is about developing a winning attitude. Life has short stories and long stories. CFA is the first chapter of the longest story, the career, of our lives. The importance is hidden under the fact that it is the first chapter and knowing this chapter is very important! I would say sit in the exam and discover yourself. You have one month left and believe me you can pull this off, if you believe in yourself… Once I heard that if you want to judge yourself that you’d succeed or fail, just relax yourself and observe how many times the idea of success and failure comes to your mind. If success comes more than failure then there is a good chance that you will win. I would rather say this is not the time to think about anything other than completing the preparation of your exam. Though it is difficult but it is possible. All the best
Well said.
 
Thanks for the advice guy. You’ve convinced me to study what I can and sit for the exam. I’ll get a feel for exam day and network a little.
Some questions regarding June 2012 if I don’t pass:
When will we know results for December exam and should I wait to register for the June 2012 CFA level 1 exam?
Do I risk not getting the test center I want if I wait that long? (I prefer Hartford, CT)
I have the Schweser 2011 study notes, should I get 2012 or would 2011 still be good?
Appreciate any tips/advice!
 
Better ask these questions when you ‘don’t pass’. At present you need to focus more on what will make you pass. Let go off all other things which come into your mind precisely the idea of passing or failing the exam. Strive for excellence not for success, it will automatically follow you as it is the byproduct. It isn’t idealism but a realistic approach to not think on anything based upon assumptions. You don’t pass is an assumption with probability roughly 50%. So why think about such ‘non-issues’? Converge your attention and energies on your preparation as this is your last chance! Like Steve Jobs said “Live before you die…”
 
I am not ready either. Got my CFA books 1.5 month ago and will finish reading the third volume tomorrow, what I’ve retained is other problem. (Before registering for the exam I overestimated my abilities and underestimated the time and energies fulltime job takes from me). Even though I will definitely sit on exam and before then I will do my best to get as prepared as possible and pass the exam. If I won’t, at least I get some experience for June 2012 exam. Reading this discussion really boost my spirit. Good luck to everyone, including myself!
p.s. When you mention Qbank, what do you refer? I am studding with CFA program curriculum and think that going through practice questions other than EOC and Mock exams would help me, so could you tell me how I get access on qbank. Thanks!
 
CFAI text books are quite in detail. For Level I you can use other study materials. For instance I used Shweser. For exam point of view Shweser is fine I mean it can really help you out in passing out the exam apart from Ethics standards section (for safe end it must be done from CFAI Books). Still if you can manage to get Shweser for Level I and use Book 4 and Book 5 to complete your rest of preparation, you can get your efficiency boosted a long with your chances to score well. QBank is the testbank of Shweser and it comes with the package.
 
I agree with most people here; if you’ve paid for it, sit for it. You will gain valuable experience even if you don’t pass. You’ll see the questions formats and styles; you’ll get the exam-day feel and stress, etc. It’s worth it just for that, and who knows, you may be more ready than you think if you go balls to wall this last month.
 
Sitting for it will be a helpful learning experience in terms of what to expect if you think you’re going to try again. Some think it also helps the curve benevolently in a miniscule way (not sure). Of course you could always just stay at home and sleep in and enjoy your Saturday :)
 
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