Opinion for Dec 13 Prep

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turtleman

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Hi guys
I’m thinking of sitting for Level 1 in Dec 13, and wanted to get your opinions if I would have sufficient time to prepare.
As for my background, I completed a mathematical/statistical degree and is strong in the quantitative area. I also did some modules on basic micro and macroeconomics. I’ve done few finance modules so I’m quite comfortable with dcfs, option/derivatives pricing, capm, etc. I’m currently halfway through completing the ACA so I am familiar with most fundamental financial accounting/reporting. As for ethics, I’ve covered some in the ACA studies but unsure how much of this is similar to the syllabus in the cfa level 1.
I won’t be sitting any more ACA papers from Oct onwards this year, and was wondering if I started studying for Level 1 in Oct, will that be enough time to be prepared for the Dec 13 paper?
I’m also currently working a full-time job so that has to be accounted for. I’m fairly certain I can get 200 hours of proper studying by Dec 13, but not sure if I can fit the extra 100 hours to reach the advisable 300 hours for the CFA papers.
With the above circumstances, I’m also planning to rely solely on notes from Schewers/Elan and won’t be using the institute’s material at all.
Is it possible for me to get through the syllabus by the Dec exam?
Thanks
 
The exam is in first week of December, so i don’t think you would be having enough time if you are planning to start in Oct. With you background, i’m sure you can finish the whole course with 200hrs of study, but you need time for revision and practice too. Try to start ealier than October or better attempt it in June 2014.
PS: Ethics taught in ACA is totally different from that of CFA.
 
Yeah, that’s enough time, given your background. But you WILL need to study Ethics, because it is unique to the CFA Charter, and it’s not intuitive. (You can’t just pick the most conservative answer.)
You’ll also need to spend significant time on accounting. I don’t care if you’re Stephen Hawking. All the math skills in the world won’t help you learn what a Cash Flow statement is.
EDIT - I just saw that you’re studying for ACA. That means you already have a good knowledge of accounting. But you still need to study it. I am a CPA, and I studied the accounting sections more than any other section.
 
yeah it is quite a tight schedule which was why i wanted to get first-hand advice from those who have already done it.

i have background in these areas, but i’m very certain i’ll still need to sit down and bash through the syllabus because it has been awhile since i’ve done them. plus need time for practising questions as well.

i hear the passing mark to aim for is >70%? which makes it even more difficult doesn’t it.

i’m still deciding before the next fee deadline, but still leaning on taking them because i really want to finish level 2 by 2014.

thanks for the input guys
 
also, anyone selling study notes for 2013 in london?
 
Greenman72 wrote:
Yeah, that’s enough time, given your background. But you WILL need to study Ethics, because it is unique to the CFA Charter, and it’s not intuitive. (You can’t just pick the most conservative answer.)
You’ll also need to spend significant time on accounting. I don’t care if you’re Stephen Hawking. All the math skills in the world won’t help you learn what a Cash Flow statement is.
EDIT - I just saw that you’re studying for ACA. That means you already have a good knowledge of accounting. But you still need to study it. I am a CPA, and I studied the accounting sections more than any other section.
Click to expand...
Yeah agreed. The accounting section takes time. I have a CPA license as well, but had to refresh some of my skills in this area.
 
Four months is more than enough time for L1, especially if you have some background knowledge.
Although, i wouldn’t try to make too many shortcuts in L1, as you will need to learn it for L2 anyway.
 
With your Quant background and given that you have some basic Finance & Accounting experience, you might be close to passing Level I right now?
 
Marathon_runner wrote:
With your Quant background and given that you have some basic Finance & Accounting experience, you might be close to passing Level I right now?
Click to expand...
Perhaps, but it is never good to enter the program with this mentality as it can lead to over confidence and thus lack of preparation. This isn’t a test of your acquired knowledge, it is a test of how well you know the CFA curriculum.
 
You need to prep well and no matter what your back round is. You still have to put in effort. People with finance back round will need a little less time to prepare compared to non-finance back round guys, but I am certain that you need to put in decent effort to pass the exam. Even if you start in October, time will be sufficient if you study hard.
 
Yes, that’s more than enough time to study!
I’ll also start in a week or so, I’m planning on using the Schwesser materials and the time management app my friend suggested …
I failed the L1 exam once already because I didn’t study enough, but I’m planning to study hard this time, to be extra focused and to pass this time! Since I failed the L1 this June, this blog post helped me and convinced me in studying again and persisting! http://bit.ly/Failed-CFA-Exam-What-Now
 
yeah, i really want to avoid being over confident. i’m very sure it’ll take me some time to pick up things i’ve learnt before anyway.
HarryHayes, just wondering how many hours did you put in? i can only start some time in Oct. i actually have another aca paper in mid oct, but will try to finish studying for that by end sept. i estimated only having around 200 hours for all studying and any practice exams/questions available. it seems really really tight. did you have any sort of finance background as well?
 
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