Passing the Torch...

Ethics - you need to know it like the palm of your hand.

QM - very straight forward on the exam. Learn the formulas well. Know the sharpe ration, the safey ratio, and CV ratio. Hypothesis testing know the which tests to apply to which scenarios, don't focus so much on the formulas and calculations for HT. I spent so much time on Probabilities and not one single question, but know the concept

Economics - read this topic well. You'll never know what will be tested, and know all the relationships well...many many two part questions that you'll debate uncomfortably on the exam. Read slow and absorb this topic

FSA - Completed Method/% of Completion, LIFO/FIFO, Capitalization/Expensing, Depreciation, Leases, AND RATIOS. They make up the chunck of FSA and a good % of the exam!!! You'll get bonus points if you concentrate on Long-term Liab and I think it was reading 38 or 37.

Corporate Finance - Will boost your score on FSA Topic when you get your grades

PM - Probably the easiest section, but the trickiest on the exam. You will need to go beyond the basics. Watch out for this section. Know SML and CML cold, and really understand the forumlas here.

Equity - Not very complicated. One thing though is P/E, P/S, P/CF multiples and P/E Ratio. This is actually a pretty important topic in the industry. Know DDM, and do easy reading on the rest...not a challenging section.

Fixed Income - Duration, convextity are a sure bet. Make sure you know really understand these two concepts. Yield Measures, Spread ratios, and calculating the change in bond value from changes in interest rates. Know these and you're in an excellent position.

Derivatives - Basic, easy, and fun. Beware of Swaps.

Alternative Assets - Go to schweser on this one. Reading 79 is too long, and you only need key words for memory retention .

Finally, take 3-5 online CFAI exam in the last two weeks. Do at least 1000 questions (very doable) during the next 4 months, and congratulations on passing level I in Dec 07.
 
I bought the CFAI books - was a little too comprehensive. I found the problems at the end of each section to be utterly useless for a 240 question multiple choice exam.

I'd suggest getting Schweser's question database IMMEDIATELY. I bought it with about 6 weeks to go before the June exam, and answered only about 1000 of the 4000 questions - that was a regret I had.

I've read here that the CFAI practice exams were very useful, although I didn't use them.

For level 2 I will:

1) Start early (early December - after my fall graduate classes are over)
2) Read the CFAI books - I'm forced to pay for them now, but NOT answer the end-of-chapter questions - I will use the Schweser database instead and go back to the book questions if I have issues
3) Do all CFAI online practice exams.
4) Periodically read these boards as many people found questions on this board showed up on the Level 1 exam.
 
monger187 Wrote:
-------------------------------------------------------

> I have a full-time job, a wife (a very loving and
> understanding wife, I might add!), three kids
> (including one who was just born in Nov 2006), and
> all of these hold a higher priority to me than the
> CFA test.

Congradulations on the children.. you ought to name the kids Level 1, Level 2 and Level 3.. since children come around a year apart, as with the CFA exams.

I'm taking level 1 for the first time December.. seems everyone is saying we just got the know the stuff THROUGHLY.
 
When i joined this forum, while i was VERY impressed with people who posted here,i also had a small doubt at the back of my mind that what chances do i have as compared to all these intelligent people.

I continued my preparation, and passed with 78%

So the moral is - Don't Loose hope when you think that you're the most foolish one out here . Keep Studying, and be optimistic
 
bhaiyyu Wrote:
-------------------------------------------------------
> When i joined this forum, while i was VERY
> impressed with people who posted here,i also had a
> small doubt at the back of my mind that what
> chances do i have as compared to all these
> intelligent people.
>
> I continued my preparation, and passed with 78%
>
> So the moral is - Don't Loose hope when you think
> that you're the most foolish one out here . Keep
> Studying, and be optimistic

I agree. You can't lose hope, even on test day. Since I'm not a morning person I had a miserable performance in the morning session of the exam and actually thought about not coming back after lunch. I looked at everybody smiling when they left at noon, but I couldn't smile because I knew I just bombed the first half. It would have been easy to get psyched out and let my own negativity impede my performance in the afternoon. But I got a good meal and some more coffee and came back to kick butt in the afternoon session, even though the afternoon session was much more diffcult in my opinion.
LobsterBoy
 
You must log in or register to reply here.
Back
Top