Requesting level 1 advice

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dezert

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Hi everyone,

I am taking the Dec Level 1 exam and I just have a couple questions i need help with:

1- Is the low passing rate really indicative of how hard the exam is, or is it that low because many people understudy for it? I plan to do 250 hours and i have a finance degree, which I know is not a bonus but most of the material is not new to me.

2- Is it too late to start now (or in one week to be exact)?

3- I work in corporate finance with big four, and I am assuming four years of that work is enough to get the charter, correct?

I know some of the questions have been answered elsewhere but I was never sure so I need you guys' advice.

Thx, Dany
 
Sorry my topic got posted twice. If a mod can delete one of them. Thx
 
1- I think the low pass rate is indicative of both a volume of information you need to master as well as people underestimating it. It's like no other test you've taken before so people figure it will be like the series 7 or some other "certification" exam. It's thought to be the most rigrous exam in finance, bar none.

2- When it's too late to start is a function of how many hours a week you can devote to it. If you can only do 5 hours a week, then it may be too late, but most people don't start until early fall for the Dec. exam so you have more than enough time assuming you can devote 10 or so hours/week early and ramp up as the exam gets closer. Do the math, you'll see if you have the time. For your background, 250 hours seems good.

3- The answer to your question is yes, but you have 3 tests to pass before you can think about it anyway.
 
thx analyst26, i wouldnt want to take all 3 tests then find out i will not be granted the charter, thats why i am asking.
 
You can email CFAI and confirm that your current work qualifies for thier work expirement.
 
A couple of things to consider..

First why do you want to get the charter? If it's to change jobs and go into something where the experience definitely would qualify (like portfolio management or research), then who cares if Big 4 corp fi works or not? If you plan to stay where you are then the question is do any of your peers have the charter, and does the firm care if you get it and recognize staff who get it (and pay for it).

I think that one of the reasons that the passing rate is getting lower is that more people are taking it at the start of their careers when they know nothing. My CPA combined with a bunch of years in banking meant that I passed level 1 easily with barely 100 hours of studying (two was harder and took more studying, and three - I'll tell you late august).

If from your education and experience you have a very solid understanding of accounting and financial analysis, and have enough of the quant geek gene to handle the stats and deivatives, then level one will be a breeze for you too. Level is the brain buster (and other parts of the anatomy as well), and three is easier, and do-able.


I suspect you may not neeed 250 hours. Enjoy July at least - don't start before August. DO NOT STUDY THE MATERIAL IN THE ORDER THAT IT IS LAID OUT. Study the stuff you are most familiar with first (except do a first ethics reading cover to cover with the cases in the book and quizzes), and the save the more complicated stuff for the time period closest to the exam so that it is freshest in your memory when December rolls around.
 
Nobody here will know if they passed the exam for a few more weeks. You might want to post this again after the results are out. At least that way you'll know that the people responding know how they scored.

I put in roughly 260 hours and I have absolutely no idea how I did.

Good luck.
 
Yes, my peers at big four do have it, either that or the CPA. But without either of them, you cannot progress much in the company. They even asked me to do it.
 
dezert, I think it's a good idea to take the CFA exams. Friends of mine as well as myself are in similar situations as you, and it's something that helps (and keeps you motivated).
 
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