wfujkramer
New member
- Apr 13, 2006
- 0
- 0
As I am finishing up my review for level 3 I thought about some techniques that might help some people starting out on this potentially long road.
First, I don't remember anything about Level 1 except for Dupont. I think 80% of the questions tested the dupont ROE, you could not believe how badly you would have been raped for not knowing one formula.
The rest of my remarks have nothing to do with specific material.
Study notes: I used schweser exclusively for all exams and never had a problem. Good practice exams are essential for may and you will not be wasting your money by buying different exams. assuming you have time to use them.
My strategy: I prefer short, intense studying rather than long, passive preparation. This means I start in March every year, and get through all 18 study sessions in two months - - I write my own notes as I go through the book, do practice problems, and understand the material, but not memorize it. By May 1st I feel like I do not remember a single thing that I studied in March. Which is one reason that I personally could not start my review in December or January, or (god) early. I spend May doing comprehensive review, schweser pro, and practice exams. Believe it or not, in one month you can get everything in your head and keep it there at the same time for the purpose of the exam. I like to do my last practice exam two days before the test, and review it the same day, so the day before the exam you aren't doing anything too crazy.
The schweser exams are often hard. If you're getting 60s or 70s I would say you're in good shape. Do not listen to people who say they are getting 80s on the practice exams. even if they are, if you believe they're getting 80s while you're getting 60s, it's going to destroy your confidence!
Making your own notes: I think this is really important - writing as you read. Start now at Level 1 with abbreviations for things and stick with them for 3 levels. It will save you so much time it's incredible. I have a P with a circle around it for "portfolio" an I with a circle for investor ER for expected return, vr for variance sd for st dev, all the things that come up constantly. start at level 1 and don't think about them again.
After you're done with a reading, it really helps if you get some index cards and write out a few flash cards... it's much easier than going back months later and making your cards. I don't have the discipline to go through any flash cards before may, but at least they're already prepared. maybe you can do better.
few weeks before the exam - put everything in two categories - things you have to understand versus things you have to memorize. there is a big difference, understand this. As far as understanding concepts, it is also perfectly okay to select things that you will choose not to learn - very often the time to study one bizarre concept is outweighed by the other stuff you can memorize in the same time. Anyway, take the things you have to memorize, usually lists, and put post it notes everywhere you are during the day. bathroom mirrors, cars, desks, and I especially like having everything on doors - force yourself to scan every post it note before you go out that door. it works.
If your studying is getting too intense, taking an hour to jog will give you more productivity than continuing to stare at the same page for 6 hours. If you have found yourself on the same page for a few hours... or if there are some days when you are just not getting work done - no matter how intense your workload is - just stop. you'll have more concentration next time as a result.
If you don't already, get an excel file, or whatever you prefer to use, and make a calander of every day between here and the exam, and plan out every single day. start backwards, and you'll see what time you do and don't have, and what you do and odn't have to do. Then as new plans arise or you finish a session, you can open the file and really quickly see whats next/etc. Your schedule will warn you of really intense days, or if you've fallen behind, you'll know that X is the day you have to stock up the house with groceries, cancel your appointments and get work done without leaving.
OH - - and the best advice I can give you. Seriously, do not be here online longer than you need to. First of all, most of the threads you read on the forums here will not help you pass the exam. There are those of you who spend lifetimes discussing and analyzing the nature of CFA passrates.... during the time I'm using to finish study sessions.
good luck!
First, I don't remember anything about Level 1 except for Dupont. I think 80% of the questions tested the dupont ROE, you could not believe how badly you would have been raped for not knowing one formula.
The rest of my remarks have nothing to do with specific material.
Study notes: I used schweser exclusively for all exams and never had a problem. Good practice exams are essential for may and you will not be wasting your money by buying different exams. assuming you have time to use them.
My strategy: I prefer short, intense studying rather than long, passive preparation. This means I start in March every year, and get through all 18 study sessions in two months - - I write my own notes as I go through the book, do practice problems, and understand the material, but not memorize it. By May 1st I feel like I do not remember a single thing that I studied in March. Which is one reason that I personally could not start my review in December or January, or (god) early. I spend May doing comprehensive review, schweser pro, and practice exams. Believe it or not, in one month you can get everything in your head and keep it there at the same time for the purpose of the exam. I like to do my last practice exam two days before the test, and review it the same day, so the day before the exam you aren't doing anything too crazy.
The schweser exams are often hard. If you're getting 60s or 70s I would say you're in good shape. Do not listen to people who say they are getting 80s on the practice exams. even if they are, if you believe they're getting 80s while you're getting 60s, it's going to destroy your confidence!
Making your own notes: I think this is really important - writing as you read. Start now at Level 1 with abbreviations for things and stick with them for 3 levels. It will save you so much time it's incredible. I have a P with a circle around it for "portfolio" an I with a circle for investor ER for expected return, vr for variance sd for st dev, all the things that come up constantly. start at level 1 and don't think about them again.
After you're done with a reading, it really helps if you get some index cards and write out a few flash cards... it's much easier than going back months later and making your cards. I don't have the discipline to go through any flash cards before may, but at least they're already prepared. maybe you can do better.
few weeks before the exam - put everything in two categories - things you have to understand versus things you have to memorize. there is a big difference, understand this. As far as understanding concepts, it is also perfectly okay to select things that you will choose not to learn - very often the time to study one bizarre concept is outweighed by the other stuff you can memorize in the same time. Anyway, take the things you have to memorize, usually lists, and put post it notes everywhere you are during the day. bathroom mirrors, cars, desks, and I especially like having everything on doors - force yourself to scan every post it note before you go out that door. it works.
If your studying is getting too intense, taking an hour to jog will give you more productivity than continuing to stare at the same page for 6 hours. If you have found yourself on the same page for a few hours... or if there are some days when you are just not getting work done - no matter how intense your workload is - just stop. you'll have more concentration next time as a result.
If you don't already, get an excel file, or whatever you prefer to use, and make a calander of every day between here and the exam, and plan out every single day. start backwards, and you'll see what time you do and don't have, and what you do and odn't have to do. Then as new plans arise or you finish a session, you can open the file and really quickly see whats next/etc. Your schedule will warn you of really intense days, or if you've fallen behind, you'll know that X is the day you have to stock up the house with groceries, cancel your appointments and get work done without leaving.
OH - - and the best advice I can give you. Seriously, do not be here online longer than you need to. First of all, most of the threads you read on the forums here will not help you pass the exam. There are those of you who spend lifetimes discussing and analyzing the nature of CFA passrates.... during the time I'm using to finish study sessions.
good luck!
