Some useful exam prep advice

[mr hat]

I posted this on the L3 board, but since it's relevant to all levels I thought I'd repeat it here.

I managed to pass all 3 levels first time, even though my only degree was in History. Based on my experience, the following advice may help you:


The main message is there are no short-cuts - well, not many. You've got to put the hours in. Train hard, fight easy.

Different methods work for different people - but for the following worked for me:

Make yourself sit a full mock exam, in exam conditions, the first weekend of May. Even if you haven't finished the readings yet.

Use the results of that mock, and others that you do in later weeks, to analyse which areas you should concentrate on. Above all, make sure you understand how you lost every single mark, and write down what knowledge and/or exam technique would have enabled you to get that mark.

Keep a file of all those bits of knowledge that you failed to apply in the mocks. Learn it by heart - it's a list of the gaps in your defences that need to be filled.

The day before the exam - sort out all your materials, ID, food, transport etc early, so you can relax later in the day.

The evening before the exam - I found that every hour of rest, relaxation and sleep was much more valuable than every hour of last-minute cramming. Having said that, I got less than two hours' sleep the night before L3 due to nerves, and somehow the adrenalin kept me going and I made it.

Don't panic if it feels like you're in a tailspin in the exam - it felt like that for everyone in the afternoon of L3 last year.

Again - train hard, fight easy.

Good luck!

 

[chippp]

Good to get such good vibes going around here on this forum..thanks man

 

[dind]

Great job, Congrats.

I also do not have a background in finanance (I am a software engineer).

Any recommendations on study material for me.

Thanks.

 

[DeadCat]

Agreed. At the end of the day its all about how much time you put into it. All the rest is just messing around at the margin.

Put the time in, do pleanty of past / mock exams against the clock and make sure you take food & drink to the centre (rather than trying to buy it - if its anything like London!)

 

[coutjen]

Mr Hat !

Valuable words and exactly what I needed to get me re-motivated. Yeah a shock like ''ohh my gosh I know nothing at the beg. of May'' can really get ur ass into gear !

I haven't reviewed/refreshed myself on asset valuation which I covered at the beg. of March, so its a slight arghh !! I will have forgotten eveything...

Anyhow, hoping everything will come together for me towards the end of May. Its like a Jig-saw puzzle with small pieces at the moment..

Any recommendation as to where I can get more past papers/questions?
other than schweser pro and free online papers on the CFA website.

 

[mr hat]

Hi - glad some of you found the advice useful.

Dind - I recommend doing the assigned readings. You may be able to pass just using Schweser notes or similar, but it's a gamble that I didn't take. As well as being better preparation, the original readings are more interesting and enjoyable, especially at the higher levels.

Coutjen - the Schweser mocks are ok - I used them for Level1. From what I remember the guideline answers were a bit brief. Make sure you choose practice exams with thorough explanations of how to reach the correct answers - reading the explanations after the mock is more valuable than the mock itself, and more time-consuming.

Bon courage to you all - and remember, first mock exam eight days from now.