Speed of studying / CFAI membership?

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imranmir1

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Hi, I have only recently started studying for CFA 1, due in June 09. I am in my 9th reading of book 1. Due to the fact I did my MBA in '05, much of the concept I do get right but the material is so much...and I feel I am slow in finishing the readings. It took me 3 days to finish Probabilty. I do all the calculations and not just go thro them. With this rate, I might just about manage to finish just the CFAI curriculum...can't even think of Stalla & Schweser.

My 1st question wud be how does anybody finish any one particular Reading in 1-2 days? I find it almost impossible for someone like me who is in full-time employment to go thro the readings/calculations/problems etc in less than 2 days.

Yesterday, I got letter asking me to become a CFAI member by paying GBP47. Is that any good? I might be interested in the Podcasts.

Any comments would be highly appreciated.

I am in London. Any study mates?
 
I'm at the same spot you are, although I did read a review of the material from investopedia.com (which I found helpful studying for my Series exams)which took about 3 weeks in order to familiarize myself with the material. I wouldn't be too worried about the pace you've set as from what I can gather the quant and FSA sections will take the longest time to study for. Sections on econ, FI/Eq., and port mngt will likely not take half as long especially with your experience.

I just finshed my MBA-Finance in '08 and my main concerns are quant and FSA, as with quant I do not have much experience and the FSA's breadth of material is a bit overwhelming. But the other sections I'm more familiar with and therefore I am not that concerned with the amount of time I'm spending on quant & FSA (plus they make up approx. 32% of the exam).

I've put together a schedule for myself, as most candidates likely do. It's as follows:
Ethics: Dec 21 - Dec 27
Quant: Dec 28 - Jan 21
FSA: Jan 22 - Feb 21
Deriv/Alts: Feb 22 - Mar 7
Econ & Fixed Income: Mar 8 - Mar 28
Equity/Corp Fin/Port Mngt: Mar 29 - Apr 25
REVIEW: Apr 26 - Jun 5
 
I find that completing a reading in 1-2 days is possible only because I read Schweser. After doing all the problems etc. I do the CFAI end of reading problems to make sure Schweser didn't miss anything (which it does sometimes, but only minor things). Just looking at the length of CFAI readings is intimidating, and I've been recommended by everyone who's passed to read Schweser/Stalla instead of CFAI texts.
 
Thanks for the comments. I will be sticking to the CFAI books, for the simple reason that I am sure not to miss anything. Also, I am not sure if the abbrevation etc are the same in Schweser/Stalla...which sometimes does make a difference. I also do search on youtube for any relevant videos but havent found any sofar.

I also made a schedule like jenkins but couldn't keep the deadlines...so now I have only a rough estimate...but close to what jenkins has. I am also not sure if 1 month is good enough for FSA...though I would like to believe that most of the concepts there I have already covered in my MBA (did it from Strathclyde, Glasgow) I too use investopedia and wikipedia a lot..:)))

You have more than a month for review, which is ideal...dont know if I would have that much time...fingers crossed.
 
inranmir1,
Ditch CFAI books. They will weigh down you, just like a boulder on a swimmer's neck. Pick either Schweser or Stalla and use their books. You will be able to cover material faster. CFAI has way too much redundant material. Good luck!
 
Well I try to do 1 reading per day. This is how I try to manage it. From 6am to 8am, then from 6pm to 20pm and then from 21pm to midnight. That makes around 7 hrs and I try to do questions after each reading. However, for longer topics like proba, it can take more than 1 day. Then I try to put in 8hrs on sat and 8 hrs on sunday. That's how I am trying to do it because I am from a non financial background.
 
If you already have a finance background, study the heck out of Schweser and you'll be fine at L1.
 
frisian Wrote:
-------------------------------------------------------
> If you already have a finance background, study
> the heck out of Schweser and you'll be fine at L1.

How about those without finance background? Is it still advisable to read from Schweser only? I also realized that I am really behind schedule now. I am still stuck with Ethics. I was planning to study using both the Schweser material and CFAI textbooks; by reading Schweser first for a rough understanding and then CFAI texts to go into detail.
 
For all you guys think you are slow.... Consider that it has been a while since you actually appeared for an exam and as adults we don't have the speed a high school or bachelor student has. So hang in there, may be at first you are slow but you will pick up the speed as days go by.

Btw, anybody wants to form a online study group?
 
sss22 Wrote:
-------------------------------------------------------
> For all you guys think you are slow.... Consider
> that it has been a while since you actually
> appeared for an exam and as adults we don't have
> the speed a high school or bachelor student has.
> So hang in there, may be at first you are slow but
> you will pick up the speed as days go by.
>
> Btw, anybody wants to form a online study group?


sss22,

thanks for those words, its my second week of studying and i seriously felt myself slow too...but yeah i am comforting myself by thinking its like the 2nd week of a semester when things are starting to pick up slowly and by the end of the month, study routine is pretty set up and you are running high on energy....

interested to join my google group? i posted message in hook-up section...it is not exactly active studying together...more for motivational purposes and sharing study strategy...i currently have two more members...
 
I'm considering CFA UK membership for Surgeries and will appreciate any feedback from past / current CFA UK members.
 
I used to think that I was behind schedule... until I got my Schweser Notes. Whoah. I just finished reading Equity in 2 days and now I've started getting 80% in QBank. I love Schweser!

- Ray
5 million. 10 years. http://blog.5m10y.com/
 
hey i justed started stuyding last week..i have no finance background so i thought it would be better to read from CFAI books..till now i have completed ethics(excluding GIPS) and basics of probability and statistical methods. I feel like i am the slowest person among all the people here. Also my present job does not leave me with much free time to prepare more for the CFA..i am seriously lost..yesterday two of my smart and hardworking friends didnot pass level1..so i am in a panic mode now..please guide me...
 
balbeer, i do not have finance background either but I am taking a gamble with Schweser now. I just started reading Study Session 2 and I noticed that I took 50% lesser time to understand the same stuff from CFAI textbooks. I believe that paying extra for the Schweser materials is worth it. I hope I am right when I get my June 09 results ;)
 
Trogdor Wrote:
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> inranmir1,
> Ditch CFAI books. They will weigh down you, just
> like a boulder on a swimmer's neck. Pick either
> Schweser or Stalla and use their books. You will
> be able to cover material faster. CFAI has way too
> much redundant material. Good luck!

I just finished reading book 1 of both CFAI materials and Schweser and I concur with this statement. If you have the time then it won't hurt you to study from both sources, but considering that most of the candidates already have their full time job, Schweser or Stalla (or if you can organize it, a study group) is a lot better than the books from CFAI.
 
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