Success stories from December 2015

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Benmar

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Dear December 2015 Level 1 candidates who passed the test and who did not (some were pretty close, that can be considered close to success too),
I was thinking that the best thanks you give to the forum and help other people in their June 2016 (like me), it that you share your success stories. Maybe you can answer the following questions:
1. What material did you use? What was particularly useful? (or what would you do in your second take?)
2. When did you start studying? (or what would you change in your second take?)
3. Some tips about your study plan. (How much reading per day, order of topics, etc) (or what would you improve?)
4. Some general tips. (like how you mentally managed, etc)
I think June 2016 candidates will appreciate this topic!
Thank you!
 
1. I used the official CFAI material. I found it best to learn the material they’d be testing on straight from the material they provide. Mock tests are the best to learn from and I wish I would have done the one the CFAI provided.
2. I started around June because I was doing school from May to December while working.
3. My order was completely out of order but I saved ethics until the end because it was worth so much, unfortunately I didn’t even have enough time to read it so passing ethics was really only from doing mocks.
My strategy was read and highlight the topic material, immediately do 30% of the EOC questions, do the same for the next topics until that SS is done. I’d go back summarize the highlighted notes to get a condensed version of the very important, core material. I’d then do another 30% of the EOC questions and move on to the next SS. After doing this for a few topics I’d go back and do a mock for that topic to keep building on the material and that it doesn’t get too stale in my mind.
When all the SSs were done I started drilling mock exams and making notes of weak areas. The best thing to do is put a mark beside questions where you weren’t fully confident in the answer. After check the answers and understand the questions you got wrong as well as the ones with the mark beside it so that you can remove that uncertainty.
4. I’d say it’s best to keep living your life, exercise, eat properly, etc. You will get stressed a month before as you feel you don’t have enough time so don’t get into that state of mind before that month. Some people can study for just that month and pass so if you’ve been studying for a few months you’ll be in a better spot then them so don’t try and stress.
Overall, like what everyone said mocks are your best tool. Through trial and error you’ll find that each mock should increase as you build on your knowledge and fix your mistakes. At the same time mock scores aren’t the deciding factor either because myself like others had poor mock scores and ended up doing better on the exams themselves. I was averaging 60-70% with my last mock being low 60’s.
Hope this helps.
 
1) I primarily used Kaplan Schweser. I only read the Ethics portion of the CFAI material. In my honest opinion, I think the schweser material is more than enough to prepare you for the exam. What was especially helpful was the schweser qbank. I basically completed 90% of the questions there (think there was roughly 4000 questions so you do the math). Also, if you wanna fork out the extra dough, Kaplan classes are super helpful, at least for me. I don’t think I would’ve passed if I just self-studied.
2) I registered for the exam literally the last day for early registration which was mid March and didnt start studying until mid June. My schweser classes started at the end of July and thats when I really picked up steam. Overall, I studied for 5 1/2 months.
3) Every time I finished a reading, I immediately did the concept checkers followed by a 15-20 question quiz using the qbank. If I was really confused, I would watch the on-demand video that kaplan offers plus consult the slides (all this happened before that week’s class on that particular topic). After I finished the quiz for the most recent reading, I would then do a 10 question quiz for the previous reading, so on and so forth. For example, if i just finished the income statement reading in FRA, I would do a quiz for that followed by a quiz on an econ reading plus a quiz on a quant reading.
4) Do as many questions as humanly possible. It’s much better to stop reading at times and do a quiz than to just keep reading. It’s better for retention purposes. If you get a question wrong, it will give you an explanation and which LOS it pertained to so you can quickly go back to that partcular reading. Don’t just read/highlight. PRACTICE, PRACTICE, PRACTICE.
Like MikeHams said, mocks are your friend. If you have time try to do all the mocks that come with your package no matter what prep provider you choose. They are basically the only indication of how well you might perform in the actual exam.
Hope this helps and good luck to all those taking or re-taking Level 1 in June. Happy studying!
 
Great responses from Mike & nycet, here’s a few additions based off of my experience:
1. I used the Schweser self-study package and the CFAI material for ethics. I did the CFAI EOC questions after completing each reading for review.
2. I started in August and finished all of the readings by October. I used October for topic tests in the Schweser Qbank to identify weak areas and then November was saved for mocks.
3. In terms of study order I also saved ethics for last. I believe the 300 hours website has a post about the best study order for L1 and I followed whatever that said. I did a majority of my studying on the weekends. I initially tried to study after work but my hours didn’t permit that and I wouldn’t retain nearly as much late in the night. Like I said above, I saved the last two months for practice questions. The topic tests helped me quickly review each topic and I felt very prepared when I started taking mocks. I took the 6 Schweser mocks and the 1 provided by the CFAI.
4. 100% agree that staying healthy is crucial to prevent burnout and mocks are the best tool. One additional piece of advice that I think made a huge difference for me come exam day is to read the glossary at the end of the CFAI books the day before the exam. While it seem tedious, I can’t think of a better way to run through the material quickly and effectively. Also if your work permits it, take the week prior to the exam off so you can drill down on any of your weak areas and minimize distractions in that last week.
Hope this helps and good luck!
 
Wow, extremely useful responses, thank you VERY much! I hope other forumers will join the thread, too!
 
I am 53 yrs old 1 got my bs in ba in 1984 concentration in finance.I work in a totally unrelated field.I operate a retail greenhouse growing ornamental plants.I needed a challenge.My study regimen was this ?For. 1.5 years I studied the curriculum using Kaplan Schweser qbank.Rise at 5 am study 1 hr. Exercise start my work day . In the house at 6:30 NO Tv or radio or social media study until 9:30 repeat.. Read all curriculum in order. All Eocs.mid June started CFA mocks all of them.repeatedly going over all of them even though I knew the questions.I didn’t take the last week off.During the day I would have a legal pad at my disposal and would copy all formulas from every chapter.I didn’t think I would pass because I didn’t take the last week off.I purchased the level 2 curriculum and began reading. I haven’t registered yet PRACTICE PRACTICE PRACTICE
 
I’d suggest spend no more than a month or two reading the materials and just start drilling the questions. EOC questions are too easy for the exam I think. Just keep doing mocks and more mocks.
 
Thank you all !
When you say Mock exams, what do you mean? CFA End of reading questions, topic tests on CFA website, Schweser or similar 6 hours mock exam, CFA Mock exam, QBank? What is EOC?
 
I didn’t write a single mock. Studied for 3 months. And passed!
 
Eocs are end of chapter questions.mocks are mock exams that the CFA institute has in your candidate resources section.topic tests are included in your candidate resources once you register.I found those to be very comprehensive
 
I used CFAI books, mock exams, assesment tests on the institutes, website, schweser qbank, and schweser videos for things i didn’t entirely understand.
 
1. What material did you use? What was particularly useful? (or what would you do in your second take?)
-I used the schweser book. It worked out well, but there were many times where I got stuck and I had to use google to understand the concept. I wish I knew (in the beginning of my prep) that whenever you get stuck on a concept, you can quickly skim through the CFAI book for more information.
2. When did you start studying? (or what would you change in your second take?)
-I started studying in the beginning of September, I wish I would have studied alot sooner; 3 months isn’t enough. Also, in the beginning, if I was lucky, I studied about 12 hours a week so for the last month and a half I ended up studying 7 hours a day/ 6 days a week. During my final two weeks I did like 9+ hours everyday. Brutual.
-300 hours is bogus, if you are going to strive for a set hour, then strive for 400 hours. I personally clocked every single studying session and it came up to 394 hour.
-I like to take a bunch of notes- make sure you get a couple of those thick notebooks with plenty of pages so you can keep things organized and cluttered free
-I didn’t memorize formulas the conventional way. I tried to understand the theory, and the formulas came along with it so I didn’t spend much time memorizing each formula. With that said, I wish I would have made a formula sheet, organized by topic then chapter.
-take clearer notes, read your notes after each chapter. make sure it makes sense
3. Some tips about your study plan. (How much reading per day, order of topics, etc) (or what would you improve?)
-35 minutes with 7 min break then 35 mins with 7 min break, then 35 mins with 10 min break. Take an hour long break after 3 hours. Take longer breaks when needed.
-During your first reading, try to understand everything, but if you are taking a long time to grasp a specific LOS, dont be afriad to skip it and come back later on.
4. Some general tips. (like how you mentally managed, etc)
-if you are underprepared and running out of time, remember that you don’t need 100%. You just need to get 70%, so drop a couple topics.
-I have never passed a mock
-focus on the work, make sure you are putting in the hours. Remember, I studied for close to 400 hours and still got <51 on Quant and Economic.
- it is very rewarding to get a “pass”–It was rewarding because it meant alot, and it meant alot because I spent alot of time on it. So spend more time and you will get a bigger reward.
-you’ll have days where you just aren’t focused; days where you are stress because this test means alot; days where you will doubt yourself– you just gotta continue to put in the hours and focus on the work
YOURE GONNA MAKE IT!
 
Thank you, CFready! Great tips, people will appreciate it!
I learned from the responses above that I need to pace myself when I am studying. I am planning to do something like 1 hour study 15 min break for 10 hours in total (plus lunch break). I am doing CFA material and it’s still hard for me to do more than 60-80 pages a day when I study full days.
 
1.
Official CFA book + official mock tests + topic tests. Did not have time for other extra materials (read one chapter of Schweser and did not like it). I find it extremely useful, but so lengthy. I am a fast reader, so I don’t mind the big books. It also suits me well because I like to understand the concepts thoroughly - not just scanning through concepts like Schweser.
I must admit, the official book is too much for the exam. If you have limited time or read at slow pace, find alternative materials.
2.
44 days. Had big exams + moving interstate. But it was 44 full days + I am a statistics TA at uni and have background in economics - so pretty much skip 2 big topics. I do not count hours.
3.
Save ethnics last. Build a study plan based on your own style + circumstances. I chose to deal first with the subjects I found challenging - derivatives and AI. Then move on to FRA and Corporate Finance. Then FI and Equity. I skipped Econ and Quan.
4.
I got food poison two days before the exam for eating raw vegetables in a restaurant. Eat healthy is not enough, make sure you do not eat at strange place a few days before exam.
Spending your time wisely among the topics. I nearly failed because of the <50% in FI. So yeah, I do regret putting too much time on studying derivatives and AI - did not have to guess any questions in these 2 topics, but it was so not worth it to sacrify FI.
Again, try on a few learning styles and study materials to find what suit you. My strategy is a bit strange and uneffective tbh, but it worked perfectly for me, given the lack of time and my sickness. So yeah, nothing is totally right or wrong, just suitable or not.
 
That is awesome, although, I would say its better to do less hours a day, and more days. Also, I found that taking frequent breaks helped me study without getting burnt out.
 
Agree. It was extremely stressful for me doing long hours and I was lucky because I have the entire November just for CFA.
Besides, I wish I had learned a variety of concepts rather than focused too much on learning thoroughly some and skip a few. The feelings of knowing NOTHING about some questions then knowing TOO MUCH about others were frustruating.
Spend extra time in FRA. It is tough, but once it’s done, you get a really good foundation for other topics like FI, Equity, CF.
Good luck all!!
 
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