Time required to prepare?

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Axyz33

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What is the approximate time required, for a finance newbie, to prepare for the CFA level I exam?
I am planning to start a MFE (Masters in Financial Engineering) program part-time at chicago this fall. I wanted to figure out how much preparatory time I would need to put aside for the level I exam. I am planning to take the exam this December.

Is the reading material provided by the CFA institute sufficient for these exams....or are they more of a general guideline? Is there any other study material that compliments the CFA material well?

thank you

Axyz33
 
Could I also get some feed back on the CFA level I study package( in terms of how comprehensive they are) ...... not sure I want to fork out more dough ,for the Schweser notes, unless I really need to... :D.


thanks
 
Different people have different opinions.

I would use Schweser as my main source, and have CFAI curriculum as a backup. Notes are enough, but if you would like to get additional resources, I would suggest the following:

1) Schweser Exam book
2) Schweser Secret Sauce.

Best advice I can provide is to create your own flash cards. Also, dedicate about 5-8 hours initially, then exceed to at least 10-15 hours for past month or two.
 
Agree with Houston on the making your own flash cards. Huge help. And keep going through them fairly regularly in short bursts over several months. You'd be surprised at how much 10 minutes here, 5 minutes there can reinforce ideas.
I am also partial to Stalla's study notes, but everyone has their own preference.
 
The CFA study mateiral I was referrin to isn't just the curriculum.I am referring to the CFA self study books that are offered to you at the time you register for the exam.It's possible they are offering it for the first time.... probably to a get a piece of the exam-prep business.

The series consists of 4 books with detailed material on all the topics. The pdf file on ethics on there website is a part of the first volume. They seem to be as detailed as the Schweiser series. ( Based on the table of contents :D)

I bought them ( for a pretty pennny I might add :D) when I registered for the exam.
It's possible that the CFA institute just started publishing this series.
I am not sure if this self study series was offered before?

Would appreciate any feedback regarding this.

I also wante to double check if I would still need any of the Schweiser/ Stalla study material ... or I could get by If I get the test booklet from Schweisr?

thanks a ton
 
Axyz,

What you are referring to is CFAI curriculum (and can be called self study books). They started publishing this for 2006 exams. Between, how much is a pretty penny?

Schweser is more condensed, where as CFAI books are in depth. So, if you have time and patience to read through the CFAI material, then no need to buy the Schweser/Stella material.
 
Axyz33 Wrote:
-------------------------------------------------------
> I am planning to start a MFE (Masters in
> Financial Engineering) program part-time at
> chicago this fall.

How long is the part-time MFE program at university of chicago?
 
Cultured,

Its basically a really condensed version of notes. I didn't buy it last year, but many on this forum praised it, and I'm definitely getting it for level 2, if I pass.

Kind of like flashcards, but longer and in a book.
 
One thing I didn't realize until I got the CFAI material for June 2006 is that they are an exact reprint of the textbooks (but only the chapters you need for L1). So if you have access to the texts (maybe your company's library has some copies?), you don't need the CFAI 4-volume series. (Funny how they don't tell you that BEFORE you buy the stuff.)

I used a combo of CFAI materials and very old Schweser/Stalla. While I read most of the original material, I referred to Schweser or Stalla when texts were boring and/or not doing a good job of explaining something. Haven't added it all up but I figure I came in around 200 in total, with better than avg level of experience/education going in. I also found Schweser questions way better than text questions (which are too long and too repetitive) for preparing for actual exam.

Between Schweser and Stalla I found Stalla was better organized. But then I have old versions, and I didn't have the Secret Sauce which everybody says is good.
 
I believe the best way to prepare for it is:
Do the notes and understand every subject.
Do your own flashcards
Buy the Q bank for schweser. it helps you to memorize some concepts.
Do the book 6 of the Schweser Notes
Do the 5 online exams from schweser
DO the book 7 from schweser
3 days before the exam, read the Ethics seccion again.

I took 7 months to do it. i studied 10 hours a week plus some extra time that i read the notes in my bed watching tv. I started scoring 55% and then i moved to 65% and i ended up scoring 75-80%.
I dont get my results yet buy i feel i did very good. I only guess 3 question in the whole exam. I had 20 minutes left in both seccions. I counted 25 question that i did unsure in the second secccion. The first seccion i did it better.
I believe there is no better way to prepare.
Is it helpful?
 
Thanks ,That clears thing up a lot.

CFAhouston: a pretty penny is anything I need to fork out :D.

Gary Seinfeld: The MFE program is a 1 year program full time and gives you the flexibility to finish in 2-3 years part -time. A total of courses are required at the Uof Chicago but this varies with each university.


I gues I'll get the Schweiser material too.

thanks
 
Gary Seinfeld: That should read, a total of nine courses are needed at the U of Chicago.
 
AXYz,

CFAI books are $400. That's an ugly penny.
Anyways, you can always try to go ebay on Schweser.
 
Buy Schweser notes and go to Emule (where people download music) and download the qbank from schweser 2005
 
Here is THE definitive answer... (that worked for me)

The most significant factors in determining how much time you need to prepare for the exam (level 1 in particular) are:

1) Accounting background
2) Relevent experience
3) The quant geek gene

You don't indicate what your undergrad degree was, or if you have any work experience. I would start with the assumption that you need 300 hours and knock off 50-100 hours based on how you rate in each of the above. (Note: I'm a CPA and had lots of work expereince so my study time was low)

In terms of materials, I think it's also important how you personally learn best. Are you a textbook person, or a lecture person. Did you skip classes and read the books in school, or go to classes and just read what wasn't covered in class. I was the latter and for all three levels (took L3 this month) the most important component of my studying was the Schweser VIDEO series. there were some loser lecturers in there (L3 was the worst, L2's only problem was ethics, but that's one book you need to read cover-to-cover).

I watched the videos, took about 10 pads of notes to reinforce the concepts, referred to texts/notes to expand on points I had trouble with in the videos and passed 1 & 2 (but bear in mind my background noted above).

I think the Schweser video series is the best kept study secret out there. Look around on ebay and craigslist and see if you can track it down.
 
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