I just read a few posts from those who failed the 2014 December CFA level 1 exam, and I thought it would be great if I (and the rest who will be reading this) could learn from the ones who have taken it and failed.
So to those who have failed (and those who passed and thought they could have done better), if you guys are willing please do share what you thought you should have done and/or how you should have thought to do better on the test. Thanks in advance.
The level 1 exam is a proof of how well you know the curriculum. Third party providers are in almost cases an exact reflect of the curriculum, but in a summirized way, so I think they are time and effort optimizing.
I have some friends who studied from college notes of finance, economics, accountability. Others tried preparation courses that were not specifically for CFA exams. Others did not complete all the readings. All of them failed.
You must read all books, do no skip any single reading, practice questions inmediately you finish a reading. Try to do session reading questions. For example I solved like 200 to 300 questions for each big topic, I mean solving this questions for all Quats, for all Economics and so on.
Once you completed all books, is time to practice whole-topics tests, mocks and have an adequate feedback. The feedback is critical. Do not just get used to solve questions, you must learn what you do wrong and what you can improve. Start the most early you can. The brain can not absorb this amount of info in 3 months, it is anti natural, so get the time to study in a regular basis. Do not smoke too much, do not drink too much, do not party all weekends… thats not good for health.
I think this is enough for passing.
Good luck
If I were you I’d seek advice from those who passed, rather than from those who failed…so here you go: Read CFAI cover to cover, then read it again skimming this time. Do EOCs on each pass. Take a couple mock exams. Do that and you’ll pass if you’re a decent test taker.
Preparation : You have to actually put in the hours, read the material, do the practice questions, go over your wrong answers. There are no shortcuts. I put in 200 hours and barely passed, and that was with a high amount of academic and work experience.
Exam strategy : The clock ran faster than I expected. I’m usually not pressured for time on tests. I was only able to pass because I was willing to punt 20% of the exam and focus my energy on the other 80%. I may have even punted 30% of the exam
I wrote a guide as to how I approached (and passed) level 1:
http://www.analystforum.com/forums/cfa-forums/cfa-level-i-forum/91338318
thanks snakesnakesnakesnake 
Here is a compilation of the contributions for those who need help with the CFA LVL1 exams To start with…
“Read every single reading… don’t skip… practice questions immediately after reading” - Harrogath
… having a difficulty on a certain subject?.. “Don’t take too much time on a particular concept… if don’t get it, reread it… and if that doesn’t work- just memorize it”- snakesnake http://www.analystforum.com/forums/cfa-forums/cfa-level-i-forum/91338318 …
while reading the CFAI materials are useful they are too time consuming… “Third party provides are an efficient way to study for the test” - Harrogath
… after all the reading… "Take advantage of the exam weightings so you’ll know on what subjects to focus on… do all of the EOC questions, CFAI mock exams(best way to experiences the test), and make sure to learn from your mistakes
… and when it is finally time to take the actual test… " read questions carefully- the most or less likely questions are tricky" - snakesnake
So to @snakesnake @Harrogath @Topperharley and @mlwl8521 thank you very much for your help… hopefully, we will be able to practice what you’ve taught us here