> best approach in my opinion is to at the very
> least do CFAI end of chapter problems and even
> chapter examples. that along with schweser should
> be enough.
i found a lot of the end of chapter problems to be vague and poorly written. i only did the IPS ones personally and even those i found of limited value.
IPS, I would focus on old tests.
Derivatives, I would focus on CFAI texts. Are they similar to the multiple choice on the test… no. Are they better than the end of chapter Schweser? Yes…by far. Schweser will give you one example while the textbooks will give you 15 examples of increasing difficulty. If you are able to see the flaws in the questions, then great. You are ahead of the pack. If you can think of ways that CFAI can merge questions? Fantastic.
Don’t see the value in the question banks. I think they are valuable for L1 & L2, yet this test is more qualitative.
Anyway, I thought the 2005 test (55% pass rate) was the most difficult exam that I have ever had. I could understand failing with giving a half ass effort. Yet, I worked my tail off and failed. After the test, I just did not have a clue as to how I would study differently. I do feel for you guys in that my AM sessions didn’t seem that bad during 2005-6. Yet, the multiple choice in 2005 was so frickin hard. I remember looking up in disbelief. I would skip sets of problems hoping for relief.. yet the next set was just as tough. I am amazed by the comments that the MC was so easy this year. Does CFAI try to keep the exam constant or do they play games and alternate the difficulty on the MC and essay?
Thank goodness I passed in 2006. I remember this guy in my schweser class who was trying to go 3 for 3. He knew that I passed L1 and L2 in 6 months then failed L3. He said “you have a lot riding on this next exam”. He was right. I couldn’t afford to fail L3 in 2006. The best thing that can happen to you in this exam is to fail L1. Then hopefully, you bow out and give up. You get to a point when going for L3 that you can’t give up. You have put too much into it.
One good thing is that if you are average, you most likely pass.
schweser did a great job of getting the important points out = especially when you are reading the material for the first time. Even in the preparation of this exam (as it was during the AM) that you had to use the time you PLAN to study effectively and efficiently. a lot of people have passed with reading just the schweser material (by choice or dictated by time). If you want to improve your chances then CFAI questions in the text and back of SS really helps to hammer the understanding. All great athletes cross-train as part of their preparation for their big race/game.
i have used it all - schweser..stalla..cfa textbooks..and for all of schwesers strengths there is only one weakness and that too isnt there fault. They are a 90% or so summary of the CFAI text books - and the CFAI knowing this - will test you on the remaining 10% - which is why they have progressed from text books to CFAI study notes specifically this year. Schweser will prepare you for 90% of the exam ; and even if you get 70% on that 90% portion that you think you will know very well, thats still 63% overall…borderline….
and their secret sauce and summary sheet is brilliant
AnalystForum is an online community designed exclusively for CFA candidates and charterholders to discuss the Chartered Financial Analyst program.