clicked on the L1 forum by accident (taking l2 this june) and just figured i’d share how i did it. I passed the Dec 2009 exam, and got greater than 70% on all areas, except portfolio management (was my first time taking L1). (1) Qbank is your best friend. Do practice questions. And more questions. And more questions. DO questions until you are blue in the face. Do questions until you cant do them anymore. (2) Secret Sauce - this is your other best friend. Read it. Over and over - if you commute via bus or subway, read the thing every day on the way to and from work. It really helps isolate core concepts. (3) - KNOW YOUR TOPIC WEIGHTS - if an area accounts for 5% of the exam, give it 5% of your study time. Double down on the heavily weighted areas. - don’t kill yourself on the stuff thats not a heavy weight on the exam. Spend that extra hour on ethics instead of PM or Derivatives.
Good points - I’d also do the CFAI mock exam (very representative of the actual exam)
L1ers Don’t forget to read end of chapter summaries from CFAI books!
Never used the CFAI book for level 1 and I passed. The stuff is not hard, you just gotta know it like the back of your hand, and as smileygladhangs pointed out : (1) Qbank is your best friend. Do practice questions. And more questions. And more questions. DO questions until you are blue in the face. Do questions until you cant do them anymore. This is true, just drill the stuff in your head and you’re good to go guys.
Level 1 is nothing. took it hungover half drunk was out partying till 4am the night before.
starvinmarvin Wrote: ------------------------------------------------------- > Level 1 is nothing. > took it hungover half drunk was out partying till > 4am the night before. you are so cool, how do i fail at taking anything seriously like you?
he said he took it…not passed it…
In doing the Qbank questions, did you do them after you went through all the readings or after you finished each topic topic? Just trying to figure out when to buy it, sooner or later. Thanks!
there is so much material, you need to do the problems after each reading to retain it, in my opinion
which do you think are more important the qbanks or the end of chapter CFAI questions? i have finished all the readings, going to just spend a few more days filling in any holes then from the 1st of may questions questions questions> is this a good plan?
sayi1 Wrote: ------------------------------------------------------- > In doing the Qbank questions, did you do them > after you went through all the readings or after > you finished each topic topic? Just trying to > figure out when to buy it, sooner or later. > Thanks! i did all the schweser readings first, then started hitting qbank. I wanted to “get through” the material as quickly as possible, so I at least had 1 read through. Whenever i did qbank, i kept a pen and paper with me. For every wrong answer that I didnt understand why i got it wrong, i jotted down what the topic was. I’d then go back to the schweser and re-read the topic - if i still didnt understand, i’d then go to CFAI texts.
saradee Wrote: ------------------------------------------------------- > which do you think are more important the qbanks > or the end of chapter CFAI questions? > > i have finished all the readings, going to just > spend a few more days filling in any holes then > from the 1st of may questions questions questions> > is this a good plan? the only end of chapter CFAI questions i did were multiple choice questions - its a multiple choice test, not an essay test, so i didnt feel doing “essay type” questions was an efficient use of my time. For me, it was all about repitition. It will become almost instinctual, part of your DNA, you barely even need to think about what formula to use after reading the question, it kinda just comes to you.
Great info. Thanks!
sara - the CFAI questions are always best, so start there and do all of the questions, except the essay ones i did not do those. after wards, go to qbank and you will see your weak areas to focus readings on. you may have to go back and reread some stuff in the future. it will take you about a week to do all of the CFAI questions (no essays). they will give u great understanding of the material.
starbuck, how much of the material do you think you can remember now? for me, i think about 50%…i am going over stuff again.
IN MY HUMBLE OPINION: Practice tests and QBank are important, but I cannot agree with anyone saying that they’re more important than reviewing the text/guides. I’d rather know that I know and understand the material, than know that I solved 5000 questions from some QBank. Both are important and should complement each other. I can’t agree with someone who suggests dropping the books and focussing on QBank only. I would do one full length practice test/mock a week (minimum) and focus on revision the other days… at least till the third week of May. Also, CFAI questions (whether MCQ or essay) are VERY VERY important. Even if you feel lazy to do the essay questions, at least structure your answer in your head before reading their explanation.
In May 2009 I used the following format. Monday: 60 quant and economics questions (ie. 30 each). Review what I got wrong, or wasn’t sure about. Tuesday: 60 FRA & CF questions. Review Wednesday: 60 Equity & FI questions. Review Thursday: 60 AI & DER questions. Review Friday: 60 ethics & PM questions. Review Saturday: One full 6 hour practice exam. Review Sunday: Review the questions I got wrong on the practice exam. Ethics: I also spent one week taking each standard, and making notes of all the quirky stuff in the examples. It only took about 40 minutes each day. I memorized all the quirks the day before the test. That was all that I did the day before the test. About two hours work. So all in all, 1.5 hours of questions & 1.5 hours revision each day. Exam only on Saturdays and review only on Sundays. Best of luck all.
starbuk learn proper grammar before you talk to me. Just cause you can’t do what I do, don’t hate on me. You little bitch. “they will give u great understanding of the material.” u fuckin fag.
“Just cause” is not proper grammar.
soddy1979 Wrote: ------------------------------------------------------- > In May 2009 I used the following format. > > Monday: 60 quant and economics questions (ie. 30 > each). Review what I got wrong, or wasn’t sure > about. > > Tuesday: 60 FRA & CF questions. Review > Wednesday: 60 Equity & FI questions. Review > Thursday: 60 AI & DER questions. Review > Friday: 60 ethics & PM questions. Review > Saturday: One full 6 hour practice exam. Review > Sunday: Review the questions I got wrong on the > practice exam. > > Ethics: I also spent one week taking each > standard, and making notes of all the quirky stuff > in the examples. It only took about 40 minutes > each day. I memorized all the quirks the day > before the test. That was all that I did the day > before the test. About two hours work. > > So all in all, 1.5 hours of questions & 1.5 hours > revision each day. Exam only on Saturdays and > review only on Sundays. > > Best of luck all. I guess what i don’t like about this format is you are devoting equal time to smaller weighted areas. Why spend as much time on a 5% area as a 15% area? THose topic weights are your friend, and I think you should take advantage of them. Mind you, I’m not saying to punt a category, i’d never recommend that - but on a 240 question exam, PM will have only 12 questions. Even if you only know some of the basics, you should be able to get 1/2 those questions right. I’d advise spending more time on the bigger topics.