Can someone please advise?

CFA General
#1

Dear Pros,

I am currently an IT guy with only IT background and zero financial knowledge. I found it so diffcult to master when I read through curriculum. I aim to have an industry job change and already enrolled myself in CFA lvl 1 exam in dec 2012.

Do I stand a chance to pass?

There are 6 books to study with understanding and I left about nearly 6 month to go. How am I going about mastering each book in 1 month?

Could someone help me to acheive my goal? Any advise on the study plan that can cater for my situation?

#2

You don’t need a finance background to pass. Plenty of people have done it already

#3

Hmm thanks iteracom that was a great encounragement! Guess the only challenge is how am I able to cope up within 6 mths time to catch up and complete the whole of 6 books with understanding.

#4

My advice for you esp if you’re new to finance would be to ditch the curriculum and start with study guides (Elan and Schweser are good ones). Read the notes interspersed with some practice questions, then graduate to practice exams.

#5

I tried however schweser notes could be too much of summarized and at times I found difficulties in understanding it. So right now I am trying to do as much question as possible and referred to both. If I encounter problems. I am just to afraid of the time taken to finish up all my lvl 1 curriculum.

Thanks for your sharing and I will take note. :slight_smile:

Cheers!

#6

I would not use the Schweser in your case.

Since you have no background, the CFA books are much more comprehensive and explain things more clearly.

Schweser notes are designed for people with some background, or people who are short on time, and just need to get down to the main points only.

#7

Yap this is what I had encountered so far. That is why some friends actually ask me to read the curriculum instead of schweser note. I think it make more sense may need to have extra mile to get all 6 books covered. its painful!

Anyway thank you for all the helps and advise.

cheers!

#8

Interesting viewpoints - I had a non-financial background when I started as well and I found the curriculum intolerable, and Schweser much better. I did have wikipedia right next to me when I studied though.

Would be interested in seeing what other instances that the CFA curriculum trumps study material.

#9

It’s a trade-off, detail (in the CFA curriculum) versus time saved (schweser notes).

L1 is multiple choice, and one of the keys to passing is taking practice exams to test what you do or do not know, and schweser come with a lot of practice exams

#10

It will just be slower for you but definitely possible, I would use the CFA books and when you come across something you need further clarification on head over to Google and try to find more info.

#11

The best way to do is to read everything over and over and over again. no substitute for that really.

#12

Thank you brothers and sisters it is a great feedback from all of you how I wish if having a social study group that can sit together and study and at least if have question we can help each other. If anyone of you are from Singapore and wish to be commited in studying CFA level 1 please feel free to contact me to arrange for a daily study at 7pm-10pm

Unfortunately, I am working as a full time employee hence time is really crucial especially I need to really read multiple times in order to digest the point of explanation.

I will try to follow the guidance and advise given. Much appreciate.

Special thanks to Ivan.s for your guide fortunately I am doing that!

Cheers!

#13

If study forums are your kind of thing, you being in Singapore shouldn’t prevent you from hosting study groups via Skype or Hangouts.

Study groups don’t really work for me personally though.

Also, most people I know that are taking the CFA are also in full-time roles, some ridiculously busy ones. It’s all possible.