My question is for someone who has already written or striving to write the June 2013 CFA level 1 from a non finance background.
How realistic is it? I have no experience in finance in work or education, whatsoever.
How should I start studying? Is there any topic I should do first or begin with to facilitate the study? I am overwhelmed by the breadth of the syllabus.
How important or helpful can a prep course be for level 1?
Although it varies from person to person, how much is the average study hours required?
1). It’s realistic. I had no real finance experience when I started. As far as knowledge gained, the CFA program is excellent as a basis for those who didn’t do finance as an undergrad. As for getting a job, it helps, but don’t expect it to be enough on its own. To get the letters, you also need to have 48 months of acceptable work experience.
it is a little overwhelming. Consider it the equivalent work of two semesters of an intense undergrad course per level. It’s a lot of material, but most of it is not outrageously difficult. If you have a logical mind, a reasonable command of algebra, and a willingness to drill to learn, it should be ok.
A prep course can help a lot to keep you focused on the right stuff to maximize your chance of passing and to keep you on a schedule.
CFAI says most people who pass have spent around 200-300 hours studying. I didn’t count my hours, but those numbers feel about right to me. You definitely need some intelligence and some dedication to pass these exams. The more you have of one, the less you need of the other, but you’ll definitely need at least a little of each.
Quite realistic. I have zero background in finance and I passed it in Dec 2011 (first try).
It is a lot. I went in order and I found it easier to do that way. Ethics is quite general (no finance knowledge needed), so is quant. This was my first ever intro to financial reporting, fixed income etc, so again I found it better to go in order.
I read Schweser Notes and found them very useful to condense the knowledge and give you exactly what you need for the exam. CFAI curriculum is way too wordy and though I read it twice, I think I retained Schweser Notes much more.
CFAI says 300 hours. I think I probably did 500. I got running from a standing start unlike most candidates so that’s probably on the high side.
In my experience: 1) Very realistic. When I started studying L1, I didn’t know that assets-liabilities=equity.
The best way to do it is to read every chapter over and over again. It’s painful and time consuming, but you’ll learn the material. I think that if you really want to learn the material, start soon, say by the fall before the exam.
Thank you everyone for your reply, I started studying since yesterday, almost a month later than I had actually planned, and that is why I am here late.Somehow I am thinking I can do it. I have taken a class room prep course, the price is 3 times the actual CFA level 1 registration amount, so it better be good.
Will get back with more questions as I go further on.