Hi Guys, I am quite new to this forum and also new to the world of CFA. I am sitting the Level 1 exam in June 2010 and have absolutely no background in finance, accounting and economics. At this stage i am not even sure if i am preparing for the exam in the right manner. I am seeking some guidance and direction from past candidates and current candidates on whether i am heading in the right direction. This is what i have done so far: 1) Read all the Schweser notes (5 books) and solved questions at the end of each chapter 2) Begun solving the Level 1 Qbank questions and i intend to solve all 4300 questions 3) Enrolled to sit the sample exam prepared by the Boston institute and conducted by CFA Society of Sydney two weeks prior to the CFA exam 4) Intend to solve all the Schweser sample exams if possible I am trying to ascertain whether all the formulas are to be memorised for the exam or some formula sheet is going to be provided. Also any tips on how to better understand Quantative Finance (expecially probability, sampling, hypothesis testing, etc). I have tried to work around it and not been very successful. If there is anything else that people have done to be better prepared, please share your experience.
You seem to be on the right track. Your plan going forward should put you in a strong position if you manage to execute. Formula sheets are NOT provided on the exam. You must commit them to memory. You will find the following link helpful - www.elanguides.com/samples.php They have free formula sheets and some useful videos on Quant available for free.
Thanks for your reply. I better get started memorising the formulas.
First off, I would recommend doing the end of chapter questions instead of all schweser questions. In regards to quant, the actual exam is not near as tough in that section as you would think. Get all the TVM and Cash Flow problems from the first couple of readings down cold. After that I would spend most of my time on the concepts and definitions as opposed to calculations. Know the Central limit theorem, location of the mean in a positively/negatively skewed distribution, when you would use Z vs T distribution, etc. However, make sure you DO know how to compute the standard deviation and variance. Last years exam didn’t ask any questions where you would have to consult a chart for answers.