I am just starting to prepare for level I now but I will be able to devote 85-90% of my time to exam prep between now and December. Can anyone give me some tips about how to allocate my study time most efficiently. I have the Schweser notes and the CFAI materials, and I really need to make this happen.
use only Schweser notes. You have limited time… so you need to use the condensed notes, ie Schweser (not the CFAI endless text). do as many questions as you can… Level 1 tests you mainly on knowing a little about a lot, and the Qs are very similar to what Schweser provides. Learn the Ethics well… gd luck.
I recommended the below to a friend of mine, very intelligent guy, who started studying for L1 in May of this year with 4 weeks to go. He passed. For now, do a mock exam from Book 6 (say, exam 1 am session) and check out your weak spots. Schweser gives you your score per reading. Rank them from 0% to 100% and start going through the notes for the readings in which you scored 0% all the way up to 70%. YOU WILL SCORE BADLY but that’s the whole idea, you want to see progress here. Just focus on the stuff you don’t know at all, if you think you know anything, skip it for now. Then do the exam 1 pm session and compare your scores to the ones of the am session. GO THROUGH ALL QUESTIONS and make sure you find out the correct answer yourself. This is crucial, learn from your mistakes. After doing this go straight through to exam 2 am session. You will be improving by now. Go through 20 Q-bank questions for EVERY study session in which you score below 50%. If you get one wrong, read the correct answer, grab the book and check out the LOS. Do this thoroughly. (Your scores should be going up right now…) You can pass L1 by doing questions, learn from your mistakes and then do more questions. And don’t forget AF. There are intelligent people on here who can help you if you need more background on a question. Participate in discussions about questions, cheat by having the books by your side if you have to. See you in the L2 forum for the June 2008 exam!
Purchase the Schweser Video series. Watch video 1 and then do a 50 question test from the Schweser Q bank on the video 1 material. Watch video 2 and then do a 50 question test on the material from video 1 and video 2. Watch video 3 and then do a 50 question test on the material from video 1, video 2, and video 3. You getting the idea yet? Once you get through all the video’s (I think there are 16 total) you should be a pro at doing questions on at least the 1st half of the videos because you will have already done so many. Then just start cranking out 50 question practice tests that cover all of the material, find a table at starbucks and start working problems. Grade them and either rewatch the video or read the schweser notes on the material that you are having problems with. Your goal is to get through every single practice problem that is in the schweser Q Bank. The test is all about working problem after problem so that is how you should prepare.
Study, Study and study. There is no other way.
If you actually can allocate 85%-90% of your time to studying, you should be fine. Last year I really started studying around October 15.
watch Taylor vs. Pavlik. Then ask to yourself, do you want to end up like Jermaine?
thanks so much. Mcpass, those words are very encouraging…and I need all the encouragement i can get. Going through FSA from CFAI books is incomprehensible to me…I don’t have a background in finance, have taken basic accounting, but there are so many details in that material, and, frankly, I find the CFAI books poorly organized and not as good at Schweser at presenting material in a comprehensible manner. For example completed contract vs percentage of completion is done so well in Schweser, CFAI books totally drop the ball…I am trying to go through the Schweser notes by mid-November so I have two weeks to take the actual exams. Am starting with FSA then doing Ethics, Quant, Econ…and leaving derivatives and debt for last (those seem the hardest and scariest to me anyway…)
I agree with Turkish, if you have a month x 8 hours each day (way less than 85%) = 240 hours. You don’t need to take shortcuts at all.
I am in the same boat. Haven’t started yet. In addition, with my hours I won’t be able to allocate 8 hours everyday either. But thanks a bunch for the tips guys. Sure are helpful. Appreciate it.
Rydex Wrote: ------------------------------------------------------- > Study, Study and study. There is no other way. And I’d add…stop reading this message board. Spend any time you would be reading this board studying in some fashion. Whether that be reading Ethics PDFs or answering Shweser questions online…it would be time much more well spent.
Acumenjay1…I know what you mean…there are many ways to procrastinate…and every minute needs to be spent in work. But the helpful messages DO boost my morale. I will try to limit my time though
When I was studying for L1 I found this forum more than helpful, it helped me keep my motivation and discuss all kinds of topics with the other active posters. I don’t think I would have passed relatively easy without the forum, it would have been so much harder to keep on going!
jg1996business >> are the schwesser videos really helpful? they are real expensive though … any place i can get them cheaper? but i guess if they are really effective - its worth shelling the $$ out?!
jg1996business >> are the schwesser videos really helpful? they are real expensive though … any place i can get them cheaper? but i guess if they are really effective - its worth shelling the $$ out?! has anyone else used these videos? any thoughts / advice?