Ok. So I’ve just finished all the reading in Schweser and did all the end of chapter Schweser problems (not CFAI ones). The only reading I still want to do is the Ethics from the CFAI books.
Anybody else here yet? What’s your strategy now? I did QBank test on the 2nd FRA study session (balance sheets, cash flows, etc) just for fun and did miserably (33%, no joke, couldn’t believe that was possible).
I’m thinking the strategy I’m going to take is base my study on QBank instead of re-reading and re-doing problems from Schweser.
This is my strategy:
In QBank, split the material up by study session (i.e. 2 for quant, 4 for FRA, etc). Start with FRA and print out 15 question exams (i.e. 15 questions from FRA SS1). Do 1 exam, based on results, study weaknesses (everything at this point). Then print out another one for the same section and do again and see how I’ve improved, and repeat until my score starts to close in on the 70%. Then move on to FRA SS2, and repeat above, then move until I get through all the topics.
Then repeat the loop of the above (i.e. start back at FRA SS1, etc)
Anyone have a different approach they care to share? I’ve never taken an exam where so much material is covered so I’m a little unsure of the best approach to soak up and retain all this material.
I’d suggest: Read it all again. Do at least 120 practice questions for each SS immediately after reading that SS. Plan to finish one month before the exam. In your final month, do only practice exams. If you set a target score, like 70% for example, and spend too much time retaking tests until you reach that %, you may end up losing a lot of time. Instead, set a certain amount of time you are willing to allocate to each study session (it’s suggested to spend more time on higher weighted areas). Leave enough free time in the last month or two to then revisit your problem areas. DON’T GET HUNG UP ON A SS BECAUSE YOU CAN’T SCORE WELL. You must continue forth with all the readings (again).
Quite frankly, 33% on any subject after doing a whole curriculum reading is like no reading at all. Hopefully, this score does not represent your understanding for the majority of the topics. On the bright side, you have still have loads of time to prepare. I suggest, doing a 120 question practice test or sample exam (i suggest doing the test on Qbank rather than printing it out, because at the moment your concern should be the concepts) covering all areas to give you a rough idea of your strengths and weaknesses. Once, you done with that you can do another read of the curriculum, concentrating on weak areas, but this time do the CFAI EOC questions (Very Important) after each Reading and a test after each study session so you can quickly go back and revise any topics that you are still not clear with… Come May, you can start off with Sample Exams from Schweser as well as the CFA Mock exam. Good Luck!
I finished my third round through Schweser last week and scored around 80% in all of the 6 Schweser 2011 volume 2 practice tests this week. So I suggest you to read the materials again. This time pay attention to details, not the comprehension, you should be fine. Things are quite well to me, also a June 2012 level 1 taker. Keep the works on!
I suggest you start over. Your scores are frankly really bad. But there’s plenty of time. Go through a reading, go over the EOC summaries, and then do ALL the EOC questions. EOC questions are absolutely ESSENTIAL. Bother with the Qbank if you have time after the EOC questions. Most people haven’t started yet and 4 months is a long time. Don’t get phased by folks like andy here.
I don’t know if you should read it all again. Don’t re-read what you already know, it’s a waste of time. Sounds like you def have some areas to work on, but you have plenty of time so you’ll be fine. Re-read your problem areas and do tons of practice questions, CFA EOC questions, Qbank etc. etc. It’s all repition to learn it just like anything else. For the stuff you know well, just keep it fresh by revisiting it occasioanlly.
It’s one thing to read it as fast as you can, but it’s another thing to absorb it. You’re doing no better than if you guessed on every question, so something about the way you’re taking in the material isn’t working.
Yeah dude, you have plenty of time, don’t cut corners. CFAi questions are much trickier than Qbank. So my advice is, start a parallel review. Reread the Schweser texts carefully (multiple passes through the text is the norm - later reads take less time than first read throughs), simultaneously work on Q-Bank. Once your Q-bank’s are getting solid, DEFINITELY spend time doing all the CFAi end of chapter (EOC) questions in their texts. They’re great questions for review and will help consolidate your knowledge. I always used to circle numbers I missed or thought were good questions and then skim back through the entire question set again, only doing the circled questions. If you do all that, you should still have a little time to do practice exams at the end and review rough spots. If you do all that, which is a pretty solid review strategy, I’d be willing to bet you’d pass nicely.
Thanks for all the feedback. I’ve started 2nd read-through of FRA and am making lots and lots of flashcards. Also doing the EOC questions. Hopefully the material will stick this time. I think my approach to take a QBank exam first before having reviewed any material is a good approach. It like it because it provides you with a baseline to measure the effectiveness of 2nd read, and also focuses your 2nd read attention to the points missed on the exam.
For Ethics buy the CFA Institute Standards of Professional Conduct - 10th edition - read it multiple times, it will help.
I’d never heard of this. Thanks. How does this compare to the CFAI reading (easier/more condensed/ etc)? Would you suggest reading this instead of the CFAI text. I’ve only read Schweser so far for Ethics. Been procrastinating covering this topic even though I’m aware of it’s importance.
Found it online as a free pdf. http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2010.n2.1 Anyone have opinions about if this is better than the CFAI text? I don’t really want to read both.
Isn’t it the same as the stuff in the curriculum?