Greetings everyone! I read that if you register for the exam, you get the CFA books for free. However, I feel like that I want to study first, and then register for the exam whenever I feel ready (GMAT mentality). Is this the right approach to the CFA? Moreover, how much time do you think is enough for me to cover the materials? Can I make the December 2010 exam? Or is it safer to go with June 2011? I don’t have any prior business experience/courses, but I believe I have enough math in me to get me through. Appreciate your help guys.
hi Quasar, I think it’s best to register before you start - this way you will get the CFA materials and can use those to study in addition to your provider of choice (Schweser is what most people use I believe). Plus, having registered you are bound to feel more motivated. The CFA material can be tedious and it helps to have a set deadline to keep you on track. I would also definitely recommend that you set yourself a detailed study planner - this will also help to keep you focused. Even with a non-financial background, Dec 2010 seems a safe bet. Depending on how much time you have on your hands (i.e. depending on whether or not you are currently working or not), you may even go for June 2010 - although in that case I woud recommend you start right away. I took L1 in Dec 2010 and started studying around March, which was already considered very early. I had 9 month to study and that was ample time. I even think that I potentially started a bit too early - you end up forgetting what you learned in the beginning. Assuming that you start some time in the spring, I would recommended reading through the matrial completely once, and then going through it a second time doing lots of pratice questions as you go. And this will still leave you with plenty of time to hit the pratice exams in the last 4-5 weeks before the exam. Good luck!
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Thanks a bunch kingstongal. Very clear answer. The thing is, I plan to apply for an MBA that starts in September 2011. December would be chaotic with all the application essays and interviews. So I think June 2011 is the most preferred choice for me. (June 2010 is too close). Is it possible to register for June 2011 from now? If not, how about registering for December 2010 and then postponing? I’m not in a hurry to pass the exam. I would just like to be done with it before the MBA starts. ------------- nuppal: ?
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“I read that if you register for the exam, you get the CFA books for free.” This is not true. They force you to buy the books for around $250 and charge you several hundred dollars to register for the exam itself. The CFA program is the opposite of free. “However, I feel like that I want to study first, and then register for the exam whenever I feel ready (GMAT mentality). Is this the right approach to the CFA?” In my opinion, this is not a healthy way to approach the CFA exam. First of all, it costs you a shitton of money to sign up, unless you have a company that is willing to pay for you. Second, the syllabus changes a bit every year, so what you study for the December 2010 exam might not be the same as the material for the June 2011 exam. Third, the CFA exam is a memory regurgitation exam. It is not like the GMAT that relies a lot on your intrinsic intelligence. The best way to prepare for this sort of exam is to pick a date, saturate your brain with CFA knowledge, and then dump in all out on the exam day. It is not worth the effort to retain all this information for prolonged periods of time. “Moreover, how much time do you think is enough for me to cover the materials? Can I make the December 2010 exam? Or is it safer to go with June 2011? I don’t have any prior business experience/courses, but I believe I have enough math in me to get me through.” You have enough time to study for June 2010. Think of this in terms of hours spent studying. The CFA Institute recommends studying 250 hours for Level 1. In reality, 150 hours is a decent target. Most people spend 4-6 months studying for each CFA exam. If you are halfway intelligent, you should be able to pull it off. Good luck, in any case. The CFA program, particularly Level 1, is not as hard as people would make you think. If you attended any sort of decent engineering college, I guarantee that this stuff is not half as difficult as your undergraduate work.