First time it was in Dec 2014, with band 10. Second time it was in June 2016 with band 10 again! First time I read Schweser and did only tests at the end of each topic. Second time I used CFA books + partly Q bank
So much time and money were wasted…And still no result. My hands are down and I can’t imagine myself sitting over those books again… It will be further stress,at least for some time. Also at the moment I can’t afford spending money on new exam (russian ruble depreciated much). I will take a try again, but later.
So, dear candidates and charterholders, help me to understand the following:
Will it be helpful if I read Level 2 materials for several years + Q bank tests to prepare for Level 1? As I read level 1 materials twice I think I need more detailed materials and more practice, am I correct? What other form of preparation will be suitable?
What if I decide to do trading, will CFA be useful for me?
To study L2 material for L1 is legitimately insane and pointless.
I passed L1 and what I did was make sure I understood every EOC problem. Didn’t use any third party materials and didn’t do a single mock.
If the EOC problems didn’t cover every LOS I’d work through the textbook examples that did.
Using third party materials didn’t make a ton of sense to me since they cost money and the CFAI is literally giving you exam type questons that cover everything at the end of every chapter.
Don’t study level 2 material for level 1. They’re two different exams.
Don’t just keep re-reading the same material. Do a LOT of practice questions via the q-bank, Schweser mocks and the CFAI mock. I barely read any of the materials for level 1 but did as many practice questions as I could and there were no surprises on test day.
I’d recommend spending 80% of your time drilling questions and 20% on reading a section you are weak on.
If you’re going to be a trader the CFA designation may not help but it definitely doesn’t hurt.
Jot down your understanding from the chapter without reading the chapter.
Read the chapter.
Find the difference between what you wrote (or did not write) and what is given in the book.
Contemplate on this - why is there a mismatch (or gap) between your understanding and what the book is trying to tell?
Repeat step # 1 to # 5 for all the chapters in different surroundings.
There is a term coined by psychologists called ‘Fluency Illusion’. In this ‘illusion’, you feel that you know your study material but you, actually, don’t.
The above exercise will shatter your ‘Fluency Illusion’.
I would recommend more practicing and solving portal topics tests and EOCs again since seems you missed do it enough. Schweser is OK, and, IMO, solving BBs from official curriculum for L1 may be an advantage but not even necessary.
What if I decide to do trading, will CFA be useful for me?
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I don’t think it help you if you want a career in trading. What will matter there is a track record. If you have a repeatable process you can explain, and a performance record to back up your methodology. Options and futures, if that’s what you choose to trade, aren’t learned in any textbook CFA or otherwise–only way to learn is to get in there and trade and study your trades
Contrary to what you’ll hear from many Charterholders, L2 Candidates, and L3 Candidates…L1 IS NOT an easy exam. The CFAI exams are designed to be very difficult EVEN if you are a master of the material.
The L1 concepts are basic for even a novice in finance, but the test is nevertheless difficult. So, don’t feel bad about failing it. Keep on taking it until you pass.
Oh, and scrap that idea about studying L2 in order to pass L1. That makes no sense whatsoever.
as others said, do NOT study level 2 for the Level 1 exam. and you need to think hard if you want to keep going. Level 1 compared to Level 2 and 3 is easier. so if you have this much trouble here, it may be a long long road for you.
Just focus on level I material, it doesn’t help if you practice level I with level II material because the correlation is really low. And yes, the CFA is helpful, if you already take level I twice, there is no reason to quit now as you already put too much effort on it.
Studying Level 2 material for Level 1 is not a good idea because they are different in terms of item format, difficulty, and depth of material. It makes more sense to change the way you approach the Level 1 exam. One thing you did not mention is mock exams. You need to take some mock exams to get yourself mentally prepared. It also helps if you did a lot more practice problems. You need to understand why you got a question wrong, not just trying to memorize the answer. Once you understand why, you will start connecting the dots and making it easier for yourself. Besides, two Band 10s show you’ve got potential to complete the L1 exam, so don’t give up!
You’re not going to pass without doing the grunt work. Sounds like you’re reviewing the material, but not putting in the actual work on practice and mock exams. Practice lots of questions and you’ll pass L1.