June 2016 and Very Nervous

Hello fellow investors,

I am 24 years old preparing to take CFA Level one Exam in June 2016. I just got all of my material, and have to admit the reading is daunting. It’s hard for me to hold my concentration during all of this, and am worried I will spend the majority of my time reading as oppose to actually learnining the conceps.I havent even gotten through reading two yet, and I’ve had my material for about four weeks now. I want to create an effective schedule and stick to it. I have more than 8 months so I just wanted to feel out how others are using their time, and more specifically what is the best way to use my time. I am sure I am not alone in saying I am nervous about this, and was just looking for help.

Thank you all in advance.

I am same to you and will appear in CFA Level I in June 2016. The target of reading thousands of pages, equations and formulas along with practice exercises look very challenging, even though I have done MBA (Finance), MS (Finance) and done pretigious Banking diploma, i still feel confusion, but onething that I have is confidence and dedication towards my studies.

I must suggest same to you. Keep your hopes at the level of pinnacel and show your dedication towards your studies… Meanwhile my target is to give at least one reading to SchweserNotes upto 31th of December, 2015 then I will start revision of Schweser and will go towards EOC readings and quiz of CFA institute and will try Qbank practice exam and finlly will attempt moc exam on 15th of May, 2016…

Which package of Schwester Notes do you reccomend. I would like to keep costs down as low as possible, but do not want to sell myself short in regards to getting everything I need.

Self study pack + Qbank is enough I think because Mock exam and topic wise quiz will be provided by the CFA institute when you register for the exam.

Therefore, I recommend to purchase self study pack as it is cheap but if you afford then premium one is superb no doubt for I think for level I, self study pack is sufficient.

I’m getting ready to write level 1 in December so I have been through curriculum and Schweser. It was this time last year I got the materials in the mail. The way I was able to cope with reading all 6 volumes of curriculum (that is as boring as reading the phone book) was by setting calenadar dates as to when I wanted to get through certain sections. I would then count the pages in that section and divided by the number of days I had given myself. I took it one day at a time… put the blinders on! I took notes as I went … and then summarized the notes onto one page at the end of each section so I could connect all the tedious details to the big picture. Keep on task, make flashcards as you go… make sure you save AT LEAST one month to just take practice tests and drill problems areas… … and stay away from “water cooler”… it will rot your brain wink

So I´m studying for June 2016 by the CFA curriculum and I´ve to say that sometimes I felt frustrated when I saw how slow I went through some concepts. Because my background and my profession is engineering, I had no idea where to start, so I figured out (googleing) what part is the most difficult and I found that almost everybody agreed the Volume 3 is The One. Also, looking at the CFA student resources, they recommend more days to the FRA than to anything else, so I decided to start by that hell.

Now I´m almost finished with SS9 and I´m planning to come back to the beginning (SS7) just to give a wide scope structure to all what I learned before entering in the SS10. I think I have a pretty good grasp on the basic concepts and I´ve to polish a lot of the nitty gritty details, like IFRSvsGAAP etc. These are the key points that helped me moving on:

  • Forget about the schedule while you´re studying: the most important thing is to understand the concepts, whatever it takes. Forcing yourself to “finish” 20 pages a day is like asking a horse with blinkers what he saw during the last 3 hours of riding. There is plenty of time before the exam: weekends, holidays, long nights etc. You will find the time.
  • Don´t be lost on the details. The key concepts can sound unnatural when you start (Revenues and expenses vs cash flows, liabilities generating revenues etc.), but if you reach the point where you can explain them with 4 simple words, that means that you understand it. (4 means a short amount of). And then, go to what IFRS and GAAP say etc.
  • For FRA, my eyes opener was reading 23. If CFA is your first serious contact with finance, like it´s my case, crunch this reading. If you are a finance person, maybe that´s easy for you, but I´ll have a humble approach just in case.

Anyways, don´t forget there is a D Day. Being consistent is key, so if you loose a study day, recover it. If you loose a week, put one extra hour each day of following week. And good luck!