I’m new to the forum. I need your advice on whether to sit for the Level I exam in June or wait until December.
Here’s a little about me:
I am already in study mode. I just passed the Series7 and have no issues with setting aside time to study.
I have about an hour commute each way to work so I read on the train. Also, I can take an hour for lunch to study. Finally, I have already set aside 9pm-12am for study time during the week. Weekends are almost fully devoted to studying.
I am five years out of college but I did double major in accounting and finance so I do understand most of the concepts already. I was a 4.0 in all of my finance classes.
However, one of my biggest hurdles so far has been learning how the new calculator works.
I haven’t registered for the test yet. And I don’t want to register and pay late entrance fees just to end up failing. I can’t sit for Level 2 until next June no matter when I take Level 1.
So does it make more sense to wait until December to take Level I and save a little bit of money (and stress) or should I push to take the exam in June?
Your thoughts and experience are appreciated. I am leaning toward doing Level I in December but am reconsidering the June exam. I haven’t dived fully into the material yet but I’d say I am about half way through the ethics book.
Well, you just missed the cutoff a few days ago so you’re paying the highest price whether you register now or at the last minute-er. If you can really keep that schedule, I see no reason why you can’t pass level 1. I’m of the opinion *if* you want to do level 2 in 2014, it will be too much to do level 1 in Dec. I would just be too burned out. Are you commuting into NYC by chance?
Yeah I think I am going to go for it. Worse case, I fail and take it again in December. Like I said, I’m in study mode after passing the S7. So I feel like I should just keep going.
You’re right. This will either be terrible or enjoyable depending on how I handle pressure and time management. I love learning. I know I am still early into the books but I feel like it is a lot of review so far.
I’m sure others have said this already but I wish we were allowed to use excel on the test. I think one of the biggest hurdles is learning a new calculator. I could do most of these problems with out even thinking about it if I had MS Excel at my finger tips. Ah well.
You’re not spamming the topic at all. I appreciate your advice.
Is there any study plan that you recommend? I read through your blog and saw the plan that you have available but it is only downloadable for the iphone or ipad. I use android…
Not sure if you’re real, or you’re just trying to puff your feathers. Nonetheless, here’s my take.
Comparing the Series 7 to the CFA exam is like comparing “Curious George” to “War and Peace.”
Maybe you can do that for a month for your S7, but can you do it for three years? Also, what kind of study can you get on an hour long train ride? There is a keen difference between “quality study” and “garbage study”. Granted, garbage study is better than no study, but…
I smell a rat. I am using the exact same calculator that I used when I started my MBA seven years ago, and it was not a new calculator then. The BA-2 Plus has not changed in those seven years, and neither has the 12C. How did you get a 4.0 in your finance classes if you didn’t know how to work the calculator?
Others have posted similar threads about how difficult it is to take Level 2 with only four months to study. Its doable, but extremely difficult.
If you have a double-major in finance and accounting and got straight A’s, then you certainly have enough time to prepare. I started in early October and was able to pass in December. And if you fail, then you will understand the test and be all the better prepared for the December exam. You’ll just be out another $700 or so, which is small taters compared to the few hundred hours you’re going to put into studying over the next couple of years.
I wasn’t trying to puff any feathers but thanks for the reply and advice.
I agree. I wasn’t trying compare the S7 to the CFA. Just meant that I already have friends and family used to not seeing me because I’ve been studying. Also, my girlfriend is somewhat used to it too.
Totally agree with you about there being quality study time vs. garbage study time. I guess I could either sutdy and look over notes or catch up on sleep. I tend to read on the train so I might as well study anyway. I know that I’ll eventually get burnt out but until then, I am going to keep it up.
I used the TI-83 and TI-89 calculators in college. Both are graphing calculators. I know the functions of the BA II but wasn’t familar with how everything worked. I already feel up to speed on it though. Plus, I can do most of the functions in excel with my eyes closed. I just wasn’t fully adjusted for this calculator but I think I’ll be okay.
I think you’re right. It would be better to grind it out now and take a couple months off over summer before getting into level II material. Not to take anything away from level I but I am somewhat fearful of level II and would value the extra study time.
In grand scheme of things, the money doesn’t matter so much. I guess I was just kicking myself for missing the discount.
No reason you cant pass LI if you put the effort in, especially given your background. Highly recommend not doing Dec LI and then June LII. I went Dec Jun Jun and it was miserable. I still feel burnt out almost a year later haha.
That said, a few things:
I understand you are in “study mode” after the Series 7. I took that too. There is no comparisson between the level and amount of work you need to study for the CFA compared to the 7. The hardest topic on the 7 (options and profit or loss) is probably the easiest thing on the CFA derivative chapters, for example. If your friends and fam werent used to seeing you when you were taking that, make sure they are used to not seeing or hearing from you for the next 3 months - again its a completely different animal, with much more material, that is much more complex.
As far as the GF, makes sure she understands this too…I went through this, and its hard for people not taking the exam to understand why you “disappear”. But like I said, much better to give yourself time for LII than going back to back. LII to me was the hardest of the three by far (the material is harder, the exam in LIII is tougher because of the format), so push it these three months, and itll pay off come LII time.