Hi All,
I just registered for Level I and am not sure if I am already behind on schedule. I am very new to the finance world, so will probably need all the advice/tips I can get.
I’d appreciate some starter tips.
i wish this joint had a search function.
5 months is more than enough so time not should not be a problem unless you have some major commitments coming in the next 5 months.
Firsty, do a cursory reading of the whole material to identify what topics are you strong/weak at?
Generally, people already have a very good idea about their strong/weak areas even before opening a single page like I knew I was good at Math/Stats but a dummy at Economics. So I knew I needed to spend much more time on Eco section than others.
Secondly, make a plan and a strategy : Where are you going to be studying? in the library or your room or group study?
How much time would you be able to give to cfa each day? are you currently working full-time? or a full time student? are there any other commitments? Things like these should be taken into consideration when making the study plan.
Decide which studying style will be best for you. Some people like to make their own notes (like me), some prefer videos, some like to take external classes etc.
Focus on the heavyweights: Accounts (20%), Ethics (15%), Fixed Income and Quant (12%) are the heavily weighted topic areas on level 1. So devote as much time as you would like to these topics to make sure you have mastered them.
Practice adequately: While it is good to read the materials and reviewing them again and again but don’t be tempted to over do the reading stuff. The one mistake which I made was not practicing adequately and did not take any mocks. If I fail in level 1, then this would be the sole reason for my falling.
Other standard stuff:
* Do End of chapter (EOC) problems and blue box problems from the official curriculum. (CFAI books)
*Devote at least 3 weeks for mock exams before the exam day.
*Take CFA institute guidelines very seriously. It’s their paper so they set the rules. For example, bring the right calculator, stop the exam when asked to etc.
*It would initially look like an impossible thing to do because there is just too much stuff to remember and memorize, but with time the material would start sinking in and would not be so hard as it was initially. Also, CFA exams are more like marathons so you will need to constantly find the motivation to keep on going. Your social life would suffer and you would become alienated from friends and loved ones so set aside some time for those people so you don’t become a psycho and to avoid burn outs.
Good Luck 
I just recently enrolled as well and while I know a bit about Finance, I don’t have a degree in it or anything. Would recommend starting with Quant Methods and making sure you understand all the concepts well before jumping to anything else. You should aim to nail these 5 (out of the 10) topics; Quant Methods, Ethics, Fixed Income, Equity and Financial Reporting, as these account for almost 70% of the actual exam.
Good luck mate
joints usually don’t have search functions =D
Thanks for the advice, really appreciate it
This is really tremendous, really appreciate your feedback. I just need to take it in and buckle down and study now. Thanks for all the support.