Hi, I’m new here and I recently signed up for the June 2013 L1 exam.
I’m sure this topic has been done to death by now but after browsing some of the posts in this forum I’m still a bit confused about how to study.
Is it enough just to go through the cirriculum? I have the 2012 Schweser studynotes from a friend but not the QBank. Should I buy the QBank? Someone on here said that the QBank questions are way too easy and I should just stick with the EOC questions. Are they enough?
Lastly, how did you guys study for L1? Go through each topic once quickly then concentrate on specifics, or did you go through each topic slowly and only moving on until you memorized that topic?
I would suggest not doing the curriculum at all. Go through all the schweser material and start doing mock exams as soon as possible. That will show you your areas of weakness. Also, check out NoteSnack (link in my signature) for some free formula sheets and such
I’m debating whether or not to get the 2013 Schweser notes. My 2012 notes are ebooks and I definitely read better from print. I don’t mind spending a few extra bucks if it optimizes my studying.
I was deciding between only the notes ($350) or essential ($600) when I saw that the QBank is not compatible with Mac? Can someone confirm?
Schweser notes are enough, you do not need to read from the cfa books. Everyone has his own way to study for lvl 1, but here is my way: 1. Read the notes carefully without skipping any Los. 2. While going through your first reading, solve EOCs. 3. Go for your 2nd reading ( don’t be afraid if you only remember 20% of what you studied, that’s NORMAL). 4. Start solving Qbank quests (intermediet+hard) “Qbank is critical my friend + 2013 study notes :)” 5. Go for a 3rd reading. 6. In your last weak solve at least 3 mock exams. 7. Good luck.
Start in January by reading CFAI curriculum. Just once. Do EOC after each reading.
Once you are done with the readings do only practice problems. Dont get caught going back to the readings. Even if you feel you didn’t retain more than 20% of the material. And be sure you budget a full month at the end for practice tests.
Read CFAI curriculum until end of December. Starting in January, read Schweser notes, then do as many practice problems and mock possible. While reading, do EOC and Qbank questions. If you have the time, you should read the CFAI, you will not remember everything and that is ok. Then by reading schweser notes you will be able to pinpoint your weaknesses since the explanations are more concise and based on the LOS. It should not take long to go through Schweser, so you can focus on practice problems after.
I know some people will say that the prep provider is not important, but I’m sort of cautious when trying to be prepared. (I’m not trying to find shortcuts. I just want to optimize my intake of information)
Thanks for all the advice. Here is my plan:
Read CFAI until December, while doing EOC.
Read Elan StudyNotes (twice) from January onwards + 11th Hour.
Do mock/sample exams
Should be a good plan, not overly ambitious. I just recently got my BBA so I hope most of the topics (Valuation, Derivatives, corporate finance, FRA) are still fresh in my mind. I haven’t learned Fixed Income.
Thanks for all the input. Any more advice is more than appreciated.
Wow…some people do really have plenty of time…reading the CFAI curriculum and prep material, both?
IMHO, you are better off by focusing on intense study 6 months in advace or less, rather than studying for 8 months or more. I mean what will you be doing for Level II or III? Start a year in advance?
Just stick with one (CFAI way better if you have the time). Then use the other just to check those topics you feel you understood the least. Like getting a second opinion, sort of.
Keep in mind is tons of material. If you read too much time in advance you will forget most.
I’ll stick with CFAI for now and then use a secondary prep material to go over my weaknesses.
I noticed in university that when I study in advance, I tend to forget things often because the topics are not instilled in my brain (sort of like memorizing and regurgitating as opposed to learning). My logic for CFA was to study A LOT in advance so it’s part of my every day life (second nature), so to speak. Don’t know if that makes sense.
I probably don’t feel comfortable with studying 6 months because of the pass rate. A pass rate of less than 50% makes me want to be even more prepared than the average candidate (no offense) and that means more time. Is 6 months the average (enough) studying time for Level 1 because I want to be more than the average in studying time?
Level II and III is a ways away. Let’s just take baby steps
