quite free hence the lengthy post to give back to the AF community
ok first off, some rumors
http://www.analystforum.com/comment/91440502#comment-91440502
the above thread concerns the early reveal of results of the L3 exam just because some forumers got a membership email from CFAI. the assumption is that if CFAI is inviting u to get membership since they already know that u have passed, hence the “early pass/ fail reveal” conclusion. this issue is further complicated by some forumers with CFA membership already, hence they will not have the advantage of an “early reveal”
so how true is this??
–> inconclusive. there are forumers who have passed the June 2013 L3 exams without receiving any email, and vice versa. IMO there is no need to get ur hopes up on receiving the email or feeling disappointed when u do not. what u can do to affect ur results is already determined on the exam day itself. anything more is in the hands of CFAI and ur fellow cohort of exam takers.
http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91324180
this deals with logging in ur CFA account and finding a link that is registration for the next year’s exam. since the link is given in ur account, u must have failed. then the SRP LMC ERP COE etc started, everyone is trying to verify if they are seeing the same layout of the CFA webpage. and the worst part is…no one actually did a screen shot of the page and posting it for comparison and rather started saying SRP LMC, etc leading to further confusion
how true!!!
–> guys and girls, its bad enough to wait for 10 week for the results. even worst is the 2 weeks after L2 results was posted and the new L3 recruits started streaming into the L3 forum. IMO this SRP LMC thing is just PURE SPECULATION. imagine this, someone got fidgety waiting for the results, logs into CFAI webpage everyday to check. notices something different. since the mind is on results, any small difference will lead to “ACCIDENTAL EARLY REVEAL?!” alarms going off in the head. posts on AF, fellow forumers sees thread, logs in to check (Herding), trys to compare findings, someone starts by saying “I KNEW IT! I failed!” (confirmation bias).
same advice as above. keep it cool. worrying now aint gonna do much anyway. dun let it affect ur life.
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CFA Preparation
everyone has their study patterns and habits. what works for me may not work for u. this is a guide for people who like me a) self study b) do not attend any boot camps c) unsure whether the material is sufficient
my record of exams is as of below in my signature.
- background
im from an engineering background. the maths in the CFA curriculum is not that tough at all. dun freak out or back down becos ur weak in maths. learn to use the calculator well and u will be ok. notes, bonds, etc is all new to me, the cashflow and what they do exactly, put in the effort at L1, they will be popping up very frequently. read up from external books and google if need be
- 300 hours / time needed
its time to buckle down n study. no 2 ways about it. the curriculum is very wide, so much time is needed. that being said, not all is memory work, understanding is more important here. and do not neglect practise exams. the exams are as important if not more than just reading the material. the 300 hours is just a no., quality time spent and the individual’s background plays a part too. remember 300 is just a number…its also the name of a movie…do not get too fixated on it, do as u deem fit and then add a bit more to secure that pass
- materials
i used Schweser exclusively for all 3 levels. just compare the no. of pages of the CFAI text vs Schweser. lesser means more time for practise and understanding. of course i also use the internet, outside finance text books, post qns on AF, etc for supplement my knowledge as and when needed. IMO there is no point panicking half way when u realised that the CFAI books have more info and want to switch materials. Panick is not ur fren when ur 2-3 months away from exam. thats what happened to me. then i remembered that i have been using schweser materials all along and they have served me well. just know the materials inside really well and u should be good to go.
THE POINT is just to know whatever u r using well and not get worried about “under-studying” if u r using external materials
Disclaimer: I do not work for Schweser. all this is just my views. u can replace “Schweser” with “Elan”, “7City”, “CFAI” materials as u see fit.
- L1 / L2 material retention
its not that bad where u have to know everything from L1 to pass L3. as u read through the curriculum, refresh by going back to the old books or internet. u ask me anything from L3 now, think i only have 10% left, i can discuss with u the main ideas but details wise, im a goner. same goes for L1/2 material. refresh when u read about the topic in L3, details needed at L2 are good to have but not necessary if the L3 learning statement does not call for it.
yeah the above all is just my views & opinions after clearing all 3 levels. let me know if u want any clarifications or discuss other areas. now trying to give back to the coummunity like the vetrans S2000magician, cpk123, etc. may post this in L1/2 forums as well.
Lets go Bud!