Hello, I’m new to the forums. I registered for the CFA exam in December and I’m a current MBA student. I hardly have any finance experience and I’m getting really nervous. Are the CFA1 books necessary to pass, or should I use something like Schweser? I feel kind of sick that I spent $1,200 on a test! Also, can a pass on CFA level 1 make up (to a degree) for a lack of financial work experience? Thanks in advance.
CFAI material is by far the best way to prepare for the test.
Now, if you don’t have the time to prepare Schweser might help you saving time with the readings, but I would certainly not forget to review CFAI EOC.
Oh, and I don’t think CFA L1 will make you up for lack of financial work experience…I don;t think level 2 would do that neither.
hmm…
im going to start off by saying that i think it was a terrible idea to sign up for level 1 while you’re a current mba student…but thats already a done deal so thats not constructive, but you should know that anyway
in order to put in the suggested time…300 hrs…starting today you would need to average about 16 hrs per week until exam day…doing that while taking other classes that you will need to study for, do projects on, and prepare for exams and finals will be daunting…im a little concerned for you
can passing the exam make up for no experience? no…it can show dedication to the material…but if an employer had the choice between someone who passed level 1 and someone who spent their summer as an analyst its safe to say they’d probably take the analyst, as level 1 seems to be undergrad micro, macro, business finance, equity, debt, and financial management all balled into 1 with some ethical standards…therefore, nothing new
your best bet is to use your campus recruiting and career center to network and try to get some form of an internship…even if its a spring internship…just SOMETHING…even the universitys endowment fund or something
good luck and keep us posted
You don’t need a prep course, you can pass while studying finishing your MBA - there are MBA programs the partner with CFAI.
But if you plan to finish both, make sure you are willing to give up your life until one of them is complete.
Do all end of chapter readings, if possible, twice. Read the LOS make sure you understand each statement.
Review the CFA exam topic weight, if you are pressed for time Accounting is more important than Alternative Investments.
http://www.cfainstitute.org/cfaprogram/courseofstudy/pages/topic_area_weights.aspx