Hi Guys, I am a part time MBA student . Planning to take the Dec 08 Level 1 exam. I recently received the whole package from the CFA Inst. - just fell of the chair looking at the amount of material they sent !! Given I have only 2 months left for the prep I need help in figuring out how to go about this. Some of my constraints - hectic work schedule (8a-7p), MBA classwork (once a week 6-9) plus family and friend commitments! One plus point however is that I have covered almost all topics in school - so none of it will be a first time read. Long story short my question is what’s the best way to navigate through the entire material - Should I buy a) Schweser Essential pack ($579) + sauce ($99) : This is expensive and I’ll again have too much material to work with b) Schweser Sauce ($99) + question and Exam pack ($449) : Less material less expensive but more manageable given the short time period. Also if you feel there are other combinations that will suit me better I would love to hear those and hopefully ones that are less expensive too Thanks a lot.
Fell off the chair? Do you want my honest opinion? I would not buy anything but recognize that in December I would most probably flunk the exam given that schedule you mention (in my case as it would have been). I’d purchase the Schweser material for the June 2009 exam and go for that date instead, plan on studying a firm 15 hours a week for 18 weeks next spring, and use the December exam more like a practice run (albeit expensive, and regard it as a sunk cost). That’s what I’d have done or, rather, that is how it most probably would have turned out in retrospect.
Are you sure you want to take it in December? Based on your work and school schedule, I would recommend taking it in December (because you probably can’t get a refund at this point) and start studying for L1 again in January for the June Exam. There is a lot of material to cover and the Exam really tests if you know it inside and out. I would still sit for the exam in December though, but only so you know how best to prepare for the June Exam. Regardless, good luck. If you are able to pass the exam in 2 months you are a better man than me. With a full time job, I studied for 5 months to pass L1.
I think a lot of the decision will hinge on how much of the MBA you have done and how well you have done in the subjects, as well as the quality of the school. If you have already done the following subjects: - Economics - Financial Account - Corporate Finance - Portfolio Management I have started my Level 1 study and a lot of it is rehash of MBA material with a slightly different spin. I would say it might be possible but you would be relying on your MBA studies more than you might want to. Either way the exam is a sunk cost at this point, so any study you do now will if in the event of non-success will help for a resit. My point of view anyway
Ya this is my last year in the MBA program and I have already taken all the subjects covered in the exam that’s the only reason why I registered for Dec. But you guys are all right… at this stage its probably a lost cause. I just wanted to check if I were to invest anymore money into this what would be the most efficient reading materials anyone would suggest (am ok with burning another 400-500 bucks)
Stalla is good but it’s known to have longer explanations, meaning more to read, than schweser. So, if I were you… I would buy Schweser study guides and get the Qbank to be able to drill questions. If your background is solid and you work your butt off, I think Dec is possible. Read all the notes and try to do as many questions as possible. It’s the only way to master the material. Hope this helps
Thanks a lot guys… for both the advice and the much required jolt that has got me started with the prep. Have picked up FSA - plan to plow through it first. Spoke to some other people … decided to burn my money on the sauce and the Q banks + Exam combo. Will keep all posted on the progress ! Good luck.
I have a comparison post up on my blog if you’re interested. Look in the archives. I have both sets of materials, but use mostly Stalla for readings/videos(professors are much better) and the Qbank and PassMaster for drilling. At this point though, you’d need to give up your life for 2 months to come close to being ready. I just wrapped up a MBA and MS in Finance course and while some of the material isn’t new, seeing it and understanding it to the level the CFA exam requires is a different ballgame. Good luck.
Having seen the material before is quite an advantage. However, you still need to do a large amount of questions/practice tests so you can get used to the exam games that will be thrown at you on that wonderful Saturday in December. Just my $.02