NEWBIE HERE WHO NEEDS ADVICE

Hey, I have very little experience in finance. I took a few courses in college (macro,accounting 1) and I also have my Series 7 but I know that means absolutely nothing when comparing it to the CFA. I just signed up for LEVEL 1 DEC 2010 exam and also, I have the Schweser package. Also in my arsenal, I have Sen Finance videos in case anyone is familiar. I have 10 months before I sit for the exam and I have been studying for about a week now. I am going to try and finish each study session following the CFAI 18 week course outline. Every time I finish a CFAI study session, I will read the same Schweser session. Then after the 18 weeks are up, I will read through whatever I had problems with which would probably take another 2 months. With the remaining time I will only take exams. What do you guys think? Do you feel there is a better strategy for a novice such as myself? All comments and suggestions are greatly appreciated!!

Hi, Garry. Welcome to the program and AF. I think you will be fine for L1. Just read all the Schweser books, and do all the practice questions and tests that you can find. L1 is not a difficult test. Most June candidates start studying around now.

Great, thank you very much for the reassurance!!!

Garry you can probably ease off a bit - there’s no real need to start this early. Give yourself 2 months off and start in April if you want. I started about there for the Dec 08 exam and passed without problems. By starting too early you run the risk of burnout, which is a common problem with L1 (most people will even tell you that April is way too early). Also, I’ve never heard of anyone reading both CFAI and Schweser - you are best off choosing one and focusing entirely on that. Perhaps choose Schweser and make sure to do all the end of chapter questions in the CFAI text (plus practice exams etc)

Hey Garry, let me respectfully disagree with the people who decline starting early. I personally have a non-finance background, biology degree. My personal strategy was to read Schweser at least twice. Once, just go get a good idea of what was going on, but not worry about the details. Second time through, really understand everything. CFA level I covers a vast vast array of topics, you are unlikely to remember week 3 after finishing week 18 (ie. 15 weeks, ie 3-4 months) when you’ve only read something once. It’s the number of times you’ve read it that helps. I can NOT underscore the importance of the Stalla Flashcards in addition to the Schweser books. Schweser books rock, but Stalla flashcards present material in slightly different wording (different provider, slightly different explanation), but with the flash cards you can see the material MANY MANY more times. Instead of reading even Schweser just twice, you can memorize the main concepts from the flash cards. And tons of the answers will be directly from those flash cards because they pertain directly to the LOS. I’m writing CFA Level III in June. I got all sections above 70% except one subsection 50-70%. For CFA Level II same except two subsections 50-70%. I can not underscore the importance of the flash cards and seeing the basic concepts many many times. Your mileage may vary according to your study habits/preferences, but this strategy has been working for me. I may overstudy a bit, but I’d rather do that than waste another year cramming and having to tell everyone that I’ve been a hermit for a year and failed. Good luck :slight_smile:

GarryZeltserCFA Wrote: ------------------------------------------------------- > Hey, I have very little experience in finance. I > took a few courses in college (macro,accounting 1) > and I also have my Series 7 but I know that means > absolutely nothing when comparing it to the CFA. > > I just signed up for LEVEL 1 DEC 2010 exam and > also, I have the Schweser package. Also in my > arsenal, I have Sen Finance videos in case anyone > is familiar. I have 10 months before I sit for the > exam and I have been studying for about a week > now. I am going to try and finish each study > session following the CFAI 18 week course outline. > Every time I finish a CFAI study session, I will > read the same Schweser session. Then after the 18 > weeks are up, I will read through whatever I had > problems with which would probably take another 2 > months. With the remaining time I will only take > exams. > > What do you guys think? Do you feel there is a > better strategy for a novice such as myself? All > comments and suggestions are greatly appreciated!! That’s too much work for L1. Forget the CFAI books, not needed for L1 or L2. Focus on Shweser notes and the Qbank for L1. The whole thing should take you no more than 4 months to be extremely well prepared.

iamsmrt Wrote: ------------------------------------------------------- > Hey Garry, let me respectfully disagree with the > people who decline starting early. > > I can NOT underscore the importance of the Stalla > Flashcards in addition to the Schweser books. Starting in April is still starting early I would argue. Also, making your own flashcards is a better bet than using the Stalla ones. He has the time to do his own.

All, I’m a newbie too and I have no finance background but I am pursuing CFA L1 to do better at my job. I’ve registered for L1 Dec 2010 and have got my study material from CFA institute. If I concentrate fully on that, do I still need to cover schweser ( or any other ) notes ? Has anyone done the same before ? If yes, how was your experience ? Thanks !

The CFAI readings are great, but it can be hard to focus on what is critical for the exam. My preferred strategy (which I didn’t always implement successfully because I fell behind) is to do the readings from the study provider (I used Stalla, but Schwesser is fine too), then go back and read the CFAI readings. The study provider can help you identify the most important themes. Once you have that, you can get through the CFAI readings faster and benefit from the extra insights that the original readings give you. The original readings are well written, it’s just that they weren’t written specifically for the exam, so they can digress into a issues that aren’t likely to be tested, etc. Sounds like you have plenty of time to study. I didn’t know anything about finance when I started (other than some stats and economics). If you’re dedicated and put in the time to study, there’s no reason you can’t do it. Brains and hard work: the exam requires some of both. The more you have of one, the less you need of the other.

Advice: Dont use your real name in this forum. Thank me later.

I think you are starting too early.

BizBanker Wrote: ------------------------------------------------------- > Advice: Dont use your real name in this forum. > Thank me later. Funny, but very true advice!!

welcome on board horse girl!

What happened to Rachel Li??

GarryZeltser is obviously his pron name, guys. DUH.

^no, he’s real http://scrapetv.com/News/News%20Pages/Health/Images/fat-guy-in-spandex.jpg

Horse Girl Wrote: ------------------------------------------------------- > BizBanker Wrote: > -------------------------------------------------- > ----- > > Advice: Dont use your real name in this forum. > > Thank me later. > > > Funny, but very true advice!! This is probably the most unattractive handle I have ever read. Why the long face Horse Girl?

Thanks a lot, bchadwick !

storko Wrote: ------------------------------------------------------- > Horse Girl Wrote: > -------------------------------------------------- > ----- > > BizBanker Wrote: > > > -------------------------------------------------- > > > ----- > > > Advice: Dont use your real name in this > forum. > > > Thank me later. > > > > > > Funny, but very true advice!! > > > This is probably the most unattractive handle I > have ever read. > > Why the long face Horse Girl? Thats not even the worst interpretation. Ever been to TJ?