Level 1 Takers, Background: I’m fresh out of undergraduate with a degree in Finance. I’m also using the Schweser material. Question: Since Economics makes up a small portion of the exam how much time should be spent on all of the concepts? Will the CFA keep the questions fairly broad or is every detail fair game? I’m not trying to find shortcuts, but rather trying allocate my study time appropriately and efficiently. Thanks and best of luck to everyone!
I would say look at LOS… know them all as they are all fair game.
I’m using Stalla and following their recommended study schedule… roughly 2 weeks for Econ. I don’t see how anyone can complete and comprehend all of the material in less than 2 weeks unless you’re undergrad/grad degree is based in economics… granted I am completing the readings, video lectures, and all pass master problems.
I have been trying to go through all the material, but i am finding it really hard to stay focused with economics especially with different long run and short run graphs. Im gonan do all the passmaster and see how it goes
Maybe its diff for everyone, i finished the readings in 6 days (althouhg i was intentionally griding through as I was getting ready to take a 2 week break), and reviewed by doing qbanks for 2-3 days more. I averaged 80%. There were a few graphs (maybe like 2 total) that you just flat out need to memorize, the rest is logical. That being said i did have a stray 62% test, so i suppose if i got asked all the wrong questions I could still mess up, but for a first pass i didn’t think it needed that much attention.
762.5111949111588119191951251 minutes
I’m bumping this thread in the hopes that someone who already took L1 will throw in their 2 pennies.
7 - 10 days
it took me 3 weeks…I go by 1 reading a day…or 1 study session a week…
just read the f’ing thing until you understand it when did studying become so complicated
It is complicated, my friend. I wish it was as simple as understanding…To understand some concepts needs a lot of time, lot of patience, and a lot of hardwork looking at various resources…books, internet etc…So, if you have a deadline to complate a particular reading or session, it helps…ya?
nope, it’s as simple as understanding it and moving on these threads are pointless, there isn’t some sort of magical formula to pass the exam, or optimal number of hours you need to spend on econ
i agree with setting deadlines and goals… but c’mon… optimal time? “oh boy i understand the material but i did not study the optimal amount of time! time to read this again!” “well i don’t understand this at all, but i studied the AF optimal amount of time! next subject!”
I spend like 3-4 days or around 20 hours max (some in weekend) because the materials between reading session isn’t that much of a difference and sometime you can just use plain logic to answer the question.
Supersharpshooter, I appreciate your condescending responses. Yet, many people here only have a limited amount of time to study. We have other priorities in our life which must also be addressed. Thus, in theory, we’d like to use every second of your time in the most efficient way possible. In a perfect world we’d all have infinite time and could understand every concept (like you do). Yet, this is not the case and we must weigh our options on how much to study for each subject. Those topics with more weigthing should be given more study time. If you feel that you can contribute positively to this thread then your knowledge and input is appreciated. Best, MrE
supersharpshooter Wrote: ------------------------------------------------------- > 762.5111949111588119191951251 minutes
MrE, I did my undergrad in econ and went through the schweser econ book in 12 days while working 830-530. I spent 2 hours a night for 3 days during the week and 5 hours a day on the weekend. I did the end of chapter questions, took notes, and did the self-test in the schweser book. If someone who is new to econ or the CFA was asking how much time to allocate, it is good to see what other people are doing. That being said, given your background knowledge and remaining material to cover, the optimal time to spend is a tradeoff between: “do I know all the LOS’s inside and out for Economics”, and “I don’t know econ inside and out, but there are other sections with a higher weight which I need to work harder on to ensure I pass”. Make a judgement call. You can pretty much figure that you need at least 7-8 out of the 10 sections in the >70% range to pass (your exam is seperated into 10 sections and you are graded within 3 ranges: ,50%, 51%-70%, and >70%). So, decide where YOUR efforts need to be in order to make sure you are in >70% for at least 7-8 sections. Econ is tough, use this forum to ask questions (techincal too) and gain some perspective on your situation, but do not use it as road map to a pass. Everyone is different. Good luck MrE.
I would also warn to not underestimate the value of econ. It is not one of the larger sections, but it is also not insignificant. IIRC, FSA and Ethics are the only two sections that have significantly more weight on the exam. I also noticed that come practice exam time this past November, a lot of people on this board were showing some very volatile econ scores. There is a lot of testable material in the book, if you get a lot of questions from a section of econ you know cold, good on ya. However, there are a ton of obscure questions that can and will show up as well. What I’m getting at is that hitting that magic overall score of 70% on practice exams seemed to be highly dependent on the econ section of that particular practice exam for myself and many others.
philip.platt Wrote: ------------------------------------------------------- > 7 - 10 days I think you can average around 7 - 10 days to complete everything, depending on how comprehensive you are trying to be. Keep in mind, graphs take up a lot of space, so it may seem bigger than it really is. That’s not saying there isn’t a lot of content in the chapter. Ultimately it just comes down to how fast you can comprehend the materials and go forward. It will be different for everyone.
I can’t really add much, although I do agree with SSS to a point. No one call tell you how long you need to study the material to have a comfortable knowledge of it, and there is no ‘optimal amount’ for complete comprehension. On the other hand, from what I’ve seen, an average of 2-3 weeks of studying should be enough for a good understanding. If you are a fast reader and are good at economics, then 7-10 days should be fine. Good luck!