I graduated in '06 from one of the top liberal arts colleges with a degree in PolSci. Now, I am doing research at a medical school but I know it isn’t for me. I would like to take the Level 1 exam in June. Is that enough time? I have only taken one accounting class. I am a good math student so I am not worried about my learning the material. I more concerned with the time to study the material. Also, does taking the Level 1 exam make it easier to find an analyst position if you have no prior experience? I am doing this because I thinking it would increase my chance of finding a job in finance. Right now, I keep getting interviews but no offers. I really think it is because of my lack of a finance background.
It all depends on how much time you can set aside to study. Have a look at the material and evaluate how much difficulty you have in mastering the LOS’s. As for your math experience, the math required for level 1 is relatively simple so you will most likely breeze through quant and will be quicker through equity and fixed income analysis. Since you dont have a finance background, you will probably find FSA to be the most difficult and time consuming. Unfortunately your educational background will be of little benefit for L1. Having said that, you have 18 weeks to prepare, so I would reccomend you set aside at least 15 hours a week to start and see how that goes.
If you are totally new to finance, you should be able to spend some quality time with CFAI’s books. Even if you learn the material you have to make sure that you are really comfortable with all the concepts and formulas and be quick enough on multiples choice Qs. Enrolling for June however won’t hurt, just for the experience. Devote at least 400-500h in my opinion.
Given the current job market you are going to have a lot of trouble getting a job - especially without any financial background/experience. You have a little under 4 and a half months to study which is definitely enough time if, as 128nigel stated, you can put in atleast 15-20 hours a week. The math is not the problem. All you need to know is how to compute some formulas on a calculator. The difficult part is the volume of material - and you probably have not seen 3/4 of it before - which means you’re going to have to do more practice than those with a financial background before you master all the material. What are you interested in? Analyst’s are getting laid off from most of the BB’s. Even Goldman is firing the bottom 5%. However, given your college background (sounds like you went to a NESCAC school or something) you will have a leg up. If I were you I’d definitely take Level 1 now, rather than later, and then level 2 the following June and you will be in much better shape. Goodluck.
to answer your question it is definetly enough time if you are willing to comit yourself to it. i would also plan on studying somwhere between 4-500 hours to have a really good chance of passing - you might do it with less hours
Agreed, it’s definitely possible, but don’t underestimate the challenge… as someone with a Biology degree about 3/4 of the way through the material for the first time, the problem isn’t the difficulty of the material except for a couple topics… it’s the insane volume. You’ll definitely need a lot of review time because with so many new topics, you’ll forget a ton of stuff, even if you understood when you read it the first time, you probably won’t retain the crazy volume of material. Remember, there’s a 60% failure rate on the level I exam (roughly), and we’re at a further disadvantage not having a business background. Keep that in mind when you’re thinking how much you need to study.
jalmy8 Wrote: ------------------------------------------------------- > Given the current job market you are going to have > a lot of trouble getting a job - especially > without any financial background/experience. You > have a little under 4 and a half months to study > which is definitely enough time if, as 128nigel > stated, you can put in atleast 15-20 hours a > week. > The math is not the problem. All you need to know > is how to compute some formulas on a calculator. > The difficult part is the volume of material - and > you probably have not seen 3/4 of it before - > which means you’re going to have to do more > practice than those with a financial background > before you master all the material. > > What are you interested in? Analyst’s are getting > laid off from most of the BB’s. Even Goldman is > firing the bottom 5%. However, given your college > background (sounds like you went to a NESCAC > school or something) you will have a leg up. If I > were you I’d definitely take Level 1 now, rather > than later, and then level 2 the following June > and you will be in much better shape. Goodluck. I know the current job market stinks. I do have a great alumni network from my college though. I can get interviews with firms. I just need to demonstrate to them I could handle the work. I probably wouldnt find a job until the later half of the year anyway.
iamsmrt Wrote: ------------------------------------------------------- > Agreed, it’s definitely possible, but don’t > underestimate the challenge… as someone with a > Biology degree about 3/4 of the way through the > material for the first time, the problem isn’t the > difficulty of the material except for a couple > topics… it’s the insane volume. You’ll > definitely need a lot of review time because with > so many new topics, you’ll forget a ton of stuff, > even if you understood when you read it the first > time, you probably won’t retain the crazy volume > of material. Remember, there’s a 60% failure rate > on the level I exam (roughly), and we’re at a > further disadvantage not having a business > background. Keep that in mind when you’re > thinking how much you need to study. Is there a huge advantage to taking a prep class? They are kind of pricey.
I think the prep classes are over-hyped, although if you tend to understand stuff better during class rather than by studying yourself, then take the class. All I know is that when I was in college, I could sit through an entire lecture and feel lost but when I read the material myself, everything was much more clear…and sometimes not as boring either…either way, I passed last December and all I used were schweser study notes, nothing else. Just out of curiosity, wouldn’t doing research at a medical school prove you can do the work? I mean, any “entry-level” analyst job doesn’t require TOO much of a financial background. What I mean is, you were able to get the interview, which says something. Perhaps you need some help with your interview skills? Don’t take it personally, I’m just trying to help 
jalmy8 Wrote: ------------------------------------------------------- > I think the prep classes are over-hyped, although > if you tend to understand stuff better during > class rather than by studying yourself, then take > the class. All I know is that when I was in > college, I could sit through an entire lecture and > feel lost but when I read the material myself, > everything was much more clear…and sometimes not > as boring either…either way, I passed last > December and all I used were schweser study notes, > nothing else. > > Just out of curiosity, wouldn’t doing research at > a medical school prove you can do the work? I > mean, any “entry-level” analyst job doesn’t > require TOO much of a financial background. What > I mean is, you were able to get the interview, > which says something. Perhaps you need some help > with your interview skills? Don’t take it > personally, I’m just trying to help This might be partially it. I think I would be more confident at the interview though if I had more of a finance background.
I started around a similar amount of time before the Dec exam… Worked many long days under the hot sun in July/August/Sept after which studying wasn’t in the books (so to speak), was diagnosed with diabetes a month before the test, and I pulled it off with little more relevant training than a couple accounting classes and a math minor in university. Nothing fancy, just CFA text and Schweser notes. Go for it!
the answer is no no no. THere is not enough time. Forge what everyone is saying. You need at least 6 months. THere is no way…
I totally disagree with btw55555555. I myself did level 1 with 400 hours of study. I never ever had financial background. Things are not that difficult for level 1. Go for level 1 this june itself, you have nothing to lose.
If u r completely focused on ur studies for the next 4 months, it should be ok… jus make sure u put in atleast 15-20 hours per week…