AuthorTopic: Better advice from an L1 Veteran
@2005-12-03 21:15:29
Don't pay attention to people's advice to study this or that in particular. The only advice you should take on exam focus is what the CFA Institute provides as their LI exam weighting:

Financial Statement Analysis: 28.3%
Ethics: 15%
Quant. Methods: 11.7%
Equity: 10%
Fixed Income: 10%
Economics: 10%
Derivatives: 5%
Portfolio Management: 5%
Alternative Assets: 5%

OK, now you know what's most important. Now, KNOW EVERYTHING about these topic areas. The only way to do well on this exam is to truly have a strong understanding of all the concepts, not just "what happens to this ratio", but what happens to all income statement and balance sheet accounts.

Not only that, you should honestly try to know each of those LOS very well. Even if they aren't heavily weighted topics, they pose the risk of being a potential question. And when you see it on the exam, you are going to kick yourself for not commiting it to memory.

If you are starting now for the June exam, you are ahead of the game. The trick is staying on course and devoting the time necessary to master all of the concepts. If you truly apply yourself, you will pass this exam. 66% of candidates don't have the passion or persistence to apply themselves, that's the only reason the pass rate is 34%.

Set yourself apart from the crowd. If you are willing to not have a life for 5-6 months (because that's what it will take, especially if you are working), then you will be ok. If your will power is weak and you give in to peer pressure easily, you will most likely end up in the 66%.

Remember this at all times: The pain you endure to achieve goals like this is easily forgotten, almost immediately after you take the test in fact, but the dissapointment of defeat stays with you much longer. Work hard the first time and cry only once.

Good luck...
@2005-12-06 03:09:54
I guess I feel the pain of failure now. Never happened to me in other exams.
@2005-12-06 07:34:29
I used analystnotes for the exam. I think it did a good job and I felt pretty confident after the exam. It had about 6000 questions. I thought it was good accompaniment to the textbooks. I did about 4000 questions, about 120 a day for like 3 weeks. I stopped last week because i was sick of it.
@2005-12-09 06:20:10
Can someone please let me know what Textbooks are needed for Level 1. I looked at Chartered and seems like there curriculum are short chapters from Various books put together to fit as guide for LEvel 1. If anyone can help with the list of Textbooks for all three level or just level 1 is greatly appreciated.

Thanks,- John
@2005-12-10 20:16:44
Great Advice.

Hope more of the veterans come back to give some advice to the novice.

Thanks a lot
@2005-12-12 18:27:57
I used Schweser study notes. He's right in that you need to basically know everything. Do your best to commit everything to memory and take as many practice exams as possible. CFA won't test you on what the financial ratios are, but they will test you on how well you know your ratios. Almost everything is applied knowledge from what you have spent the last 6-8 months cramming for.

I took the December exam and am waiting for the Level 1 results. In the meantime, I ordered Level 2 to get a start on the material. Unfortunately, this has to be the course of action I have to take because I won't have enough time to prepare if I wait for the results to arrive in January.

My recommendation is to use whatever study guides or classes you choose to take and commit to it 110% I didn't bother with the textbooks.
@2006-01-21 20:49:01
Dead right! You have to KNOW the mreaterial to pass the exam.There are no short cuts!
@2006-05-03 03:59:44
The real crux of preparation is, I think to take the RIGOR training before taking the actual test. The more I am preparing myself for LI exam. the more I can feel it. Its like a combat training for the commandos. If I have this training beforehand, I know I am well preapred for doing the actual fight.
@2006-08-28 13:50:31
You MUST know the material,think quickly, get rest before the exam day and have some chocolate between the two parts:)
@2006-11-26 09:56:33
Do we need to know the exact standards first topic?

@2010-04-23 16:01:47
My question is in regard to the formulas. Do you have to have them all memorized or will you be given the formula and then you have to know how to use it?
@2018-09-08 12:01:58
LOL @ being given the formulas - I passed level 1 and I took level 2 in June - you dont get formulas.

CFA Discussion Topic: Better advice from an L1 Veteran

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I just wanted to share the good news that I passed CFA Level I!!! Thank you for your help - I think the online question bank helped cut the clutter and made a positive difference.
Edward Liu

Edward Liu