AuthorTopic: help me -- someone?
shomo
@2004-10-20 09:04:51
All, can someone guide me about study materials, websites, notes, etc. to prepare me for Level 1 in mid 2005. I am working full time at saint louis , missouri (usa) and the only finance studies I ever took was during high school (engineering degree did not provide me financial knowledge) . I am looking for some guidance on starting the program .

Thx.
Shomo .
DDBB
@2004-10-24 08:43:57
As for websites, CFA center is a good one.

As for study materials, text book is the first choice. But since you've registered for the exam and are working full time, study notes from the prep course providers may be more efficient.

Still I think for an engineeing student as you and me it is a better practice to start from ABCs-I mean it may well be better to be knowledge-oriented than exam-oriented.
fariz
@2004-10-25 03:07:14
Another engineer here, signed up for the CFA Level 1 in June 2005.

Though I agree with DDBB about the study notes from prep course providers, I would definitely recommend sticking to the CFA Institute recommended textbooks (though I know it costs an arm and a leg..I should know, I'm buying them in Malaysian Ringgit. US$1 = RM3.8!)

I say this as the textbooks are undiluted and pure whereas those from the prep course have been distilled (most often too much) by the providers. You will see that a lot of people complain about Schweser notes as, though they are nice and concise, usually give sample exams that are "too easy compared to the real tests" and Stalla which basically have notes that are way too short and way too distilled.

A lot of CFA charterholders recommend the textbooks (though this might be financially-biased on their behalf, I don't know), but logically, if we know the textbooks inside out, CFA Institute can set questions from any part of the book and it'd be a breeze for us (as CFA Institute sets questions ONLY from the textbooks). Though I wouldn't say the same for those who prepare with prep course providers as they might have distilled this part of the book.

In sum, I'd say do both the textbooks and the prep course to complete the recommended 250 hours of study per level as CFA Institute has warned time and again that the prep course should only "supplement NOT replace" studying from CFA Institute recommended materials.

I know that this might be a bit tough on the noggin seeing that you work full time and all (so do I). The way I see it is that I'm already spending a small fortune on this, I might as well pass it!

Hope this helps.
DDBB
@2004-10-25 20:59:54
Another thing I want to say to the engineers here is that we have the absolute ability to well understand the textbooks. Finance and engineering have much in common in terms of the way of thinking-both are based on logics and reasoning.

For example, the market equilibrium is essentially the same as the chemical equilibrium, isn't it?
fariz
@2004-10-26 01:42:18
Seeing the excellent response to this particular question, we should start an online CFA Forum for engineers, shouldn't we?
Matt
@2004-10-27 12:41:54
Shomo,
The answer is based on your personal study methods. If you require more time and depth of topics, perhaps the textbooks are needed. If however you are able to pick up concepts fairly quickly and painlessly, a set of study notes may suffice.
Best of Luck.
thobile
@2004-10-28 02:41:09
Hi Guys, I am also a Chemical Engineer and have enrolled for the June 2005 CFA exam. I have purchased a few of the CFA books and i think grasping the finacial consepts are not that hard but i think for an Engineer without any finance and economics background it will be safe to read thru the textbooks and then supplement with the notes towards the exam. I say this because the are consepts that are assumed to be common knowledge in the CFA e.g macro and micro economics which are basics of ecomomics. Us engineers have not had much education on basic economics. So its better to be safe than to be sorry.
shomo
@2004-11-12 17:35:39
guys, really appreciate you all for the valuable inputs. i have started studying and yes, it does seem okay [except for study time :)] .. at this stage .. i do find that i am having to consume a few more chapters than the ones recommended just to get a few basic concepts clear. i guess accounting and economics students are better off in that respect .. cheers all! happy reading !
Rozase
@2004-11-18 01:55:23
I am still not understand how the $59 membership fee works. If I registered and pay $59 to become member, do I have access or study session for all the topics covered for the Level 1 June 2005 exam. How do I pay... Regards

CFA Discussion Topic: help me -- someone?

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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