Sunday, March 27, 2005
A Reprint on Someone's Advice on Passing Level 1 CFA
A while back ago, I saved this post how to pass level 1 in the CFA forum. As I said before, take everything with a grain of salt but I took some pointers from this post.
Author: level1candidate
Date: Sunday, July 18 @ 2:44 pm
This posting was in the general discussion section. I thought of bringing this to the L 1 section.
Author: RobRob
Date: Tuesday, June 3 @ 7:13 am
Subject: How to pass Level 1.
I thought to get away from rehashing hell perpetually on this addictive forum we could help some of the DEC L1 guys on their journey. Maybe some of the recent L1's could add to this. I passed L1 in 2002.
The key to passing Level I easily for me was practicing the tests-Use your testbanks over and over again. I took over 8000 questions on the computer. Use this to complement the notes (my preference was Schweser). Although I had every textbook I never opened one except for ethics.
Although it is blatantly obvious, learning the material focusing on the LOS is important. Especially the material that comes back in Level II. A strong base is very helpful, especially the base in portfolio, quant etc. which helped me immensely for L2 in 2003
Learn you calculator completely. There were questions that you could enter numbers into your calculator and get the answer directly (i.e. quant etc.).
I thought I would post a list of the functions you should know on your TI calculator that are directly applicable to the CFA tests (at least level 1). Although not much time is spent on this topic knowing your calculator should be Study Session 19.
The functions are:
1) One variable statistics (pg 7-10)
2) Entering data (7-5)
3) Breakeven Worksheet (8-16)
4) Interest Conversion (8-7)
5) TVM (2-14)
6) Cash flow worksheet (NPV/IRR) (4-1)
7 ) Percent change/Compound Interest (8-2)
If you know these you will pick up points without any hand calculations. I guarantee it. Remember to know how to change between beginning and end when doing cash flow problems and set your calculator to P/Y=1 when you take it out of the bag.
In the interest of fair disclosure I also have two HP's from my engineering days but chose to take the TI due to these worksheets and ease of use offsetting the value of RPN for long equations.
I THINK THE ONLY WAY TO DO WELL ON ETHICS IS TO BUY THE AIMR ETHICS BOOK<>
HAVE A SYSTEMATIC STUDY PLAN FOCUSING ON THE LOS QUESTIONS
The study method that you should do for level 1 is the following in order of priority:
1) Get a good set of study notes from a reputable provider with sample exams ( You can get sample notes from each provider to see what best fits you-I read the notes to see if I understand the LOS literally and clearly.
2) Get access to a good computerized testing system
3) Buy the books-I didn't crack them for Level I but I have used all of them for LEVEL II so far.
4) Use a three day course after you have learned the material not to learn it but to pull it all together (To see the forest through the trees).
There is an active secondary market for study materials on EBAY to help offset the cost.
I would also encourage people to pass their notes and compliant non copy protected material down (PAY IT FORWARD) to some of the consistent quality posters on the forum who are a Level below you. I did it for Level 1 and intend to do the same (if godwilling I pass) for Level 2.
Author: level1candidate
Date: Sunday, July 18 @ 2:44 pm
This posting was in the general discussion section. I thought of bringing this to the L 1 section.
Author: RobRob
Date: Tuesday, June 3 @ 7:13 am
Subject: How to pass Level 1.
I thought to get away from rehashing hell perpetually on this addictive forum we could help some of the DEC L1 guys on their journey. Maybe some of the recent L1's could add to this. I passed L1 in 2002.
The key to passing Level I easily for me was practicing the tests-Use your testbanks over and over again. I took over 8000 questions on the computer. Use this to complement the notes (my preference was Schweser). Although I had every textbook I never opened one except for ethics.
Although it is blatantly obvious, learning the material focusing on the LOS is important. Especially the material that comes back in Level II. A strong base is very helpful, especially the base in portfolio, quant etc. which helped me immensely for L2 in 2003
Learn you calculator completely. There were questions that you could enter numbers into your calculator and get the answer directly (i.e. quant etc.).
I thought I would post a list of the functions you should know on your TI calculator that are directly applicable to the CFA tests (at least level 1). Although not much time is spent on this topic knowing your calculator should be Study Session 19.
The functions are:
1) One variable statistics (pg 7-10)
2) Entering data (7-5)
3) Breakeven Worksheet (8-16)
4) Interest Conversion (8-7)
5) TVM (2-14)
6) Cash flow worksheet (NPV/IRR) (4-1)
7 ) Percent change/Compound Interest (8-2)
If you know these you will pick up points without any hand calculations. I guarantee it. Remember to know how to change between beginning and end when doing cash flow problems and set your calculator to P/Y=1 when you take it out of the bag.
In the interest of fair disclosure I also have two HP's from my engineering days but chose to take the TI due to these worksheets and ease of use offsetting the value of RPN for long equations.
I THINK THE ONLY WAY TO DO WELL ON ETHICS IS TO BUY THE AIMR ETHICS BOOK<>
HAVE A SYSTEMATIC STUDY PLAN FOCUSING ON THE LOS QUESTIONS
The study method that you should do for level 1 is the following in order of priority:
1) Get a good set of study notes from a reputable provider with sample exams ( You can get sample notes from each provider to see what best fits you-I read the notes to see if I understand the LOS literally and clearly.
2) Get access to a good computerized testing system
3) Buy the books-I didn't crack them for Level I but I have used all of them for LEVEL II so far.
4) Use a three day course after you have learned the material not to learn it but to pull it all together (To see the forest through the trees).
There is an active secondary market for study materials on EBAY to help offset the cost.
I would also encourage people to pass their notes and compliant non copy protected material down (PAY IT FORWARD) to some of the consistent quality posters on the forum who are a Level below you. I did it for Level 1 and intend to do the same (if godwilling I pass) for Level 2.
Disclamier:
The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities. Past performance is no guarantee of future results.
