I’ve just decided that i want to do my CFA level 1 and am all set for it, but have not yet applies for the curriculum or paid for the exam. Since i intend to do that tomorrow, i will probably get the material by February, and i’m really stressed. I’m worried ill lose this year if i don’t manage to give the exam well. since iv graduated in Finance, with a three year degree course ( from India), i dont even know how to go about applying for the curriculum. Needless to say, i feel incredibly stupid. Please help me out. I know you must be terribly busy studying.. but i really am worried.

-Lumilog

Your time value of money thing boils down to a couple of scenarios and knowing how to use your calculator(remember, 2 minute problems). It would be nice to build it up from first principals but you have to find space in your head to remember Chevichev’s rule.

Good Luck,

Andrew

My experience in massive exams like this is that you need to review all material three times and the first time through you need to prioritize what you need to study the most. I took a 13 hour exam a few years ago on tax and the key for me was hitting the most important stuff a minimum of 3x (I hit the hardest 10% a fourth time). For the practice tests I’d highlight the questions I get wrong (or guess) and make sure those are all reviewed throughly the month prior to the exam.

Thanks for the comments! There are a number of excellent resources for learning more about investing. In the end, I wanted a formal curriculum to follow to make sure I wasn’t leaving out any important areas – hence my choosing the CFA program.

As far as the ease with which one can transition from tech to finance, my understanding is that it really depends upon what type of work you’re looking for. Quant positions seem to prefer engineering / math / stats background over business, believe it or not.

Sounds like you’re fairly self-motivated with what you’ve already pursued on your own. Might make sense to go for the CFA designation. As long as the cost of the program isn’t prohibitive, I don’t see that there’s much to lose. At best, you get a certification that represents your dedication and interest in the field, which can open doors. At worse, you probably at least do a better job at managing your 401k or IRA over the years – potentially saving you thousands.

At least that was my rationale!

-Lumilog

Your comment on forgetting things if you study them too early makes sense. I am planning on going through the practice questions again and again (never writing in the book, like you) as this sort of approach was the key to my passing my engineering courses in college.

I haven’t looked into Schweser yet but more & more people are telling me I should…

-Lumilog

Sounds weird but for me the amount of material is why I wait until January. I just feel that material learned in October will be forgotten by June. This gives me enough time to read the assigned material, read the schweser study notes, do the practice questions in the schweser notes (but don’t circle answers in the book). Then write notes on the study notes, for that i like to write really small like a cheat sheet…or actually it comes out to be about 30 sheet sheets. I feel having it all together helps to keep the big picture in mind. I try to get this completed in about 18 weeks and have 4 weeks to spare. as i am doing that i may do some of the questions again. Then I take notes from my cheat sheet notes. Then I take notes on those notes. During that time going back again and doing some more practice questions. I actually end up with just a few pages of notes. I study my final notes, and finally take the 3 Shweser practice 6 hour exams. if i get over 70% i feel pretty good.

I never tracked my study hours but thinking back it seems I would study at least 20 hours per week for 22 weeks, so that would be like 440 hours. I am lucky to have a job that requires no more than 40-44 hours a week. I dont have any kids, the first exam broke up my relationship, women are for June-Dec I really don’t see how any one with kids etc could spend that kind of time. But i also don’t see how i could have passed without spending that amount of time.

By going over it again and again to take the notes it is all pretty fresh in my head on exam day. I am not recommending this method. Just saying it has worked for me for level I and II. Everyone is different. Some won’t need to spend nearly this much time. Some may not be successful studying in this way. But i do believe you have to have some process of condensing the material. The material has to be ‘studied’ and practiced not just learned. CFA knows that the material is not rocket science. That is why the exams are timed and they put little twists in the questions. The material has to be memorized and mastered.

Level III, being essay, made need a new method. If there is anyone on here that has already sat for level III i would appreciate any advice. Good luck to all.

sorry so long winded

-Lumilog