This is the second strategy in the series of study strategies I have personally created when I studied for level 1. You should be able to effectively apply to other levels, all you need is to be mindful of the factors I will list below for the material you are reading.
For anyone who is taking the December exam, I would assume you already have some sort of studying material covering the cfa curriculum. If you are planning to take the June exam for l2 or l3, you still have a lot of time to research on the study material provider. Regardless of what you choose, I’ve defined a quick study metrics as follows:
1. Sequence: What I am referring to is the order to which you will complete the entire reading. Ethics and Quant sections are always at the beginning of most provider books. However, candidates can choose to do certain readings first, such as Financial Statements Analysis, but I followed the curriculum starting from Quant, Quant was the easiest for me, so my strategy was to just get it over with and only go back when I needed to review. This way i was able to quickly finish reviewing what I already know, and save large chunk of time for more difficult topics closer towards the exam to keep my memory fresh. I think everyone should create their own reading list to optimize their total amount of studying time.
2. Exam Topic weights: the weights published on CFAI website has changed quite a bit since the year I took l1, FSA used to dominate the l1 exam with 36-40% weight, now it’s only 20%. However, the general theme is still the same. The most important thing about it is always keep in mind, the weights of each area, and remember the top 3 topics please. This will help you put proper emphasis on the important areas during your studies. And as you start to do final review close to the exam, you can almost forget about the least weighted areas if time becomes a pressing issue, say the last few days before the exam.
Here’s a link to the l1 2014 December exam topic weights below. They’ve made this so much more candidate friendly, they even tell you the weights on each study session, this was not the case when I took it, so take advantage of it.
Here’s a table for 2015 exams.
3. Practice questions: while you study and practice exam questions, you will learn about what works more effectively for you with respect to when you do the End of Chapter (EOC) questions. Make sure you do EOC questions, as well as CFA textbook EOC questions which are more important. Time management is key, I will add more on the time management topic later on for the exam day.
This is it for today’s post, try to keep these factor and execute them while you study. I think this 3 strategies will help candidates with a top-down approach and provide you with a bird eye view over the material, once you identify what works best for you, dive into the mighty CFA materials on a more granular level.
Good luck!
28 comments:
Thanks! Been waiting for this second exam strategy post! That is really fantastic! I wish you had started your blog earlier! Taking for the second time level 2. Thanks, you rock!
Me too, taking level 2 for the second time. I agree with Laura, about the waiting...me too I have been checking your blog and waiting for this second strategy post.
Looking forward your summary in key things to remember for level 2.
Thanks guys, still need to add the 2015 topic weights.
Thanks for this second post on strategy, very helpful . Your blog is really great! Keep up the good work. I'm doing level 2 too and I hate it....no life.
Like other say, it will be fantastic if you have a good summary fir all the things we need to remember for level 2. But I think it is a lot if work for you, but I will definitively find come back to your blog.
I'm doing level 3 and I already fail 3 times. For me what would be very helpful is to have a key summary of things to remember for level 3.
You must be an amazing person to take your time to do this blog. I don't think I will write a blog even if I pass all level, no time. Need to help out more at home as my wife is expecting our first child. We argue a lot because of this exam. If I fail this time, I stop. Thanks for your inspirational blog.
I see you don't gave much post, probably because you just started but I think it is Best blog on cfa ever! Thanks. I save it in my favorite, doing Level 1 for the second time. Having more hope ins thanks to you. You have no idea how helpful it is. As someone else mentions, I'm also a bit addictive to your blog...I'm even checking I your blog in between meetings and toilet.
Thanks a lot for this second strategy. That is very helpful. I will just follow exactly all your tips. Thanks. If I pass level 2, I kept you know.
I'm really glad I find this blog. Thanks for sharing your experience. Doing level 2 for the second time. Pass level 1 after 3 times with 2 painful breakup during level 1 and just breakup with gf yesterday. From my experience, not sure what is yours, but beside a good strategy of study, good support from the partner is important, at least for me. Every breakup with the failure of passing a level is intensive for me. None of my gf really support my cfa study, as I didn't have time for them. It is hard to find a nice and good gf who is willing to put on hold her life for just few months for my study. What is your experience on that?
This blog is very helpful for me, not just the tips and strategy and explanation on complex material...but I enjoy reading all the post and comments....I thought I was the only one experiencing these things....me too. Went through a break up at level 1 and 2. Now doing level 3 and single. I agree with you Anonymous, beside good study strategy, support from the partner or gf/bf is important. After my last breakup, I decided to not have any relationship because I know I won't have time for any relationship. My mom always nags to find a good gf, who can cook for me, every day when I'm studying and support me, but I told my mom such gf doesn't exist (and even some wife aren't understanding for cfa exam); and if such understanding girl exist, it is like one out of million and won't appear by magic in my life. My advice would be better focus in your study, but if you come across such girl then you are very privileged! What do you guys think? Tonight another night of study when my friends are having a birthday party....no life.
Thanks for the post, great blog! Doing level 3. Fork. All the comments, seem people are more doing level 1 or 2. Can you out more material focused on level 3? Is it possible to put key elements to remember for level 3, as a summary of things to study for passing level 3. Much appreciated!
Very interesting to read all the comments too. I didn't break up with gf in level 1 but break up with her in level 2. Having now a gf while I'm doing level 3. Owen, you should tell your mom such gf cooking for you doesn't exist, nowadays girls are working full time and even if they are not working, I notice girls cannot really cook. My current gf never cook for me, unless you call microwave food or take away food is cooking. :)
But yeah, I agree having good gf helps to pass cfa too...I disagree with you Owen that we shouldn't have a gf when doing cfa. If you find a good gf, who understands this is important for you and support you, life is less dry...but yeah, I agree that in general such understanding gf who can cook doesn't appear by magic in your life...if I had met one, I would already marry her. (Hope my current gf won't read this comment).,,,:)
Thanks a lot, I heard your blog from a friend who us very excited about your blog. When I first open your blog today, I saw you gave over 900 page view which I find a bit unusual as you don't have much post. But after I started to read all your blog, I thought wow now I understand why. Your blog is very inspirational and personal, with good strategy and I like very much your explanation on the bond post which is very well explained, much better then the way my husband explain to me. My husband is doing cfa level 2, and I'm doing level 1. So your blog will be the topic of our dinner conversation :)
If you can post more tips and summary of things to focus on level 1 and 2 it is greatly appreciated. Thanks. About the last 3 comments, I kind of agree...unless your partner is also doing cfa, or unless your partner us your wife, it is hard to find an understanding gf to support you on thus difficult journey. Even me being a wife, I admit I often nag on my husband not having enough time for me due to bus study. And yes, even as a wife, I don't cook, only take away, no time with full time job, you guys should tell your mom it is 2014, not 1950s anymore :)
Thanks guys for your comments. Indeed, such girl/boy friends are almost impossible to come across, but that's just what's life is all about. My mom once told me each stage in life has its own purpose, and i need to fulfill that purpose at every stage. So when you study for CFA you need to focus on your exams. After you get CFA charter, focus on your career and family. That's why I respect candidates who are married.
Thanks for post, nice feedback too. I agree to certain extent. I don't have gf and doing level 2. If i can find a nice gf even if she is not very supportive of my cfa study but is still nice then, I will not let this chance go to gave a nice gf. I don't think cfa is exclusive gf. I think we can have both, maybe I m a bit greedy...but yes indeed it us very rare to find a gf understanding and supporting my cfa, do forget the cooking skill, it will be only bonus. Looking forward more of your post on level 2. Your blog rocks!
Great post ! Very inspirational blog!
Thanks for post and feedback. What you advise, focus on cfa first then career then family, is a bit difficult for me to do, for same I recently met a girl, she is nice (unfortunately cannot cook but I'm ok with it), she is not very supportive for my cfa but she is not against it. Tine to time she complains i never have time for her. But it is also hard to find a good or nice gf nowadays, maybe even harder than passing cfa....so I think if I find thus nice girl, I would like to give a try....what is your experience on this Passcfaexams? Actually are you a guy or a girl? Did you have a gf or bf dusting your study? Are they supportive of your study? Since evryone here mentions about the cooking, dud your gf or bf cook for you every day if your study? :)
Thanks for great blog and I love your post on strategy! Keep up the good work.
Great post on strategy, thanks. I'm reading your comments and find though a bit extreme. Now you make me curious, me too, I wonder if you are a guy or girl? I'm doing level 3, happily married but wife not cooking :)
Again great blog! One of my favorite blog, very personal and inspirational.
Totally agreed, I am only speaking of my personal experience.
Having said that, it's not all impossible, I have friends and coworkers who put 100% efforts in supporting their significant other. So cherish and don't let that person get pass by if you have one.
Great blog please put more stuff on level 2. So what is your personal experience? Thanks
That's the best of best blog ever! Very educative, inspirational, and nice. Someone mention about interest rate and inflation...can you explain the relationship about these. I'm doing level 1, still struggling. So your blog is very helpful. Great blog!
That's really nice post. Omg, I'm so glad I found your blog. That's is purely awesome ! I'm very addictive to your blog now. Cannot live without reading it on a daily basis! Thanks.
Yes me too your blog us like oxygen for me, please update soon a summary of key points to focus for level 2. Thanks
I thought to stop cfa but after reading your inspirational blog change my mind. You have no idea how good you did.
Me too was thinking to stop cfa but after reading your blog, got the motivation to continue. Thanks
Love your blog passionately ! Cannot live without it! Please update soon, already read all the posts 2 times! Thanks
Thanks for the post, even waiting for looking at it the whole day! Please update do more on level 2.
Thanks for the post. Can you tackle on more technical complex topic with good examples for any topic you think is important in level 2? Thanks and great post
Thanks for your post, very nice and helpful blog. I'm doing level 2 and as other, I would like to see key things to focus on level 2. Time to time I wonder if I should stop....you who has passed all the levels, do you use all the materials you have learnt ? It will be nice if you could have a section like "after cfa" showing how you can use all the materials you learn into real practice. For me, eventually I would like to work as an equity analyst, preferably buy side...It would be nice if you have the following section:
CFA Level 1
CFA Level 2
CFA Level 3
Strategy
After CFA (put into practice all what you learn and got me, maybe not for other, I'm interested in equity analyst practice, so if you can analyze some comoany using your knowledge then it can be really very helpful and good learning for me and ja believe others.)
Thanks, so far your blog is solid and rocks!
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