[Anonymous]

Sigh, I am soooo depressed right now.

Just got my level one score yesterday, and I didn’t pass the bloody exam.

On the exam date, I finished the morning session in 2.5 hrs and afternoon session in 2 hrs. I guess I did them way too fast, and must have made careless mistakes.

Anyone else who is taking CFA? Any tips or studying methods for level one?

Please share your experience or story, if possible.

Thanks!

[fuzyfro89]

@CPA ROOKIE: I passed L1 last summer and am registered for L2 this June (haven't started much yet though.. darn my procrastination). My employer paid for my exam fees and study materials (over $2k!!), so I better perform or my manager will be annoyed.

I used Schweser for L1. I know others are out there, Stalla comes to mind, but I have very limited references on other courses so I just decided to pony up the $1,200 for Schweser books, lectures, and question bank.

My degrees are in Acct & Fina, so not too much was out of left field for me. I did have to re-learn a good amount though. I think what helped me was having my CPA background, since most finance people struggle on the Financial Reporting part, but I got through it in around ten days (probably 5-6 hrs/day average).

Having your CPA behind you will help, since you also do some basic finance and econ in BEC.

To answer your question, study methods should be similar to CPA, but with more reviews built in along the way since you are likely doing CFA over a period of 2-6 months. Also, memorization won't get you as far (unless you can commit things to long term memory easily), since L1 probably has the equivalent of FAR & BEC material in terms of volume. Versus CPA, you need to focus more on understanding concepts and doing lots of practice questions. You're right, the questions don't seem all that difficult. After all, you have a 1/3 chance of guessing correctly! The CFA really is NOT trying to trick you, but you need to read carefully to make sure you understand what it's asking. I remember taking L1 last June and doing a bunch of work, only to realize I didn't read the prompt and wasted time.

Probably unimportant, but if I recall correctly from last summer I finished the morning session maybe 10-15 minutes ahead and then reviewed some questions since I couldn't leave. In the afternoon session I finished just after the 30 minute mark was announced.. so I had to sit there for 30 minutes. Lame. I probably reviewed for 5-10 minutes and then got annoyed of second guessing myself and then just sat there hoping I passed.

The score report is only marginally informative, but I only got <50 in Alt. Inv (which is 8 max points), 51-70 in derivatives, econ, FRA, FI, and quant (max pts of 140) and > 70 in corp fin, equity, ethics, and PM (max pts of 92 points).

Since each section is somewhat more/less important, perhaps focus on reviewing and improving (or at least maintaining) your understanding in the 51-70 and 70+ sections, and focus a lot more on finding where you are under 70 by weighting your time somewhat in correlation with the max points per section. If you don't get A.I. at all, it doesn't really make sense to spend days on it since it's only worth 8 points max out of 200. Budget your time and be efficient, and then attack the rest.

Good luck, if you decide to retry!

[Anonymous]

@fuzyfro89: Thank you very much for the info, it is very very helpful! =)

I used Schweser as well to prepare for L1. Just wondering, how much were you getting on Schweser's practice exams and the past mock exams before you walk into the actual exams?

No matter how hard I tried, I was not able to finish the mock exams within the 3 hours limit, that is why I thought I had to work faster in the actual exam.

Do you think it is a good idea to do the practice exams and mock exams 2 or 3 times repeatedly? I think it is useful in a way, but very time consuming.

Also, did you find Schweser's practice exams very different than the actual exams?

[fuzyfro89]

I actually wrapped up a client (still at big 4 at the time) in late April and took 4 straight weeks off right up until exam day. This was NOT AT ALL my plan when I registered in January for it, but a few unfortunate client situations basically put me with starting and stopping a few times by that point. So basically, I started fresh.

Regarding questions, I ranged anywhere from 60-80% in sets of 15-25 questions. I always made sure to review the ones I got incorrect and go back to relearn/nail down concepts I wasn't clear on.

To answer your question about time, I really don't know what to say other than wear a watch and check your progress every 30 minutes. If you're a few questions ahead, then you're fine, if you're a few questions behind then just budget your time going forward to make sure you get through it. In general, Becker or Schweser or whatever review course will have harder practice exams than the real exams (this is logical, or we would all demand our money back).

I actually did not do any full-length practice exams, but this is probably not good advice for anyone else. I've been taking super long tests since undergrad (my accounting major exams were 2-4 hours), and I had taken the CPA exams as well so sitting and focusing for a while was not something I needed more practice with. Also, I just flat out didn't have time with only a month, so practice exams got thrown out. I'll defer this to someone else.

Wear a watch and check in every 20-30 minutes to make sure you're not way too slow/fast. There is no prize for finishing first or last, only for passing… and even then just a pat on the back until you pass Level 3 :).

Practice exams are probably a good idea to do once or twice, more if you struggle with time management. I personally do not, and usually have had such short windows to cram that I couldn't afford to spend 3 hours on a practice exam and then another 3 hours reviewing ones I got wrong and reading notes. You may want to do one practice simulated exam (timed and all), but after that there's not much benefit in my opinion. You're better off spending time learning concepts and practicing.

In general, a set of questions from Schweser will have more difficult questions than the real test (same for CPA). Out of 90 questions, let's say the real exam has 40 easy, 30 medium, and 20 difficult… Schweser would probably have 30 easy, 35 medium, and 25 hard ones (not the exact proportions.. but the point stands). Because of this misweighting that they do to try and overprepare you, I think it's a failure on behalf of Schweser and Becker since it's not the same.

[longnguyen87]

@CPA_Rookie: Are you going to take the CFA level 1 again this June? I am sure you will do well this time.

Any advice about how to study for this exam. I will sit for the exam this June as well and don't know how to allocate my time effectively.

BEC 91 (01/06/13)
REG 91 (01/24/13)
FAR 86 (02/10/13)
AUD 93

Feel so close 😀

[longnguyen87]

@fuzypro89: Good luck with your level 2 this June. Please keep in touch because I want to know how you do on the level 2.

BEC 91 (01/06/13)
REG 91 (01/24/13)
FAR 86 (02/10/13)
AUD 93

Feel so close 😀

[SpartanCPA]

@longnguyen87 man, how many certifications are you going to get? CMA, CPA, and CFA? I'm envious right now! 🙂

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[How many letters do you need]

I might go for the CFA next if I can obtain the CPA in a reasonable amount of time. It would purely be for self fullfillment/resume sexification though. Have no desire to touch the financial markets….although the CPA/CFA combo would probably do very well if I ever wander into the treasury function…

Life is too short to be pigeon holed people. Get as much breadth in your resume/education/certs as possible because the ladder to the top is rarely a straight one. Have to take advantage of the opportunities where they happen to be at the time…

MBA,CMA,CPA, CFF?, ABV?

[fuzyfro89]

@long: Thanks for the wishes! I do hope I pass level 2. It could really help to open up some doors. I'm not looking to move soon from my current role, but it always helps to be more valuable.

I was/am considering many other certifications as well, but this was was the clear leader/most widely recognized in its area. I'm looking into risk mgmt ones, but I haven't yet found one to be the best.

One step at a time. Probably going to take the GMAT this summer/fall after June. I don't particularly want to go to b-school, but again, options are valuable to have and good to know. Personally, I get anxious when I feel stuck.

[How many letters do you need]

Fuzy- me too. Love having options. My career has varied between private accounting and finance ranging in specialties from ops analytics to marketing analytics to cost accounting all for a variety of company sizes in various industries…even some small time consulting thrown in there. I must be getting old though because I think I'm ready to settle down a little bit, pick a home, roll up all that experience and become a leader or something…hah…

MBA,CMA,CPA, CFF?, ABV?

[longnguyen87]

@fuzyfro89: I just started with the exam. I have a good look of the materials and like you I am double major in college (Acct and Finance). I want to take the exam as early as I can before I forget everything.

Look like you have a lot of experience in Acct. I just started out of college and don't have a lot of experience. However, I want to have the ability to understand both the acct and finance side. I like Fin better.

@How Many Letters. Good luck with your CPA. I am done with it now. Move on to the CFA, which I have been delayed for a while.

@fuzyfro89 and How Many Letters: It would be nice to be able to stay in touch with you two since the CFA will be the long journey (3 years at least). My email is: nguyenhlongvn@gmail.com. Email me so we can chat about the exam. 😀

BEC 91 (01/06/13)
REG 91 (01/24/13)
FAR 86 (02/10/13)
AUD 93

Feel so close 😀

[Kenada]

longnguyen87 – did you pass AUD ?

Awesome !! In One month all 4 exams- Holy cows!!!

Man can i borrow your brain for FAR please 😀

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[longnguyen87]

@Kenada: Yeah, I just passed the AUD. Got 93. So glad that it's over now.

I can't lend you my brain since right now it is full of plans for parties this weekend. Good luck with your upcoming exam though. You will pass 😀

BEC 91 (01/06/13)
REG 91 (01/24/13)
FAR 86 (02/10/13)
AUD 93

Feel so close 😀

[Mathgirl7]

I am taking level I in December. I am considering moving it up to June though. How long did/are you guys taking to study for it?

AUD - 2/1/2014 - 92
BEC - 2/8/2014 - 79
REG - 5/17/2014
FAR - 5/21/2014

CA Ethics Exam - Passed

[longnguyen87]

@mathgirl7: I don't know. I heard other people talking something about 250hr for level 1. If it is true, I am in serious trouble now (Dont know where to find that time). I found that the CFA have some topics overlapped with the CPA (NPV, IRR, time value of money, and other topics about bonds, cash flow, money management, financial statement analysis, etc). It depends on people familiarity with these topics so the time can be longer or shorter.

Do you use any reviewed material to study for the exam? I see a couple of them but plan to use my ebooks sent by the CFA institute to study for this exam.

BEC 91 (01/06/13)
REG 91 (01/24/13)
FAR 86 (02/10/13)
AUD 93

Feel so close 😀

[How many letters do you need]

I will say this…The topics may be the same, but I've been working on FAR lately and as somebody who has a firm education in Finance the topics are from a completely different angle than traditional financial theory. Some familiarity will help but understand that bonds on the CFA will be nothing like Bonds on the CPA (outside of initial valuation perhaps…but I think the CFA makes you calculate the time value). Just some food for thought. …I wouldn't glance over those topics that overlap. Good luck!

MBA,CMA,CPA, CFF?, ABV?

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