So you are one of the candidates sitting for CFA Level 1 exam? Well congratulations and good luck to you. The CFA Level 1 exam is tough and if you don’t follow a proper study plan you will not be able to be successful. Here’s what you need to do to increase your chances of success: 1. Make a proper study plan and follow it This can be quite hard to maintain, be realistic about your study plan, don’t make it too rigid so even the slightest chances can cause you stress and make it difficult for you to catch up. You can even use a time prep app to make this plan easier for you to maintain. 2. Utilize your time efficiently This is the hardest and your worst enemy. It may seem like you have a lot of time in hand but remember you have about 3000 pages to go through along with the CFA mock exam and practice tests. 3. Get used to your calculator This is very important and make sure you do it early. Firstly it will save you a lot of time and also make your exam less stressful. 4. Don’t take the exam lightly Even though you’ve finished studying all the chapters in the curriculum, no one said it’s going to be easy. Having an attitude of a know it all can be very dangerous. You need to keep going through again and again and also do at least one CFA mock exam every week. 5. Prep providers You could use prep providers to ease the process for you, but wait don’t forget about your curriculum. If you are having a hard time understanding a subject go back to the curriculum, this will help you a lot. Also, end of chapter questions are very good practice material because the type of questions you will get the day of the exam will be very similar. 6. Ethics You might want to make this section the last to read on your schedule. Although it is very important, I found this section kind of boring (actually very boring) to read, so if you start with it you might get bored and likely fall behind schedule very early in the study process. Cover this section when you are already feeling the pressure and can’t afford to fall behind schedule. 7. Don’t become an expert in every subject Focus mostly on the important topics, no one expects you to dominate 100% of every Learning Outcome Statement (LOS), so don’t waste your time trying to. If you try, you will get frustrated and you will lose focus. 8. Find a study buddy But don’t study with them all the time this can be counterproductive. Once a week is good enough, also study groups could work out very well in discussing queries etc. The study group should consist of more than 4 people. 9. Final review You should have completed studying all topics and still have the last month to spare only for revision and the CFA mock exam. You should do a lot of reinforcement during your review sessions to overcome your weaknesses. 10. Practice as much as you possibly can Along with solving one CFA mock exam every week you should aso practice the end of chapter questions very thoroughly. You should have completed at least 5 CFA mock exams.
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The Crucial CFA Exam Guide
5/31/2017
CFA exams are not easy: most people fail. Nor can they be rushed: the CFA institute advocates at least 300 hours of study for each of the three levels. If you want to pass, you’ll need a plan. And you’ll need to stick to it through long years of study. Based upon the average age of CFA exam-takers, earning the full charter will take you three years – at least. If you want to pass the CFA exams, this is what you’ll need to do: Understand what you are getting yourself into: Don’t even start the CFA program without an awareness of the implications. If you just plan on attempting the exams just for the sake of having the title on your CV, don’t! You need to be genuinely interested in investing and doing research. Also you need to be prepared to make many sacrifices, like saying goodbye to your social life and friends. If you are truly capable of this commitment, only then will it be appropriate to register. Get a head start The more time you have the more higher the chances are for your success, so the earlier you start the more the chances of you succeeding. You definitely need to plan your study time well in advance of the exam date, and stick to it. If you start early you will have more time to practice, try and practice at least one CFA practice exam every week, the CFA practice exam will revolutionize your study game. Try and work on your English skills If you have gone through even one CFA practice exam you will know that the CFA exams test your knowledge of financial concepts. However, they also test your knowledge of English. If English is your second language, work on your fluency alongside your studies. If you’re a non-native English speaker, you have a handicap. These are English exams and some of the phrases are difficult to understand, even for English speakers. Use the CFA Institute’s online study planner The CFA Institute provides its own study planner. This indicates how much time you’ll need to allocate to each topic and allows three weeks to review your knowledge. Steve Horan, managing director and co-lead of education at the CFA Institute, advises using this planner from the start so that you can optimize your study time. Read a summary of the CFA’s study materials, but don’t neglect the originals The CFA provides its own study materials, but they can be wordy. Use a ‘notes provider’ for Level I, but revert to the CFA’s own materials for levels II and III to make sure you “cover all the gaps”. Go through necessary questions after studying every topic If you want to succeed in the CFA exams, it’s imperative that you run through past question and do the CFA practice exam. Also practice the end of chapter’s questions that come after every chapter. Focus on your weak points You cannot leave anything out if you are studying for the CFA exams, so it is mandatory you give priority to the topics you find difficult as even the smallest details can affect your scores. As the exams approach, questions must dominate your revision While you need to run through questions after studying each topic to ensure you’ve understood it, you need to devote an increasing amount of time to answering CFA practice exam questions as the final exams approach. We recommend, therefore, drilling end-of-reading questions, topic-based practice exams that are generated from a bank of over 1,000 questions, and CFA practice exams. Take a week off as the exams approach If you’re working full time, you should take some time off as the six-hour CFA sitting approaches. At the end of the day when you’re working and trying to study in your free time, it really helps to give yourself this space. To get in law school and kick start your career in law, you need to take the LSAT exams. This test is different from tests even those done in high school and are used to determine whether you will excel at the law school not test how much you know about the law. The uniqueness of this exam requires that one understand the exam format and the type of questions asked. This exam is divided into five parts. These parts are based on writing, analytical and logical reasoning and comprehension. LSAT is considered by many law schools as the most accurate way to measure one’s ability to perform in law school. The application process is usually given a lot of weight. It is therefore very important to thoroughly prepare for these exams. This is how you can effectively prepare for this exam. 1. Prepare in advance as much as possible. The LSAT exam is difficult and one has to pass to study law. Don’t restrict your preparations to maybe weekends only. All through the week, try and solve all problems related to the LSAT test. Focus on the exam and all its possible components. Avoid distractions or anything that would make your mind not to focus on this exam. Prepare as if for a marathon not a sprint. This means that one should prepare well to avoid cramming in the last-minute rushes. 2. Avoid group studies Group studying should be avoided especially when studying for an exam like the LSAT. The LSAT exam tests only on your skills. studying in a group may seem fun but when it comes to exam time, the way one responds to a question will differ from the way in which you tackle a question. LSAT exams focus more on exposing your strengths and weaknesses. Therefore the way you handle a question will be quite different from others. 3. Practice several problems regularly. Try out sums and problems that are likely to appear in the LSAT exams. Do this on a regular basis so that you get used to what the LSAT exams contains. The problems you try to solve, the more you will think and answer the questions and the better it will be for you during the exam period. It will be like a walk over. 4. Take several classes Taking many classes will sharpen your critical thinking. Critical thinking and analysis are the most important elements in preparation for LSAT. For instance tale a class in philosophy or even critical thinking and learn the way in which the questions in the LSAT exam are tackled. Experts say that you don’t need to part of classes if you only want to pass exams like LSAT but the manner in which these classes prepare you for exams are very reliable. What you learn in class really matters and will play a great role for anyone st to sit for the LSAT exams. 5. Play all logical games If you want to answer the LSAT exams smoothly, logical games are very important for you to play. Play then as often as possible. Logic games can help one score high points in the LSAT exams and very easily. 6. Answer all the questions There is no penalty for giving wrong answers. So answer all questions in the best way possible. Answer all questions in each LSAT exam in order to score well. It is not wisdom to leave any question unanswered if you really want to pass in this exam. The more questions you answer the higher the chances of scoring high points. Start with the easy to answer questions first and use the remaining time to handle the tougher questions. Don’t spend too much time answering a question too. Avoid panicking in the exams. This will cause you not to answer the questions effectively 7. Site the easier questions In the LSAT exams there are sections with easier questions to answer than other sections. Always practice Kaplan to know where to find the questions that are easy to answer easily. If you practice that, you will find yourself doing very well in the LSAT exams. LSAT exams are not tough, with proper preparations you will find them quite easy to handle. In the financial industry, a standout among the most pined for professions is that of the financial analyst. Financial analysts can work in both junior and senior limits inside a firm and it is a specialty that frequently prompts other profession openings. The financial services industry is aggressive and it can be difficult to break into the analyst field, however there are a few arrangements you can make to position yourself for this career. In case you're occupied with a profession as a financial analyst, perused on to discover what you can do to set yourself up for the occupation. What Is a Financial Analyst? A financial analyst researches macroeconomic and microeconomic conditions along with company fundamentals to make business, sector and industry recommendations. They also often recommend a course of action, such as to buy or sell a company's stock based upon its overall current and predicted strength. An analyst must be aware of current developments in the field in which he or she specializes as well as in preparing financial models to predict future economic conditions for any number of variables. What background do you need to become a financial analyst? Any background is okay, even if you are from the computer science or engineering department. If you are still an undergraduate student who is considering a career as a financial analyst, it is best to take courses in business, economics, accounting and math. If you are not an MBA graduate student or an economics major as an undergraduate, you may want to consider studying through AnalystPrep or participating in the Chartered Financial Analyst (CFA®) Program. Types of Analyst Positions Financial Analysts differ comparing to who they work for, Analysts are hired by banks, buy- and sell-side investment firms, insurance companies and investment banks. Of these specialties, three major categories of analysts are those that work for 'sell-side' investment firms, those that work for 'buy-side' investment firms and those that work for investment banks. Inside the venture business, most analysts tend to work either for purchase side investment firms, where they examine stocks for an in-house store, or offer side firms that compose investigation reports for purchase side firms. Purchase side firms are investment houses that deal with their own particular assets. In these organizations, examiners investigate organizations as they search for stocks to add to a investment subsidize. They likewise track the stocks that are in a reserve's portfolio so as to decide when or if the store's position in that stock ought to be sold. At a sell-side firm, analysts evaluate and compare the quality of securities in a given sector or industry. Based on this analysis, the analysts then make reports with certain recommendations such as: buy, sell, strong buy, strong sell or hold. These recommendations carry a great deal of weight in the investment industry including analysts working within buy-side firms. Even within these specialties, there are subspecialties such as analysts who specialize in equities and those that specialize in analyzing fixed-income instruments. Many analysts also specialize even further within a specific sector or industry. An analyst may specialize in energy or technology, for example. Analysts in investment banking firms, however, differ from analysts in buy- and sell-side firms as they often play a role in determining whether or not certain deals are feasible based on the fundamentals of the companies involved in a deal. This type of analysis can include IPOs or mergers and acquisitions. Analysts assess current financial conditions as well as rely heavily on modeling and forecasting to make recommendations to senior partners as to whether or not a certain merger is appropriate for that investment bank's client or whether another client of the investment bank should invest venture capital in a particular company. What can you expect on the job? Financial Analysts need to stay cautious about social affair data on the macroeconomy and also data about particular organizations and the basic microeconomics of their accounting reports. With a specific end goal to remain on top of financial news, examiners should do a great deal of perusing time permitting. Experts tend to peruse distributions, for example, The Wall Street Journal, The Financial Times and The Economist and money related sites. Being an analyst additionally frequently has a tendency to include a lot of travel. A few experts go to organizations to get a direct take a gander at organization operations on the ground level. Investigators likewise much of the time go to gatherings with partners who have an indistinguishable specialty from they do. When in the office, analysts learn to be proficient with spreadsheets, relational databases and statistical and graphics packages in order to develop recommendations for senior management and to develop detailed presentations and financial reports that include forecasting, cost-benefit analysis, trending and results analysis. Analysts also interpret financial transactions and must verify documents for their compliance with government regulations. Opportunities for advancement For senior analysts who continue to look for career advancement, there is the potential to become a portfolio manager, a partner in an investment bank or senior management in a retail bank or an insurance company. Some analysts go on to become investment advisors or financial consultants. Tips for success The best junior analysts are ones that create capability in the utilization of spreadsheets, databases, PowerPoint introductions and learn other programming applications. Best senior analysts, be that as it may, are the individuals who put in extended periods, as well as create relational associations with bosses and tutor other junior analysts. Analysts that are elevated additionally figure out how to create correspondence and relationship building abilities by making composed and oral introductions that awe senior administration. In conclusion a career as a financial analyst requires arrangement and diligent work. It likewise can possibly convey not simply financial prizes, but rather the honest to goodness fulfillment that originates from being an essential piece of the business landscape. After speaking to former CFA candidates and tutors here’s what we know that you’ve been doing wrong. 1) Not maintaining your time Well you’ve surely heard you need to study at least 300 hours to pass your CFA level exam. Don’t schedule exactly that leave more time for you to revise and catch up in case something comes up. 2) Not being productive with your time No matter how many hours you schedule a day to study if you don’t use them efficiently it won’t make any difference in your progress. Focus on proactive study techniques that force you to actively engage with what you’re learning. Self-testing is ideal, using flashcards, quizzes, or practice questions. 3) Not studying regularly If you only study when you are free it may affect your preparation for the CFA level 1 exam. Try fitting in short study sessions in your everyday schedule. That’s why CFA materials are known to be “bite size.” 4) Not making a study plan If don’t follow a study plan your preparation will lack direction, you won’t know what you need to give more time to. 5) Using wrong study materials This is one of the key steps of passing your CFA level 1 exams but many students seem to get it wrong. The most common mistake CFA Level 1 students make is either to rely on the curriculum completely, or not to use it at all. The former is inefficient, as it’s not condensing your knowledge. The latter means your study insignificant and you can’t be sure you know everything you need to know for the exams. 6) Not revising as you move forward CFA level 1 students think everything is okay as long as you keep progressing, but if you don’t revise what you’ve studied you might forget and then not have enough time to study it all over again. 7) Scheduling a very stiff study plan You need to create a study plan where you can make adjustments when needed. If something came up and you missed a study session you should be able to make up for it. 8) Not studying in a suitable study environment If you’re at home in your pjs and sit to study it is likely for you to take unnecessary breaks and feel the need to want to sleep. Try studying in a place where you can do nothing else besides studying, maybe a library. 9) Avoiding topics that are hard It’s natural that we try to avoid topics that we have a hard time understanding, but you can’t do that for the CFA level 1 exams. If you think of saving the hardest for the last, you might run out of time and not be able to focus on major topics such as FRA and Quantitative Methods. Be strict about scheduling in time for each area of the curriculum, and ensure you stick to it. I always prefer to get the most challenging areas out of the way first instead of letting them loom over you. 10) Not studying Ethics Another common mistake, Ethics is beneficial for all levels of the CFA exams. It has been said that if you don’t study ethics you may not be able to pass the CFA exams. 11) Not making a realistic plan You definitely need to study but having a healthy social life is also important, that does not mean you can always put off studies for other things you may have to do. Design a realistic plan that you can stick to. 12) Studying too much You obviously need to study a lot for the CFA level 1 exam, but don’t overwork yourself. If you overwork yourself you may end up getting very frustrated right before the exams which will have a very bad impact on your exams. You need to look after yourself mentally and physically, and that means taking time for yourself too. Whatever it is you enjoy, make time for it on a regular basis. You can’t survive without soul food. 13) Not taking the right materials After all the effort if you don’t carry all the required materials it would be a shame. Make sure you bring your passport, your exam admission ticket, an approved calculator and No. 2 or HB pencils. Don’t forget to check in advance that your passport name, number and expiry date match those on your admission ticket or you won’t be able to sit the exam. Carry whatever is allowed and that makes you comfortable. 14) Not knowing how your calculator works Familiarize yourself with the required calculator; this will save you a lot of time and trouble. The CFA level 1 exam is very lengthy and no time can be wasted. 15) Not arriving on time You need to arrive at least an hour before your scheduled time. Doors close half an hour before the scheduled start time, and check-in starts an hour before. If you arrive more than half an hour past the scheduled start of a session, you won’t be allowed to enter at all. 16) Not prepping yourself The CFA level 1 exam is very lengthy. It has 240 multiple choice questions split into 2 papers with 3 hours each leaving you with 1.5 mins per question. Practice as many mock papers as you possibly can, this will help you time yourself. 17) Cramming Be it mental or physical, don’t do it! Don’t eat a heavy meal right before the exam, it may make you feel sleepy or worse give you a stomach ache. Don’t leave any studying for the break you will have, that should be your time to relax. 18) Listening to others Don’t let other students freak you out during the 2 hour break. Have confidence in your preparations and avoid discussing with others. 19) Getting nervous Don’t get nervous because of the environment, it may prevent you from giving it your best. Stress can be partially mitigated by having had previous exam experience. And no, I don’t mean if you’ve already failed. I mean by sitting a practice paper in proper exam conditions. 20) Don’t take the CFA exams lightly The CFA exams are not impossible but they aren’t a walk-in the park either. Don’t be over confident and think you’ll pass, the pass rates are only 40%. So take your time preparing and try to realize the level of effort and dedication needed to get through these exams. |