How Many Days Do You need to Pass the CFA Level One?
So let’s hope the answer to the question above is less than 67 days as this link on How to Pass the CFA in 50 days implies.
In terms of progress since my last update, I am feeling much more comfortable with some of the economics material and have revised the quantitative methods topics a few times. I have not yet done many practice questions at all as I have decided to get a good understanding of each of the topics before I do this – this is perhaps not an ideal tactic for all but it works for me. Unfortunately due to work and procrastination, time is running out and it is not looking like I will have a full month to do practice questions as planned.
I have now listened to all the audio tapes (except for some of ethics and alternative investments tapes) several times over between work and home. Just the sound of those two monotonous voices repeating “Question” or “Answer” or reading out a complicated formula makes me shudder at the thought of plugging my iphone headphones into my ears.
As a result of my new found hatred for listening to the audio tapes, I have switched to using a combination of the Schweser “Secret Sauce” (a summarised 220 page version of the 3200 page CFA material which I read on the way to and from work) and the Schweser video lessons, which include videos, the corresponding slides and a navigation mechanism. This switch will hopefully suit my studying technique of taking in little bits of information regularly but I do find it quite painful sitting my room alone, distractions rife, watching a 10 X 10 CM section of my LCD screen tell me about Financial Statement Analysis.
On that point, I have started the Financial Statement Analysis, Debt Investments (bonds) and Derivatives sections of the course. I believe the FSA stuff will be the most challenging for me because whilst none of its is particularly difficult, it is like learning a new language with no accounting and finance background.
I have nine weekends left before the weekend of the exam and am finding that I can make time to study two nights per week. I am obviously going to have to increase this as we get closer to the date and stop hosting Argentinian couch surfing girls at some point soon but overall, I think that whilst I could be further ahead, I am learning the information well and am close to where I would want to be at this point.
The following is an update of how far comfortable I am with each of the topics that I have studied so far:
Ethics – 50%
Quantitative Methods – 60%
Economics – 45%
Financial Statement Analysis – 25%
Debt Investments – 40%
Derivatives – 25%
Corporate Finance – 20%
Other – 5 %