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CFA Level 1, June 09


EdWatchesBoxing
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E

 

I took and passed level one last June.  I used the books that came with and the schweser study guides.  I felt that the schweser study guides were very helpful along with the practice tests. 

 

Good luck studying.  Let me know if you have any questions. 

 

Drew

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Doing L III this year.  The CFA practice exams were the most representative of the actual tests for I and II.  Make sure you do these, and the practice questions at the end of each chapter.  I felt Schweser's were not realistic, and they would ask irrelevant questions just for the sake of making their practice exams hard. 

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I passed Level I in December. I only used the CFA curriculum and online practice tests.

 

My tip:

Pay sharp attention to the learning outcomes at the beginning of each reading. Every question one the exam is based on one or more of those. Some of the more esoteric equations and concepts are not mentioned in those learning outcomes. You can save yourself a lot of room in your brain by not memorizing that extra stuff.

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The Schweser practice tests helped me a lot. I felt that the CFA book questions were too easy. After being humbled by the practice test, I understood, more realistically, how little I understood. I strongly recommend that you take a practice run sometime in early May. Don't worry if the questions seem tough. The actual test is easier--or maybe just different.

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E,

 

Passed my L1 in Dec 2006 and L3 in 2008. I found end of chapter questions in CFA curriculum texts to be very helpful. End of chapter questions in Schweser are too easy to be of much use.

 

L1 is more about bring able to answer the basic concepts quickly. So when you are doing practice tests pay particular attention to time, as you would be able to get much higher scores if there is no time constraint.

 

You might find, analystforum to be helpful as it has a number of serious candidates participating. Best of luck with your exam.

 

Vinod

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Is the main point of getting a CFA to instill confidance in potential investors or to actually learn investing principles?

 

To actually learn investing principles.

 

It'll likely instill little confidence in potential investors, in my opinion (It's a shame). The main reason is so few investors know what it is or the difficulties in obtaining it (including many in the finance field). Far less known than the CPA designation for example. It will enable you to obtain a great deal of knowledge of nearly all aspects of the financial markets and will certainly help you if you are interested in getting into specialized fields like research analyst/portfolio manager/investment banker, etc...

 

Like randian hero, I take level III this summer and highly recommend it if you have the time. Lots and lots of time.

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