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CFA Exam 2012


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I had considered registering for level 1 in Feb. before the price increase but determined that I might not have the time required to prepare due to working at early stage startup.

 

I took the practice exam cold and got 10 out of 20 questions, the 10 I answered incorrectly I felt I would have gotten I had read their specific course material. That was initially encouraging and motivating but then after reading about the failure rate and average prep time I decided I should wait until I have more time to dedicate. Since I do not run money outside of my own there is not a ton of career value for me in the short term except maybe networking. Although I would be interested to hear other's opinions.

 

Out of curiosity for folks that have taken level 1, what was your background before taking it and how long did you prepare?

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Taking Level 1 in June, I'm using Schweser and am now getting in the mid 70's on practice exams.  I hopeful that I'll pass.

 

I studied for 4 months, my background is in soil & water chemistry & plant science.

 

Seems to me the material is relatively easy, its just the volume of info.  I wish I was more motivated early on, this would be much easier if I had been.

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Good luck to both of you.  I'm finishing the last bit of studying I've got for the level 2 exam myself :D

 

Ed, I've been hesistant about taking the level 3 exam since it looks like it's heavily weighted toward portfolio management theory stuff (which, for the most part, I think is a bunch of nonsense).

 

What do you think about it?

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Question wasn't directed toward me but, why would you put so much work into something to not finish it?  IGNITES came out with a recent study that found that the when asking money managers what helped them get promoted the most (CFA vs MBA) they ranked the CFA 4 and MBA 3.7.

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Huh.  I didn't know that.  (Just for future reference's sake, do you have a source for that?)

 

I'll probably end up finishing it.  I'm just... nervous that after learning so much practical stuff from Level 1 and 2, that Level 3's going to be a let down in comparison.  Honestly the portfolio theory stuff is the most worthless material on the Level 1 and 2 exams.  I can't imagine it taking up 50% of the Level 3 exam.

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West - My bad, it was Fundfire not IGNITES.  Here is a link (May require subscription) http://www.fundfire.com/c/354802/40812/inst_asset_mgmt_pros_boost?referrer_module=mostPopularRead&module_order=0

 

Just don't take the point of view that its worthless.  Maybe you'll get something out of it.  If nothing else you'll be a charterholder (Assuming work experience) and that is worth the effort IMO.

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I am taking Level1 exam but started very late on prepartion around March. I should have picked December but was overly optimsitic and picked June. I am also using Schweser like Shane but haven't started doing practice tests yet. Scrambling to complete the material,Too much of info for me with backgroup of computer science.  If i can pass it will be great otherwise atleast their is a next time in December and by the way i learned a lot of stuff on how analysts think.

Good luck for you all!

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Been so busy with work and studying...

 

Level 3 has a lot of PM in it, but there are some interesting parts. Institutional Investors, Behavioural Finance, etc. There may also be quite a bit of other stuff you'll like from the other half of the material.

 

In my experience, it builds on the other 2 exams, so that's probably why I find some of it pretty interesting.

 

Having said all this, the last section, GIPS, has to be the most useless section I've come across in all three levels. It's brute memorization, and I don't see the point of having to remember all the requirements and recommendations. You're just going to look it all up if you plan on using it in real life. This applies to the exam as a whole, but I'm not as bothered by it with the other sections.

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