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- Topic: Better advice from an L1 Veteran
| Author | Topic: Better advice from an L1 Veteran |
|---|---|
| persevere @2006-12-03 21:15:29 |
Don't pay attention to people's advice to study this or that in particular. The only advice you should take on exam focus is what the CFA Institute provides as their LI exam weighting: Financial Statement Analysis: 28.3% Ethics: 15% Quant. Methods: 11.7% Equity: 10% Fixed Income: 10% Economics: 10% Derivatives: 5% Portfolio Management: 5% Alternative Assets: 5% OK, now you know what's most important. Now, KNOW EVERYTHING about these topic areas. The only way to do well on this exam is to truly have a strong understanding of all the concepts, not just "what happens to this ratio", but what happens to all income statement and balance sheet accounts. Not only that, you should honestly try to know each of those LOS very well. Even if they aren't heavily weighted topics, they pose the risk of being a potential question. And when you see it on the exam, you are going to kick yourself for not commiting it to memory. If you are starting now for the June exam, you are ahead of the game. The trick is staying on course and devoting the time necessary to master all of the concepts. If you truly apply yourself, you will pass this exam. 66% of candidates don't have the passion or persistence to apply themselves, that's the only reason the pass rate is 34%. Set yourself apart from the crowd. If you are willing to not have a life for 5-6 months (because that's what it will take, especially if you are working), then you will be ok. If your will power is weak and you give in to peer pressure easily, you will most likely end up in the 66%. Remember this at all times: The pain you endure to achieve goals like this is easily forgotten, almost immediately after you take the test in fact, but the dissapointment of defeat stays with you much longer. Work hard the first time and cry only once. Good luck... |
| RichInstructor @2006-12-06 03:09:54 |
I guess I feel the pain of failure now. Never happened to me in other exams. |
| Davidc @2006-12-10 20:16:44 |
Great Advice. Hope more of the veterans come back to give some advice to the novice. Thanks a lot |
| Shihab @2007-05-03 03:59:44 |
The real crux of preparation is, I think to take the RIGOR training before taking the actual test. The more I am preparing myself for LI exam. the more I can feel it. Its like a combat training for the commandos. If I have this training beforehand, I know I am well preapred for doing the actual fight. |
| khoogeveen @2011-04-23 16:01:47 |
My question is in regard to the formulas. Do you have to have them all memorized or will you be given the formula and then you have to know how to use it? |
