I had taken my CFA level 1 exam on June 08 and thought that my insight and perceptions on level 1 could help you all prepare better for the exam.
* CFA material is pretty voluminous that’s probably because it’s designed to be a 6 month course.
* Schwezer material is much more precise and more than enough for level 1
* CFA material or Schwezer material alone is not enough, you will need the full length question papers and question bank.
* If you are able to solve about 2000 questions, then you should feel confident on giving the exam
* The examination focuses on application of the concepts.
* The problems are pretty simple if u know how to solve them, there would be no lengthy or complex calculations.
* There are totally 10 sections and its better if you show competence in all the sections. (i.e) score at least 50% of marks in each section. Else you may have to cover if it up in other sections.
* The total time given for examination is 6 hours which is split up into two sessions of 3 hours each.
* There are totally 240 questions and the weightage for each question varies. Each session carries 120 questions.
* You can attempt the questions that you are comfortable with first and then come back to other questions.
* I would recommend solving the ethics questions in the end since they are the lengthy questions and would consume more time to read through them.
* Though 6 hours are given for the examination, all the questions can be pretty much solved within 5 hours if you had done a perfect exam oriented preparation.
* If you have done your MBA in Finance or PG in Capital Markets then you should feel comfortable with a max of 2 to 3 months of preparation.
* Try to have the last month solely to solve problems, so that you go into the exam on the right mode.
* If you make an effort and clear the NCFM (NSE’s certification in Financial Markets) modules (http://www.nseindia.com/) namely the Derivatives market and Debt market before your CFA preparation then it would actually make your preparation much easier.
* On an average about 30 – 35% of pple clear the level 1 examination, I do have a doubt as to how it can always to be only that much or only in that range. So it’s obvious that you need to be at least in the 70 percentile range to get through.
Outline of CFA Course
As a CFA Program candidate, your course of study is determined by the Candidate Body of Knowledge™ (CBOK). The course includes
* Ethical and professional standards
* Quantitaive methods
* Financial statement analysis
* Corporate finance
* Analysis of equity investments
* Analysis of debt investments
* Analysis of derivatives
* Analysis of alternative investments
* Portfolio management
Some popular CFA preparation forums
* FTC Kalpan
Free online CFA Mock Exams
Important CFA Video Links
All the very best.