CFA level 1 preparation : my experience
hello all,
I have started my preparations for "CFA level 1 exam" in August 2009. I appeared for the December 09 and
successfully passed the same.
I chanced upon this thread while searching for something else. I see lot of queries from people about the
methodology for preparing for CFA level 1 exam. So I thought of sharing my experience and viewpoint.
To start with, I have non-finance background. basically a BE from Delhi. And all experience in IT. So when I
decided to learn more about finance (mostly for self learning and not with the aim to increase my employability) I
searched and identified CFA as a good course. Firstly because it is based on 'self-study'. you do not necessarily
have to join any classes and can study at the comfort of your home. Secondly because it has good reputation.
When I started to read from the official study material (from CFA institute), I found it hard to understand, as it
goes in too much depth. Which is good, but not for 'first reading' OR for people from 'non-finance' background
And additionally it was too voluminous. As I was working full time, it was difficult to read all that text and
still make sense.
I thus decided to buy latest study material. After lot of search and talking to people, I decided to buy original
Stalla material at Delhi. It helped to speed up my preparation and clear the basics. Additionally it has lot of
questions and solving them helped to reinforce the concepts and gain confidence.
Few things for people preparing for CFA level 1:
1) You need to have single minded devotion to put in your time and effort. Half-hearted approach will not do.
2) Do NOT be over-confident if you already know many things in Finance. I have seen people who were CA /
MBA-finance / M.com but still FAILED. NOT because they were less intelligent BUT because they were over
confident. And they assumed that they need less time to study or prepare.
3) You need to put the recommended number of study hours 250+. For people from non-finance background (BE/MCA/ IT
etc.) you need even more time (approx 400 hours). You put those hours AND you will clear the exam.
4) Make a study plan. And follow it. Whether you use Schweser, Stalla or anything else, you still need to study
the 'contents'. And you can not just study everything in few weeks. So start early and be persistent. Festivals
will come and go. But do NOT miss your study plan. If for some reason you do fall behind your study plan,
motivate yourself AND remind yourself :: 'no gain, without pain'.
5) Give equal importance to all the topics. You need to do good in all. Being very good in FSA and extremely
poor in Derivatives will NOT help. So do give equal importance to all the topics.
6) Remember, that result is not in your hand. But putting the necessary effort, time and energy IS. So do your
bit !
Most of the things above are common sense. But many a times we miss our goals just because we do NOT use 'common
sense' !
If anyone have any speficic queries about preparation, how to study OR need my old Stalla material, feel free to
post or PM me. I learnt so much from PG site, that I feel obligated to now help others (to the best of my ability
and available time).
all the best !
cheers 😃
CFA level 1 preparation : my experience
hello all,
I have started my preparations for "CFA level 1 exam" in August 2009. I appeared for the December 09 and
successfully passed the same.
I chanced upon this thread while searching for something else. I see lot of queries from people about the
methodology for preparing for CFA level 1 exam. So I thought of sharing my experience and viewpoint.
To start with, I have non-finance background. basically a BE from Delhi. And all experience in IT. So when I
decided to learn more about finance (mostly for self learning and not with the aim to increase my employability) I
searched and identified CFA as a good course. Firstly because it is based on 'self-study'. you do not necessarily
have to join any classes and can study at the comfort of your home. Secondly because it has good reputation.
When I started to read from the official study material (from CFA institute), I found it hard to understand, as it
goes in too much depth. Which is good, but not for 'first reading' OR for people from 'non-finance' background
And additionally it was too voluminous. As I was working full time, it was difficult to read all that text and
still make sense.
I thus decided to buy latest study material. After lot of search and talking to people, I decided to buy original
Stalla material at Delhi. It helped to speed up my preparation and clear the basics. Additionally it has lot of
questions and solving them helped to reinforce the concepts and gain confidence.
Few things for people preparing for CFA level 1:
1) You need to have single minded devotion to put in your time and effort. Half-hearted approach will not do.
2) Do NOT be over-confident if you already know many things in Finance. I have seen people who were CA /
MBA-finance / M.com but still FAILED. NOT because they were less intelligent BUT because they were over
confident. And they assumed that they need less time to study or prepare.
3) You need to put the recommended number of study hours 250+. For people from non-finance background (BE/MCA/ IT
etc.) you need even more time (approx 400 hours). You put those hours AND you will clear the exam.
4) Make a study plan. And follow it. Whether you use Schweser, Stalla or anything else, you still need to study
the 'contents'. And you can not just study everything in few weeks. So start early and be persistent. Festivals
will come and go. But do NOT miss your study plan. If for some reason you do fall behind your study plan,
motivate yourself AND remind yourself :: 'no gain, without pain'.
5) Give equal importance to all the topics. You need to do good in all. Being very good in FSA and extremely
poor in Derivatives will NOT help. So do give equal importance to all the topics.
6) Remember, that result is not in your hand. But putting the necessary effort, time and energy IS. So do your
bit !
Most of the things above are common sense. But many a times we miss our goals just because we do NOT use 'common
sense' !
If anyone have any speficic queries about preparation, how to study OR need my old Stalla material, feel free to
post or PM me. I learnt so much from PG site, that I feel obligated to now help others (to the best of my ability
and available time).
all the best !
cheers :)
i have sent u aPM..kindly check tht thank you 😃
This is how I started:
1> Done with all the research for almost 3 months, exactly know my target of Why to do CFA? and reached the level of confidence to crack it
2> Registered for Level 1 December ( after facing ample problem during the payment process and using 5 credit cards which was not accepted , I finally told my friend in U.S to do the payment for me....This happening made me to wonder whether globalization has taken place?? )
3> Got the pdf files of all the 6 books by Kaplan.
.
4> Also getting the print copy from the Laxmi Xerox, center Mumbai for Rs. 1000.(as it will be difficult to study from the system)
5> Have ordered for TI BA II plus Professional calculator from Laxmi Xero Center for Rs. 3200.
6> Estimate 3 months (250 Hours) to complete the syllabus. ( I m in final year MBA, so good knowledge in finance would help me out and to complete it in 250 Hrs. still i am not over confident and will be giving enough hours to clear everything, the subjects that would create some problem for me would be Ethics and economics, but studied 50 pages from kaplan, and found it quite interesting)
I put up in Gurgaon. So any one from this location can PM me. Hopefully we can go together to create some help for each other.
Regards
Ayush Bansal
IBS-Gurgaon
Batch of 2011
I need some serious help,
I am planning to register for CFA Level 1 Exams for June 2011,
I am doing CIMA and stage 4 exam is due in the month of November 2010,
Now i have paid almost 1700 USD(~INR 76,000) during this calender year for which i had to give FEMA declaration, now my query is if i register for CFA Level 1 within this calender year the fees is 1055 USD(~47500), is it violating the FEMA regulations? Can someone say what is the maximum upper limit of Forex transactions during a financial Year?
hello,
I am not sure, but my gut feeling is that you will not be violating any FEMA rules.
Try to check this URL. It might help:
Reserve Bank of India
The FEMA regulations were relaxed by RBI after liberalisation, and I do not think that remitting such small amount (2k-3k USD) will attract any violations.
I have done international payments using my credit card many times in the past, but never had to give FEMA declaration. So can you describe in more detail about why you had to give FEMA declaration for the 1700 USD that you paid?
Also how did you pay this USD 1700 amount? Credit Card or by DD/banker's cheque or other mode.
cheers :)
I need some serious help,
I am planning to register for CFA Level 1 Exams for June 2011,
I am doing CIMA and stage 4 exam is due in the month of November 2010,
Now i have paid almost 1700 USD(~INR 76,000) during this calender year for which i had to give FEMA declaration, now my query is if i register for CFA Level 1 within this calender year the fees is 1055 USD(~47500), is it violating the FEMA regulations? Can someone say what is the maximum upper limit of Forex transactions during a financial Year?
I need some serious help,
I am planning to register for CFA Level 1 Exams for June 2011,
I am doing CIMA and stage 4 exam is due in the month of November 2010,
Now i have paid almost 1700 USD(~INR 76,000) during this calender year for which i had to give FEMA declaration, now my query is if i register for CFA Level 1 within this calender year the fees is 1055 USD(~47500), is it violating the FEMA regulations? Can someone say what is the maximum upper limit of Forex transactions during a financial Year?
From what i know and hear, for education purpose, Students paying the course fees in foreign currency are exempt from FEMA. U may not need to file Fema declaration. Still i would suggest u to take any professional help of a CA or so.
hi Ayush,
you seem to be on the right track. You just need to keep the momentum going. Though I would suggest that start NOW and not just 3 months before December. Better to have some buffer (time) in hand by starting earlier, to cater for any contingencies.
CFA course is very different and many of the topics will not be covered in any of the standard university courses. Practice using the calculator as much as possible. Keep an additional battery handy. And do read the calculator manual also. It will prove useful.
all the best !
cheers :)
This is how I started:
1> Done with all the research for almost 3 months, exactly know my target of Why to do CFA? and reached the level of confidence to crack it
2> Registered for Level 1 December ( after facing ample problem during the payment process and using 5 credit cards which was not accepted , I finally told my friend in U.S to do the payment for me....This happening made me to wonder whether globalization has taken place?? )
3> Got the pdf files of all the 6 books by Kaplan.
.
4> Also getting the print copy from the Laxmi Xerox, center Mumbai for Rs. 1000.(as it will be difficult to study from the system)
5> Have ordered for TI BA II plus Professional calculator from Laxmi Xero Center for Rs. 3200.
6> Estimate 3 months (250 Hours) to complete the syllabus. ( I m in final year MBA, so good knowledge in finance would help me out and to complete it in 250 Hrs. still i am not over confident and will be giving enough hours to clear everything, the subjects that would create some problem for me would be Ethics and economics, but studied 50 pages from kaplan, and found it quite interesting)
I put up in Gurgaon. So any one from this location can PM me. Hopefully we can go together to create some help for each other.
Regards
Ayush Bansal
IBS-Gurgaon
Batch of 2011
hello,
I am not sure, but my gut feeling is that you will not be violating any FEMA rules.
Try to check this URL. It might help:
Reserve Bank of India
The FEMA regulations were relaxed by RBI after liberalisation, and I do not think that remitting such small amount (2k-3k USD) will attract any violations.
I have done international payments using my credit card many times in the past, but never had to give FEMA declaration. So can you describe in more detail about why you had to give FEMA declaration for the 1700 USD that you paid?
Also how did you pay this USD 1700 amount? Credit Card or by DD/banker's cheque or other mode.
cheers :)
I paid through Demand Draft on most occasions.
CFA level 1 preparation : my experience
hello all,
I have started my preparations for "CFA level 1 exam" in August 2009. I appeared for the December 09 and
successfully passed the same.
I chanced upon this thread while searching for something else. I see lot of queries from people about the
methodology for preparing for CFA level 1 exam. So I thought of sharing my experience and viewpoint.
To start with, I have non-finance background. basically a BE from Delhi. And all experience in IT. So when I
decided to learn more about finance (mostly for self learning and not with the aim to increase my employability) I
searched and identified CFA as a good course. Firstly because it is based on 'self-study'. you do not necessarily
have to join any classes and can study at the comfort of your home. Secondly because it has good reputation.
When I started to read from the official study material (from CFA institute), I found it hard to understand, as it
goes in too much depth. Which is good, but not for 'first reading' OR for people from 'non-finance' background
And additionally it was too voluminous. As I was working full time, it was difficult to read all that text and
still make sense.
I thus decided to buy latest study material. After lot of search and talking to people, I decided to buy original
Stalla material at Delhi. It helped to speed up my preparation and clear the basics. Additionally it has lot of
questions and solving them helped to reinforce the concepts and gain confidence.
Few things for people preparing for CFA level 1:
1) You need to have single minded devotion to put in your time and effort. Half-hearted approach will not do.
2) Do NOT be over-confident if you already know many things in Finance. I have seen people who were CA /
MBA-finance / M.com but still FAILED. NOT because they were less intelligent BUT because they were over
confident. And they assumed that they need less time to study or prepare.
3) You need to put the recommended number of study hours 250+. For people from non-finance background (BE/MCA/ IT
etc.) you need even more time (approx 400 hours). You put those hours AND you will clear the exam.
4) Make a study plan. And follow it. Whether you use Schweser, Stalla or anything else, you still need to study
the 'contents'. And you can not just study everything in few weeks. So start early and be persistent. Festivals
will come and go. But do NOT miss your study plan. If for some reason you do fall behind your study plan,
motivate yourself AND remind yourself :: 'no gain, without pain'.
5) Give equal importance to all the topics. You need to do good in all. Being very good in FSA and extremely
poor in Derivatives will NOT help. So do give equal importance to all the topics.
6) Remember, that result is not in your hand. But putting the necessary effort, time and energy IS. So do your
bit !
Most of the things above are common sense. But many a times we miss our goals just because we do NOT use 'common
sense' !
If anyone have any speficic queries about preparation, how to study OR need my old Stalla material, feel free to
post or PM me. I learnt so much from PG site, that I feel obligated to now help others (to the best of my ability
and available time).
all the best !
cheers :)
Thank you for detailed feedback on CFA Preparation. I have sent PM to you. Please reply.
MOD NOTE: No Self Adverts please!!
I need to know something about CFA.
1.In case I want to have a career in consulting sector will I get any help in my resume in case I mention CFA clear clause in it.
2.And if yes what kind of profiles I can be offered as in a consulting profile with the help of CFA.
3.and if no is it worth mentioning CFA in your resume in case you happen to go for a consulting interview in a good consulting firm.
I need to know something about CFA.
1.In case I want to have a career in consulting sector will I get any help in my resume in case I mention CFA clear clause in it.
2.And if yes what kind of profiles I can be offered as in a consulting profile with the help of CFA.
3.and if no is it worth mentioning CFA in your resume in case you happen to go for a consulting interview in a good consulting firm.
I am assuming consulting u mentioned is regarding investment advising or portfolio management, if not then plz detail it.
Coming to ur question.
1. If u want to make ur career in consulting, then there is a special dedicated course called CFP (Certified Financial Planning). Please check it out. Whereas CFA is all about Financial research and analysis. In that sense CFA is at higher level than CFP.
2. Yes, you can become consultant if you have CFA certification in any Investment banks.
3. Yes u can certainly add ur CFA in ur resume. It will be an added advantage. In fact as per my knowledge, many topics in CFP r covered in CFA.
I hope this wud help.
like cfa can we download the material for cfp too?
Hi,
Your experience was really informative. Thanks for that.
can any1 tell me whr i can get good books for CFA level1 in mumbai
Do CFA & FRM...compliments each other...i.e..is Combination of both useful for getting a good profile in finance for a non-finance backgrnd guy..?
Hi,
i am considering the idea of pursuing a CFA course, and i`m looking for some inputs and opinions from ppl who are already CFAs or are currently pursuing CFA or have some knowledge of CFA. i want to pursue MBA in finance in fall (august) 2007 from US..and i wish to do some finance course in the meantime to get a hang of finance.
i`m an engineer and i have no workex or education in finance. so basically i`m looking for the following things from any course that i do:
1. Since i dont have a degree in finance or wokex in finance, i might face difficulty finding jobs in US after MBA. So i`m looking for a course should help me get good internships and jobs in the US during summers or after mba.
2. The course should have some international respect and recognition. while courses from IGDIR, ICFAI, NMIMS are quite good, they are unknown in US. i need an international course which companies in the US will recognize.
3. Lot of my classmates (from engineering) who`ve done MBA finance complain that finance is a completely different field and they find it hard to cope up with so many new concepts. So i`m looking for a course that would give me enough knowledge in advnace to cope up with the complex financial concepts during MBA.
4. In a US mba, most classmates generally have several years of related work ex. so the course should also make me strong enough to be compete with them academically and bring me at par with them in terms of financial knowledge.
after a little research, i have found that the course that best fits the above four requirements is CFA. What do u guys think? Does anyone have any opinions or suggestions in this regard? should i go ahead with CFA? or should i look for something else? is there any better option than CFA in my situation? is CFA managable for someone with a degree i engineering and work ex in IT? i have good knowledge of stock markets and have studied some NCFM modules. i understand derivatives and bonds, and a little bit of mutual funds and investment products. in this situation..can i manage a CFA or will it all be bouncers over my head?
i have heard that CFA is a pretty tough course and requires a lot of effort in terms of studies and preparation. i dont mind putting in any amount of effort or number of hours of study. i just wanna know how feasible it is for a person like me. thanks for any help!
hey bro can u help me
can u give me details explanation for cfa course
Puys,
Can somebody tell me that what r the things that we need to send like (like degree proof, id proof etc).
And what r the details required at the time of payment from credit card. like A/c no., credit card no. and pin code etc.
And do we need to send them scanned copies of all the certificates. Kindly throw some light.
and kindly somebody also tell that What does it mean by billing address. This appears when entering details of credit card.
thanx in advance
hi Ayush,
you seem to be on the right track. You just need to keep the momentum going. Though I would suggest that start NOW and not just 3 months before December. Better to have some buffer (time) in hand by starting earlier, to cater for any contingencies.
CFA course is very different and many of the topics will not be covered in any of the standard university courses. Practice using the calculator as much as possible. Keep an additional battery handy. And do read the calculator manual al cheers :)
Thanks akg. Your words will surely help in my preparation.
I have already started with my preparation, over with the 7 standards of ethic.
As I finished ethics , now i will get into numerical part and will try to involve the use of calculator to a profound extent.
Previously I Was not confident about ethics, but found it very interesting while reading it. Its just not about clearing exams but the knowledge that i am getting after reading it.
Will be starting time value money, and as I am very good at that, I hope to complete it in less time.
Spending 3 hours a day. ( for approx 3-4 times a week)
Will keep updating. Its also good to hear from people who have started their preparation.
Regards
Ayush Bansal
Batch of 2011
IBS-Gurgaon
Your thread is very helpful. Congrats for clearing CFA in such a short tyme.. Even after i have started preparing from last week. I am very apprehensive. I bought schweser notes and started off with FSA. Kindly give some tips for preparation.