CFA STUDY STRATEGY v.

2
Difficulty of Material/Exams Series CFA Level I CFA Level II CFA Level III *Lowest Difficulty
**Second Highest Difficulty ***Highest Difficulty

Difficulty of Material ** *** *

Difficulty of Exam * ** ***

*Quality of Study Material (Text) Source CFAI Curriculum SchweserNotes Stalla Notes *Quality of Supplementary Material Source Schweser Seminar Slide Workbook Schweser Mindmaps Schweser Secret Sauce Schwesers Quicksheet Quality of Study Questions Source CFAI Curriculum EOC Problems CFAI Curriculum Blue Box Examples Schweser EOC Problems Stalla EOC Problems SchweserPro QBank Quality of Practice Exams Source CFAI Mock Exam CFAI Sample Exam Schweser Practice Exam Score (out of 10 points) 10 10 7 Score (out of 10 points) 10 10 8 7 7 Score (out of 10 points) 10 8 8 7 Score (out of 10 points) 10 8 6.5

*Quality describes the strength of the correlation between the study material and what is actually tested on the CFA exams. [These ratings are subjective and are intended to compare the relative rankings of the materials]

Strategy (given 5 months study time)

Level I
If < 15 hours/week - Months 1-4: Schweser Notes/All EOC (End of Chapter) problems - Month 5: Schweser Slides=>Take Practice Exam (Repeat 5X) BOOT CAMP encouraged (Take at least 2 practice exams before boot camp) (Boot camp refers to any commercial preparatory workshopSchweser, Stalla, etc.generally offered a month before the actual exam and lasts anywhere from 3 days to a full week) If > 15 hours/week - Months 1-4: CFA Curriculum/All blue box examples/All EOC Problems - Month 5: Schweser Slides=>Take Practice Exam (Repeat 7X) BOOT CAMP encouraged (Take at least 2 practice exams before boot camp) Question Format: - Morning: Single Question Multiple Choice - Afternoon: Single Question Multiple Choice

CFA Curriculum LI examples and EOC problems are considerably more difficult than actual exam questions.

Level II
If < 15 hours/week - Months 1-4: Schweser Notes/All EOC problems - Month 5: Schweser Slides=>Take Practice Exam (Repeat 5X) BOOT CAMP encouraged (Take at least 2 practice exams before boot camp) If >15 hours/week - Months 1-4: CFA Curriculum/All blue box examples/All EOC Problems - Month 5: Schweser Slides=>Take Practice Exam (Repeat 7X) BOOT CAMP encouraged (Take at least 2 practice exams before boot camp) Question Format: - Morning: Item Set Multiple Choice READ THE QUESTION FIRST! 90% of all questions asked follow the item set chronologically (first portion of item set relates to 1st question, 2nd portion relates to 2nd question, etc. First paragraph is usually an introduction that can be skipped to save time) - Afternoon: Item Set Multiple Choice READ THE QUESTION FIRST! 90% of all questions asked follow the item set chronologically (first portion of item set relates to 1st question, 2nd portion relates to 2nd question, etc. First paragraph is usually an introduction that can be skipped to save time)

The CFA LII curriculum is the most extensive of the series. Don't get bogged down on any particular subject matter. Get through the material and rely on the Schweser Slide Notebook as it does a great job in capturing the essence of the material. The key here is practice, practice, practice. Level II is a math test and requires considerable memorization.

Level III

MUST READ CFA CURRICULUM! - Months 1-4: CFA Curriculum/Blue box examples/EOC problems - Month 5: Schweser Slides=>Take practice exam (8X) BOOT CAMP strongly recommended (Creighton University provides an exceptional LIII Boot CampMarc Lefebvre teaches the course and has put together an impressive strategic outline) Question Format - Morning: Essay Focus on writing key words (study previous actual CFA exam answers and learn what these key words arejust remember that the CFA guideline answers are also considered perfect so dont think you must include everything stated) The morning essay questions are the least correlated with questions from the actual CFA curriculum; therefore, it is absolutely necessary to study past actual CFA Level III exams and familiarize yourself with how theyll ask questionsyoull be surprised at how well you may know the material but not quite understand what the questions are asking for - Afternoon: Item Set Multiple Choice READ THE QUESTION FIRST! 90% of all questions asked follow the item set chronologically (first portion of item set relates to 1st question, 2nd portion relates to 2nd question, etc. First paragraph is usually an introduction that can be skipped to save time) Special emphasis on essay format (master your timingIndividual Investor IPS/Return Calculation should take < 10 min). - DO NOT rely on year to year correlations in question typesexpect ANYTHING to be tested - Prior exams can be found online and are a necessary resource - *CFA Practice Exam only includes the afternoon item set section; you must take Schweser practice tests/actual prior CFA Level III exams to incorporate the morning session - One of your top goals should be to finish the morning session; many candidates have failed due to the inability to finishyoull be surprised at how many extra points you can earn just for taking educated guesses

CFA Level III exam is by far the most difficult although the material is a breeze. Therefore, you must conceptualize the material rather than rely on pure memorization. Special Note: For Level I candidates, place special emphasis on ethics and portfolio management concepts. An in-depth understanding of both saves time from LII and LIII down the road. Memorize Code & Standards and read ALL ethics examples! Portfolio management concepts such as portfolio standard deviation and portfolio variance are recurring concepts that are extremely important for LIII.

Taken Directly from the CFA Institute Website

Recommended Allocation of Study Time Suggested Study Hours Per Topic (Out of Approximately 300 Total Hours) Level I Level II Level III 45 30 30 150 135 0 24 30 0 30 22.5 0 60 60 0 36 22.5 0 90 165 120 9 30 30 15 30 30 30 75 30 36 30 45 15 30 150 Approx. 300 Approx. 300 Approx. 300

Topic Area Ethical and Professional Standards (total) Investment Tools (total) Corporate Finance Economics Financial Reporting and Analysis Quantitative Methods Asset Classes (total) Alternative Investments Derivatives Equity Investments Fixed Income Portfolio Management and Wealth Planning (total) Total

Since the CFA Institute gives a range of weights, the total hours computed are based on averages; therefore, the sums dont necessarily add up to the recommended 300 hours of total study time.

General CFA Study Calendar

Month 1
Study CFAI Readings/Schweser Notes. Do ALL EOC problems. The most important thing is to try to conceptualize the material.

2
Study CFAI Readings/Schweser Notes. Do ALL EOC problems. The most important thing is to try to conceptualize the material.

3
Study CFAI Readings/Schweser Notes. Do ALL EOC problems. The most important thing is to try to conceptualize the material.

4
Study CFAI Readings/Schweser Notes. Do ALL EOC problems. The most important thing is to try to conceptualize the material.

5
STOP Study Sessions! Practice Exams/Schweser Slide Workbook. The Schweser Slide Workbook is intended to fill in the gaps of what youve forgotten during your study sessions. The most important thing is to practice, practice, practice answering questions. Scoring in the mid 70s on practice exams should be your minimum goal.

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