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 Schweser’s 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: CFA Curriculum/All blue box examples/All EOC Problems .Months 1-4: CFA Curriculum/All blue box examples/All EOC Problems .—generally offered a month before the actual exam and lasts anywhere from 3 days to a full week) If > 15 hours/week .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: Schweser Notes/All EOC problems .Months 1-4: Schweser Notes/All EOC (End of Chapter) problems .Month 5: Schweser Slides=>Take Practice Exam (Repeat 7X) BOOT CAMP encouraged (Take at least 2 practice exams before boot camp) Question Format: .Afternoon: Single Question Multiple Choice CFA Curriculum LI examples and EOC problems are considerably more difficult than actual exam questions. Stalla. First paragraph is usually an introduction that can be skipped to save time) The CFA LII curriculum is the most extensive of the series.Morning: Single Question Multiple Choice . The key here is practice.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 workshop—Schweser. Get through the material and rely on the Schweser Slide Notebook as it does a great job in capturing the essence of the material. etc. Level III . Level II is a math test and requires considerable memorization. Don't get bogged down on any particular subject matter. 2nd portion relates to 2nd question. practice. etc.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. 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.Month 5: Schweser Slides=>Take Practice Exam (Repeat 7X) BOOT CAMP encouraged (Take at least 2 practice exams before boot camp) Question Format: . practice. Level II If < 15 hours/week . Therefore. .DO NOT rely on year to year correlations in question types—expect ANYTHING to be tested . MUST READ CFA CURRICULUM! .Morning: Essay Focus on writing key words (study previous actual CFA exam answers and learn what these key words are—just remember that the CFA guideline answers are also considered “perfect” so don’t think you must include everything stated) The morning essay questions are the least correlated with questions from the actual CFA curriculum. 2nd portion relates to 2nd question. . it is absolutely necessary to study past actual CFA Level III exams and familiarize yourself with how they’ll ask questions—you’ll be surprised at how well you may know the material but not quite understand what the questions are asking for . therefore.One of your top goals should be to finish the morning session.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. many candidates have failed due to the inability to finish—you’ll 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.Months 1-4: CFA Curriculum/Blue box examples/EOC problems . 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. you must take Schweser practice tests/actual prior CFA Level III exams to incorporate the morning session . An in-depth understanding of both saves time from LII and LIII down the road.Prior exams can be found online and are a necessary resource . etc.*CFA Practice Exam only includes the afternoon item set section. Special Note: For Level I candidates. you must conceptualize the material rather than rely on pure memorization. place special emphasis on ethics and portfolio management concepts. First paragraph is usually an introduction that can be skipped to save time) Special emphasis on essay format (master your timing—Individual Investor IPS/Return Calculation should take < 10 min).Month 5: Schweser Slides=>Take practice exam (8X) BOOT CAMP strongly recommended (Creighton University provides an exceptional LIII Boot Camp—Marc Lefebvre teaches the course and has put together an impressive strategic outline) Question Format . 5 0 60 60 0 36 22.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. 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. . therefore. 300 Approx.5 0 90 165 120 9 30 30 15 30 30 30 75 30 36 30 45 15 30 150 Approx. 300 Approx. the total hours computed are based on averages. the sums don’t necessarily add up to the recommended 300 hours of total study time. The most important thing is to try to conceptualize the material. 5 STOP Study Sessions! Practice Exams/Schweser Slide Workbook. Do ALL EOC problems.General CFA Study Calendar Month 1 Study CFAI Readings/Schweser Notes. The Schweser Slide Workbook is intended to fill in the gaps of what you’ve forgotten during your study sessions. 4 Study CFAI Readings/Schweser Notes. 3 Study CFAI Readings/Schweser Notes. practice answering questions. Scoring in the mid 70’s on practice exams should be your minimum goal. The most important thing is to try to conceptualize the material. Recommended Activities . The most important thing is to try to conceptualize the material. practice. Do ALL EOC problems. 2 Study CFAI Readings/Schweser Notes. The most important thing is to practice. Do ALL EOC problems. Do ALL EOC problems. The most important thing is to try to conceptualize the material.