CFA CFA General How prepared am I?

How prepared am I?

  • This topic has 12 replies, 6 voices, and was last updated Jul-17 by Stress79.
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    • Stress79
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      Hello!

      I purchased the Schweser Qbank yesterday (Still trying to justify cost as I used the CFAI materials to read and only purchased Qbank while borrowing mocks from friend who took it in June) and have done 484 problems from every topic except Corporate Finance and Derivatives (planning on both tonight). I also have completed 3 Schweser mock exams (70.5% however that was glancing at formula sheet if stuck so drop it down to ~65% to compensate) and the CFA Mock exam (68.94% and only had to look up 2-3 formulas). Have also done all EoC questions multiple times (and will do again the week before). The only section that I am nervous on is accounting because it is all rules-based instead of logic (at least to me).

      Question is, how prepared am I? Should I just pound out 4-5 hours a day of qbank during weekdays and 12 hours of qbank and mocks on weekends while reading 11th hour to jog my memory? All my questions were intermediate or advanced difficulty. Scores are below:

      Overall: 75% (484 questions)
      Quant: 75% (40 questions)
      Economics: 79% (140 questions)
      Accounting: 64% (107 questions)
      Corporate: Haven’t started
      POrtfolio: 72% (50 questions)
      Equity: 80% (30 questions)
      Fixed Income: 80% (20 questions)
      Deriv: not started
      Alternative: 95% (37 questions [Qbank only has 37 so have completed all questions)

      I also purchased Elan’s 11th hour review and am planning on reading through it while pounding out more Qbank problems.

      Opinions? Support? Coffee?

    • fabian
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      @stress79 I’d say that’s a fairly solid state to be in with 3+ weeks to go! Your approach for the remaining weeks seem great as well.

    • fabian
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      Just saw that you’ve not started with Derivatives – I found that quite tricky so might want to start soon! Any reason why you left it?

    • Stress79
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      Thanks! Yes, I am rather strong in derivatives on the practice and mocks plus I only have had the Qbank for 2 days so I have not had a chance to do it yet.

      BY far my weakest section is FRA. If I can get 60%+, I will be happy

    • Stress79
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      Forgot Ethics. Ethics is at 73% however it would be higher if I read through the entire question….

    • christine
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      Invest time in FRA. It’ll be important for Level 2 as well.

    • Sophie Macon
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      Good progress so far @stress79, I’d say don’t push up the pace too much and review a few hours here and there, with timed practice papers. You’ve 3 weeks left and cannot burn out so soon 🙂

    • edulima
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      Sounds really great, @Stress79, and if you need some coffee, here you go… ~O)

    • Stress79
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      Thanks! In everyones opinion, what should I be spending most of my time on? Reading Elans 11th hour review or Qbank? I am leaning towards Qbank as there is nothing like pounding out hours of questions to cement things into your brain. I also feel more productive doing questions!

    • mitch895
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      Sounds like you’ve got things pretty well sorted @Stress79. Of your scores I’d say hitting ethics hard (get the score to 85%+) would probably be a high return on your time. And FRA, of course. As @Sophie says, don’t burn yourself out. A bit like running a marathon, a good taper & carb load before the race can keep you fresh and ready to smash it.

      One of the things that I do when I’m going through practice questions is draw a box with three categories, listed >80%, >70%, and <70%. After I complete each question I then plug in the question number into the box category box corresponding to my "confidence" interval - i.e., ">80%” means I’m pretty dead-certain, “<70%" means I wouldn't bet the house on it.

      At the end of each test I mark the categories for the questions I got wrong. The idea behind this is to work out how my confidence in answering a question translates to actual results - i.e., by doing this for most of my practice tests I have found that if I am "dead certain" about an answer and plugging it into the ">80%” box, then my actual result for those questions usually works out at about 90%, and around 75% for the questions I indicated a “>70%” confidence for.

      By keeping a tally of these results I can keep track on how close (or far) from a minimum pass score I am. The idea is that it will enable my to get through all questions then go back and given any “<70%" category questions another go (or another review).

      Some would probably find this approach a bit pointless, but I suppose I'm just a bit pedantic when it comes to this kind of stuff. In the practice questions if I don't actually know the answer (i.e., if it involves a phrase or formula I've never heard of) I don't answer it. This way I don't artificially inflate my practice scores with "luck" (I'm saving that till exam day)

    • edulima
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      Hi @mitch895, this actually makes a lot of sense to me. Thanks for sharing this technique. Having just finished my pass-through all the material, I’m starting the “practice” phase of my prep and will use a variation of your tracking method.

    • christine
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      I also do a similar system – I simply circle the questions I know I’m not certain about. That way I make sure I’ll review the model answers in greater detail even if I got the question right.

    • Stress79
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      Thanks! That is a good system!

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