mikestorm

[mikestorm]

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Hello everyone.  My name is Mike, I’m a bit on the older side compared to most on this site (40) and sitting for level 1 this December.  I’m not in the industry, and doing this primarily because the subject matter interests me, and as ‘unemployment insurance’ should my job in my current industry end, and I find I can’t command the same salary I do now, I’ll have a very real option of switching careers.

[mikestorm]

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I was actually let go this past Monday.  The difference with me is I’m trying to break in to Finance.  My job (was) very data driven, and I was a Director with a (very low) six figure salary.  I’m the sole earner in my household with a wife, toddler, and another baby on the way.  My fear is despite my BS in Finance and Level I pass under my belt (sitting of Level II in June) I won’t be able to make enough to maintain things.  I was given a 13 month severance, which helps elongate my tolerance for a lower salary (assuming I find something soon).   I have no context for what an analyst makes, or how long one stays an analyst before the opportunity to be bumped to associate presents itself.

Providing for my family trumps any designs on a career change, and I honestly don’t know what to do.

[mikestorm]

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My two cents, but spring for the Schweser.  If accounting and finance are foreign to you, you’ll find yourself staring at a wall of text in the CFAI book, downtrodden that even after reading it a third time, you’re still not better off understanding what the heck they’re talking about.

I’ve been using Schweser, and for the more complex readings, I’ve been doing this:

1) Watch the video.  This enables me to grasp the very low hanging fruit right out of the gate, and provides valuable context to the more complex info.
2) Read Schweser Notes entirely.
3) Answer EOC questions for Schweser
4) If I score over 80% I move to the CFAI text, and only read the blue sections (examples and example questions).
5) Answer EOC questions for CFAI
4) For any areas where I didn’t do well, I read just those sections in full CFAI text to crystallize concepts. 

I’m older (40) and my brain’s ability to learn definitely peaks in the morning. So, whenever I can, I keep the videos for afternoon/evening study, to maximize my cognitive faculties to the curriculum.  If I had just CFAI, I don’t think I’d be able to do nearly as well in understanding concepts as I currently am (just finishing up Econ for Lvl 1).

IF you go for the Schweser, don’t bother with the physical texts for CFAI..eBook is fine.  I bought the physical texts, and given the relatively small amount of time I’m in them..essentially bought something to place in my bookcase to impress guests.

FYI I have a BS in Finance…bestowed in 1997.  Since then, I’ve worked in DBA and IS…so I can relate to your plight.

EDIT Spelling and grammar

[mikestorm]

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Apparently I can’t count to 6.  I think this underscores my point.

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