Firebird
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Post by Firebird on May 24, 2011 19:30:50 GMT -5
For context, here is a link to what I'm doing: www.cfainstitute.org/CFAPROGRAM/COURSEOFSTUDY/Pages/index.aspxI just received my study materials for the first exam ![:o](//storage.proboards.com/forum/images/smiley/shocked.png) WOW. Those are some big heavy books! There are six of them and they each look to be about a semester's worth of material. I haven't cracked them yet; I'm scared. Website recommends 300 hours of study (12.5 per week, which is fine) and I'm signed up to take the exam in December. But something tells me I better plan those 12.5 hours really, really carefully or I will spend a lot of time spinning my wheels and getting little accomplished. I sort of learned to study my senior year in college, but this will definitely test the outer limits of my abilities. Advice appreciated.
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azphx1972
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Post by azphx1972 on May 24, 2011 20:10:45 GMT -5
Firebird, I don't have any advice but I'm glad you mentioned this as I had looked at this as a possible option for my post-corporate career. Please take good notes and keep us posted so that I can turn to you for advice if I do decide to pursue this in the future! ;D
Not that you need it, as you seem like an extremely bright person, but good luck!
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Firebird
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Post by Firebird on May 24, 2011 20:28:20 GMT -5
First note: Give up immediately Uh, form a decent study schedule. It says so right there in the book so it must be a good idea.
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wvugurl26
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Post by wvugurl26 on May 24, 2011 20:38:10 GMT -5
I thought about doing it at one point when I did my finance degree. I know it is an insanely hard test, I had a few professors who had the designation. Since I got into the accounting side and the CPA thing I haven't thought about it anymore. Thinking about doing the CFE next because I've always wanted that. Have to do the ethics thing and get my MD CPA license next month though. Someone please remind me why I need a license in two states when I'm not even in public practice? I would say set a schedule and stick to it. I think I would have passed most of my cpa exams on the first try had I spent more time studying. Instead I procrastinated, only reviewed half the stuff, didn't do all the homework and landed 70, 71s when I needed a 75. I suck at studying, I really do. I floated through high school without having to really do it. I have some college grades that prove it. When I actually went by the Becker schedule and put the time in I passed. If you can just make yourself stick to a study schedule and make it quality time you can probably do it so so study skills or not. And damnit now you've put that thought in my head again. And remembering what my professor said they make sounds damn good compared to what I currently make. I really must be nuts to think about this........ Is it any wonder the cardiologist had me pegged for type a overachiever in five minutes? ![](http://boards.msn.com/Themes/default/emoticons/red_smile.gif)
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midjd
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Post by midjd on May 24, 2011 20:41:25 GMT -5
I second everything Azphx said.
The only thing I've studied for that might be comparable is the bar exam. I'm not a natural studier so it took a while to get into a groove. You have to figure out what works for you - music, no music, short breaks every 30 minutes or hours of uninterrupted reading, morning vs. night, etc.
I have very little knowledge of the exam you're taking - can you get access to practice questions? With the bar, I tried to do at least 75 multiple choice practice Qs per day - then I'd type out the explanations for the ones I'd missed (typing/writing helps cement things in my head).
Again, I have very little knowledge of the specifics of your test - so take all my advice with a big shaker of salt ;D
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on May 24, 2011 21:27:10 GMT -5
If you're working, be sure and schedule vacation time before (and a little after) the big test ~ to give you some extra time to review, and to recover. ![:)](//storage.proboards.com/forum/images/smiley/smiley.png)
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Post by gsbrq on May 25, 2011 6:01:09 GMT -5
Do you already have the 4 years of qualifying work experience in one of the specified fields?
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Post by The Walk of the Penguin Mich on May 25, 2011 7:02:45 GMT -5
I would say set a schedule and stick to it.
IMO, this would probably be the most important part. Choose a day of the week where you'll be working and treat that time as if you're going to be actually going to a class.
Some of my doctorate classes were online, where you had to study on your own schedule. Until I finally realized that I could not do it on the fly (IOW - I've got a spare couple hours with nothing do to, so may as well work on the class), I finally set a time to work and NOTHING would interfere with it.
For me, I'd leave work Friday evening and figure out where I'd be eating that night. I'd come home from work an hour early, change into sweats and plop in front of the computer. I'd work for a good 2-3 hours, call for take out and eat, clean up and do another 3-4 hours afterwards. Those 7 hours would take care of most of the work, but inevitably there'd be another 1-2 hours I'd do Sunday evening. But by then, I had done the bulk of the work that needed to be done for that week.
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jk70
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Post by jk70 on May 25, 2011 7:03:02 GMT -5
firebird:
I tool level 1 a few years ago. I failed, was in the upper band, but then decided to move from MA to NC and never picked it up again. Repetition is the best for an exam like this. I would shoot for an hour a night, take friday nights off, and hit ~3 hours each saturday and sunday.
This is somewhat what I did; although, like I said, I failed. I wouldn't attempt ~12.5 hours just on weekends. a little every night is better than a lot all at once.
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CarolinaKat
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Post by CarolinaKat on May 25, 2011 7:14:42 GMT -5
<<CarolinaKat is reminded she needs to go pick up review/study materials for the PE exam>> Thanks Firebird, now I feel like a slacker ![:P](//storage.proboards.com/forum/images/smiley/tongue.png)
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Post by Savoir Faire-Demogague in NJ on May 25, 2011 7:47:12 GMT -5
I could be mistaken but aren't you the poster in the other thread who was marginalizing education?
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RoadToRiches
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Post by RoadToRiches on May 25, 2011 8:05:15 GMT -5
Oh man...I am right behind you, but I am going for PMP certification. Just focus, keep your eyes on a prize... ![;)](//storage.proboards.com/forum/images/smiley/wink.png)
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Post by Savoir Faire-Demogague in NJ on May 25, 2011 8:09:59 GMT -5
Oh man...I am right behind you, but I am going for PMP certification.
I was looking at that two years ago. Spent many months studying and reviewing reading materials. Brutal exam. You cannot apply to take it, without documenting a few 1000 hours of project management experience. How are you doing with the prep?
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RoadToRiches
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Post by RoadToRiches on May 25, 2011 8:19:24 GMT -5
I already have over 7000 hours documented. Luckily, my work is very supportive about it and is signing off on my requirement hours. I am just starting out. Got some training videos and tons of books. I actually read ITIL V3 preps as well and going to take that exam soon.
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Post by Savoir Faire-Demogague in NJ on May 25, 2011 8:29:50 GMT -5
I already have over 7000 hours documented. Luckily, my work is very supportive about it and is signing off on my requirement hours. I am just starting out. Got some training videos and tons of books. I actually read ITIL V3 preps as well and going to take that exam soon.
Excellent. I have a buddy who now lives in Florida. A number of years ago, he did the PMP, to get into project management. He was in contract programming for decades. His area of expertise has dried up. He has said that without the PMP he'd be toast.
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RoadToRiches
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Post by RoadToRiches on May 25, 2011 8:37:19 GMT -5
Yeah, it's good to have it. IT changed a lot in past decade. You don't have people that do one specific thing. Now, IT professionals need to know functions of business, operations, technology, project management... I am lucky to be working for a company that promotes advancement and I have opportunities to work with newest technologies and big clients, including government. Looks great on a resume ![:)](//storage.proboards.com/forum/images/smiley/smiley.png)
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Wisconsin Beth
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Post by Wisconsin Beth on May 25, 2011 9:24:39 GMT -5
<<CarolinaKat is reminded she needs to go pick up review/study materials for the PE exam>> Thanks Firebird, now I feel like a slacker ![:P](//storage.proboards.com/forum/images/smiley/tongue.png) I know CK, I need to start reviewing so I can go back to college and get my BA. There's a job here I want that requires a BA and the amount of time it's going to take me to get it vs. the amount of time I have before the current person retires is a fairly decent match...
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CarolinaKat
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Post by CarolinaKat on May 25, 2011 9:40:42 GMT -5
Beth, Best of luck with college and the position when you finish. What degree are you looking at?
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souldoubt
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Post by souldoubt on May 25, 2011 9:49:56 GMT -5
So contrary to what we briefly discussed in another thread you know it stands for chartered financial analyst and not certified financial advisor right? ![:P](//storage.proboards.com/forum/images/smiley/tongue.png) As far as the amount of time for studying I wouldn't look at it as you needing exactly 300 hours. That's a good way to plan but I'd recommend jumping into the materials sooner rather than later and starting to gauge how far along you are. If you feel you are behind the curve then up the number of hours per week. My advice would be to find a quiet place somewhere that's away from your computer, TV, etc unless of your course you're using a computer to assist you in which case I'd recommend a laptop and no internet connection unless absolutely necessary. You know what's worked best for you in the past so it's really just a matter of getting back into the habit of studying which is the most difficult part of working on a certification or graduate degree after not being in a situation where you had to hunker down and study regularly for a while. Good luck.
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whoisjohngalt
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Post by whoisjohngalt on May 25, 2011 10:01:31 GMT -5
I don't know anything about CFA exam, but when I was studying for CPA there was no way I could start too early. 1 - I would loose the steam, get bored and just not do it. and 2 - and this is where it might be different - CPA material is boring as hell so I needed to study as close to the exam date as I could so I could remember it, bc it was mostly memorization.
So, if you are taking it in Dec, "I" probably wouldn't even start until Sept, but that's me, everyone is different. I work better the least amount of time I have.
Lena
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shanendoah
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Post by shanendoah on May 25, 2011 10:08:55 GMT -5
The last time I studied for a major test, which might be the only time I studied for a major test, was when I took the GMAT. What worked for me was taking a couple practice tests to identify the areas where I was clearly lacking in understanding and then focusing on those areas. A couple days later, I would take another practice test and see how I was doing. If I'd gotten better, I'd keep reviewing those secitons, though not as intensely, and add another section that I wasn't great at to my studying. It worked pretty well for me, as with only one book from the store and internet practice tests, I was able to score high enough to get in anywhere but Harvard (and I wasn't going there anyway). At the same time, I test very well, generally half a grade to a full grade higher than my actual knowledge of a subject should warrant.
I took a PM class while I was in my MBA program. The teacher told people that if they took the PMP exam and passed, they would get an automatic A in the class. I considered taking the test, but while I had the requisite hours, getting them documented would have been hard because they were at a previous employer where my title was admin assist. (It was a small company, so yes, as an admin, I did a lot of PM, especially around IT projects.) None of the people in the PM class who took the PMP exam passed it.
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Firebird
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Post by Firebird on May 25, 2011 10:09:54 GMT -5
Wow, lots of responses. I'll go in order. Do you already have the 4 years of qualifying work experience in one of the specified fields?You can apparently substitute a bachelor's degree. That's what I am doing. IMO, this would probably be the most important part. Choose a day of the week where you'll be working and treat that time as if you're going to be actually going to a class.Before I learned to study this is the part that I was missing. I actually study best in the morning, so my plan is to do 2 hours on 4 weekday mornings and the remaining 4.5 hours on the weekend. We'll see how it goes. I could be mistaken but aren't you the poster in the other thread who was marginalizing education?Nope. I never marginalize education. I just said - repeatedly - that college isn't for everyone. That in no way marginalizes its benefits. Plus, I specifically said that professional certifications are great for people who don't want to go to college. I've already been to college, but it still applies. Oh man...I am right behind you, but I am going for PMP certification. If I had my choice I'd be going for that instead. I would love to be a project manager. However, I only have 60 hours of experience so far, and the test calls for thousands. I don't see myself getting there, at least not in this job. The last certification I took was my CAPM ;D So contrary to what we briefly discussed in another thread you know it stands for chartered financial analyst and not certified financial advisor right? ![:P](//storage.proboards.com/forum/images/smiley/tongue.png) Yes. While it doesn't stand for what I thought it did, it seems to be the certification for the career I had in mind, though.
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Firebird
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Post by Firebird on May 25, 2011 10:14:00 GMT -5
So... weird thing happened this morning. It creeped me out a little bit, actually.
I was telling DF how nervous I was last night and showing him the first volume, and I mentioned how great it would be if there was a course or study group I could join. Then this morning as I was getting off the train I saw two girls standing around with shirts that read "Pass the CFA!"
I was like, "Okay, no way this is the SAME CFA..." but I took one of the cards they were handing out. It's for a COURSE THAT TEACHES HOW TO PASS THE CFA IN DECEMBER!! It's specifically designed for people like me who just got their books and don't know what the hell to do next!
Wow! It's like the universe is LISTENING or something!! ;D
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Firebird
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Post by Firebird on May 25, 2011 10:17:44 GMT -5
So, if you are taking it in Dec, "I" probably wouldn't even start until Sept, but that's me, everyone is different. I work better the least amount of time I have.
This is somewhat true of me as well, and I definitely don't intend to start rote memorization until about three months before the exam for the same reason. But I do need to start learning the material beforehand. A lot of it is review from college (i.e., figuring out present and future value) and a lot of it revolves around entirely new stuff.
Hopefully that course isn't too much (although apparently they refund your course fee if you don't pass the exam, so that's all right) because it would be helpful to have someone help me organize myself - what to study when, that kind of thing.
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souldoubt
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Post by souldoubt on May 25, 2011 10:19:23 GMT -5
Firebird you know there's quite a few study programs out there right? I wouldn't just depend on the materials you got from the CFA institute if you aren't 100% comfortable with just those and definitely do your research on what is out there. After you've signed up for the exam at some point you are likely to get emails or junk mail from various companies offering study assistance. If you need an instructor led class then find one but if you're more of the self study person look into getting something that gives you access to a lot of practice questions ala the Schweser materials: www.schweser.com/cfa/cfa1d.phpFor me for the CPA exam and the certification I'm going for now sitting through a class wasn't what I needed or wanted but having access to hundreds of practice problems was a major plus.
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Firebird
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Post by Firebird on May 25, 2011 10:20:05 GMT -5
I took a PM class while I was in my MBA program. The teacher told people that if they took the PMP exam and passed, they would get an automatic A in the class. I considered taking the test, but while I had the requisite hours, getting them documented would have been hard because they were at a previous employer where my title was admin assist. (It was a small company, so yes, as an admin, I did a lot of PM, especially around IT projects.) None of the people in the PM class who took the PMP exam passed it.
What I still don't understand is how you guys managed to get PM hours without any kind of certification. I couldn't find ANY entry-level PM jobs. I would have been happy to apprentice with a real PM until I got my hours and could take the next exam, but I couldn't even find anything like that. It's a miracle I managed to get sixty hours of experience.
The jobs I saw all called for thousands of hours OR the equivalent PMP certifications. I got the baby certification hoping it would get my foot in the door, but so far it hasn't been working out that way.
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RoadToRiches
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Post by RoadToRiches on May 25, 2011 10:52:01 GMT -5
Firebird...when they say "project management hours" it doesn't mean that you have to have a title of PM and do all the parts. You can be on a team that works on a project and you do your parts. If someone (a manager) is willing to sing off on the hours on a PMP cert form, then you are good to go. Many people start off as a BA (Business Associate) and learn the ropes like that. I think it really all depends what company you work for. So in essence, you don't have to be a PM to qualify for PMP certification. If you work on projects and have documented hours (ppfffff) then you are set ![;)](//storage.proboards.com/forum/images/smiley/wink.png) For example, I am main point of contact for 2 clients at my company. I pretty much manage the client. All those hours, are being accounted for PM hours. My manager and company are more than willing to sign off on it. ![:)](//storage.proboards.com/forum/images/smiley/smiley.png)
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Post by commentator on May 25, 2011 11:11:37 GMT -5
... Someone please remind me why I need a license in two states when I'm not even in public practice? ... If you want to call yourself a CPA when you're living or doing business in Maryland, you have to have a Maryland license. If you want to call yourself a CPA when you're living or doing business in West Virginia, you have to have a West Virginia license.
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Firebird
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Post by Firebird on May 25, 2011 11:12:35 GMT -5
Yeah... the problem is that in my capacity at this job (I'm on the finance/accounting team) I don't have much occasion to work on projects. The only reason I got the 60 hours I did was because one of our IT guys knew I was interested in PM and let me schedule a couple of projects. I never managed to get into a position where I could really sink my teeth into a project. Mostly I just wrote schedules and attended meetings.
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tskeeter
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Post by tskeeter on May 25, 2011 11:19:46 GMT -5
firebird, I think the key to any professional certification is to get in, get the job done, and go home. By this I mean don't dabble at it, work at it with serious intent, use every advantage you can get, and pass your level one the first time you sit for the exam. Preparing for these types of exams takes too much of your time and energy to do it more than once.
I think that the reason many people who test for professional certifications are not successful on their first attempt is that they really don't know what to prepare for. The fact that you appear to be a bit overwhelmed by the study material you've gotten causes me to wonder whether or not self study is the best approach for you. When I was in your shoes, preparing for the CPA exam, I recognized that I would do better with more structure to my preparation process than a self study program would provide. I used a nationally recognized review course to help me prepare and was one of the 20% (in those days) of candidates who passed all sections of the exam on the first attempt.
Why take a review course? It provides structure to your preparation process. (If you've got a class scheduled, you're less likely to blow it off than you would be to procrastinate or get distracted by more fun things if you're going it on your own.) It provides focus to the material you study. (The review course companies analyze past exams to see what content is tested and to what extent, so they can provide the appropriate emphasis in their material.) A classroom style review course leverages the different learning styles people have to communicate information in the fashion that is best for each student. (People learn by a combination of three learning styles: what they hear, what they see, and what they do. Self study tends to focus on what you see (read). If you learn best by what you hear (a lecture), a self study program would exclude your most effective learning style from your preparation process.) And finally, the statistics on certification candidates who have taken instuctor led review courses, indicates that people who took review courses have a higher success rate than people who took the self study approach. Bottom line, people who took review courses were better prepared.
Why to avoid a review course? They are expensive. But the cost is not really significant when compared to the preparation time required to take the CFA exam several times. Then, too, passing your level ones on the first attempt demonstrates that you are intelligent, focused, and disciplined. All desirable attributes to be pointing out to your boss when it comes time for raises and promotions.
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