Down the rabbit hole

[Slava]

I guess this is as good a place as any to ask for some help!

I did the mock exam from the CFA Institute a couple days ago. Obviously I didn't know everything on there and that's not really the issue. My problem is that clearly my exam taking skills leave something to be desired. I say that, thinking that I'm usually a really good test writer! I don't get overly nervous or anything like that and I don't run out of time or anything like that.

My issue on this mock, particularly though is just stupid mistakes! As an example one question I got wrong asked which payment would be the smallest. I did the work for each one....and proceeded to then pick the largest payment! I haven't tallied it up, but between the morning and afternoon mock these kinds of very minor mistakes cost me 10-15 marks...which is obviously enormous! It didn't really dawn on me that there were that many of these issues for me, and needless to say I was shocked at how many marks I would have given away! Hence my cry for help.

Does anyone have any helpful strategies I can use to take care of this? I really feel like I know the material well. I scored what I would guess is within a few percent of passing, so clearly adding on another 5-10% would be pretty nice!

I'm not too interested in "read the question", "relax", kind of things. Not to be rude, but I get it. At this level I think we've all taken a lot of exams and know to do those things. I'm just wondering if there is anything beyond that might work for anyone else, or any strategies that others have here that might make me slow down, or that sort of thing?

[firebug]

Originally Posted by Slava

I guess this is as good a place as any to ask for some help!

...

I'm not too interested in "read the question", "relax", kind of things. Not to be rude, but I get it. At this level I think we've all taken a lot of exams and know to do those things. I'm just wondering if there is anything beyond that might work for anyone else, or any strategies that others have here that might make me slow down, or that sort of thing?

Probably nothing new to add, but the team that writes the exams are especially cruel.

Here are a few tips that I try:
-Read the question first (before the descriptive paragraph/case)
- I highlight/circle the active request in each questions e.g. the smaller/larger or what often gets me is the likely/least-likely from a set of statements
- For calculations i write out my formula and then substitute in my figures in the margin or on a scrap paper (many times when I have a result that isn't in the list of answers, i go back carefully over what i wrote and realized it was an error in calculator input)
- Don't spend much time on any single question! If my calculated result isn't there, and I am ahead of pace, i will attempt it a second time. If it still isn't there I guess, and then circle that question's number on the answer key.
- Don't spend much time on any single question! If you are struggling, guess and circle the number on the answer sheet (this is especially helpful in the practice exams as it gives you an idea on what your guessing percentage is, if it isn't above 50% you are in trouble).
- If you haven't wasted time on your answering, you should have some extra time at the end of the exam to go back to your circled questions for a second attempt (budget 2minutes/question which should give you 45minutes or so to go back over your trouble areas). Often something later in the exam will trigger a memory to help you on something early in the exam. If you don't have many circled, this is the time to spend 10 minutes on a single question.
- only change your answers/guesses reluctantly. Most people are more likely to move a correct answer to wrong as wrong to right. Don't change unless you can Identify a specific reason why your initial guess was incorrect. Never change an un-circled answer.
- Every 10 questions confirm that you are answering the questions on the right line on the answer key.

This is what has helped me, YMMV.

[onetwo_threefour]

Originally Posted by Slava

I guess this is as good a place as any to ask for some help!

I did the mock exam from the CFA Institute a couple days ago. Obviously I didn't know everything on there and that's not really the issue. My problem is that clearly my exam taking skills leave something to be desired. I say that, thinking that I'm usually a really good test writer! I don't get overly nervous or anything like that and I don't run out of time or anything like that.

My issue on this mock, particularly though is just stupid mistakes! As an example one question I got wrong asked which payment would be the smallest. I did the work for each one....and proceeded to then pick the largest payment! I haven't tallied it up, but between the morning and afternoon mock these kinds of very minor mistakes cost me 10-15 marks...which is obviously enormous! It didn't really dawn on me that there were that many of these issues for me, and needless to say I was shocked at how many marks I would have given away! Hence my cry for help.

Does anyone have any helpful strategies I can use to take care of this? I really feel like I know the material well. I scored what I would guess is within a few percent of passing, so clearly adding on another 5-10% would be pretty nice!

I'm not too interested in "read the question", "relax", kind of things. Not to be rude, but I get it. At this level I think we've all taken a lot of exams and know to do those things. I'm just wondering if there is anything beyond that might work for anyone else, or any strategies that others have here that might make me slow down, or that sort of thing?

I don't know if this is the kind of test where you're allowed to actually mark up the test paper, but something that helped me (and my ADD brain) sometimes on law school exams was to use a highlighter to mark the few words in the question that were specifically needing to be addressed or indicating what type of answer. That way once I'd answered the question, I could look at the highlighted words and decide in about one second whether I'd answered the question that was actually being asked. I found that I had to do this because with my ADD I would actually get distracted while reading the question and start answering it without really addressing my mind to what he point of the question was. I developed this strategy in my undergrad and it helped in various exams where there were either a lot of questions that had to be answered quickly, or a few questions where they question was long and detailed with lots of facts and/or a trick or twist to what was being asked.

If I'd figured this out in my first year of Engineering, I might have done better! (although going to class more and actually studying probably would have been a bigger help there).

ETA: As a case in point,in my quick browse of firebug's answer, I didn't even notice that he already suggested the same thing much more succinctly. Time to renew that Ritalin prescription I guess!

[rd_aaron]

I'm not in the finance/commerce field but I'm curious, does having a Level 1 or Level 2 designation mean anything to employers, or do you need to go the whole way through? Will you get a raise once you complete the CFA or does it just allow you to climb the ladder easier?

[Slava]

Originally Posted by rd_aaron

I'm not in the finance/commerce field but I'm curious, does having a Level 1 or Level 2 designation mean anything to employers, or do you need to go the whole way through? Will you get a raise once you complete the CFA or does it just allow you to climb the ladder easier?

There is no level one or two designation, you either hold the charter or you don't. I am self-employed, so for me personally there is no climbing the corporate ladder. In general there are studies that show that charter-holders earn significantly more than non-holders. To me those are kind of asides though, as I think it really depends what you want to do with it and why you want it.

[rd_aaron]

Originally Posted by Slava

There is no level one or two designation, you either hold the charter or you don't. I am self-employed, so for me personally there is no climbing the corporate ladder. In general there are studies that show that charter-holders earn significantly more than non-holders. To me those are kind of asides though, as I think it really depends what you want to do with it and why you want it.

Ok, thanks. I guess what you said on page 2 about it being the MBA of the financial world is pretty accurate.

[fundmark19]

There is a chart somewhere comparing MBA to cfa. IMO cfa is way better career opp wise as you can go anywhere and it is difficult to get. Anyone with money can add MBA to their biz card and seems to be more about networking. If I can find it I will post it.

Again don't jump on my for this as I hold neither I'm not putting down MBA's

[wpgflamesfan]

Originally Posted by rd_aaron

I'm not in the finance/commerce field but I'm curious, does having a Level 1 or Level 2 designation mean anything to employers, or do you need to go the whole way through? Will you get a raise once you complete the CFA or does it just allow you to climb the ladder easier?

As others have mentioned there is no Level 1 or Level 2 designation. If you're signed up to write level 1 you're a "level 1 candidate", if you've passed level 1 but haven't signed up for level 2 you've "passed level 1", if you've passed level 1 and signed up for level 2 you're a "level 2 candidate", etc, etc.

As for the question of does it mean anything, it really depends. I've seen job application that specifically ask for someone who has at minimum passed a certain level and I've heard from friends that some companies want you to be at a certain level before you can move up the corporate ladder.

From what people have told me, passing level 1 helps but people take you're progress with the designation more seriously once you've got level 2 under your belt.

[Zarley]

Originally Posted by firebug

Probably nothing new to add, but the team that writes the exams are especially cruel.

Here are a few tips that I try:
- I highlight/circle the active request in each questions e.g. the smaller/larger or what often gets me is the likely/least-likely from a set of statements

This is what has helped me, YMMV.

Stupid mistakes on these exact types of questions have been killing me on the practice exams. My brain sees "likely" and omits the word "least." Need to really concentrate on this for saturday.

[red sky]

For those writing for the first time, bring a lunch. I know this seems silly but some people think they can go grab a quick bite but your break isn't actually 2 hours, it is closer to 45 minutes to an hour.

During your break, do your best not to concentrate on the questions from the morning session. Look over ethics as this is a vital topic for all levels.

[IliketoPuck]

C.F.A. and CFAs

[flamingchina]

Originally Posted by Slava

I guess this is as good a place as any to ask for some help!

I did the mock exam from the CFA Institute a couple days ago. Obviously I didn't know everything on there and that's not really the issue. My problem is that clearly my exam taking skills leave something to be desired. I say that, thinking that I'm usually a really good test writer! I don't get overly nervous or anything like that and I don't run out of time or anything like that.

My issue on this mock, particularly though is just stupid mistakes! As an example one question I got wrong asked which payment would be the smallest. I did the work for each one....and proceeded to then pick the largest payment! I haven't tallied it up, but between the morning and afternoon mock these kinds of very minor mistakes cost me 10-15 marks...which is obviously enormous! It didn't really dawn on me that there were that many of these issues for me, and needless to say I was shocked at how many marks I would have given away! Hence my cry for help.

Does anyone have any helpful strategies I can use to take care of this? I really feel like I know the material well. I scored what I would guess is within a few percent of passing, so clearly adding on another 5-10% would be pretty nice!

I'm not too interested in "read the question", "relax", kind of things. Not to be rude, but I get it. At this level I think we've all taken a lot of exams and know to do those things. I'm just wondering if there is anything beyond that might work for anyone else, or any strategies that others have here that might make me slow down, or that sort of thing?

How are your test times?

People have a tendency to try and burn through it as quick as they can, but as long as your reading speeds are decent, you should have an OK amount of time for each question.

But exam one is full of "Most likely" "Least Likely" and the like. I think the suggestion below to underline that part of the question is helpful.
You are allowed to mark up your exam book as much as you want (use it for calcs and such)

[flamingchina]

Originally Posted by red sky

For those writing for the first time, bring a lunch. I know this seems silly but some people think they can go grab a quick bite but your break isn't actually 2 hours, it is closer to 45 minutes to an hour.

During your break, do your best not to concentrate on the questions from the morning session. Look over ethics as this is a vital topic for all levels.

And for those that don't, Sunterra is the closest place to grab food (unless you want to actually eat at Arby's ) , but it gets packed

[Slava]

Originally Posted by flamingchina

How are your test times?

People have a tendency to try and burn through it as quick as they can, but as long as your reading speeds are decent, you should have an OK amount of time for each question.

But exam one is full of "Most likely" "Least Likely" and the like. I think the suggestion below to underline that part of the question is helpful.
You are allowed to mark up your exam book as much as you want (use it for calcs and such)

Ya, I took another mock yesterday and increased by 8% (!!) just based on slowing down and underlining the keys to the questions. Who knows, maybe I knew a little more on that one by pure chance as well. Regardless though, a big thanks to both firebug and onetwo-threefour for the suggestion! I know that it probably sounds stupid, but I never actually thought of doing that on my own.

I have a few things to work on today now and then I feel really confident for tomorrow!

[surferguy]

Good luck to all the writers! I am looking forward to having my wife back for the summer. This test is a beast and I will be very happy once she gets through the exams.

[firebug]

Also, bring earplugs.

No need to have anyone else messing with your zone.

[fundmark19]

Stay positive! Having a good attitude heading into the test will help you out! Best of luck everyone make CP proud!

[keenan87]

Going to be one of the several proctors tomorrow. Had a ton of training on basically how to catch cheaters

[Traditional_Ale]

Originally Posted by surferguy

What you are looking for is a business owner from the World Financial Group.

What's up with them, anyway?

[wpgflamesfan]

Originally Posted by keenan87

Going to be one of the several proctors tomorrow. Had a ton of training on basically how to catch cheaters

With all the restriction on what you can bring into the exam room in place, how the hell do you even cheat on this thing? Sure I guess you could look at someone else's test but that's a dumb strategy since the majority of people fail.