Revision Kick Start

I may have mentioned it earlier but I am using FinQuiz notes, as I used them in Level II, along with Schweser study notes to prepare for LIII. The whole week I spent on revising Fixed Income (reading 23,24,25,26) and IPS for individual investors. As I have been discussing it earlier the simple way to check our retention level is to note the time one takes to revise the stuff. If we are taking the same time as it was taken during the first reading again then the situation is a bit worst. If we are taking less time while revising the same area then we are progressing in terms of retention. It is very important to follow the same study material which was used to cover the topics at first place. Like I used the FQCN for reading 10 to on wards till 14, I was able to revise the stuff in quite less time and more efficiently. Similarly the areas which I've covered through Schweser, I will revise from there to save my time & increase their effectiveness.

The next week I'll be doing readings on making IPS for institutions along with the section covering Equity (Reading 27 to 30).

Has Studying Position anything to do with Concentration?

I don't exactly know whether position matters in studying or not but today I experienced a different thing. My favourite place to study is my bed. As winters are going across this region, studying in a cosy bed is mind blowing. Sometimes I switch to a more 'formal' position and sit on the study table and keep going. Today out of no where I decided to stand still and place the book on a table, more like a dais, and continue the chapter Industrial Analysis. While reading the chapter in a 'new position' I was mesmerized to experience my level of concentration. Normally I study in chunks of 20 mins with going through every line, giving a pause and trying to figure out whether its making sense or not but today I was able to continue this process for 35 minutes and with more focused energies and productivity. I might be unfair in connecting the effect immediately with this cause but this is something which I am definitely gonna try again to figure out. Though while preparing for Level II especially when few months are left before the exam, it would not be wise to search for this phenomenon over the internet and 'explore' the connection between level of concentration and the studying position but I can opt for trying it again and again for next few days to gauge my concentration level. For me its not only exciting but like a positive progress that in next few days I might experience advancement in my learning capability and I hope it would have direct implications on my efficiency and effectiveness. Do try this and share your experience. 

Preparing for Level I Exam - Important Tips

• Adjust your studying of a topic to the weight it is given in the exam. For example, if ethics is 15% of the exam, try to spend 15% of your time studying ethics
• Don't ignore ethics. Many people don't cover ethics well enough. If you study properly, this 15% should be a gimme.
• Be sure to eat properly and exercise. When you're working 50-70 hours each week and then studying an additional 10-20, it's easy to ignore working out and start eating junk food.
• Do not underestimate the difficulty of the exam. Even though it's considered the easiest of the three CFA exams, it still covers a wide variety of difficult topics.
• How much you will have to study is going to depend on a variety of factors, including your academic background, work experience, general intelligence, etc. CFAI recommends at least 250 hours, though.
• Don't use the study hours as your only measure of progress. Some people will pass level 1 by studying 100 hours, while some will need 400 hours to master the curriculum. The key is studying enough to be able to answer any question in under 1.5 minutes. Taking practice exams will give you a good proxy for your progress.
• Continuously review all of the material you have covered to date. A major concern with candidates is forgetting information that they covered a month or two ago. This is another area where the 3rd party notes come in handy.
• Track your studying. A simple excel sheet could help you in tracking the number of hours which you've studied.
• Take Full Practice exams. Practice is the key to success. Once you are done with your readings take mocks. CFA Institute provides 1 mock. Try to appear in as much mocks as you can. Third  party mocks can be purchased online.
• Start with the topic that interests you the most . If you think that studying derivatives sounds interesting, start with studying derivatives. If you do this, you're more likely to enjoy the reading, rather than having the feeling of being forced to read - much like when you were forced to read the "classic novels" in high school.
• Sign up early. I suggest signing up at least before the first deadline, if for no other reason than to save some money. This will also ensure that you'll have enough time to properly prepare.
  

Tips for remembering and retaining a great deal of information

CFA Level I is more about retaining the information. It requires specific attitude towards education and learning which develops in the first Level and act as a prerequisite to Level II & Level III. Following are some tips which I read somewhere and saved for some later use. This is the best platform for me to share them with you.

Tips for remembering and retaining a great deal of information:

• Use mnemonic devices,
• Like in Ethics Standard No. 1 Professionalism the next four sub parts could be remembered by making a mnemonic device KIMM.
• Review information frequently. Don't review information you've already learned pat. Your review time is best spent, drudging through the hard stuff.
• Understand what you're reading rather than trying to memorize information without comprehending it. If you read a chapter and a quick review of the key points will solidify the information, take the time to review the key points, else your recall will be poor. If you can not digest a concept, get help. Ask someone who is also taking the exam.
• Visualize the formula in your head. Do not move on in your readings until you can visualize the formula your head and write it paper.

The Spacing Effect states that one is more likely to remember a set of items when rehearsal is spaced over an extended period of time. This means that you should review the formulas often. Photocopy the formulas in the back of your books and keep them in your bag or maintain some formula sheet to review it often before the practice tests or the exam.