should ethics be byhearted completely as it has 15% questions in level 1. it is a little hard to remember everything from the book. please help
Know big picture or logic of ethics, solve many practice questions (diversify sources of questions but do not forgot about original topic test, eoc questions from curriculum). Ethics is VERY important , not simply it is 15% weight but there is final judgement on exam if you near below MPS. The more practice questions the better. I recommend read curriculum, not third party review. Special attention to practice problems inside each standart. On last exam have been very tricky questions, be prepared!
thanks valentine, u already gave the paper once??? will kaplan schweser be enough for the studies?? i am planning to give my level 1 this june. i am quite nervous. please advise!!!
Yes, I sat on last exam. Schweser is quite enough, but I recommend you do mocks as much as possible, not only from Schweser but from another third party provider (it`s crucial to diversify!). Include 2x3 hours CFA mocks in your personal account.
Do not be nervous, it`s simply test your knowledge, the more you practice the more you confident (and the less you make a stupid mistakes).
i used schweser for 2015 dec exam, try to re-read the ethics towards the last weeks of your review. then use the quizzes in the CFA website. there are enough questions there for you to get a grasp of ethics and it helped me a lot.
This is very true to all CFA exams. Practice makes perfect. But practicing ethics (and some common sense) is the ONLY way to have a sure pass to this section. But fear not, if you’ve done 200+ ethics questions, you will start to see pattern of the type of question (or scenarios) that CFAI can ask.
I will make some review video soon. Stay tuned.
Totally agree. There is a set of standard situations you should master easily, third party providers have them over and over and over again.
Based on a survey, most candidates do pretty well on Ethics:
- 5,6% score below 50%
- 63,9% score between 50 and 70%
- 30,6% score above 70%
In fact,
- the lower score bracket (<=50%) is only less in two areas (Corporate Finance & Equity Investments)
- the median score (51%-70%) is huge (2 out of 3 candidates) compared to other areas
- resulting in the lowest 70%+ score of all tested subjects
It’s more about the concepts than it is about memorizing what’s in the book. Like others have said, practice problems will help you tremendously because they will help you understand the concepts.
Personally, I don’t understand why people skip or go light ethics. While it can be difficult to grasp at first, once you have a good understanding of the concepts, it’s a failrly easy section of the test to gain points becuase there are no calculations to make silly mistakes on, no formulas to recall, etc.
Practice, practice, practice…