Hey Folks, Based on my exposure to the curriculum, I have developed an understanding that ethics is one of the key section which can decide our result. I was wondering what is the best strategy to attack ethics? Are you guys planning on memorizing stuff or getting a conceptual understanding to answer the question based on intelligent guessing?
I’m Level 4, which means I’ve passed all three exams but don’t quite have the work experience, so I’ve had experience with ethics at all three levels. First off, ethics gets progressively harder from L1 to L3. The degree of difficulty definitely increases as you go. Just check the ethics scores from the latest L3 test if you need convincing. That said, ethics is relatively straightforward at L1. Do as many of the problems as you can. When you get one wrong, or when you don’t have a full understanding of why an answer is correct, then make a note of why it’s wrong. I did this through the Schweser books and the Schweser practice exams (that was in 2006, before CFAI mandated their curriculum) and ended up with a list of about seven pages of bullet points on ethics. I knew that really well, and I came up with two key credos - “the client over everything” and “fair, accurate and complete.” I still remember those after three years. Anyway, if you focus on understanding and avoiding your mistakes, you should do adequately on the exam. One other thing - spend some time looking over GIPS. Easy points… at this level.
What frisian said. I will add to his two credos" “when in doubt speak to supervisor or legal” and “disclosure”. A very helpful rule for an overarching understanding of Ethics is the ‘prudent man’ rule.
- Read the SPH a few times so you know what each standard covers. 2) Do a lot of practice problems to get a feel for what’s being asked, and what is and isn’t a violation (i.e. you can say you passed all three exams on the first attempt, but it is a violation to insinuate in anyway that this makes you a superior analyst). 3) Know GIPS inside and out. If you can do this you’ll score over 70.
Great feedback…thanks folks, i will try remember these key points…
Might want to give this a look www.elanguides.com/wp Basically says the same stuff most people here have been saying.
I got >70 on the test and >90 on sample exams by doing: 1. Memorize everything in Schweser chapters on Ethics. Definitely know the definitions, but also pay extra attention to the “Notes” beneath the definitions. A lot of test points hide in there. You probably need to go through the chapters several times, but the good thing is you’ll nail the Ethics section. 2. Do CFAI EOC problems 3. Do Schweser in-chapter example and EOC problems Ethics might be tedious to memorize, but IMO it’s also the easiest among all topics. With a little extra time spent, you’ll get a lot in return. Good luck~
It’s funny because if you’re an ethical person, then the ethics section should not be that hard. It’s just a matter of picking out and memorizing the fine print for each standard, you could say. Just thinking ethically on certain questions can save you if you begin to think otherwise (i.e. Client is always going to come first). It’s just a matter of memorization, picking out the important details in the question, and learning to answer the questions in the manner that they are asked. In my opinion, there’s not really any trick to ethics and it’s too easy of a section to leave these points on the table.