you guys got any questions you wanna ask us, while everythings still ‘fresh’ in our minds? i think im addicted to this place, so while im (and many others) are here, we’ll do our best to help… although, not knowing if i passed or not, i dunno how reliable i will be eheheh start posting… =)
I do, how much of the exam was math and calculations? I am good at memorizing but these formulas and math fry my brain after awhile. I am much better at memorizing concepts. I am working on Accounting right now b/c I am weak at it and the CFA book is killing me with all their 10 part questions on turning FIFO into LIFO, etc.
Did any one review the Optional Segments in the CFAI books? If you did; did they give you an advantage on the exam? Thanks.
The optional segments are completely optional. This was stated somewhere in the “How to use the CFA program curriculum.”
Schweser QBank- Which one download/online/CD?
KJH, I used the online version of it. It is much flexible and the other two options. I’m big fan of schweser it prepared me completely for the exam…
Can the CD be used on more than one computer? I was assured I could use the computer at work if desired for studying. That is my big concern.
I will be writing in June. I haven’t started studying yet as i have some final to take care of plus work. So far my plan is to read through the schweser secret sauce over my december break from work. After that i will watch all the Schweser lectures and start knocking off practice exams and going back to reviewing my soft spots. I am an accounting undergrad, i did a bunch of the accounting questions and am scoring just over 80%. Which should be my key areas of focus? I’ve skimmed through etchics over the last week just for the hell of it, seems pretty straight forward. I know that looking forward Economics will bore me to death, quant i enjoy a lot, however the rest of the topics i know nothing about (except some finance). Where should i concentrate my studies?
how many months before the exam you guys fully hardcore study i’m worries if i start to early i will forget the stuff i study in the beginning
^ its never too early…
I started 4 months before, 10-20 hours a week also last week before exam off for study
amberpower Wrote: ------------------------------------------------------- > I do, how much of the exam was math and > calculations? I am good at memorizing but these > formulas and math fry my brain after awhile. I am > much better at memorizing concepts. > > I am working on Accounting right now b/c I am weak > at it and the CFA book is killing me with all > their 10 part questions on turning FIFO into LIFO, > etc. if you’re good at understanding the concepts then you will be fine… i found it was beneficial to know/understand the key relationships… as in, with FIFO/LIFO, understand exactly whats going on, the process of calculating inventory balances, COGS… once you understand it all those questions will seem very very easy and basic… I also had trouble with accounting…but yeh, with FIFO/LIFO i thought of it like a vending machine… FIFO is like refilling it from the back, and LIFO is like refilling it from the front… have a think about that… and with the pages and pages of ratio formulas, instead of memorising them all, try to understand what they are measuring,a nd how they relate to one another… ie. turnover ratios either have sales or cogs at the top, and their namesake at the bottom eg. inventory turnover = COGS/inventory
lhskev Wrote: ------------------------------------------------------- > Did any one review the Optional Segments in the > CFAI books? If you did; did they give you an > advantage on the exam? > > Thanks. i didnt actually read the optional segments…i figured, i’ve got enough to read as it is… plus, i’ll probably have to read this in level 2, so save it for then…
KJH Wrote: ------------------------------------------------------- > Can the CD be used on more than one computer? I > was assured I could use the computer at work if > desired for studying. That is my big concern. the CD can only be used to TWO computers max… so i installed mine at work and at home… BUT, the data doesnt transfer over… as in, if you create some tests at home, and do half an exam, it WONT show up on your work logon… so, i’d also recommend the online version…more flexibiltiy
Alexandrov Wrote: ------------------------------------------------------- > I am an > accounting undergrad, i did a bunch of the > accounting questions and am scoring just over 80%. > > > Which should be my key areas of focus? > Where should i concentrate my studies? damn, you’re getting really good scores with FSA so seems like that area will be fine… how are you with Asset Valuation stuff? that seems like the next big area, followed by ethics…
cfalombok Wrote: ------------------------------------------------------- > how many months before the exam you guys fully > hardcore study > > i’m worries if i start to early i will forget the > stuff i study in the beginning yeh like delhirocks said…its never too early mate… if you’ve got the schweser qbank, keep doing questions from the earlier topics u studied, just to keep it fresh in ur mind
Bluey 1.8T Wrote: ------------------------------------------------------- > eg. inventory turnover = COGS/inventory Bluey, just to clarify, that’s average inventory in the denominator, not just beginning- or ending inventory. Recall that income statement accounts reflect aggregate activity over a period of time (e.g. a fiscal year), while balance sheet accounts are as of a single point in time (i.e. the close of a fiscal quarter or year). Using average balance sheet accounts for mixed ratios achieves closer chronological alignment and more representative figures. I’ll concede that CFAI offers some flexibility on this, my opinion notwithstanding. http://cfainstitute.org/cfaprog/faq/faqs_candidates.html##88 "If I am are trying to calculate a ratio that mixes income statement and balance sheet statement information, when should I use the average values of the balance sheet information as opposed to the beginning- or end-of-year values? On the exams, how should I calculate such a ratio? The way ratios are calculated depends on the availability of data and how particular ratios are going to be used. There is no “one size fits all” solution, and such differences are part of the nature of financial analysis. Candidates should be familiar with the assigned curriculum and be prepared to perform calculations and interpretations based on that curriculum. If it is relevant, the exam questions will normally specify how the calculation is to be performed (e.g., “use beginning-of-year balance sheet data for your calculations”). "
yeh great point hiredguns… to be honest i’ve never even thought of ratios like that… learn something new everyday i guess, even if the exam IS over =)
if you’re good at understanding the concepts then you will be fine… i found it was beneficial to know/understand the key relationships… as in, with FIFO/LIFO, understand exactly whats going on, the process of calculating inventory balances, COGS… once you understand it all those questions will seem very very easy and basic… I also had trouble with accounting…but yeh, with FIFO/LIFO i thought of it like a vending machine… FIFO is like refilling it from the back, and LIFO is like refilling it from the front… have a think about that… and with the pages and pages of ratio formulas, instead of memorising them all, try to understand what they are measuring,a nd how they relate to one another… ie. turnover ratios either have sales or cogs at the top, and their namesake at the bottom eg. inventory turnover = COGS/inventory ------------------------------------------------------------------------ That is the point that I am trying to reach. I know they all fit together but my brain doesn’t accept it. I took accounting in college and just couldn’t get it through my brain. I work in institutional bonds now, sell side, and somehow the finance and econ comes easy to me so I am saving that for later. Thank you for all your input! It is nice to know that once I get it, it will be easy.
Everyone who just took the Level 1 test in Dec, how did you guys manage to remember all that information? Did you guys read all the curriculum from the CFA Institute and then review like crazy and practiced a lot by doing problems? Or did you guys read the curriculum and take notes as you read? [I feel this method could work better, but it takes up so much more time for me that I would never finish the material in time] Also did you guys remember everything that you learned after you went through all the material? Any tips? Thanks!