With less than 2 weeks before the exam I find myself doing a poor job of studying. I have one final test to take this weekend but aside from that I don’t really have much in terms of a plan for the next 11 days.
I will review my notes, review my missed problems on past exams again (doing all problems would take too long at this point) and some basic QBank stuff but aside from that I don’t know what else to do. I don’t really feel like this review is helping but I guess I’ll see how I feel when I take schweser mock #6 this weekend.
Problems --> this includes CFAI EOC’s, Schweser Concept Checkers, QBank, repeating practice tests and the CFAI mock. At this point, I only read something again if its a concept I’m consistently getting wrong. For the most part, its problems, problems, and more problems from here on out. Not only is this what’s been recommended to me, but I’m a kinesthetic learner and this is how I engrain material that didn’t stick during my first read and then review.
Every night though, I do read Ethics from the CFAI text until I fall asleep - no bedtime reading quite like it!
I really need to be doing more problems as well. Review doesn’t help me quite like problems do so I’ll start ramping them up. How many hours of problems are doing doing a day?
Taking the rest of this week off work (unfortunately I cannot take off in the week leading up to the exam). I plan on being at the library from 8-4:30 all three days. CFAI mock tomorrow, and then review. Thursday & Friday will be a lot of QBank work, and maybe some reading if I am really not feeling good about a particular subject. I took the BSAS exam this past Saturday, and purchased the Schweser so I’m taking that this Saturday (after I drive to the testing center to get my bearings). Monday is a final Ethics review, and then more QBank on Tuesday and Wednesday.
I’ll probably go over my own notes one last time next Thursday. Then Friday the 1st is a no CFA day. I’ll probably go see a movie that night, take a Tylenol PM, go to bed early and get a good night’s sleep.
I started focusing solely on problems last week. I tack on about 3 hours everyday after work (and about 30 minutes at lunch) and then read before bed. I also review notecards on my way to work - forgot to mention that. In addition, I’ve continued my Saturday tests as usual and Sunday I review every question in detail. I have one more test, Schweser #4 which I’ll take this Saturday to kick off my final push. I put in for vacation next week back in December so I have all week off to spend in the library. Friday I plan to move from my bed to my couch and eventually back to my bed for the night - no studying. At least that’s the plan, I’m sure my mindset is subject to change come Friday.
It sounds like everyone has their own individual plans.
I am currently doing a practice exam a day, followed by post-exam review and work on weak areas. For 3 days next week I plan to read over my notes a final time (4th reading by now). Thursday before the exam, I plan to do 2 practice exams. Friday, read Ethics material from CFAI book but really take it easy in preparation for the real exam…
Just wish this exam was over with at this stage. The last few weeks are always the worst.
You guys are a lot more diligent than I am. I am spending an hour or two a day but not much more. It’s probably a bad attitude to have. I have been passing, albeit barely, and my last few exams were my best scores so I am feeling a little too comfortable right now, I think. Like I said, it’s a bad attitude to have. I am going to start doing a ton of problems every day this week leading up to my weekend exam.
After the exam I’ll review it in detail and then figure out something for next week. Probably just do more QBank problems. I don’t seem to get much out of studying/reviewing notes any more since I think my brain is at full capacity for remembering this stuff. I end up reading something 100 times and it doesn’t stick. Free cash flow to the firm? No way I am remember that even though I should. I’ve read it 100 times. It’s not happening. I’ll have a 1/3 (hopefully 50/50 if one is obviously wrong) of getting it right on the test. I am trying to focus on the questions I should be getting right every time now.
FCF in all its iterations (there’s more than just FCFE and FCFF as we’ve studied them) is stressed at Level 2 so I can only assume that one or two questions will pop up in Level 1. As long as you’re comfortable deriving CFO, then take both formulas from there. If you do that, you only need to remember three components for FCFE. Then, for FCFF you toss the net borrowing component and replace it with the interest * (1-T) …same sign too!
FCFE = CFO + NetBorrowing - FCInv.
FCFF = CFO + (Interest (1 - t)) - FCInv
*Just remember CFO includes noncash expenses and WCInv.
Second, fear of failure has driven me to not let up. I’m studying, scoring alright on practice tests, and considering letting up on the gas. Then I think about what it would be like if I cut studying short tonight, then look back in July at my preparation after receiving a Band 10 Fail, and wonder “what if?”
It sucks big time sacrificing time with friends, families, interests/hobbies, but I want this bad and I can’t say with certainty that I’d be willing to do it a second time if I fail.
Hmm, I still don’t get FCF stuff. What is FCInv? Why isn’t netborrowing included in FCFF?
And I agree, fear of failure has motivated me to keep going but man, it’s getting tough. Starting my studying early and getting through all these exams is great and all but it sure sucks right now as far as motivation goes. I have to just keep going through stuff and keeping it fresh in my mind for a few more days and then it’s all over. Band 10 is the nightmare scenario, of course. On one practice test I got a 67 overall which could be band 10 so that definitely helps me continue on.
FCInv is fixed capital invesment (found in cash flows from investing activities on the statement of cash flows).
From my understanding, which always runs the risk of being flawed, FCFF (from the firm’s perspective) includes the (Interest (1-T)) component because these interest payments to bondholders are tax deductible, thus, increasing free cash flow to the firm.
FCFE is free cash flow available to owners of equity interests AFTER those interest payments to bondholders (since the equity interests are subordinate to the debtholders regarding claims on the firm’s assets). However, NEW borrowing can be distributed to the equity interests in the form of dividends or be used to repurchase shares. When you net the payments to bondholders and the inflow from new borrowing, you get a resulting increase + (if borrowing exceeds payments) or decrease - (if payments exceed new borrowing) in free cash flow available to equity interests.
Apologies if this served to confuse you further or you’ve just given up on the concept. If anything, it helps me to cement the concept in my head.
OP, I’m kinda in the same boat as you. My studies have kinda slowed down a bit. I’ve done 3 Schweser exams so far. I got a 76% on the last one and feeling like I could probably pass it if I took it today. I’m kinda stressing a bit because I should be really hitting it hard these last 2 weeks but my motivation (which was led by fear of failing) is now gone.
I’m going to take cgottuso’s suggestion and do the CFAI mock next and see how I do.
Raleigh I’m exactly in the same mindset as you… I’ve been barely passing my practice exams, and it makes me feel a little too comfortable. This weekend I scored a 71.5% on the CFAI mock, and I felt surprisingly good about it. Since then, it’s been kinda hard to wake up and study (I usually put in two good hours before work, 7 to 9, and study between 45min and 1.5 hours during the rest of the day). I feel exhausted, I can’t sleep at night, and the more I read, the less it sticks. I’ve found that FRA is my weakest spot by far (excluding this topic, I’d be in the mid 80% range all the time), but I find it so excruciatingly boring that I have a really hard time motivating myself to drill it. Well I have 3 days off next week, I hope the fear of failing will kick in before this Friday so I can really get to QBank the shi*out of that FRA and improve my score. Just reading the post-it that says “9 days left” on top of this page gives me butterflies… Can’t wait to get my life back!
Do as many mocks as you can. Doing Qbank is different from mocks as the style is VERY different. Other than that keep reviewing weak areas, memorizing formulas and 11th Hour/Secret sauce.
I’m taking off 24 hours. After that, I’m going to QBank 60 only "Advanced’ questions each evening. I’m going to take the evening CFAI Mock Saturday. I finish questions in about 1.5 hours, so I’m working on not making stupid mistakes. I’m also going to go to the CFA Book and redo the EOC questions for the large subjects that I think it will help (Quant, Ethics, FRA, NOT Econ). Try to acquire some of the nuances there. And just pray to the CFA Gods. I wonder if they take cash bribes? Or is that a violation of the Codes and Conduct? Better go study that. . .
Clever and Museau, I’m glad to see others in the same boat as me. Clever, let me know how you do on the CFAI mock and what you think of it. I thought it was actually easier than some of the Schweser mocks which was extremely encouraging…which probably also led me to be in this “too comfortable” state.
Yesterday I did 100 equity problems in the QBank because for some reason I get destroyed on Equity sometimes. I feel like it should be among my strongest subjects, too. On 6 mocks I have scored, in order, 71%, 71%, 75%, 79%, 46%, 58% on equity. Somehow…getting worse? No, I don’t think so, just making dumb mistakes I guess. The 46% was on the CFAI mock actually. I made some really dumb mistakes but it was somewhat difficult.
Today I will be doing 100 econ questions because, like equity, I get destroyed on this section sometimes. Of my 6 mocks my scores are, in order, 71%, 58%, 54%, 67%, 58%, 63%. Just…terrible. Really feel like I should be doing better on this as well.
FRA should be my worst section because I hate it, find it boring, and actually just guess on questions sometimes but I end up doing better on it than I do in Econ.
