Hi Map1, I noticed that u are the top performer in the forum and I read through ur recommendation thread for FSA. Can I ask u do u know any good ones for Econ part. I feel that its not just we know the basic, oligopoly, monopoly MR, MC but we need to know further details in areas suchs as Laffer curver and Prisoner’s dilemaa etc, please give us some advice on which area we should focus more on Econ if possible? Many thanks.
Know all the graphs, relationships about AVC, FC, etc, different theories, terms, etc. Econ is not that bad on the real exam, but it sucks you have to know so much for such a small portion. Schweser does a good job here as econ on Level 1 does not change much year to year.
CFAI books explains stuff much better than schweser, but if you look at the amount of material to the amount it’s worth on the exam, schweser does a good job. I will re-emphasize KJH’s suggestion to know all the graphs. Make sure you know how to draw all the graphs, what they mean, and how to manipulate them. Know monetary and fiscal policies cold.
I barely squeezed into level 2. Just because I wrote long explanatory posts, it does not make me a top performer (at most a top time waster). Follow the advice of the guys above: know what happens on graphs at changes in variables, long and short term, and do know details.
Its beyond me why anyone would waste their time reading the CFAI books. Schweser is more than enough and if you are confused get on google.
Agree with the schweser camp on this one - if you know the terms and relationships (and the graphs are easier to remember than trying to memorise relationships by themselves). Another thing that helped me is trying to apply econ to the real world - admittedly “real world” economics is way more complicated than what is required for L 1 but it really helped me to understand concepts by relating LOS concepts to what has been going on in our crazy world over the last 12 months (cost push inflation/stagflation in the UK etc). I’ve never really touched Econ in my life before the CFA and i passed L1 with a >70% using the above. Good luck JT
houston_08 Wrote: ------------------------------------------------------- > Its beyond me why anyone would waste their time > reading the CFAI books. Schweser is more than > enough and if you are confused get on google. hmmm, this is a bad post with little evidence to back it up. the CFAI books help if one needs their hand held. I looked at stalla and found it useful for some sectiona, but you must admit that the prep materials move somewhat fast…
houston_08 Wrote: ------------------------------------------------------- > Its beyond me why anyone would waste their time > reading the CFAI books. Schweser is more than > enough and if you are confused get on google. I totally disagree with this statement. I scored >70% in every section and most of that has to do with the well-written, comprehensive, and informative curriculum readings. To me, Schweser is an excellent guide and complement to the CFAI books.
You are right…if you went to college and got a business degree you should not open the CFAI books at all. I went to probably the worst college on this board and passed just using Schweser. There were concepts which I did not understand but I used google because I found that the CFAI books went into way too much detail for what is needed for the exam. Anyway if you can stand using the CFAi books go for it, but know that you can spend 1/2 as much time and do just as well using Schweser.