What should we explicitly know about each of these two credit models for the exam? I formulas seem very complicated.
What does the LOS say?
https://www.reddit.com/r/CFA/comments/363d0z/can_someone_explain_difference_between_structural/
good summary
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At this point, you absolutely understand each model’s assumptions, advantages/disadvantages, etc. Formula aside, you need to know how to describe what each model really is.
Id say a week before the test don’t spend time on the formula, but I would guess that we should 100% expect a qualitative question or two on those models.