CFA Level 1 Probability

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mdalal

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Hi Guys,
I desperately need some help on Quantative Finance, expecially probability. I have read all the Schweser notes and solved all problems behind each chapter. When i solve questions behind individual chapters, i tend to do reasonably well, but i am doing not so well on the QBank Probability questions. Although i can retain the formulas in memory for a few days, i tend to forget some of them when i move onto other topics.
As i have no background in Finance/Accounting, i am finding it a little hard digesting Common Probability Distributions, Sample Distributions/Estimation and Hyphothesis testing.
Any tips on how i can overcome this??
Given i have 7 weeks for the June exam, it is advisable to focus more on the material or just solve questions. I am beginning to realise the sheer amount of information that must be retrained in memory for the exam is surely not easy.
I intend to solve all QBank questions for all topics and also intend to solve 4 Schweser exam papers.
Any guidance/tips will be extremely useful.
 
Post a question that you have and read how others solve it. The test is more about solving the problems than knowing ALL the written material.
Let me ask you a few questions: Don’t look at your notes…
Do you know the difference between Type I and Type II Errors?
For a non-normal distribution with a known variance, what test statistic would you LEAST LIKELY use?
I.)z-statistic
II.)t-statistic
III.)z-statistic and t-statistic
What is MOST LIKELY a confidence interval for a standard normal distribution?
a.) 69% be within one standard deviations of the mean
b.) 96% be within two standard deviations of the mean
d.) 99% be within four standard deviations of the mean
c.) 95% be within two standard deviations of the mean
These questions should take you no more than a minute? If not, memorize those tables…
 
I have been solving tons of questions from the Qbank and intend to solve all of them
Answer 1 is t-statistic.
Answer 2 is 95%. (not too sure about this answer and need to memorise these tables)
 
Hi mdalal,
there are several ways to overcome your problem:
- try to solve as many problems as possible, you will understand more and more by doing this,
- confer the Schweser lecture notes again,
- confer any university book on statistics,
- confer our lecture notes.
Best wishes,
Daniel
www.financial-exam.com
 
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