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shakenbake

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My experience from June:

1. Prepare for 2 questions per question - particularly with regards to ratios interrelating with one another.
2. Alternative investments asks about Real Estate - Know basic real estate calculations - NOI
3. I had (1) time value of money question.
4. Only a few bond calculations - Zero coupon,etc.
5. ROE and ROA are tested extensively. Know what goes into each and how they relate,etc.
6. Dupont formula for equity valuation
7. One or two questions dealing with swaps.
8. Correlation,variance,etc are fairly straight forward.
9. One question on the : Herfendahl Index.
10. A couple of questions dealing with options - breakeven,etc.
11. If you read the ethics section from the CFAI text you should have no problem
12. Need to know about dilutive/anti dilutive securities and their effects
13. Econ is basically undergraduate level.
14. A problem on Sum of years / double declining balance depreciation
15. Know about Beta,alpha,etc. -straightforward definitions mainly
16. YOU MUST ABSOLUTELY KNOW ABOUT DURATION AND BE ABLE TO CALCULATE!!!!!

***Final Advice: Read and understand concepts, not memorize questions. TAKE PRACTICE TESTS UNDER REAL WORLD CONDITIONS. DO NOT WORRY WITH UNIMPORTANT BITS OF INFO. IF ITS NOT IN THE LOS, forget about it!!
 
^Thanks, that should be helpful (I'm taking Level I next June.)

What does LOS mean?
 
Hello Shakenbake,

Thanks for the detailed advice. Really useful post. It would be really helpful if you could answer a few more questions, as want to check that I am on the correct track.

1. The way that I am studying is by reading the chapters, taking notes on anything that I don't understand. And then doing the questions, to see how much I have taken in. Would you recommend doing it this way? As you said do not memorize questions, but I am doing a lot of questions so I am going to recoignise some (I am trying to use different sources for my questions).

2. Surely the areas that are tested are going to be different each time, they might as I think it would be dangerous to concentrate on the areas that you suggest. My understanding of the CFA is that one of the reason it is so hard is because of the amount of material covered.

Let me know of your views?
 
I agree with the original poster. It's a given that you must understand the concepts. But spend at least 4-6 weeks doing simulated practice tests- real time, 3 hr tests. Also, I'd suggest trying to finish those practice test in hrs 30 minutes because the CFA is making the real life test questions more lengthy than those I saw in the practice sessions. In many many cases they build two questions into one, and the practice tests do not do this. Be overprepared from a time standpoint.
 
With the used-car salesman's flair I postulate the following

"If its not in the LOS, its not on the exam.
 
I would definitely add understanding LIFO/FIFO and it's effects on there, based on my experience in June.
 
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