Making the Most of Your Study Time

– Tips and strategies for using your time efficiently

 

One of the most common complaints among CFA candidates is the lack of time to prepare for the exam. AIMR suggests that a candidate spend roughly 250 hours preparing for the CFA exam. This may seem like an inordinate quantity of time, but by distributing study time over a number of months, you can fit in the necessary hours without feeling overburdened. The key is not only to schedule enough time, but also to use the time you’ve allotted efficiently.

 

Managing your time and setting goals

It’s important to set long-term, intermediate, and short-term schedules and goals. Your long-term timetable should include a schedule of your fixed commitments: the activities or obligations you must meet every week. By defining what your fixed time commitments are, you can identify time that you have available for study and review. Then block out specific weeks to cover each subject area of the exam.

 

Review the previous week’s accomplishments and set goals for the coming week. For instance, you may decide to finish forty pages of portfolio management and sixty pages of ethics by Friday, and work on twenty financial statement problems over the weekend.

Set a daily study schedule. Each evening, or early in the morning, spend five minutes mapping out the day. A daily commitment to study will help you meet your long-range goal of passing the exam.

 

Don’t overschedule. Overscheduling and the resulting feelings of discouragement are the biggest reasons why a schedule fails. It’s important to set realistic goals that you can accomplish. Don’t forget to leave time for relaxation and enjoyment. And, if you fall off your schedule once in a while, don’t waste energy feeling guilty.

 

Making your study a habit

Humans are creatures of habit, so if you can set up conditions that make your CFA preparations a daily habit, you won’t fall short of study time.

 

Claim a special place just for study at home. By allocating a special place, you will be able to get in the “zone” more easily with fewer distractions. Others will know that when you are working in your special study space, you should not be interrupted.

 

Study at the same time every day. Keeping a fixed study time will also make your CFA preparation a habit and help you to achieve your study goals.

 

Get in the habit of using “downtime.” Many of us have shorter periods in the day when we are waiting or traveling. You might listen to your review tapes or study your review book during your commute, or bring your flashcards to work and review them during your lunch hour.

 

Improving your concentration

Setting aside all of the time in the world will not help you pass the exam unless you are able to concentrate well and make good use of your study time.

 

Identify your best time for studying. Everyone has high and low periods of attention and concentration. Study when you feel your mind is the freshest – use other times for more routine chores or relaxation.

 

Break up your study periods. Fifty to ninety minutes usually works the best. Then take ten to fifteen minutes to get up, stretch, and get a drink. If you set defined limits on your study time, it will be easier to keep focused.

 

Study difficult subjects first. It’s easier to tackle the tougher subjects when you’re fresh.

 

Don’t start unfinished business just before you begin to study. Beginning a complicated task or a long conversation right before study time will only distract you from your preparation. Take a moment to clear your mind before you begin. Relaxing before you begin will also help alleviate any anxiety or tension you may feel about your preparation for the exam.

 

Adapted with permission from Virginia Tech and the University of Texas

 

 

www.chinacfa.com

不过估计对国内要考的朋友也没什么帮助了。。。

CFA官方网站的sample test最好还是作一作，很有帮助。感觉重点和study notes book6有些不同，题目风格也和真的考试很相似。我做了全部5套，有几道在考试中出现了。重点在于官方的sample test让你知道哪些考点你会没注意到。不过因为官方网站的题目不能重新看到，也没法重做，也没法拷贝下来，所以没办法和大家分享了。（后来想到可以截屏。。。）官方题目提干很短，但是有一些小trick，一定一定要注意每一个单词，不像study notes里面只要会计算就可以了。

作官方网站的sample test可以给你一个对坐题速度的正确把握。我虽然study notes能按时作完，但是作完sample test之后才有感觉到底一道题可以花多少时间。所以真的考试的时候可以每题题干仔细看两遍，计算体全部计算器按两边确保没有不必要的损失，这样还能有半小时来复查。所以，大家如果study notes不能按时作完一定不要担心，真考试的话仔细看清楚每一个单词不会浪费太多时间。

本来觉得很多题目都记得，可是一回来就想不起来什么了。。。

有一题问nominal spred和z-spred 对于哪种bond差距最大，一个是zero-coupon,flat yield curve，一个是zero-coupon,increase yield curve,一种是amortization,flat yield，一种是amortization, increase yield curve.

一题是关于future and margin。一人有10份call future，起始价格每份100，每份initial $6, maintenance $4, 第一天结束的时候每份balance $2，第二天价格变成102，问你第二天结束的时候这个人的account balance。我觉得是120。因为第一天结束的时候要bring back to initial margin，所以第一天结束之后要补充$40，变成$60。而第一天价格应该跌倒了$96，因为每一份损失了$4，所以第二天每份涨了$6，那么第二天结束就是$120。因为题目没有说第一天结束的时候价格是多少，所以有些人直接就60+10*(102-100)=80了。

Markowitz investors的几个assumptions，背一下就可以。

8major sections of GIPS standards，也需要背。

计算CFO，给了连续两年的acct receivable ,一些payable, deferred tax，accumulated depreciation, retained earning。给了今年的dividend payout。只要知道当年net income是retained earning的增加加上dividend，然后就是简单的计算了。

其他也记不得了，想起来再说。

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SHG的，这次correlation的内容考了不少，exchange parity也有几题，一题是给出CAD/USD的spot rate和forward rate，算USD相对于CAD的forward premium/discount(这里记忆模糊了，记不清原题是in relative to USD还是in relative to CAD了，总之感觉是很坑人的题目，不看仔细肯定就判断错了，看仔细了脑子里连绕几个弯就转晕了)，一题是算交*汇率，具体题目和数字回忆不起来了。。。但是这些内容在08年的Notes里都被砍掉了，不知道对明年的考生有没有帮助

祈祷自己能过

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在Singapore考的，感觉不难，上下午都是提前30分钟做完的，但很多概念题很tricky.感觉真题跟mock的题很像，有几道题就是mock的原题。期中有一道which is most likely to result in an increase in the width of the confidence interval for the population mean? 选Sample derease or degrees of freedom decrease。还有一道是考harmonic mean<geometric mean<arithmetic mean.

还有两道拿不准，说natural unemployment rate increase,问which curves shift?我选both long and short term Phillips curves shift.还有一道是告诉你期出ROE是10%，期末增长到12%，然后告诉你Book value per share 期初和期末各是多少（具体数字忘了，好像之间的差是2.35)，然后告诉你current stock price是20,问p/e是多少？这到题花了不少时间，好像算出来是16x。这两道题跟大家求证一下。

感觉如果大家能找到mock的题，考前尽量做一遍，有些题压题很准。祝大家能过！

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关于price-weighted index.

假如stock X, Y, Z 价格分别为4，3，5, number of stocks 分别为8,6,10.price-weighted index=(4+3+5)/(8+6+10)=0.5。如果stock X拆分了，stock X价格就变成2了，计算新的price-weighted indexs=(2+3+5)/(16+6+10)=0.3125，所以变小了。

我现在都不知道我的这种计算方法是不是正确了，当时还很肯定，现在没底了

>那个price-weighted index肯定是不变的，同样的题目在官方sample test里面有。

我記得有題  covered call  , 好像是 purchase a bond  selling  97 per 100, received call premium at  7  ,exercise 105 ,

settment at 109  , retrun is ?

a:-11

b:-3

c:12

d:15

my answer is :  7+105-97=15  選d  

應該沒錯吧

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时间可以多出很多。计算比模考的少很多。概念理解的多了。好些题是送分的。也有好些概念题吃不准。感觉还是概念要理解，比如经济学里的AD，AS，还有各种竞争条件下的demand，supply的关系什么的。利率平价模型什么的，基本没考。财务考的计算也少。主要是分析各种财务处理对各种比率的影响。

对了，个人感觉，官方模考题很有用。

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http://bbs.cfaspace.com/dispbbs.asp?boardid=24&replyid=498969&id=71064&skin=0&page=1&star=13

re Sydney -v- Melbourne
Have worked in both. here’s my thoughts:
1. Sydney has twice the number of finance HQ – banks, brokers, fund managers, investment banks, listed companies, research houses, etc
2. Sydney geneally pays better – but not a big deal – much more important is what you do and how you do it. A good operator can make money anywhere – but Sydney has more opportunities
3. Everything costs more in Sydney – housing, food, clothes, drinks – but its the same with all financial centres – London, NY, etc. More pay, but everything costs more.
4. Sydney is generally more open to new people and ideas than Melbourne – eg In Melbourne if you wnat to put a deal to a firm (eg an IPO, property, venture capital, private equity deal, etc) you need to know someone first. In Sydney you just ring up the head of the firm and the chances are they will see you.

Personally, I joined Wespac in Sydney as a graduate in 1983 (bad move)
– moved to Melb to join Citi (good move)
– moved to HSBC/Midland – in Melb then back to Syd (good move)
– in the big equities boom in the 86-7 – went out on my own (good move) – put together some IPOs, did some venture capital, had fun
– in the big recession needed regular income (got married !!) so I went back to Melb (good move) with ANZ, ran several departments and divisions over the next several years.
– in mid-90s, moved back to Sydney with ANZ – ran more divisions.
– in late 90s markets were booming again – went out on my own again (good move) – floated a dot-com, did some more private equity/venture capital, properties, had fun

The lesson is – doesn’t really matter where you are, but it’s better if you are surrounded by more opportunities & players. The goal is to do your own thing. You only need to work for a firm if you really need regular income. Otherwise in most markets you’re better off out doing your own deals. If you’re young and smart – then Dubai, Honkong, Shenzen are probably the place to aim for. If you want to stay in Aust for the time being then head for Sydney. But if a good job comes up in Melb (or Perth or Bris), then go for it.

Keep learning, keep moving, change with the times, never get stuck in a rut, don’t be affraid to try new things – have fun…if it doesn’t work out, get up and start again…

(you can tell I’m killin’ time waiting for Jan 23!!)

cheers…

学士毕业证photocopies

无违规驾驶证明photocopies

Hello everyone
I’ve been copying-and-pasting some useful info for a while. Now the situation is reversed.
I hope this isn’t any kind of copyright infringement. Thank you all!
____________________________________________________________________

This mnemonic is useful when trying to remember what goes below the line.

___________________________________________________

Anyone got any good ones? These are usually good for last minute prepping.

I saw this one off another AF member:

Type I Error – RTN (Reject True Null)
Type II Error – FRFN (Fail to Reject False Null)

Here’s two of mine:

In regards to premium and discount bonds and the effect on CFO, just remember the opposite is true for CFF.

CFO – premiunderstated/ discouverstated

Utilitarianism – Communist
Symmetry Principle – Capitalist

Anyone got good ones?

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I thought of 3 and they may sound weird but this is what I thought of when I was studying.

Sharpe Ratio – Michael Richards has a sharp tongue. (Market returns – risk free rate) / standard deviation. Market returns = Michael. risk free rate = Richards. sharp = standard deviation.

Coefficient of correlation – Russians in San Diego. covariance / (standard deviation 1 * standard deviation 2). CCC is a Russian acronym which is correlation coeffiicent covariance. San Diego is standard deviation.

Dow – Police department. Police = price weighted. Department = dow. The dow is a price weighted index.

I said they may sound weird but I remember them.

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In any case I found some mnemonics I’ve scribbled down with regard to the Code of Ethics.

AICDR — II — RCIPJ — PPC — PIU — MIPC

1. ACT with INTEGRITY, COMPETENCE, DILIGENCE, RESPECT (*AICDR*) and in an ethical manner with the public, clients, prospective clients, and other participants in the global market.

2. Place the INTEGRITY of the investment profession and the INTEREST (*II*) of the clients above their own personal interests.

3. Use a REASONABLE CARE and exercise INDEPENDENT PROFESSIONAL JUDGEMENT (*RCIPJ*) when conducting investment analysis, making investment decisions, taking investment actions, and engaging in professional activities.

4. PRACTICE (*PPC*) and encourage others to PRACTICE in a professional and ethical manner that will reflect CREDIT on themselves and the profession.

5. PROMOTE the INTEGRITY of and UPHOLD (*PIU*) the rules governing, capital markets.

6. MAINTAIN and IMPROVE their PROFESSIONAL COMPETENCE (*MIPC*) and strive to maintain and improve the competence of other investment professionals.

In any case I don’t understand how I could possible memorize that list for more than five minutes:
1. AICDR
2. II
3. RCIPJ
4. PPC
5. PIU
6. MIPC

Maybe it’s easier in this way.
1. I SEE, DARJEELING FOR ALL.
2. AY-AY!
3. RECIPE (FOR SUCCESS IS A)
4. PEACHY
5. PIOUS
6. PIC

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Portfolio mgmt / Investment policy
TURTLe
T – Time horizon / constraint
U – Unique requirement
R – Regulatory /legal req
T – Tax concerns
L – Liquidation / earlier needs

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As a handy mnemonic, remember "he’s leveraged up to his ass/balls" means "he has borrowed a lot of money". You may want to repeat this a few times until it gets tattooed onto your brain.

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Ok, here’s a few that are guaranteed to be on the test, but make sure your in your last minute Level I prep that you’ve done the Schweser exam posted on this site.

Here’s a couple that will put you over the top:

1. Know the 5 factors determining intensity of competition within an industry:

Remember SERBS

– The 5 factors that determine industry attractiveness:

Suppliers of raw materials
Entrance Barriers
Rivalry
Buyers (power over product/pricing)
Substitute products
2. Know Risk from Lowest to Highest

Remember: British Broadcasting Corp Has Silly Office Comedies All Fall

Bill/Bond/Corp/House/Stock/Office(commercial RE)/Coins/Art/Futures

3. Assumptions underlying CAPM model"

"CAPM Prices Hold Borrowers and Lenders;
Taxes and Transactions ReMOVe RiSC"

Investors are PRICE takers.
(Eliminates negotiated deals.)
2. All investors have the same HOLDing period.
(Eliminates time risk.)
Investors can only BORROW and LEND at the
risk free rate.
(If not you’ll have two CMLs, two CAPMs and
no equilibrium.)
No TAXES and TRANSACTION costs.

Investors are all Rational Mean Variance
Optimisers. (ReMOVe)
All investors have the same expectations for
Return, Standard deviation and Correlation.
(RiSC)

4. Portfolio Management Level I

Steps in Decision Making Process = OSMAP

OBJECTIVES STRATEGIES MONITOR (THE MARKET) ADJUST PORTFOLIO

5. Steps to carry out OSMAP = SEXPOP

SPECIFY OBJECTIVES EXPECTED RETURNS POLICY STATEMENT
OPTIMUM PORTFOLIO PERFORMANCE MONITORING

6. elastic and inelastic demand curves (economics)"

If you have trouble remembering the difference between elastic and inelastic demand curves, remember that:
Inelastic’ starts with a capital I, that is, a vertical line, so prices can move up or down but the demand remains the same.

Similarly, ‘elastic’ starts with an ‘e’, which has a horizontal line in it, so
demand can move to different levels but the price remains the same.

7. Know the characteristics of a good market

Remember "I LIE" (nothing personal)

Information (timely and accurate)

Liquidity : marketability , price continuity and depth

Internal efficiency low transaction costs

External efficiency prices adjust quickly to new info

_______________________________________________http://www.analystforum.com/phorums/read.php?11,638695

 

 

 

Taken a practive exam earlier – this is what Oscaar told me.