Wednesday 15 December 2010

CFA Level 1 Dec 2010 - Exam Day Experience

I have chilled out for 10 days now. Just forgot all about it, stowed away my books and calci, read a number of Mills and Boon, caught up in Mafia Wars and Farmville. Now is the time to relate my exam day experience I guess.

My centre was Sunway Lagoon Convention Center in Kuala Lumpur. i arrived nearabout 8 am to find the lobby more or less packed. Stowed away my study notes and surveyed all. It looked to me there were a lot of young people. 21-22 year olds made up almost 90% of the examinees would be my guess. There were around 550 people appearing at that center. i actually counted the tables ;-) - but I forget the exact number.

These are some of my observations, most contrary to what i had expected

  • Hardly a dozen seats went empty in the hall - ie very few no-shows
  • Majority of examinees looked to be just graduates...very very young
  • I have been reading at some forums that many of the young people didnt have focus. However all around me could only see serious determined faces. The study notes got put away at the last moment!
Now coming to the exams - my hopes hang by a slender thread - ie if any hope is there this time! I was pretty happy after the first session. However a glance at the second session's paper told me I was in big trouble!

Timewise the papers were not at all a problem. i guessed I could have finished both sessions 30 mins early if I had not dawdled quite a bit towards the end.

After Exams feelings

Like I said before I was around 100hrs short of preparation

Forming a study group or being part of one would have been good. Any takers for June 2011?

Quants killed me. So they get more attention next time

Most irritating After Exam experience is that Analyst Notes has killed my account! Cant even participate in forums unless I re-register for the next session exams! Isnt that bl##dy unfair? I really had not idea that that is how there system worked!

And finally - is there any point giving the CFA???

Please join in and comment if you find this blog through the SE!

Friday 3 December 2010

CFA Level 1 - Tips Before the Exam

Just less than 24 hours remain before the CFA Level 1 Exam. So how does one prepare the day before the exam?

CFA Exam is by far the toughest exam I have prepared for. The volume and diversity of the study material ensures that only the brave, motivated or desperate venture into it.

So what should one do the day before the exams?

Remember the stakes? The stakes include a waste of 200 odd hours of effort, high cost of re-examination, opportunity cost of spending time reading for the exams all over again, doubtful motivation level - if you have to appear for the exams all over again!

So is desperation and pulling your hair out the answer to pre-exam preparation?
No way!

Here is a small list I have made to do today
  • Sharpen my pencils
  • Keep my admit card and passport in place
  • Check my Texas BA II Plus
  • Collect the eraser and sharpener from my children
  • Re-check the destination (exam center) and the route to it
  • Dont think about what will happen if I dont pass. For me the stakes are even higher. Age... only 5-7 % of candidates are above 35 years!
  • Sleep at least 8-9 hours the night before
  • Be positive
  • Remember there is no negative marking. Only judiciousness, commonsense and a nice reading of the questions will enable one to answer a third of the questions.
  • Do a bit of meditation in the morning. It should help me through a long 8-9 hours exam schedule
  • Glance at the CFA formula sheet for two hours or so. Go over the strengths. I plan to ignore my weak points. Not enough time to cry over spilt milk.
I have the feeling that my efforts have been 100 hours short. Well, there is always the next time!

So All the Best for tomorrow!

Monday 15 November 2010

How to prepare the Final 20 Days of CFA Lvl 1 Dec 2010

20 Days to Go for CFA Level 1 2010

Well actually it is 19 days!
As I start the final stages of my preparation - I am convinced about one thing. Two things actually.
1 - I am not going to make it this time
2- I am going to give it my best the last 20 days!
What should I do? I dont presume to advise anyone what they should do in the final few days. There will be time for that when I clear the hurdle:-)

How to prepare the last 20 days for CFALevel 1 Dec 2010


  • I have a paid account with Analyst Notes - I prepare to revise and re-revise the questions. Analyst Notes have 10 mock exams at their website. I plan to take that.
  • Analyst Notes further has more than a 100 review questions for each topic.
  • I was doing Study Session 7-8 yesterday. I realised I have forgotten all about it! So revisit my Notes. This is the time to look up Schweser Secret Sauce.
  • I have given one mock Test arranged by Stalla halfway through. I will need to retake that.
  • Allen Resources have sent some free tests - need to go through it.
  • And finally take the Mock Test at the CFA Institute Website.
Here are some of the Readings - I plan to revise thoroughly in the next 2-3 days. It includes the complete list of Readings for Study Sessions 7, 8, 9, 10, 11, 12 or all the Readings for Financial Reporting and Analysis, Corporate Finance and Portfolio Management. Making a spreadsheet helps keep track better for me!

So it is going to be 3 Rs for me now - Revise, Retake, Remember


7
Financial Reporting and Analysis


29
Financial Stmt Analysis Intro
30
Financial Reporting Mechanics
31
Financial Reporting Standards


8
Income, Balance and Cash Flow Stmt


32
Understanding Income Statement
33
Understanding Balance Sheet
34
Understanding CF Statement
35
Financial Analysis Techniques


9



36
Inventories
37
Long Lived Assets
38
Income Taxes
39
Long Term Liabilities and Leases


10
Applications and International Standards Convergence


40
Financial Reporting Quality
41
Accounting Shenanigans
42
Financial Stmt Analysis Applications
43
International Stmts Convergence


11
Corporate Finance


44
Capital Budgeting
45
Cost of Capital
46
Working Capital Management
47
Financial Statement Analysis
48
Cororate Governance


12
Portfolio Management


49
Asset Allocation
50
Portfolio Management
51
Asset Pricing Models

Sunday 10 October 2010

55 Days to Exam

Never thought this "little thing" would be so hard! How to make the best use of the remaining days? Schedule's all haywire! Cant seem to find the time to ut in 4 hrs of continuous study a day. Need all the luck and some more, including hard work I guess. My two paisa - dont go into it unless you are 110% committed!

Sunday 29 August 2010

Break up of Financial Planning and Analysis

Financial Statement Analysis (Introduction)
Financial Reporting Mechanics
Financial Reporting Standards
Income Statement. Balance Sheet, Cash Flow Statement
Understanding the Income Statement
Understanding the Balance Sheet
Understanding the Cash Flow Statement
Financial Analysis Techniques
Inventories, Long-Term Assets, Deferred Taxes nd On and Off Balance Sheet Debt
Inventories
Long Lived Assets
Income Taxes
Long Term Liabilities and Leases
Applications and International Standards Convergence
Financial Reporting Quality
Accounting Myths
Applications of FS Analysis
International Standards

Whew! Economics CFA Level 1 and Financial Reporting and Analysis

Over! For the time being Economics CFA Level 1 is over. I have to go over the Analysis Notes study material and their online review and practice questions. Yes, I have subscribed to Analysis Notes.

AN looks like great VFM at a glance. If the review questions of Analysis Notes are any good - only the exams will tell! They also have 10 Mock exams. Should be helpful sometime I am sure - in the distant future - when I have managed to finish my CFA study material!

Next deadline -10th September. I need to finish Financial Reporting and Analysis by 10th September. Just 675 pages in the book :-) Should be a breeze...lol. I hope you understand I am joking! It is going to be very very tough considering that I have forgotten how a balance sheet looks like. I not one of those people who just needs a restaurant's tissue paper to balance the left and right hand side (not the table - the balance sheet)!

I will treat myself to a day's shopping if I actually manage to finish the book by 10th September - lost debit card or not!

Tuesday 24 August 2010

CFA Level 1 Question Breakdown

I have done a CFA Level 1 Question breakdown from the weightages given in the CFA Toolkit at cfainstitute.org - the official CFA website. Please refer to the official CFA website for accuracy of any information given here.

Total No. Questions - 240 MCQ
Time - 6 hrs in two sessions

Study Session 1 - 15% - 36 Questions (Ethics) - 1 study session 36 questions - no surprises on what CFA stresses on - ethics, ethics all the way...


Study Session 2 & 3 - 12% - 28 - 30 questions (Quant)

Study Sessions 4,5 & 6 - 10% - 24 Questions (Economics)

Study Sessions 7,8,9 & 10 - 20% - 48 Questions (Financial Reporting and Analysis)

Study Session 11 - 8% - 18-20 Questions (Corporate Finance)

Study Session 12 - 5% - 12 Questions (Portfolio Management)

Study Session 13-14 - 10% - 24 Questions (Equity)

Study Session 15-16 - 12% - 28-30 Questions (Fixed Income)

Study Session 17 - 5% - 12 Questions (Derivatives)

Study Session 18 - 3% - 7-8 Questions (Alternative Investment)

From my initial observations it seems Ethics, Corporate Finance and Fixed Income have the most questions/Readings. Financial Reporting and Analysis seems to be Heeaaavvviiilllly Weeiigghhtttedd.

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Disclaimer - I dont vouch for the accuracy of any information given in this blog. Please refer to the CFA website for accurate and up to date information.

Time Flies - Pages Dont! My CFA Level 1 Study Schedule

103 days... I am supposed to have finished Economics by now.

This is how my re-revised schedule looked like 2 weeks back

Economics - 24th August
Financial Reporting (Book 3) - 10th Sept
Book 4 - Sept - 18th
Book 5 - 5th Oct
Book 6 - Oct 18th

I have pre scheduled visits from guests for a fortnight and a one week trip abroad - all planned more than six months back. That would leave around 15 days for revision.

WHERE IS THE TIME?

I am still steeped neck deep in MR, MC, ATC, MRP, DC, SC, slopes, curves and all. Have to come out of that FAST to enter the fascinating world of M1, M2 etc. It would all be a breeze for an Eco grad, I know. Point is, I am not an Eco grad!

Bottomline -  24th has gone (almost) and Eco not over!

Any suggestions - anyone?

I thinks I will re-re-re-revise my schedule. Make it one readings a day! I have an effective time of around 70 days. At least 60 more readings to go through (for the first time). Logistics look slightly better, then!

Monday 16 August 2010

111 Days to CFA Level 1 Dec 2010!

111 days left for the exam. I have started on the Volume 2. Not because I completed Volume 1 in entirety (in fact I am doubtful I remember anything I read at all!) but because I was tired of seeing and holding the same book for more than a month! In the first target I setv- I was supposed to have completed Volume 1 by 25th July! Doesn't augur well for prep zone!


Volume 2 is Economics - was never comfortable with the subject. Lets see. I have so far understood the first page :-) There's 503 more pages in the self study material from CFA. 503/6.5 (since half a day already over!)...70 odd pages a day. Doesn't seem realistic I guess this will again cannibalise on next week's prepn - which I had kept for re-studying, practice exams for Quant, Ethics and ECO.

As you can see my schedule's going all haywire!

If anyone looks this up - any ideas! No no I dont want any - too many ideas online!

Saturday 14 August 2010

My CFA Blog - I attended a Stalla Session!

I attended a Stalla session organised by Ab Maximus, CFA  malaysia and Stalla yesterday. There was asmall session on Study Session 11 (Corporate Finance). There was some time spent on about the Stalla Courseware.

I am now in the Ethics session (still!) again after covering some of Quant. Methinks - should CFA Malaysia have given our email ids to Stalla ? Or should it even promote one prep provider over another? Isn't there some conflict somewhere?

No finger raising - just wondering aloud - okay! If anyone sees this (doubtful as I have just begun this blog and don't have time, will or energy to promote it) - can you clarify?

The session per se was interesting. At least I met some "live" CFA candidates  and they looked as human and nervous as me. Not some nerdy species from outer space!

I think I will opt for their (Stalla's) Pacer program - will be easier to check my progress - and I get a Ethics and Quant session free! . So should I dump studying ethics for now and wait for the gyaan session! The Pacer program gives you a online test weekly on one study session and gives you the curriculum to prepare for the next session. Sounds useful and should tighten up my pace!