tag:blogger.com,1999:blog-40768893778152534702024-03-06T12:00:29.750-08:00The CFA ExperienceUnknownnoreply@blogger.comBlogger363125tag:blogger.com,1999:blog-4076889377815253470.post-46274402302526306482013-08-11T11:36:00.000-07:002013-08-11T11:43:48.522-07:00The FinQuiz Benefit<div dir="ltr" style="text-align: left;" trbidi="on">
During my journey to the CFA Program, I have experienced a lot in terms of time management, resource accumulation and utilization, questions, mocks, the marathon routine to complete the course etc. One important thing which not only I but a lot of candidates experience is the decision to choose the exam preparation material provider. Throughout in all these levels I have been using FinQuiz as the primary exam preparation material provider and at this point in time I feel confident that its worth giving a try!<br />
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To reciprocate the benefit which FinQuiz has provided in this program, I have decided to share with you the samples of their study material for all three levels.<br />
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Curriculum Notes (Simply Awesome!)<br />
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<a href="http://www.finquiz.com/cfa_level_1_december_2013_curriculum_notes" style="color: #1155cc;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_1_december_2013_<wbr></wbr>curriculum_notes</a><br />
<a href="http://www.finquiz.com/cfa_level_1_june_2014_curriculum_notes" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_1_june_2014_curriculum_<wbr></wbr>notes</a><br />
<a href="http://www.finquiz.com/cfa_level_2_june_2014_curriculum_notes" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_2_june_2014_curriculum_<wbr></wbr>notes</a><br />
<a href="http://www.finquiz.com/cfa_level_3_june_2014_curriculum_notes" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_3_june_2014_curriculum_<wbr></wbr>notes</a></div>
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<span style="color: black; font-family: 'Times New Roman'; font-size: small;">Smart Summaries (What?? Only 1 month left and you haven't revised the syllabus? GO FOR IT!)</span></div>
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<a href="http://www.finquiz.com/cfa_level_1_december_2013_smart_summaries" style="color: #1155cc;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_1_december_2013_smart_<wbr></wbr>summaries</a><br />
<a href="http://www.finquiz.com/cfa_level_1_june_2014_smart_summaries" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_1_june_2014_smart_<wbr></wbr>summaries</a></div>
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<a href="http://www.finquiz.com/cfa_level_2_june_2014_smart_summaries" style="color: #1155cc;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_2_june_2014_smart_<wbr></wbr>summaries</a><br />
<a href="http://www.finquiz.com/cfa_level_3_june_2014_smart_summaries" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_3_june_2014_smart_<wbr></wbr>summaries</a></div>
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<span style="color: black; font-family: 'Times New Roman'; font-size: small;">Mock Exams (Score > 70 in them and consider yourself <b>PASS</b>, unless something really bad has happened!)</span></div>
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<a href="http://www.finquiz.com/cfa_level_1_december_2013_mock_exams" style="color: #1155cc;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_1_december_2013_mock_<wbr></wbr>exams</a><br />
<a href="http://www.finquiz.com/cfa_level_1_june_2014_mock_exams" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_1_june_2014_mock_exams</a><br />
<a href="http://www.finquiz.com/cfa_level_2_june_2014_mock_exams" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_2_june_2014_mock_exams</a></div>
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<a href="http://www.finquiz.com/cfa_level_3_june_2014_mock_exams" style="color: #1155cc; font-size: 12.727272033691406px;" target="_blank">http://www.finquiz.com/cfa_<wbr></wbr>level_3_june_2014_mock_exams</a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-79093701756788968302013-07-26T12:09:00.000-07:002013-07-26T12:09:00.021-07:00CFA Level II Curriculum Changes 2013 - 2014<div dir="ltr" style="text-align: left;" trbidi="on">
• Ethics, Quantitative Methods, Economics and Corporate Finance are pretty much exactly the same.<br />
• Three of the Financial Reporting and Analysis Readings, “Inter-Corporate Investments”, “Multinational Operations” and “The Lessons we Learned”, have been revised.<br />
• Two new Readings have been added in the Equity section named“Your Strategy Needs a Strategy” and “Industry and Company Analysis"<br />
• One new Reading, “A Primer on Commodity Investing”, has been added to the Alternative Investments Section.<br />
• One Fixed Income Reading, “General Principles of Credit Analysis”, has been deleted. A new Reading, “Credit Analysis Models”, has been introduced.<br />
• One Derivatives Reading, “Credit Derivatives” has been deleted. A new Reading, “Credit Default Swaps”, has been introduced.<br />
• One Portfolio Management Reading, ‘The Theory of Active Portfolio Management’has been d eleted. Two new Readings, ‘Residual Risk and Return: The Information Ratio’ and ‘The Fundamental Law of Active Management’ has been introduced. </div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-4076889377815253470.post-40570263503723001192013-07-26T12:00:00.004-07:002013-07-26T12:00:58.910-07:00Changes in CFA Level I Curriculum from 2013 to 2014<div dir="ltr" style="text-align: left;" trbidi="on">
1. 4 new readings have been incorporated, only Fundamentals of Credit Analysis has been retained in Fixed Income.<br />
2. Derivatives Markets & Instruments has been revised under the Derivatives section.<br />
3. Alternative Investments Reading, Investing in Commodities has been deleted.<br />
4. Remaining areas including Ethics, QM, Economics, FRA, Corporate Finance, Equity, Portfolio are almost the same in 2014..</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-24004978791826925962013-06-04T09:30:00.000-07:002013-06-04T09:30:06.858-07:00Who said time isn't an issue in Level III morning?<div dir="ltr" style="text-align: left;" trbidi="on">
Congratulations folks you are normal beings if you were unable to complete your morning exam (level III). You are perfect humans if you have left the last 20 or 30 mins. For geeks who completed their exam in time, well wait for the result if you were able to pass through, consider completing it in time THE BIG REASON!<br />
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On a serious note, time has never been an issue in LI, LII or Evening III but it is certainly the biggest constraint in morning session. May be it is so we haven't practiced well or we don't organize ourselves according to the minutes allocated to each question. Sometimes its our 'factory setting' that once we see a question we know more off we keep on writing despite knowing the fact that, and ignoring it, question only requires 2 reasons or 1 reason to support it and the time advised is 3 or 4 mins. We should remain focused on one thing: To allocate each question the mentioned time so that one may complete it in time. If I happen to appear again, which certainly I'm not thinking of right away, I will pay particular attention in completing the exam in time and with desired level of details. It, who must not be named right away, is set in a way to require adequate information, not to check all the info we have got. I can link it with the psychometric stuff which CFAI utilizes while setting questions. Certainly they aren't about knowledge only but also about skills.<br />
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I may be not confident this time that i'll pass but considering my experience I am quite sure that the next time, if unfortunately I appear, I'll nail it.</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-5014409119780116252013-06-02T11:48:00.000-07:002013-06-02T11:48:08.111-07:00After the exam...<div dir="ltr" style="text-align: left;" trbidi="on">
Ok we can't speak about the contents of the exam... But yea.. we can share our feelings. It was one hell of a day. Certainly I'm feeling quite low as the morning session had a lot of questions and they all required some input unlike mcqs on which you are 33% sure but in structured writing... you dont know much about what you are writing as its more of a subjective stuff. Even after the evening section I wasn't having the same feeling which I had last year in June 2012. Fingers crossed lets hope for the best and be ready for appearing again... I hope I'll nail it down but if I couldn't I'm not gonna give up and appear again and again unless I nail it down. Though I am not thinking in that way but if I couldn't, I have identified several areas which I know to give more importance off. But again... hoping to nail it down...<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-25407198538994249752013-05-28T12:24:00.003-07:002013-05-28T12:24:51.192-07:00How my broker account is helping me?<div dir="ltr" style="text-align: left;" trbidi="on">
Last month I opened my broker account and started trading in Karachi Stock Exchange. A part from trading what I was able to do was to connect the topics of reading 39, Execution of Portfolio Decisions. Although there is fair detail regarding order types in Level I but the way I am able to understand the importance of market orders, limit orders and the types of markets is really something worthwhile. As the exam approaches and I am revising the whole stuff, while going through reading on Execution of Portfolio Decisions, I did not find that much difficulty which I used to find while initially I was going through the reading. The primary reason which I can spot is access to the stock trading. Right away its just one example but I can assure you there are multiple instances where I really found the trading exposure I got, helping me immensely in making my concepts more clear and enabling me for true understanding of key areas of the Level III curriculum. I, therefore recommend all of you who are the candidates or potential candidates of the CFA program to open your brokerage account and start trading. It will dramatically improve your ability to understand what's actually is going around.<br />
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Good Luck for the exam.<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-74292154950598909322013-04-13T04:13:00.003-07:002013-04-13T04:13:43.062-07:00My Plan for 1st June, 2013 - Level III Exam<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKz6Xo5XvJfVWsKh2pIHCWiz8WJdn6YDnEgRY11F3cByiD4VDV68TiBOTFoSsexYi4tB0oTqCQc-kdyjJ-ZZXLftt29meAIeo27odmK8FvldM-RW8x1tyy6oGJRDdYAWnZUSMf5yayPxU/s1600/891564_10151641572975572_1100229285_o.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKz6Xo5XvJfVWsKh2pIHCWiz8WJdn6YDnEgRY11F3cByiD4VDV68TiBOTFoSsexYi4tB0oTqCQc-kdyjJ-ZZXLftt29meAIeo27odmK8FvldM-RW8x1tyy6oGJRDdYAWnZUSMf5yayPxU/s400/891564_10151641572975572_1100229285_o.jpg" width="400" /></a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-72536135112573011102013-04-07T12:39:00.002-07:002013-04-07T12:39:41.563-07:00Revision Kick Start<div dir="ltr" style="text-align: left;" trbidi="on">
I may have mentioned it earlier but I am using FinQuiz notes, as I used them in Level II, along with Schweser study notes to prepare for LIII. The whole week I spent on revising Fixed Income (reading 23,24,25,26) and IPS for individual investors. As I have been discussing it earlier the simple way to check our retention level is to note the time one takes to revise the stuff. If we are taking the same time as it was taken during the first reading again then the situation is a bit worst. If we are taking less time while revising the same area then we are progressing in terms of retention. It is very important to follow the same study material which was used to cover the topics at first place. Like I used the FQCN for reading 10 to on wards till 14, I was able to revise the stuff in quite less time and more efficiently. Similarly the areas which I've covered through Schweser, I will revise from there to save my time & increase their effectiveness.<br />
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The next week I'll be doing readings on making IPS for institutions along with the section covering Equity (Reading 27 to 30).<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-17334431439489160372013-04-04T12:44:00.001-07:002013-04-04T12:44:17.467-07:00Bond Portfolio Management Strategies - Fixed Income (Level III)<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1T4D-bGnFV3GImNDBnRjhUC-3mzgD2A2GJsE5AEsrmOn6A0fOwE_iVsepAHPbLWauvv2L1AkpG1y4QRe_vWcG6mCBI0E87lZoF4J4K-is_GBu0KBGlcoCp_qElDub8evofW47NiuNvD0/s1600/Fixed+Income+strategies.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="371" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1T4D-bGnFV3GImNDBnRjhUC-3mzgD2A2GJsE5AEsrmOn6A0fOwE_iVsepAHPbLWauvv2L1AkpG1y4QRe_vWcG6mCBI0E87lZoF4J4K-is_GBu0KBGlcoCp_qElDub8evofW47NiuNvD0/s400/Fixed+Income+strategies.png" width="400" /></a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-51780660730444766922013-03-11T11:22:00.000-07:002013-03-11T11:22:57.861-07:00Done with 2/3 of IPS Section<div dir="ltr" style="text-align: left;" trbidi="on">
I have completed 66% of IPS section and the area related to Institutional Investors is left. First reading has been done and I've come across the examples of curriculum. Properly going through the examples and chapter end questions can help me in making the difference. Now a days I am in the process of developing a case study for myself and after that I will make my IPS considering all the stuff. The RRTTLLU, Risk Objectives, Return Objectives, Tax Considerations, Time Horizon, Liquidity Needs, Legal Requirements, & Unique Circumstances. First I'll make a complete vignette, a kind of case study which will have information which I can share publically and after that I'll analyse it. I think going through this strategy can help effectively in understanding the stuff while evaluating ourselves. </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-66221550295629377852013-02-23T10:47:00.003-08:002013-02-23T10:49:23.437-08:00IPS - First Tip<div dir="ltr" style="text-align: left;" trbidi="on">
Asset Allocation has been intense in terms of calculations, reminded off Level II... Study Session 4 is entirely different. The first thing I've faced that the material isn't questionable directly. I mean I've looked across some questions and unfortunately they aren't straight forward. The material provided in Reading 10 is more or less a background of what could be tested indirectly through a case study... The temperament of going trough these readings is not exactly as the way it was related to other areas. </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-24523125683950948982013-01-24T09:19:00.001-08:002013-01-24T09:43:40.359-08:00Apple Inc's. Income Statement Extracts 2012 (Form 8K, Unaudited)<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9Ei8C9ersHCwG7IB7RlZiFWwKDITMATycjO2GAUuqFWL-KNIQhQFJAfyi8ZE4UbYIXvY7pbLDPVXIsKX0MANpoaKjarXH04x5MeuLG2pg-IdIuDfGBff-uFLk1DKh-hYq7r4ieWnKiUI/s1600/AAPL+form+8k+2012.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9Ei8C9ersHCwG7IB7RlZiFWwKDITMATycjO2GAUuqFWL-KNIQhQFJAfyi8ZE4UbYIXvY7pbLDPVXIsKX0MANpoaKjarXH04x5MeuLG2pg-IdIuDfGBff-uFLk1DKh-hYq7r4ieWnKiUI/s400/AAPL+form+8k+2012.png" width="400" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">These results are unaudited and taken from Form 8K filled by Apple Inc on 23rd January, 2013. So we have Operating Margins dropping, Net margins dropping, Cost of Sales increasing, Other Income increasing. The share price of AAPL has significantly fallen on 24th (10.5% so far by 12 EST). I cannot say whether its after the SEC fillings but definitely these numbers does count. For a Technology stock Net margins reducing by 4.2% has strong impact.</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-108137501802776912013-01-18T08:05:00.001-08:002013-01-18T08:05:13.681-08:00Facebook Call Options expiring Jan 19, 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaY3gbPXhFSiVCdqtVKGmfRVAtMNnbhOctoe-GPtXKhSHndQzEkSe0vWnuUR3FOuEPWPMNTY3QUkQWCCLUQRfbglTOmeH-EHHIG1Kwo5nUKdqvQeJIP1N7MxKbVlV5o7a5v_dARXmyKFI/s1600/option+price.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaY3gbPXhFSiVCdqtVKGmfRVAtMNnbhOctoe-GPtXKhSHndQzEkSe0vWnuUR3FOuEPWPMNTY3QUkQWCCLUQRfbglTOmeH-EHHIG1Kwo5nUKdqvQeJIP1N7MxKbVlV5o7a5v_dARXmyKFI/s400/option+price.png" width="400" /></a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-1399210625639099802013-01-15T10:52:00.000-08:002013-01-15T10:52:23.732-08:00Graph Search is what Facebook is building?<div dir="ltr" style="text-align: left;" trbidi="on">
So its not the facebook phone but the graph search which facebook had to show at its headquarters. It was a 'much anticipated' event which hiked FB above 6%. After Zuckerberg; wearing the hood, announced the graph search, the stock fell a bit... Dont know how the new search tool is a different experience than GOOGS but FB claims that it answers - not provide links to answers! Had it been facebook phone, it would have created an impact... I dont know they may unveil it someday but for now its the graph search and how it truly represents the much anticipated call will be reflected in the stock price soon..<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-40924659200493806902012-12-29T10:41:00.003-08:002012-12-29T10:41:22.789-08:00Preparing for Level II - A different perspective<div dir="ltr" style="text-align: left;" trbidi="on">
Since I've been preparing for LIII I've realized that there is a reason why Level II is considered to be the most difficult among three. It is because mechanics have been covered in Level II to an extent which can act as bridge to an amazing skill set. A very strong feeling of it developed when I went through Risk Management and Equity of Level III. A paradigm shift is required while studying for LIII. So those who are preparing for LII, I would like to ask them not to study only for passing the exam but to achieve excellence. The technicalities, mechanics, details, practice etc can lead you to something amazing. It all can help you out in making yourself something out of.. something less. Consider it a rare opportunity and do not prepare for the exam just to pass it but to develop yourself up. Go through examples, chapter end questions, exhibits, illustrations to know what's going on. Once you are done with the stuff following this approach, you'll end up passing the exam. The exam is after 6 months. A lot of you would be planning for LII. Start it this way especially the areas which require calculations. It will add greatly to your skill set.<br />
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Good Luck.</div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-4076889377815253470.post-39175491588689982702012-11-30T08:33:00.001-08:002012-11-30T08:36:50.200-08:00A must read post before the Level I exam<div dir="ltr" style="text-align: left;" trbidi="on">
I was about to create a post comprising of some points to ponder before the level I exam, I came across this post which was received through an email.<br />
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here goes the link<br />
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http://www.finquiz.com/blog/2012/11/25/exam-day-prep-dos-and-donts-for-the-cfa-exam/<br />
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This is a must read post with a lot of things you must be thinking of doing or have been already practising.. Don't forget about your passport, exam ticket, working calculator (with functioning batteries) and of course stationary.<br />
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Good Luck and all the best for the exam.<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-63076211636486662072012-11-29T08:09:00.000-08:002012-11-29T08:12:29.294-08:00Level I Exam - Some important tips (Part 1)<div dir="ltr" style="text-align: left;" trbidi="on">
I heard somewhere that if you rank, the most powerful strength is the strength of faith followed by mental strength and then comes the physical strength. Reminds me of Batman Begins, the first episode of an epic series by Christopher Nolan, a classic example of the power of soul and belief over physical strength. Believing in yourself is very important for passing the exam and the ability to overcome the fear of failing the exam can really make the difference. Referring to an excellent dialogue of the movie that we fall in order to learn how to stand up, if we start thinking about failing the fear ruin the whole situation. The first and foremost thing in this regard is to overcome this fear and remained focused.<br />
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I believe a lot of you have appeared in several mocks and you'd have identified your strongest areas. Starting the exam from the strongest area can boost up the confidence and can give you a winning sense.<br />
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For me time was never an issue in both level I exam and level II exam. Same is the case for most of the students but does that mean we should not bother about time management? I certainly doubt that. The exam is balanced in terms of difficulty level so try spending less time on questions which are straight away and try spending more questions which you find tricky.<br />
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Starting the exam from the area which you find difficult and think that with fresh mind you may cover that easily could be a winning strategy for a few but it can result drastically as if questions are left undone then while doing the other areas you could have 'evil thoughts' coming about that area.<br />
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Stay tuned for other tips they are on their way...</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-73384583608141210772012-11-25T11:39:00.001-08:002012-11-25T11:43:45.802-08:00What I was doing in last week before Level I exam?<div dir="ltr" style="text-align: left;" trbidi="on">
The perspective is entirely different for those who are appearing first time compared to those who are re taking the exam. Since I appeared only once in the LI exam, the feelings which I had were a mixture of somewhat fear and curiosity. Though I had overcome my fear to a reasonable extent by giving CFAI, Schweser and Finquiz mocks but the curiosity to know the actual exam's difficulty level and the experience of having it was residing. The CFAI text EOC questions were my target in the last week along with going through chapter end summaries from the curriculum. I had already gone through the schweser volumes thrice, once before each mock I gave and the smart summaries provided by finquiz were of great help to me in those 6 days. The confidence which revising gave me was immense and that really made the difference. Candidates should go through end of chapter questions a long with chapter end summaries of the curriculum now and if possible try purchasing the smart summaries of finquiz in order to go through the whole syllabus before the exam. Schweser Secret sauce can also serve the cause and make the difference. If you are planning to go through mocks in these days then try solving them in a 'simulated exam environment' by solving the whole morning section then taking a two hours break and then going through the afternoon session. Level I isn't only about knowing the stuff but also about retaining and recalling it in the exam. Stamina along with accuracy and effectiveness counts and 90 seconds are there for one MCQ.<br />
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Good Luck</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-9991069263251665342012-11-07T05:46:00.000-08:002012-11-07T05:46:31.443-08:00Getting Enrolled<div dir="ltr" style="text-align: left;" trbidi="on">
Let me recall when I had seriously started studying for Level II? This year January I guess... but I was supposed to start in September last year? Of course I did but the element of seriousness was missing! What happened in Jan that made me 'serious'.... well I got enrolled for Level II program in Jan! Does it have any connection? Hell Yeah! For me it is the only connection so far...<br />
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Theoretically, according to the schedule which finquiz guys provided me, I should have done by fixed income and equity by now and start with alternative investments but I am way behind the theory. As I have got enrolled in the exam and my books are in the process of being shipped, based upon the analogy I drew, I think I'll start studying now. Particularly it is important in this case as I am not preparing from Schweser, but using the curriculum notes and the CFAI text, for examples and chapter end questions. I would say those who are planning to appear in 2013 and have started their preparations for level III they should get enrolled and not wait for the deadline to come close as CFAI text is necessary for preparations, I think, & biology of belief that since enrolment is done lets start preparing... that inner drive is necessary. It works for me really well. </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-5621774328081925512012-10-30T13:37:00.001-07:002012-10-30T13:37:29.836-07:00How did I use FinQuiz Curriculum Notes?<div dir="ltr" style="text-align: left;" trbidi="on">
Particularly I am writing this in response to a recent comment on a post previously published. I used FinQuiz notes as an alternate to the CFAI text. It helped me in multiple ways as the material was much more organized and consisted of highlighted point in the form of bullets. Moreover the structure was more or less of the CFAI text unlike other notes providers as they focus on LOS in spite of covering the whole area. I was able to revise the syllabus multiple times due to the notes due to their comprehensiveness. Another approach in this regard could be to first go through the CFAI text and then utilize the notes. It could be counter productive. Using primarily the curriculum notes and then approaching CFAI text for the areas which Curriculum Notes fail to provide adequate details could be a productive approach.<br />
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Doing CFAI text examples along with chapter end questions is a must. Following a schedule while preparing for CFA Exams is inevitable in passing and I can certainly say FinQuiz curriculum notes provide you with an opportunity to follow a schedule, complete studies in time, be organized, consistent and can revise the syllabus multiple times before the exam.</div>
Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-4076889377815253470.post-37955172993290658982012-09-21T12:30:00.002-07:002012-09-21T12:31:40.881-07:00Active vs Passive Management Strategies - Level III<div dir="ltr" style="text-align: left;" trbidi="on">
Passive Strategies<br />
<br />
<ul style="text-align: left;">
<li>Such strategies assume that market expectations are correct.</li>
<li>Portfolio is structured in a way to closely track the benchmark index.</li>
<li>Portfolio manager deploying such strategies accept average risk and return level.</li>
</ul>
<div>
Active Strategies</div>
<div>
<ul style="text-align: left;">
<li>Primarily rely on manager's forecasting abilities.</li>
<li>Returns of the portfolio must increase if manager has superior forecasting skills.</li>
</ul>
<div>
Types of Passive Management Strategies</div>
</div>
<div>
<ol style="text-align: left;">
<li>Pure bond indexing/Full replications approach</li>
<li>Enhanced indexing by matching primary risk factor</li>
<li>Enhanced indexing by small factor mismatches</li>
</ol>
<div>
Types of Active Management Strategies</div>
</div>
<div>
<ol style="text-align: left;">
<li>Active management by larger risk factor mismatches</li>
<li>Full blown active management</li>
</ol>
</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-47249424002674704422012-09-12T12:35:00.000-07:002012-09-12T12:35:42.223-07:00Key Terms - Level III<div dir="ltr" style="text-align: left;" trbidi="on">Usually when the word essay is used, the sketch which strikes the mind is more or less related to something detailed or a kind of a vignette. As per my understanding, so far, the morning section of Level III demands, to a considerable extent, the structured response which may comprise of terminologies which must be remembered. As I am in the initial phases of my preparation and going through fixed income section which has a fancy name in Level III as its associated with portfolio management, I am gradually realizing the importance of remembering they key terms. I mean we could have questions in which our desired response should only be those terms! For majority remembering and cramming the terms in late Feb or in start of March 2013 might be a suitable strategy but considering how I used to prepare in LI and LII - gradually, I think I should try to remember their names and try to connect them with the concepts to get comfortable with them.<br />
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Good Luck!<br />
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</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-12095588415397605192012-08-28T12:00:00.000-07:002012-08-28T12:00:44.995-07:00Level II vs Level III - A talk with a Charterholder<div dir="ltr" style="text-align: left;" trbidi="on">As always he was kind, comprehensive and very much calculated in each and every word coming out of him. The basic difference he cited in preparing for level II and level III was the portfolio perspective. Level II was much more of a hardcore stuff dealing with mechanics and tools while Level III was kind of managerial in which the everything is considered in relation to the broader picture - The Portfolio. Apart from the other details like old examination questions are available for LIII, the exam does not only comprise of item sets but essay or rather structured response, according to him, was an addition distinct to Level III another major difference is the historic pass rate for LIII. Probably the 70% distinction does not apply here and there is a good chance for students to pass scoring < 70%. Though MPS is never disclosed but generally its an understanding that scoring above 70% is considered to be Pass for Level I & Level II. I can recall while preparing for Level I & II, I used to put myself into the stuff & mostly tried to think from examiner's perspective so that I could cover all the aspects which I potentially find testable. Focusing on Portfolio Perspective and acting like making judgements from the question according to the scenario painted could better help in passing the exam. And I think I must do it from the beginning. Reading 23 is almost done I hope by next week 2 more readings will be covered. Stay tuned!</div>Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-4076889377815253470.post-330031844171487392012-08-27T13:00:00.005-07:002012-08-27T13:10:59.538-07:00Lets See what CFA Institute has to say about Level III Essay Questions<div dir="ltr" style="text-align: left;" trbidi="on"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;"><div style="text-align: left;"><br />
<div class="MsoNormal"><span lang="EN-GB">My preparations for Level III have 'officially' started from 25th of this month and waow its hard to believe I am preparing for the final level! Last year when I looked at the item sets... they freaked me out ALOT. I hope Essays which are distinct to Level III do not rip me a** apart. Level III essay exam is tested in the morning. Usually 10 - 15 questions are tested in the exam with multiple parts and each question & part's points are given in the exam accumulating to max 180 points. Each essay question consists of one or more parts. Some parts direct the student to write the answer in a template. Instructions in bold print immediately following the question direct the candidate to the page number of each template. </span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-GB">Source: <a href="http://www.cfainstitute.org/cfaprogram/exams/format/Pages/cfa_exam_question_formats.aspx">http://www.cfainstitute.org/cfaprogram/exams/format/Pages/cfa_exam_question_formats.aspx</a></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-GB">The Website further shared interesting information</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-GB">· The published guideline answers on past essay exams are more complete and better written than actual exam answers that receive full credit.</span></div><div class="MsoNormal"><span lang="EN-GB">· The published guideline answers may not reflect all alternative approaches to the question that received full or partial credit.</span></div><div class="MsoNormal"><span lang="EN-GB">· Answers are graded only on content. They are not graded for language and style. (pretty important and a point certainly I need to focus well)</span></div><div class="MsoNormal"><span lang="EN-GB">· Use short phrases and bullet points to save time, but be sure your meaning is clear. (tough job to remain comprehensive)</span></div><div class="MsoNormal"><span lang="EN-GB">· Handwriting is rarely so poor that the answer cannot be graded. (Whoops! Let me recall when I had solved the last exam with hand??? Probably 2 years!"</span></div><div class="MsoNormal"><span lang="EN-GB">· Points are awarded for direct answers to a question.</span></div><div class="MsoNormal"><span lang="EN-GB">· No points are awarded for general knowledge that is not responsive to the question. (Another area to focus on)</span></div><div class="MsoNormal"><span lang="EN-GB">· Do not spend too much time writing an answer. This is particularly tempting when you know the topic well. Formulate a direct response to the command words, and use the amount of time allotted. (Another weak point!)</span></div><div class="MsoNormal"><span lang="EN-GB">· You should expect to encounter questions that you will not be able to answer correctly. There is a great deal of material to master and exam questions are challenging. Standard setters and the Board of Governors (at all three levels) take account of exam difficulty in setting Minimum Passing Scores. </span></div><div class="MsoNormal"><span lang="EN-GB">Source: <a href="http://www.cfainstitute.org/cfaprogram/exams/format/Pages/cfa_exam_question_formats.aspx">http://www.cfainstitute.org/cfaprogram/exams/format/Pages/cfa_exam_question_formats.aspx</a></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-GB">And Some common reasons why candidates get poor grades!</span></div><div class="MsoNormal"><span lang="EN-GB">· Not responsive to command word list (list, define, etc.)</span></div><div class="MsoNormal"><span lang="EN-GB">· Answered a question they wish they had been asked instead of the question that was asked.</span></div><div class="MsoNormal"><span lang="EN-GB">· No work shown on a calculation question and the answer is incorrect.</span></div><div class="MsoNormal"><span lang="EN-GB">· Hedged on questions that asked for a recommendation and justification (e.g., recommended A, but justified B).</span></div><div class="MsoNormal"><span lang="EN-GB">· Neglected to answer part of the question (especially if a several part question). Note that you can still answer part E, even if you do not know the answer to part D.</span></div><div class="MsoNormal"><span lang="EN-GB">· Content area experts spent too much time on their area of expertise, leaving too little time for weak areas.</span></div><div class="MsoNormal"><span lang="EN-GB">· Providing more items or responses than requested. If a question asks for three factors, only the first three that you list will be graded.</span></div><div class="MsoNormal"><span lang="EN-GB">Source: <a href="http://www.cfainstitute.org/cfaprogram/exams/format/Pages/cfa_exam_question_formats.aspx">http://www.cfainstitute.org/cfaprogram/exams/format/Pages/cfa_exam_question_formats.aspx</a></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-GB">For Further details on Level III Essay questions visit:</span></div><div class="MsoNormal"><span lang="EN-GB"><a href="http://www.cfainstitute.org/cfaprogram/exams/format/Pages/level_iii_essay_question_details.aspx">http://www.cfainstitute.org/cfaprogram/exams/format/Pages/level_iii_essay_question_details.aspx</a></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><br />
</div></div></div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4076889377815253470.post-43715982956630011292012-08-18T14:33:00.001-07:002012-08-18T14:37:05.283-07:00The Broader Picture vs Details<div dir="ltr" style="text-align: left;" trbidi="on">Throughout my preparation for Level II, I was of the impression that it is totally different than Level I in terms of understanding, depth and testing. After going through the exam I realized LII is different in terms of understanding and depth but in a lot of areas I had found the testing to be more or less on the same path. I don't know how true I am in exclaiming this but this is exactly my impression. Understanding the broader picture is undoubtedly necessary but it is also deceiving in terms of exams point of view. For instance I spent a lot of time in understanding and solving fairly detailed examples forgetting that an MCQ has three options and we have around 3 minutes to solve it. Steps which are involved in broader applications need to be understand fairly and can be tested in the exam. Like in translating the whole Financial Statements in Multi National Operations using Temporal or All current method several steps were involved. Considering the examples provided in the chapter I went through the whole process but lately I realized that the whole situation is less likely to be tested as compared to individual steps like how to translate revenues, COGS etc. or how using one method is different that other in terms of ratio analysis and so on. Trying to grasp the whole topic may lead one, as what happened with me initially, not to remember and recall individual steps which have the potential to be tested. I am not stating to let go off the broader picture and cram the steps but understanding as well as making ourselves comfortable with details is important. Thanks to curriculum notes I used, had separated the details and highlighted them in boxes which could be digested easily. Precisely talking about the exam it is very important to stay focused on details and steps which could be tested along with proper understanding of the topics particularly in all major areas.<br />
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</div>Unknownnoreply@blogger.com0