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How to Pass the CFA Exam Level 1
The Chartered Financial Analyst designationis one of the most highly regarded titles in the financial industry. The firstin a series of three exams is, at its best difficult and at its worst, nearlyimpossible. Only half of all candidates that take the level one CFA exam passit to move on to the more difficult level two exam.
Difficulty:
Challenging
Instructions
Concepts
1
Know the exam breakdown. There are 10 maintopics: Ethical and Professional Standards, Quantitative Methods, Economics, FinancialStatement Analysis, Equity, Debt and Alternative investments, Derivatives,corporate finance and Portfolio Management.
2
Get a copy of the CFA Candidate Body ofKnowledge and study the Professional Standards of Practice and the EthicalPractices sections.
3
Study Quantitative Methods. Pay closeattention to the following financial concepts: time value of money, statistics,random variables, probability, probability distributions, correlation analysis,linear regression, multivariate regression, time series analysis and basicportfolio concepts.
4
Brush up on your economics. Study theconcepts of both macro and microeconomics as well as international trade,international finance and how economic activity relates to investments.
5
Understand Financial Statement Analysis.Know how to analyze inventories, assets, liabilities, taxes, investments,leases and balance sheets. Become familiar with financial reporting systems andprincipal financial statements as well.
Investments and Derivatives
1
Learn the analysis of equity and debtinvestments. Study the market indexes, equity risk terms and definitions,benchmarks, investment risk, debt investments, interest rates, yield spreads,debt investment valuation and credit analysis.
2
Have a grasp on derivatives. This includesthe following markets: Forward, Futures, Options and Swaps.
3
Know about Alternative Investments. Studythe following alternative investment concepts and markets: real estate, hedgefunds, venture capital, investment companies, commodities, distressed companiesand closely held companies.
Portfolio Management
1
Study the following concepts of PortfolioManagement: capital market theory, employee benefits, endowment funds,insurance companies and asset allocation.
2
Learn portfolio management theories andconcepts. Know how to manage both individual and group investor portfolios.
3
Learn about portfolio construction, debtand equity portfolio management, alternative investment portfolio management,risk measurements and performance measurements.
Corporate Finance
1
Grasp the concepts of Corporate Finance.The following concepts are covered on the CFA Exam One: fundamentals ofcorporate finance, capital investment, long-term financial policies and mergersand acquisitions.
2
Learn about Valuation. This section alsocovers the concepts and implications of corporate financial valuation.
3
Study the concepts of business risk andfinancial risk as they related to corporate finance.
Tips & Warnings
Give yourself ample study time to preparefor this test. There are a lot of concepts covered, giving yourself plenty oftime to study these concepts will ensure that you pass the exam.
Buy study guides and materials. Theseguides and materials will give you more detailed and comprehensive informationregarding the concepts covered in this exam.
Don't cram. Cramming, or studying rightbefore exam day is sure way to fail.
good luck everyone! |
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发表于 2012-6-6 09:33
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