FRA and No Finance/Acct/etc Background concepts, anything, currently, experience, background

hinsafdar

I am currently trying to move quickly through the Schweser videos (I am not taking notes as I go anymore), more than anything just to familiarize myself with the topics/terms/concepts/etc covered by the test (not necessarily trying to learn it at this point). I started (in order) with SS1 Ethics and am now up to about SS9, midway through FRA.

As in the title, I have no educational or work experience background that relates to the exam material. Certainly, I expect to put in a high(er) number of hours studying for the exam, but I'm already feeling a bit overwhelmed. Especially with FRA. I mean FRA in itself seems like a section that could take 200 hours to learn all the different treatments between IAS and GAAP and ALL THE RATIOS. I feel like it's going in one ear and out the other...

This was partially written as a rant and also in the hope that some that have been down a similar path before and come out the other side will offer some insight.

Thanks, B

ajpheif16

I am down the same path right now... dont know how or where I will come out but yes, FRA is tough without any background... I have just completed it... don't remember most of it... though ratios are not difficult to remember... generally u can glean much out of their names... then a few tricks here and there... like margin means some kind of income will be num e.g. NI, EBIT etc... turnover means some kind of total amount will be on top like revenue or Cost of Goods Sold... etc.. plus you will come back to ratios again and again in other readings too so you will be revising them often... also, I feel they keep revisiting the imp differences b/w GAAP and IFRS like LIFO not allowed in IFRS.... I plan to come back to FRA once again if I have time...



Edited 1 time(s). Last edit at Friday, February 4, 2011 at 08:14AM by anish.

Penny-wenny

Thanks for the response anish. I looked through some of your previous posts, which were also relevant and helpful. Sounds like I got a later start than you and Kiakash (sp?), but I should still have the time to put in the needed hours.

dcfox83

Doing FRA currently for the second time. I admit, it is boring, and plenty to remember. However, there are some ratios like liquidity, solvency, profitability and valuation that you know will def. be tested. There is also a trick to memorizing it, e.g, Turnover ratios have what you are looking for in the denominator, a majority have revenue and net income on the numerator. Overall just familiarize yourself with the formula. As you practice, they will automatically come to you. Its good to browse over during the last couple of weeks before the exam and keep you fingers crossed

spartanag07

Oh ya, there is plenty of time left, especially for the MCQ format. It helps to know that the question and the answer will be right in front of you. You don't have to recall a term from memory! You just have to know what they mean when you read them.... Makes me feel much better... Kiakaha is almost done with most of the topics I think. I, on the other hand have not even gone through half yet... But next week I am taking a break from new material and revising all the old one (Will try to get in some practice questions too)... No point cruising ahead blindly if I cannot keep tabs on retention of the previous material... Will start Corp Fin next to next week... Also, I have realized that trying to answer other people's questions about a specific concept helps clear your own too... Someone had put up a great question about F test some time back.... really made me think and now am so much clearer about it... That helps you keep in touch with older topics too...

studyn

All very good thoughts anish. Thanks for sharing. Sounds like you are on track for success!