Economics background, experience, although, concepts

ramdabom

Hii.
I have an accountancy background and auditing experience of more than 04 year, i never had studied economics , and trust me i am not going well with it. Can Some one please guide me about some reading material for L1,which could provide me basics of economics, although i have heared ppl saying that Economics is an easy subject and areas covered/ concepts in it are of to preliminary stage and should not be a cause of disturbance , but i am getting really worried about Economics.

I am studying through Schweser notes!

Please Guide me, what prompt actions should be taken , as i am runing short of time.

Regards

Manan!

luda002

Thank You Bilal, your knowledge Inshallah will surely Help us. Thanks Again..

i am really abit uncertain about the passing criteria of CFA,
to Pass L1 you need to get >=70 in 05 subjects(FSA & Ethics Mandatory)
and you can go below <50 in 02 subjects
is this combination effective?

bodhisattva

Goodwill Wrote:
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> Thanks for the help Bilal. I was wondering if you
> had a fool-proof method for getting through
> Financial Reporting Analysis as well. That
> material is very tough for me..


The first thing with FRA is it has the maximum weight-age so give it the maximum time and your best shot. Spend time well on the Study Session 7. Since there is a lot to retain in that session so keep on repeating what you've read on daily basis while you cover something new. Make a chart to differentiate between the accounting treatments of USGAAP and IFRS. I made a T chart named USGAAP vs IFRS and wrote all the differences it helped me out in retaining them easily. The calculation part is around 30% and the rest are the concepts and straight away lines. Do the Taxes chapter from CFAI Textbooks Summary and remember the lines. After you complete the chapter read the chapter end summaries from CFAI text books and also do the chapter end questions of CFAI text books. In study session 8 & 9 there are some charts do retain them and also the ratios. There is no need to go in depth of the ratios just remember them because 1,2 questions can be asked. Focus on small tricks like Operating Cycle and Net Operating Cycle. In Exam sometimes Operating Cycle is mentioned in the question and in the options, the formula of Net Operating Cycle is given and students circle that. When you read the chapters underline the relations like FIFO inventory is realistic and LIFO COGS are realistic etc. The CFAI text book chapter end questions will help you greatly in understanding the style of questions and give you a hint which things you need to remember and which to let go off. I used these techniques to score above 70 in the exam.



Edited 1 time(s). Last edit at Monday, August 22, 2011 at 06:21AM by mohammad.belaal.

ruchita

Thanks for the help Bilal. I was wondering if you had a fool-proof method for getting through Financial Reporting Analysis as well. That material is very tough for me..



Edited 1 time(s). Last edit at Monday, August 22, 2011 at 12:27AM by Goodwill.

Roflnadal

Equity3000 Wrote:
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> Thanks Bilal! I needed that too! I've been
> struggling with Economics too.


You are welcome...

bpdulog

Thanks Bilal! I needed that too! I've been struggling with Economics too.

Zesty

Hi,

In economics straight away lines are tested. I secured above 70 in economics and completed the whole book in 1 week. The simple strategy could be underlining the relations and remembering them. For instance for two goods if their cross elasticity is greater than 1 then they are substitutes, if their cross elasticity is less than 1 then they are complementary goods and if the cross elasticity is 0 then they are independent goods. As far as Shweser is concerned go through the summaries well. In Study session 6th focus on the Economic Theories like Neo Classical etc. No need to retain the whole theory just the relation.

Concept of Velocity and supply of money is important do remember that equation. Fiscal policy is an important chapter focus on that but I believe if you re-read the summaries provided at the end of chapters by Shweser in Economics, you'd be able to secure 70 above. I've seen a lot of candidates (including myself) who have done so and fixed it out. Skimming the chapter is a nice strategy. Don't spend too much time on graphs they are unlikely to be tested. Skim the chapter remember the relations and factual statements and retain the chapter end summaries.

Bilal

firat

Elan guides I heard are very good with Level 1. I suggest you sign up at their site for a free trial. Since the Economics curriculum is changing in 2012, they are offering December 2011's Level 1 Economics material all for free. This includes the Study Guide, Questions and Answers, 11th Hour Economics Guide. The only things that I think they left out are the audio guide and the video guide.

Good luck.