13 weeks to freedom

by | Mar 2, 2013 | Back to School (June '13) |

We are now more than 40% through the level 1 CFA® exam curriculum. Last week hopefully provided a little bit of a breather, this week we are going to step it up a bit.

Are you making sure to write down all of the LOS statements before going through each reading? And are you actively searching for the answers as you read through the text? This approach will ensure that you stay focused on learning the most important bits of information that will prepare you for the exam.

The week to come

This week we are covering the second FRA study session (Income Statements, Balance Sheets and Cash Flow Statements). The session is made up of 4 individual readings. The first 3 provide a walk through of the 3 key financial statements in a standard financial report (Income Statements, Balance Sheets and Cash Flow Statements). The final reading is on financial analysis techniques (e.g. various ratios used for comparative purposes).

There are 88 end of chapter questions distributed over the 4 readings (just above 20 for each). You should therefore be able to work through your first iteration of the end of chapter questions for each reading in just above 30 minutes (maintaining the 1.5 minute per question pace required for the exam).

  • As always please ensure that you attempt the end of chapter questions as the first thing when attacking each reading. As you answer the questions make a list of the most difficult ones (especially whenever you resort to guessing). Review your answers thoroughly (particularly those that you got wrong) and add these questions to your list as well.
  • Also please ensure that you write down and answer the LOS as you work your way through each reading. The combined effort of question practice and LOS statement “hunting” will ensure that you are focused on seeking out the most important information as you progress through each reading.
  • Lastly as you wrap up each reading attempt only the challenging end of chapter questions from your list. Remove those answers that you can now confidently answer correctly from the list, and if there are any questions left read the explanations thoroughly before you redo them. Continue this process until you have mastered all of the end of chapter questions in the reading.

Good luck with your studies!

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