CFA CFA Level 1 Are multiple choice EOC’s really the best way to learn Accounting for the CFA?

Are multiple choice EOC’s really the best way to learn Accounting for the CFA?

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  • CFAin80Days
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    For someone with little to no accounting background, are multiple choice questions really the best way to learn FRA? So far, I’ve only been using Schweser & Curriculum EOC’s, and although I’m able to answer most questions correctly, I feel like my foundation is still a bit shaky.

    Would it be a good idea to do some problems/exercises from a more traditional accounting textbook?

    tacheman
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    @CFAin80days If you had some extra time and effort – I’m sure that would really help. Although if you’re going strictly for the CFA exams it might be better to optimize exactly for the exam though.

    Judging from your screenname are you trying to nail the exam in 80 days?

    MattyJ
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    Multiple choice are an excellent way to cement the learnings, as the detailed answers will explain how you arrive at the answers. As long as you’ve gone through the readings and understood them you should be ok. If you getting the practice questions right consistently, that’s a gat barometer for doing well in the exam.

    CFAin80Days
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    @CFAin80days If you had some extra time and effort – I’m sure that would really help. Although if you’re going strictly for the CFA exams it might be better to optimize exactly for the exam though.

    Judging from your screenname are you trying to nail the exam in 80 days?

    Yes…I only have about 3 days to spend on each study session. I guess I shoudl be okay if I can answer the EOC’s, but I still feel like I have a shaky foundation.

    Sophie Macon
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    No worries @CFAin80days, we all feel the same after the first read.

    The key is to go through your readings first with EOC questions, then try lots of practice questions to cement your understanding and fill the gaps.

    I wouldn’t recommend attempting practice questions from non-CFA books though, traditional accounting books tests more in depth (and may freak you out) and may not conform to CFA syllabus.

    Maroon5
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    Hi @CFAin80days, I’m using Elan and Curriculum EOC’s only too. With the question banks stuff, it should be ok as long as we leave enough time to do the practice questions. The advice I got so far from the group is that you’ll quickly find out areas of weakness once you hit the practice questions in full blast.

    imdnextbuffet
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    Its more about learning the concepts and imbibing them in your practical research profile. Analysts are not expected to make financial statements but just required to read them what is being presented as in the annual reports. Making financial statements is the job of CA (Chartered Accountant).

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