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Hi Everyone,
Hope the studying is going well. I was wondering you guys would mind sharing some words of wisdom on how to properly prepare for the Financial Reporting and Analysis section, as this is the group of study sessions I struggle with the most. I conceptually understand most of the material (I think), but some of the calculation problems through Kaplan Schweser seem very difficult and often require multiple formulas to put together the answer, which often seems like it will take longer than 1.5 minutes to properly execute. Is the best way to study for these to just memorize the formulas and just crank out as many practice problems as possible to recognize the types of questions and how to solve them? Thank you everyone and happy studying.
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Up2jackmcgibney said:seems like it will take longer than 1.5 minutes to properly execute.
I accepted that some FRA questions will take longer. I learned to recognize these types of questions and deal with them last in the actual CFA L1 exam, sometimes just choosing one at random. If you are going to spend 5 minutes thinking/calculating with a 50/50 chance of getting it right, sometimes just picking one with a 33.3% chance is the better decision.
jackmcgibney said:Is the best way to study for these to just memorize the formulas and just crank out as many practice problems as possible to recognize the types of questions and how to solve them?Yes, and also going through all the written examples you can find.
Also:
- Master the differences and relationships between income statement, balance sheet and cash flow statement
- Build a table of GAAP vs IFRS (or download one) and memorize
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