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@christine lol – so true
can I just say I dislike studying and wish I could spend my days pleasure reading but alas I need a paying job and therefore need a useful skill I can trade to live… -
@christine lol – so true
can I just say I dislike studying and wish I could spend my days pleasure reading but alas I need a paying job and therefore need a useful skill I can trade to live…You can always find a more relevant industry closer to your passions! 🙂
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@christine my passion just isn’t very profitable and I don’t mind finance. But who likes to study :p
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@christine given enough life to live I might just end up like her since I am best at studying…
Even though I complain about studying I still really want my ph.d -
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@christine no it is currently just a dream stuck somewhere between becoming a lawyer and switching to behavioral economics. My first concern is to become employed so I can finance studying more or have the financial freedom to buy more books and ponder life and write papers like Clifford Asness. Whenever I read Warren Bufett’s letter to the shareholder it reminds me that I have still much to read!
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@ajfinance like @Jimmyg said, derivative questions can be confusing. Just got pwned by the EOCs…
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@christine I’m not sure if its understanding certain concepts or if it is the fact that i forget the concepts that i understood earlier. How do i figure what i’m doing wrong? @Diya That sounds great, thanks! 😀 If i have any difficulties, imma shoot ’em right at you and @christine!
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FRA hands down, when I first started looking at FRA in level 1, it doesn’t make sense at all and I couldn’t memorise blindly (without understanding the logics). I remember doing one practice question in schweser which is to identify which accounting item (e.g. receivables, retained earnings, dividends, etc) belongs to which financial statement.
At that time, B/S and I/S all looked the same to me. :-B
After awhile and lots of practice, you’ll get it eventually.
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@vincentt I imagine that if you have never looked at accounting before then FRA would be exceptionally difficult. Luckily I had that issue when I first joined the bank and so had to spend ages getting to grips with accounts. By the time I took Level 1 I had been working with accounts for a good few years and so it actually wasn’t that hard (albeit there were still some tough bits to crack!)
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@mattjupiter yup without prior experience with accounting.
Fixed income is hard as well (since we are only allowed to pick one and FRA is way heavier weighted) but till you grasped the concept of interest goes up price goes down and coupon vs YTM? You’ll be fine. At least from my experience with no financial background. -
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Me too @apoolla13. Statistics has always been a sore point with me…but I think FRA slightly worse. 😛
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I think econ was the hardest. I always seemed to score the lowest in this section even though I felt I understood the concepts. Then I would say Quant because there were a lot of new formulas that I had to memorize, followed by FRA because there was a TON of new info that I had never seen before even though I am an accoutning and finance dual major. Plus it was weighted quite heavily.
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@hairyfairy For me it depends on the question rather than topics, assuming anything can be asked. Having said that Financial Reporting was a KILLER because of too many rules* to remember.
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I found Econ & Corp Fin the most challenging for Level I (at least they were the areas I didn’t score >70%). I have a background in stats, compliance and portfolio management, so quant, ethics and most of the investment tools were easier for me to back into the right answer. Econ and Corp fin were less familiar and had so many one-off type questions if I recall correctly. FRA just sucked to study for but I think I did well because I was terrified of it and studied like crazy for that part. Sad that quant is relatively underweighted in Level II!
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Even though I have (or maybe that’s why?) accounting undergrad I find accounting the hardest. The other topics are quite conceptual in the information to take in. It’s just basic statistic concepts, basic economics etc. But accounting feels like it’s so much of: If X & Y is the firm reporting in US GAAP or IFRS, and just tons of small minor pointless differences between the two systems 😛
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Statistics, statistically, seems to be the hardest based on CFA results; however Financial Reporting killed me…it was like they wanted to see how boring they could make it and laugh at our suffering! I would have almost reread a rendition of war and peace or been in a saw-movie-situation than read that topic again lol.
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rsparks said:Statistics, statistically, seems to be the hardest based on CFA results; however Financial Reporting killed me…it was like they wanted to see how boring they could make it and laugh at our suffering! I would have almost reread a rendition of war and peace or been in a saw-movie-situation than read that topic again lol.
>:) [saw theme playing in the background] >:)
Hello, rsparks, I want to play a game. The game I want to play is very
similar to the game you’ve been playing as a CFA candidate. The game of
offering hope to the desperate, for a price. I think we can agree that
your situation is desperate. So, I offer you hope. The price you pay is
that you must crawl into the same pit of squalor you force your brain power into. By entering this room, you have started a timer. When
the timer expires, the door in front of you will be locked forever. Only
in finding the key before the timer runs out can you unlock it and
retrieve the Schweser Secret Sauce inside. I will give you just one hint where to
that key is: It will be like calculating a figure on a cash flow statement according to one of the two rules that you tend to mix up inside your own brain. IFRS or GAAP, the choice is yours. Let the
game begin…. -
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Accounting was my bread and butter. Alt Inv were too lightly weighted to annoy. All the rest were ok, except for ECON!! No matter how many times I read that chapter, it would not stick. I like logic, and Econ in my mind defies logic with so many opposing theories. It felt like a history class, trying to remember names, places, and dates.
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I’m just finished Quant and found it was straight forward enough, helps that my OH loves stats and probs so if I was stuck I could ask him and he would explain it in a more digestible way……that being said I abhor hypothesis testing. It just will not stay in my brain, even when I’m re-reading it I know none of it is being retained.
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jimmyg said:I was always confused by the long-short-put-call questions.
@jimmyg I’ve been studying options in my professional life for a few months now. The best way for me to remember is that they are simply opposites of each other. Buying a call you want the stock to go up. Buying a put you want the stock to go down. And buying means that you hold the rights. I mean you paid good money for those rights! And just like if you sold something in real life…say a car. You sold the right to use the car. Rather you now have the obligation to deliver that car. Hope this helps!
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Hey guys, I know it is gonna be tough but press on! We have already come a long way (whether we like it or not). Do not worry about the outcome but just know you did you best within yr constraints (juggling with work, study etc) Andddd We all have weaknesses in certain topics. Wish you guys all the best!!!!!!
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I guess people might find this strange but my toughest is Ethics! Despite remembering all the rules well and practicing a good number of examples Ethics is still something I can’t solve easily. For some reason I just can’t understand how to apply it to actual situations. The second hardest would be FRA because of all the rules and methods. Economics is alright for me. Maybe just Macro gives me a little trouble. Micro and International are pretty easy.
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I would say personally Fixed Income was kind of difficult because I had 0 prior experience with it. Despite that I scored 70+ in it in the exam. Overall I always struggled with FRA because of the vast portion it involved, things to memorize and how it wasn’t really intuitive. FRA was also the lowest scoring subject for me and continues to be a problem in Level 2 also.
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1. If cash and marketable
securities do not have the same risk as debt, show how these assets can be
taken into account when calculating WACC. Only a brief answer is necessary.2. Give a brief explanation for why
debt may have a beta above 0, in other words, why the debt fluctuates with the
change in the market portfolio. The answer can be brief.anyone?
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