BeanCounter

BeanCounter

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    • Avatar of BeanCounterBeanCounter
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      That’s standard for most companies, yes (they define EBITDA as earnings excluding impairment (of tangible and intangible assets) ).

    • Avatar of BeanCounterBeanCounter
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      That’s an excellent chart, thanks @zee. Thank god all the ethics questions are item sets so far (but hopefully that doesn’t mean we’ll get them as essays this year!).

    • Avatar of BeanCounterBeanCounter
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      Hi @Kmd890,

      What sort of work are you doing at the moment and for what sort of firm?
      In terms of the graduate training schemes there are plenty of people from a variety of ages and backgrounds on them. For example within my training cohort were lots of people with masters (so at least a year or two away from undergrad), one person who had a PhD in chemistry and had been working as a research scientist for a number of years (he was in his mid-30s). The average age was mid to high 20s.

      In terms of what made me go for the CFA, it was because my next role will likely be within a structuring team. The ACA gave me a good basic level of instruments – but as you’ve said, it’s about accounting not necessarily finance (these are very different things). The CFA is excellent in exposure to the various instruments around (even if a bit out of date at times) and techniques used for predicting cash flows.

      Corporate finance is a very broad area, and while I can understand why you think it’s attractive, you need to know what area you are going into. Have you considered the management consultancies? They also have teams that do corporate finance work and, in lots of ways, they may be a better shot than the accountancy firms.

    • Avatar of BeanCounterBeanCounter
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      Nowhere near enough is I think the answer.

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      @Dubinka – very unlikely (and the same happened to me).

    • Avatar of BeanCounterBeanCounter
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      What’s your background? If you’ve got a decent finance background Level 1 should not be difficult. I’d advise to focus on the key points for each reading and then doing the practice questions. I’m not sure flashcards would be worth the effort. A formula sheet very much would be though. 

      I’d also suggest getting a test bank and doing lots and lots of questions (I think I did about 2,500 for Level 1). 

    • Avatar of BeanCounterBeanCounter
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      Thanks!

    • Avatar of BeanCounterBeanCounter
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      The honeymoon period really is nice – has the material arrived yet? I’ve got the Allen guides, were a very good deal at just £14 for the whole curriculum on the iOS app.

    • Avatar of BeanCounterBeanCounter
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      All the above is correct, but it should probably be qualified by saying that it’s only true to the extent of the curriculum and common practice. Preference shares with different terms (eg percentage of profit distributed, etc) also exist.

    • Avatar of BeanCounterBeanCounter
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      My new challenge appears to be getting enough points to get the mug before I actually become a CFA and move on. I’m assuming there is a bonus for whomever is top with points each month?

    • Avatar of BeanCounterBeanCounter
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      Thanks @MattJuniper and @policedog

      Another question arises… What happens if the company only owns 20% of the shares of the other company?

      Then the investment is accounted as as an investment in associate, and the equity method of accounting is used. In this the proportional share of net assets is accounted for as a single line on the balance sheet and the share of net income is reported as a single line in the income statement.

      This is because the investor is determined to have significant influence over the investee and can therefore influence its results.

    • Avatar of BeanCounterBeanCounter
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      @Sophie (you’re in London aren’t you?) – did you find the use of the incorrect tube trains really annoying?

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      Hi Sophie,

      Trying to purchase the Fitch practice papers and although it says to select from the right, there’s nothing there… Is it a case of emailing them?

    • Avatar of BeanCounterBeanCounter
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      @alta12 – will do. Which email address did you use?

    • Avatar of BeanCounterBeanCounter
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      I got the time of the email wrong – I was expecting them to be sent in about 45 minutes (hmm – perhaps the one I’ve received is a spoof from an evil-minded friend…). It was a surprise to see the email. My marks a nowhere near as good as on L2, but I’ve passed (all three in 18 months) and now I need to apply for membership…

    • Avatar of BeanCounterBeanCounter
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      I used the Allen Resources iPad/iPhone app test bank for Level 1. They frequently have offers on the App Store which takes the price down to $9.99 or so. There’s a few oddities in there and I’m not entirely convinced all of the answers are right – but when I have got in touch with them they have been quick to reply with good customer support. At the price it’s an absolute steal. 

    • Avatar of BeanCounterBeanCounter
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      If you’re really interested in doing technical analysis, I’d advise you to go and work for one of the large quant hedge funds. If you’re not a hard core mathematician or a rocket scientist with multiple PhDs or at one of the quant funds, you should probably ask yourself what edge you will have over the massive brainpower and computer banks they’ve got. 

      But no, the CFA is probably not for you if it’s technical analysis you’re interested in. 

    • Avatar of BeanCounterBeanCounter
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      It’s level 1 – it’s not exactly difficult so just go ahead and do it. 

      Studying for Level 2 with all that glorious Guinness at hand may be more of a challenge. PS – welcome to the Expat life!

    • Avatar of BeanCounterBeanCounter
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      Much appreciated @mockturtle and Dr_Paine. Thanks @Sophie – spotted @vincentt ‘s thread. Yes – all working together would be good.

    • Avatar of BeanCounterBeanCounter
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      Yes, I passed this year. Seems sensible to get studying for next year now though (even if my girlfriend is less than impressed).

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