@jimmyg
Forum Replies Created
-
Posts
-
Up6
@diya paper crafts and music as a way to destress – very cultured!
Up6I tend to skim the paragraph (literally 10-20 seconds) to see what the vignette is about, then go through the questions, then go back to the vignette again. Works well for me.
Sometimes in the first few seconds I find out it’s a topic I’d rather get back to later, I just skip that whole vignette 😀
Up6@diya you got the Dan A book then?
Up5I was terrible at this. Thank god this doesn’t continue in Level 3.
Up5That’s true. I guess I’m more glass half empty – I’m suspicious of the remaining failing 40%… if they’ve managed Level 2, what made them fail Level 3?
Up5I’m strangely, irrationally satiated by winning this.
Up5It’s to do with the differences in LIFO vs FIFO – best way is to run through an example. The ‘subtract change in LIFO reserve’ method is a simplification of the total calculations needed, as elaborated below.
Example:
Company ABC uses LIFO.
Year-end inventory = $2m
Beginning inventory = $3m
LIFO reserve at year-end = $1m
LIFO reserve at the beginning of the years = $500,000
COSG = $5mSimple way to convert LIFO to FIFO
COGS (FIFO) = COGS (LIFO) – change in LIFO reserve
COGS (FIFO) = $5m – ($1m – $0.5m) = $4.5mComplex way
Purchases = ending inventory – beginning inventory + COGS (LIFO)
Purchases = $2m – 3m + $5m = $4mEnding inventory (FIFO) = ending inventory (LIFO) + ending period LIFO reserve
Ending inventory (FIFO) = $2m + $1m = $3mBeginning inventory (FIFO) = beginning inventory (LIFO) + beginning LIFO reserve
Beginning inventory (FIFO) = $3m + $0.5m = $3.5mCOGS (FIFO) = purchases + beginning inventory (FIFO) – ending inventory (FIFO)
COGS (FIFO) = $4m + $3.5m – $3m = $4.5mUp4Didn’t have any study buddies either for level 1, but I did for level 2. I think it’s useful to have a buddy but not necessarily to discuss all the time. Just someone to make sure you both are studying, and if you need to clarify occasional concepts.
Up4With Level 3 the crap I get is ‘come on, last one! you’ve already passed 2, this one is a piece of cake!’ and so on.
I feel CFA is just one of those professional exams. No one can really understand what you have gone through unless they have given the exam themselves. Only a CFA can understand what it takes to clear the exams, and what it means to the candidates.
I definitely agree! @ajfinance!
Up4I think the current things that might be preventing this from happening is:
1. There aren’t too many Level 2 and 3 candidates here. There is a ‘candidate funnel’ where there’s a huge number of Level 1s, hence the need for 2 sessions. If they split Level 2 and 3 too, they need to set a new set of exams, fly the examiners over another time, etc etc. Too messy.
2. Might be a way to control CFA charterholder numbers. After all, you only get to full CFA after passing Level 3, so as long as they control level 3 numbers and frequency they’re fine.
Up4The ‘start of your financial career’ classic. The description of his first finance interview was hilarious.
Up4I’d be annoyed if they offered level 2 and 3 twice a year. I don’t think I could clear all the levels back to back in one go.
But you’d be tempted to try? 😀
Up4Is Limitless really a finance movie….?
Up4Yep – I’m rather enjoying the readings actually, much more than Level 1 or 2. The investment biases are great 😀
Up4@Mattjuniper I do the same thing at my firm – basic classes to HR and support. It’s a great way to practice, and also a great way to meet new people 😀
Up4I’ll be up for a social of some sort after the exam!
Up4That is pretty legend. I’ve heard of Level 3 candidates not bothering with a calculator, but that makes a bit more sense since there’s less calculation. Going into Level 1 or 2 without a calculator is suicide.
Having said that, even if you were confident of your abilities, going in without a calculator is just not smart. Even if you were Bruce Lee you wouldn’t walk in unarmed into war, for example.
Unless you were this guy.
Up4Or hump day, aka Wednesdays…
Up4Congrats to all! I’ll bide my time until an off peak period… 🙂
