@tingwuwang
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Up6
i’m in the same boat as @Stuj79, whenever I have doubts about the results I go to my quiet place and think for a while over every section in the exam and tell myself I’m over the 70% hurdle…annnd then 10 minutes later I start again. frustrating. The only upside for me is, since I’m not eligible for the L2 exams in June, I get two more chances (which I prefer not to take) before I take the L2, so…but all in all I won’t be sleeping tonight (whether or not I pass or fail) since the results are emailed to me at 1:00am local time.
Up5oh wow this just gets weirder and weirder. like the example that mikey linked, has the so called ‘scaled’ convexity. still weirded out. =/
Up5@christine the finance train link does not allow you to purchase the CFA lvl 1 exams by itself, when i wanted to purchase ONLY the CFA lvl 1 materials it asks me to also select an option for lvl 2. any help?
Up5i constantly get a barrage of “oh don’t worry you do actuarial! CFA is finance, you don’t need to study for it!”. a great comment for people with low-blood pressure.
Up4yeh it is pretty weird, the example was:
“For a bond with duration of 5.0 and reported convexity of 0.235, one would re-scale convexity to 23.5 before applying the formula. For a 1% (100bps) increase in spread the result would be:
return impact = (-5.0×0.01)+(1/2)(23.5×0.01^2)=-4.765%”
the formula in the question is return impact = -(modified duration x change in spread)+(1/2)(convexity x (change in spread)^2).Up4@hairyfairy is this after all three exams + 4years of experience, i.e. getting your official charter? or is this after say level 1,2,3?
Up4So with a 2 by 5 FRA, all it means is that the contract expires in 2 months time, BUT the UNDERLYING asset (i.e. the loan) will start in 2 months and ends in 5 months (both are from now).
In algebraic terms, a n by m FRA is the contract expires in n months time, but the underlying asset will start in n months and ends in m months with the duration of m-n months.
As for the difference between FRAs and IRSs, with the FRA you agree to pay a fixed rate, but for an IRS you either pay a fixed rate AND receive a float rate (or vice versa), on top of the settlement date differences.
does that make sense @eprak22?
Up4i thought water, gas, electricity were under utilities?
Up4i’m actually kind of worried here, because in my experience with mock exams, i’ve always managed (somehow don’t ask me) to finish on average an hour or so before the 6 hours is up. my marks aren’t terribly bad (although compared to some other marks that people are getting it’s not that great either). Am I missing something or is that how mock exams usually go and then come test day, the questions will destroy you in terms of time?
Up4think sydney is one of the first cities to sit the CFA exams. mine is in less than 5 hours. freaking out at the moment….thanks 300 hours for all the support and love though!!! good luck to everyone for you level 1s! see you on the other side.
Up3hi guys!
Thanks for the tips!
I’m having much of the same problem as well, I’m studying from the CFAI course material. Finished with Ethics&Quantitative Methods, Alternative Investments&Derivatives and almost done with FR&A. I heard FR&A was the longest section in the curriculum, i’m also pretty scared that i won’t finish before nov 6th. Furthermore, since I’m also studying actuarial studies at university, i have university finals during that time while studying for the CFA in parallel prior to my final exams.
I know the more materials that you use the better prepared you are for the actual exam, however, is it absolutely crucial that I go through the Schweser notes or is the CFAI course curriculum enough preparation?Thanks! :smiley:
PS- Currently in my penultimate year at university studying a Bachelor of Commerce (Majoring in Finance/Actuarial Studies w/Minor in Accounting)
Up3hmm i seem to remember one of the articles on 300 hours (or could be on the CFA official website) that FINRA and ethics are among the most important and highest weighted topics that will be in the exam, i can’t seem to find it, do you know if this is true or not? and what are the other weightings?
btw if anyone finds the link on the 300 hours blog, can someone please link it? xDmany thanks in advanced!
Up3oh my wow….that’s. ahhh thanks so much!
Up3@hairyfairy do i have to mail the form to the institute? since i’m in australia, it might take a while….
Up3for myself while i was studying for the december exam, i decided to start with the topic that posed the most challenge to me (personally it was fixed income as the CFA syllabus was completely different to any sort of bond valuations i was doing at college). but i know alot of people that have started with either ethics&quant or accounting first as they are extremely annoying if you don’t have a great foundation or background in them.
hope this helps!Up3i wonder for the retake of the test, do you have to pay the full $1,200 again or is it something else?
Up2FINRA for me, i simply just can’t take accounting of any kind. dropped it in university after only completing the minors requirement. love quant though, fit really well with my actuarial major. 😀
Up2@hairyfairy the mathematic applications of taylor expansions or taylor series is for the approximation of the function of a particular curve (in this case, it’s the bond price to yield curve). In this case of the return impact, basically what they’re doing is using the duration (i.e. first derivative of bond yield/bond price) and the convexity (i.e. second derivative) to form a function of the return impact.
Up2that sounds great, i personally am doing 2 papers per week, do papers on alternating days, and the other days i’ll revise for the stuff that i got wrong.
Up2hmm I guess it’s just that we’ve got a little over 2 weeks til the exam and i’m getting horrible marks that’s worrying me, if this was about a month ago, I probably wouldn’t be as worried.
